One of the most valuable assets a cryptocurrency can have is an active, engaged community which is fully on board with the team’s vision.
BTC Price Action: According to CoinMarketCap data, Bitcoin is trading at $63,559.44 as of Thursday afternoon after seeing its price fall by about 4.74% over the last 24 hours.
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That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
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.
It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
Cryptocurrency is an asset that can be exchange for goods and services, much like normal money.
The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.
In this eventuality, BTC could drop toward the 100 or 200 four-hour moving average. These demand zones sit at $59,000 and $52,000 respectively.
“Bitcoin has outperformed gold, the most widely regarded inflation hedge, by a considerable margin year-to-date, having gained over 130% compared with gold’s 4% decline.”BTC/USDT daily chart: Source: TradingView
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A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
The Bitrise platform has created incredible products that are exclusively available for their users. This high growth rate makes the token grow bullish, attracting communities worldwide, including Shiba Inu coins like Dogecoin and Safemoon community members.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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Besides the products offered, one of the effects of the split of Binance.US from Binance was on the liquidity pool.