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"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.
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From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
A cryptocurrency analyst at the YouTube channel “Broke Man Finance” has analyzed the SafeMoon price trend and predicted that the token would likely hit a new all-time high soon.
Brooks will replace Bitfury’s founder, Valery Vavilov, as the company’s “Chief Vision Officer” and will be responsible for developing new projects.
It is also the case that not all of Binance services are available in every country. One such country, while perhaps surprising, is the U.K. As of mid-2021, as the FCA (Financial Conduct Authority) ruled that the company’s U.K. arm is unable to conduct regulated activity, it has had a knock-on effect for U.K. users.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to a while back. This is just one of the signs that Safemoon is in deep trouble.
Another factor that crypto experts have mentioned regarding the competitiveness of the Safemoon coin is the speed of product release. Since the launch of the Safemoon token, only the Safemoon has been released. All other Safemoon products are in the development phase. This is not the case with the Safemoon coin contest, like Bitrise, which in short released several products, including a great dApp wallet.
Coinbase, which went public last week via direct listing, shaved about 10% off its share price this week, but was largely unaffected Friday in intraday trading.
GARY GENSLER: This asset class is rife with fraud, scams and abuses in certain applications. There's a great deal of hype and spin about how crypto assets work.
Bitcoin (BTC)Bitcoin Cash (BCH)Binance Coin (BNB)Ethereum (ETH)Litecoin (LTC)Tether (USDT)Ripple (XRP)
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Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
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Earlier, we presented a chart indicating how Binance has gone from essentially a non-player in the U.S. crypto market a few quarters ago to now doing significant volume. With the recent hiring of Brian Brooks, who certainly has the connections to tap into the right areas, Binance.US could be set up for a very bright future.