Bitcoin’s surge to $69,000 took bears by surprise and cemented bulls expected $400 million profit at Friday’s $1.2 billion options expiry.
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
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The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
If they manage to do that, the BNB/USDT pair will challenge the overhead resistance at $691.80. The rising moving averages and the RSI in the overbought zone indicate the path of least resistance is to the upside.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results.
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It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
Traders have flocked to the new currency and it has seen a 910 per cent increase in price since April 16 to April 20.
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There are so many areas Safemoon is falling short. In the products, there is so much competition Safemoon is getting from the likes of Bitrise crypto coin. For instance, Safemoon wallet is deemed inferior to Bitrise dApp wallet.
Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrencies.
Now that you’ve got an idea of what Safemoon is and its background, we can focus on the coin’s long-term outlook. Most beginner crypto investors simply buy Bitcoin (BTC) or Ethereum (ETH), although lesser-known coins such as Safemoon can be better options if you are looking for quick returns. However, that being said, these options tend to be much riskier, so this will depend on your risk tolerance.
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