Very generously our tweeter credits another crypto fanatic for the remarkable analysis, who had drawn up his own chart just days earlier:
Bitcoin’s current rally has been fueled by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at crypto exchange AAX. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”
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A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
The Best Crypto Courses of November 2021, for Investors Who Like a Guided Approach
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Cryptocurrency prices continued to tumble Friday with Bitcoin leading the charge, with prices for the internet currency dipping below $50,000 for the first time since early March.
Brits are being warned they risk losing all of their money if they invest in bitcoin and other cryptocurrencies.
The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
CryptocurrenciesAsia crypto sector stays confident despite China regulatory curbs
Funding rates increased significantly in the hours after BTC/USD passed its recent all-time high and went on to hit $67,100. Bitcoin and Ethereum appear to have lost strength after Thursday's flash crash on Binance U.S.
This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
Play iconA circle surrounding a triangle pointing right. It indicates, "this type of media can be played."Crypto investing: All you need to know!
More and more cryptocurrencies are entering the market every day, each one offering a slightly different model to attempt to attract investors. One of the most intriguing cryptocurrencies launched this year is SafeMoon, which looks to take the DeFi world by storm.
Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .