(Bloomberg) -- To investors hunting for the next Dogecoin, the more than 19,000% 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.
Assets hovered at record highs even after the Fed said that "asset prices may be vulnerable to significant declines."
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The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.
However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
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SAFEMOON launched earlier this year - and it's already attracting attention from cryptocurrency investors.
Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
Released in 2011, Litecoin (LTC) uses the same basic structure as Bitcoin. Key differences include a higher programmed supply limit (84 million units) and a shorter target blockchain creation time (2.5 minutes).
While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
For every transaction carried out on the blockchain, 4JNET will withhold 90% of the transaction amount. This will be the service charge. This way, 4JNET can maintain stable prices for the token. Then 6% will be distributed to all token holders, while the remainder will be transferred into a 4JNET liquidity pool.
It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, thinks the price of Bitcoin will climb throughout the rest of the year. “I think it’s more likely Bitcoin goes to $75,000 than $25,000,” he says.
Indeed, Amazon has recently sparked rumors that it’s making moves to that end by sharing a job posting for a “digital currency and blockchain product lead.” Walmart is also recruiting a crypto expert to oversee its blockchain strategy.
Staffordshire PoliceFraudster Jaswant Singh Kang, 38, fled to Bournemouth to avoid being caught