An early-morning error led to the value of Bitcoin dropping nearly 87 percent on Binance's crypto exchange.
Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.
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With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
The decision to buy cryptocurrency should always have a long-term outlook, as crypto prices can be particularly volatile. Safemoon is no different, as in its short lifespan, the price has already exhibited some significant price swings. To get a better sense of Safemoon’s outlook, let’s take a look at the technical and fundamental factors that could shape price in the future.
It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
In an inflationary environment, assets like Bitcoin appear more attractive to investors. The BTC price rallied to a new all-time high on Wednesday.
The SafeMoon price is not joining in the broader market rally today and is down about 4%. Over a longer term view, however, SafeMoon is doing just fine. Since October, the SafeMoon price has rallied over 160%. The recent declines could be investors taking some profits off the table in a broader market that is trading at all-time highs.
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The difference between a digital currency and a cryptocurrency is that the latter is decentralised, meaning it is not issued or backed by a central authority such as a central bank or government. Instead, cryptocurrencies run across a network of computers. Digital currencies have all the characteristics of traditional currencies but exist only in the digital world. They are issued by a central authority.
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SafeMoon's native token collapsed in price by more than 20% following the issues.
The token is set to pick up the pace with other tokens on the exchange to clearly arrive at a price of $0.0000218. A jaw-dropping optimism is also predicted for SafeMoon mainly due to its consistent performance over the years.
“Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingView
Brooks said he was “very confident” that his tenure would last long at Bitfury and expects the Financial Times to “better gel” with Vavilov than his former employer. Said.
The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News