What next for Shiba Inu (SHIB) following its 50% crash? Samuel Wan · 5 days ago · 2 min read
Digital token named after Elon Musk’s dog funds ‘full out marketing assault’ with fee on purchases Opinion & Analysis
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WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.
Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support.
Before this latest surge for the top two cryptos, recent sudden drops followed a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. After previously topping $52,000 in early September, Bitcoin’s price had dropped and struggled to get back over $50,000 until this month.
Learn Latest News BIC NFT Opinion Bitcoin Altcoin Prices Exchanges Press Releases btc $64970 -5.12% eth $4713 -2.68% bnb $625.71 -5.65% usdt $1 -0.85% sol $241.86 -0.48% ada $2.1 -7.78% xrp $1.21 -9.26% dot $48.39 -6.6% usdc $1 -1.23% doge $0.260246 -6.1% shib $5.639E-5 +6.39% luna $50.78 -1.27% AVAX $87.95 -2.87% ltc $264.84 -7.72% link $35.75 -3.83% Join Telegram
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.
Bitcoin, Ether Crypto Coins Surge to New Highs Before Correction, Shiba Inu, Dogecoin Slip Continues
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Binance begins to restrict US users ahead of regulatory-compliant exchange launch
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.
Influencers like disc jockey Diplo, YouTube star Jake Paul and platinum-selling rapper Lil Yachty touted SafeMoon, though none were compensated for doing this, according to Karony. SafeMoon’s Twitter account now has more than 968,000 followers.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
Following the platform’s launch, up until November 1, 2019, the trading fees on the Binance.US will be kept at zero for all supported trading pairs. This move is described as a part of the company’s efforts to remove barriers to a broader adoption of crypto assets.
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