The latest new SafeMoon wallet listings announced on Nov. 5 include Shiba Inu, Chainlink and Aave.
Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at great cost to the environment”, in his Twitter post.
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So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
Exchange data from Bybt shows that roughly $46 million worth of long ETH positions were liquidated across the board due to the sudden pullback. Since the flash crash, ETH has also failed to hold above $4,000.
In this eventuality, BTC could drop toward the 100 or 200 four-hour moving average. These demand zones sit at $59,000 and $52,000 respectively.
Several other regulators, including from Hong Kong, Germany, Japan, Italy, and Thailand, followed with various warnings, with the Netherlands the latest to do so this week. Hong Kong initially raised the alarm over crypto derivatives related to listed stocks which Binance stopped offering last month. In late July, Binance said it would cease to offer all derivative products in Germany, Italy and the Netherlands. Does Twitter’s new crypto leader signal end to Dorsey’s Bitcoin maximalism? Stablecoin issuer Circle launches venture fund, invests in JPYC Ripple launches new crypto solution Liquidity Hub, beyond XRP Ex SEC Chair Jay Clayton to advise crypto custody firm Fireblocks
Ethereum Dropped After Setting Another New All-Time High. Here’s What Investors Should Do Next
SafeMoon captured attention from the get-go. Its name evokes a prudent form of the “to the moon” mantra embraced by crypto crowds looking for prices to burst straight up.
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Users can do a lot with this wallet, including trading thousands of coins, checking prices, surfing chats, and playing blockchain games. It is one of the most secure wallets as it uses private keys, mnemonic phrases, password authentication, and more, to secure holder's assets.
At 6am on Tuesday 9 November, Ethereum reached $4,842.54 according to Coinbase, setting a new record for the popular cryptocurrency synonymous with the rising crypto trend of NFTs.
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One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought US$40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
No matter where you buy it, cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.
He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."