The surge in Bitcoin’s value in recent weeks follows the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange, and a record-breaking October for the stock market in general.
Cryptocurrencies have seen an explosion in popularity since they rose to prominence in 2009 and there are now over two thousand in existence. Some of the ‘major’ cryptocurrencies include Bitcoin, Ethereum and Litecoin. These are among the most traded cryptocurrencies worldwide, with the largest market caps.
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Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
“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.”
"Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks," he added.
The network charges a 12% fee on every token sale transaction. The 5% of this fee, which is the largest percentage, is sent to the buyback contract. The buyback contract will automatically buy back tokens and burn them immediately. That's why the demand and price of the Bitrise crypto coin have been rising steadily.
Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
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An Instagram ad by the influencer was criticised in a speech by FCA chairman Charles Randell.
Next in line is Bitrise exchange, which is more powerful than the Safemoon Exchange. The IBitrise blockchain will launch last and is said to be using Relaychain and parachains. It's still in the development stage and is already a talk in the crypto market.
It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to some time ago. This is just one sign that Safemoon is in deep trouble.
The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
Bitcoin ETFs, once considered a pipe dream, are now a reality giving investors more avenues to invest in cryptocurrency.
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All data for the values is being sourced from CoinSwitch, a trusted and popular platform to trade cryptocurrency. This is because crypto prices can vary slightly across providers, so using a single source for this information is very important. Latest Cryptocurrency News on Bitcoin, Litecoin, Ripple, Ethereum and Dogecoin
Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin.
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