There's a huge new pool of money that could be about to juice the bitcoin market, crypto ETF expert says
The cryptocurrency investment giant has also seen “massive” options volume as gold takes a fresh beating and institutions seek Bitcoin exposure.
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The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
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.
Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
Perhaps a bit odd, then, to decide to chart crypto prices against US Covid cases rather than global cases, given crypto is traded globally.
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Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
He likens the drop to the stock market crash of 1987, from which the markets took months to recover. But because crypto moves a lot faster today than equities did in the 1980s, Noble says we may see a quicker recovery.
Just like for other token listings, Binance.US will follow the strict listing review process to determine whether to support buying, selling, and trading of BOBA on their platform.
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ELIZABETH WARREN: Right now, our regulators and frankly our Congress is an hour late and a dollar short, and we need to catch up with where these cryptocurrencies are going.
“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.”
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
The week has been much more successful for some of SAFEMOON’s fellow DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data indicated that it has made a couple of further attempts to reach those heights since. In addition, Terra (LUNA) also achieved its latest all-time high, hitting $36.61 in the morning of August 29. This milestone is the result of an impressive total growth of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently ranked 11th.
First US exchange traded fund linked to cryptocurrency garners strong demand following debut
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