There are thousands of different cryptocurrencies available today. The most popular — and the original — is Bitcoin, which was created in 2009. Other common cryptocurrencies include Ethereum, XRP, and Bitcoin Cash. Each of these currencies serves a different purpose, with some optimized for use in place of cash, and others designed for private, direct transactions.
That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
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With all these shortcomings when put against most of the competition, Safemoon is definitely in trouble. There is a lot that Safemoon team needs to do to make the coin competitive. Otherwise, few people will be interested in this Safemoon. This means low demand, and that's how Safemoon's coin value will crumble.
The price fluctuations came as conflicting reports on whether Chinese property giant Evergrande had "defaulted" on its loan surfaced.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
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Indeed, following its nearly $20,000 peak, bitcoin in early 2018 dropped to around $10,000 and hovered there for a while.
Cryptocurrencies either have a limited or predetermined coin supply—although, with over 2,500 cryptos listed on hundreds of online exchanges, a number which is sure to increase over the coming years, it’s hard to generalise.
SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
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Binance launched the U.S. arm in 2019. But the company’s main exchange, initially based in China, blocked Americans in an effort to stay on the right side of regulators.
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In the last 24 hours, Bitcoin has gained around 3 percent and is trading above $67,000. The crypto has added over 10 percent in the past week.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.