When new cryptocurrencies enter the market, often there isn’t much information about what they do or who their development team are. Thus, investors must read between the lines to determine whether the crypto is a viable investment or not. With that in mind, let’s dive into what SafeMoon is and its price history.
Binance U.S.’ trading algorithm suffered from a bug that resulted in a Bitcoin flash crash on Oct. 21. Although prices recovered quickly, both cryptocurrencies are now trying to hold support to avoid further losses.
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The riskiness is taken a step further when it comes to newer coins because they make you more vulnerable to scams when compared to ones that have been around longer such as Bitcoin.
As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.
On Oct. 21, Binance.US suddenly printed a one-minute candle that took BTC/USD from $65,815 to $8,200 — a drop of 87%.
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Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
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It hasn’t been plain sailing — the firm lost $40 million and briefly paused trading last month following a “large scale” hack. Search x Dive Brief Binance.US CEO resigns By Robin Bradley Associate Editor Jack Taylor / Stringer via Getty Images
In what traders call a “scam wick,” the one-minute BTC/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor of around $64,200.
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Cryptocurrency(c) 2021 BloombergNick Baker, BloombergUpdated: October 22, 2021 9:31 am IST
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Home / Markets / Cryptocurrency / This cryptocurrency zoomed over 70,000% in just 24 hours This cryptocurrency zoomed over 70,000% in just 24 hours Premium The crypto has been very volatile in the past week with huge price swings 2 min read . Updated: 11 Nov 2021, 05:31 PM IST Livemint
And while Karony said he wasn’t sure what to make of Portnoy’s tweet, he was appreciative. “It’s cool to see big names talking about SafeMoon because it means more people are hearing about SafeMoon,” he said.