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World's largest cryptocurrency Bitcoin was trading over 4% higher today. The price of Bitcoin rose 4.63% to $68,351 on Coinmarketcap. Market cap of the cryptocurrency reached $1,288.07 billion.
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Yield farming involves lending cryptocurrency in exchange for interest payments and other rewards - but it comes with a high degree of risk.
The price fluctuations came as conflicting reports on whether Chinese property giant Evergrande had "defaulted" on its loan surfaced.
From a meme coin perspective, DogeZilla appears in a way to throw shade at Dogecoin in the sense that it’s the Godzilla of the meme coin.
There are over 2000 cryptocurrencies available to buy and sell, though most have little value. Of these, bitcoin, ether (the token of the Ethereum network), ripple, bitcoin cash (an offshoot of bitcoin) and litecoin are among the most valuable by market capitalisation.
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
The coin's tokenomics show that the team is building a platform that rewards investors handsomely. First, the token is a hyper-deflationary payment network token, which rewards investors for holding tokens in BNB. For every transaction, 12% is charged, only 3% of the collected tax goes to marketing. The 4% is awarded to the token holders in BNB. It is this active income from the rewards, which is paid every 60 minutes, that is attracting most Safemoon members and thousands of other investors.
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
The current Safemoon crypto price is $0.000002663, up more than 17% in the last 24 hour period.
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“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.”
Interestingly, the breakout was initiated right as a report from the United States Bureau of Labor Statistics (BLS) showed a sharp 6.2% annual rise in the Consumer Price Index (CPI), a figure that has hit its highest mark in 30 years.
“You can’t ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls,” she said.
Crypto billionaire Sam Bankman-Fried says solana is better than ethereum as it's one of the few networks able to handle mass adoption
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.
At IG, our markets for bitcoin, bitcoin cash, ether and litecoin are quoted against the US dollar. This is how you’ll usually see these cryptocurrencies quoted elsewhere, too.