Indians' investments in crypto grew from about $200 million to nearly $40 billion in the past year
Competing and bracing in the tough markets, SafeMoon is a cryptocurrency that refuses to bow down to central government pressures or be chained in defective and regulatory monetary shackles. SafeMoon has made it possible for everyone to store and transfer value in a currency that is resistant to manipulation.
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To investors hunting for the next Dogecoin, the more than 19,000 per cent price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
The demand for a cryptocurrency depends on many factors. Demand will be increased based on how useful it is to own the coins. This means if the crypto monetary system works well (i.e. fast transactions and low fees), if smart contracts become more commonplace, and if more businesses start to accept crypto, the demand for crypto will increase. Additionally, there is an increased demand for cryptocurrencies as a store of value investment.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
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NRIs experiment with Cryptos for remittances: Deciphering the risks and opportunities
It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
The giveaway, which runs through Nov. 21 at 11:59 p.m. ET or while supplies last, will give up to 220 participants a chance to win one coin from a pool of 20 Bitcoin, 200 Ethereum and 2 million Dogecoin. 'Squid Game' cryptocurrency developers steal millions in purported 'rug pull' scam
This week, Binance announced it is pairing up with BAM Trading Services — which Coindesk notes is FinCEN-registered and has links to Koi Compliance, which counts Binance as an investor — to launch a U.S. exchange “soon.” That will mean, however a level of disruption for some U.S. customers in the meantime.
This, for users in the U.S., is rather unfortunate, making it a slower experience overall, perhaps leading to some finding alternatives to Binance.US. While the options in the U.S. are more limited, there are alternatives to Binance.US.
Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
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Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)