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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.”
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The country will be the first to recognise the crypto-currency as legal tender from September 7.
Bitcoin ETFs, once considered a pipe dream, are now a reality giving investors more avenues to invest in cryptocurrency.
Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
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The upward price trend has been predicted purely on the merits of SafeMoon viz. security and reliability. A further influence on prices for this currency can be seen based on the inflow of funds by institutional investors and support to the crypto tokens in the long term. In light of the Pandemic and uncertainty prevailing around it, the cash portfolio has taken a major hit, taking the deficit of nations to a phenomenal level even for developed countries.
So the product rewards people who hold onto it instead of trading it. By doing this, it implements a 10 percent penalty tax fee.
While its price had fallen slightly from a 24 hour high of $68,525 on Tuesday morning to $67,983.80 as of 2.10pm, Bitcoin’s price hike still represents a year-on-year increase of more than 300% on last November’s value.
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto — along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totalling around US$80 million since October.
"The U.S. has always been a very important market; globally it's one of the biggest markets for any business, including in cryptocurrency," he said. "We want to be fully compliant. Before we didn't feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market."
(Bloomberg) -- Crypto exchange Binance.US, whose chief executive officer recently resigned, just appointed a new president.
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