Coinye, a semi-defunct cryptocurrency, is worth mentioning solely for its bizarre backstory.
The price of Bitcoin rapidly plunged about 87% on Binance's U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been.
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Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money.
Gordon, M. J. (1959), “Dividends, earnings, and stock prices”, The Review of Economics and Statistics, 99–105.
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A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
Knez, P. J., R. Litterman, and J. Scheinkman (1994), “Explorations into factors explaining money market returns”, The Journal of Finance 49 (5), 1861–1882.
On the other hand, if the price turns down from the overhead resistance, it will suggest that traders are defending the level aggressively. The bears will then make one more attempt to pull the price down to the 20-day exponential moving average (EMA) ($566).
In order to not only favor early investors, 4JNET plans to decrease service charges by up to 10%. The decrease will go into effect as transaction volume increases, providing a bridge between early and late investors.
Another institutional hit for bitcoin–which probably had the most sustained effect–was the SEC’s refusal to approve a bitcoin exchange-traded fund (ETF). This would be a path for more mainstream people in finance to dabble with blockchain; it would allow investors to dip their toes in bitcoin without owning the actual asset. Not only that, but it would make bitcoin available on the most prominent financial markets. The U.S. Securities and Exchange Commission (SEC), however, has yet to allow such a fund to exist–mostly because it is unable to monitor crypto-transactions in order to avoid market manipulation.
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The price hike of Bitcoin, along with Ethereum, represents another wave of support for major cryptocurrencies as investors and crypto fans hope to usher the coin to a landmark $100,000 in value for 2022.
"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
Users can buy SafeMoon by setting up a crypto wallet on the Binance Chain Network and add Binance (BNB) coins to your account.
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