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Having a capped currency means Bitcoin can be used as a store-of-value investment tool. Investing in a store of value currency can be compared to investing in gold. Although there is some transactional value in gold, it is mostly used as a store of value.
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
Metals fund manager laments ‘zero interest in our strategy’ while bitcoin hits new record
Crypto prices have been on a tear for the past several months, but the past week has been the clearest sign of a correction to climbing prices, though many see news of President Biden’s adjustment to the hikes on the capital gains tax as the most apparent reason for the market’s slide as investors cash out hoping their gains won’t be reached by a retroactive application of the rules.
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SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
SafeMoon captured attention from the get-go. Its name evokes a prudent form of the “to the moon” mantra embraced by crypto crowds looking for prices to burst straight up.
OK perhaps that’s a little far-fetched. But what is behind crypto’s crazy climb over the past 18 months, we hear you ask? We don’t mean to suggest that the pandemic hasn’t been involved, because we think it has, but not in the way that this chart criminal implies — not, in other words, because it’s some kind of safe haven that traders flock to when they are worried about Covid cases rising; the data don’t bear that idea out.
Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox. Key Takeaways Bitcoin and Ethereum are holding above crucial support levels. Both assets could face significant losses if they lose these key interest areas. BTC could dive to $58,000 and ETH toward $3,700. This Exchange News was brought to you by OKCoin, our preferred Exchange Partner.
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.
Data Availability: All data are available from figshare: https://figshare.com/articles/Wavelet_coherence_cryptocurrency_online_indicator_data_set/5765352.
However, you’ll likely misplace your virtual wallet or lose your coins. There have also been thefts from the websites that exist to store cryptocurrency on the internet. Because the value of cryptocurrencies like Bitcoin can fluctuate dramatically, some people are hesitant to convert “real” money into Bitcoin.
That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
Users can buy SafeMoon by setting up a crypto wallet on the Binance Chain Network and add Binance (BNB) coins to your account.
All images, branding and wording is copyright of SafeMoon. All content on this page is used for informational purposes only. CryptoSlate has no affiliation or relationship with the coins, projects or people mentioned on this page.