BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.
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With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana touching all-time highs, the number of traders has also grown exponentially, said market watchers. Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets.
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.
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Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
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SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Binance, the original platform, despite its many outages in recent months, stands out from its U.S. counterpart. The range of cryptocurrencies, features, and ease of use far out does Binance.US. Many hope that the number of faults and outages will reduce going forward.
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
First launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team.
The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.
Daily NFT sales volume on open-sea has started consolidating, and there is a good chance that the market had probably found a bottom, said Hitesh Malviya, Founder, itsblockchain.com.
Initially, Binance.US considered listing up to 30 crypto assets, with those deemed most important making it to the Phase 1 list. Some have noted the absence of high-profile Binance IEOs (initial exchange offerings) from this list as well as the lack of support for Tron (13th by market capitalization at the moment).