The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
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 $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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“Every single day, the concept that it could be worth something, it could be a store of value is being continually approved by more large, powerful entities,” Johnson says, pointing to established financial institutions holding digital currencies and large corporations adding them to their corporate balance sheets. “The idea that it’s actually worth something is continuing to grow as adoption and acceptance continues to grow as well.”
China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry.
Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
As of November 9, SafeMoon has 2,865,000 holders. There has been a consistent rise in the number of SafeMoon holders over the past two months.
Fig 5. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Litecoin and Bitcoin.
It might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies — the new-age investment asset class — are on the verge of extinction. After all, not all tokens are created equal.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
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The CEO of the electric vehicle pioneer detailed his sales to the Securities and Exchange Commission. He exercised 2.2 million options, sold some to pay income tax, and then sold 3.6 million more shares.
Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
However, critics have noted that Ripple’s network and code are more susceptible to manipulation by sophisticated hackers and may not offer the same anonymity protections as Bitcoin-derived cryptocurrencies.
Dow, at the time, simply could not come up with a good reason for the crypto’s insane performance. The only logical explanation: It’s a bubble. His views were especially prescient. He told Bloomberg this month that he made a profit twice due to this canny call.
“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
GURA: Their market cap worldwide is now close to $2.5 trillion, which is almost as large as the GDP of France. Even the big Wall Street banks now trade bitcoin. And Gary Gensler, the head of the Securities and Exchange Commission, shares Warren's concerns. Here's what he said in a recent speech.