Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
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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.
Still, an increasing number of big, powerful players are validating crypto’s potential.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
Here are some cryptocurrencies that may be unworthy of a slot in your investment portfolio:
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“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
Before joining the OCC, Brooks worked as the chief legal officer for Coinbase, a major competitor to Binance.US.
btc$64,789.00 (-3.14%) eth$4,668.18 (-1.38%) bnb$626.65 (-3.54%) sc$0.02 (-3.38%) usdt$1.00 (-0.36%)
Some teams have no issue with leveraging the power of social media by paying influencers to promote their coins. With a few heavy hitters on your side, you can spread rumours nearly instantly. If people are talking about your project, you win.
Brooks did not respond to requests for further comment. A spokesperson for Binance declined to comment.
Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
You can earn rewards through the exchange by holding certain coins in your Binance.US account — a strategy called “staking.” According to Binance.US, staking helps support the operations of these coins’ blockchains.
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Now that you’ve got an idea of what Safemoon is and its background, we can focus on the coin’s long-term outlook. Most beginner crypto investors simply buy Bitcoin (BTC) or Ethereum (ETH), although lesser-known coins such as Safemoon can be better options if you are looking for quick returns. However, that being said, these options tend to be much riskier, so this will depend on your risk tolerance.