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SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
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Bitcoin and other leading crypto coins experienced a significant drop in share price after investors began dumping mining equipment as China announced fresh regulations.
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Cryptocurrencies can be highly sensitive to news announcements. The type of news that can affect the price ranges from the CEO of JPMorgan Chase calling Bitcoin a ‘fraud’ to details of networks being hacked. Also, economic and political events affecting fiat currencies can lead traders to lose faith in these more traditional trades and turn to cryptocurrencies, pushing up the price.
However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.
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You can also buy Safemoon from a centralized exchange like BitLink that lists Safemoon for sale.
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According to Cointelegraph business editor Sam Bourgi, Bitcoin is viewed by many as the best “hard money” alternative to sovereign currencies and:
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The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
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While the recent price history suggests that a meaningful rebound is imminent, it is crucial to pay attention to Bitcoin’s interaction with the 50 four-hour moving average at $62,000. Any increase in selling pressure that leads to a break of the support level could invalidate the optimistic outlook.
Binance and Coinbase listings remain a coveted goal for new cryptocurrencies such as SafeMoon. However, it can take some time to achieve this. For example, Coinbase only listed Shiba Inu Coin in mid-June.