Coinbase saw its trading volume suffer a steep drop, driven primarily by lower levels of volatility, despite the listing of dogecoin and shiba inu.
What Happened: According to Binance U.S. market data, the Bitcoin to the U.S. dollar trading pair on Binance U.S. flash crashed within a minute from $65,815 to $8,200. This translates to a drop of 87% for the world's top cryptocurrency on the exchange according to cited market data.
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ELIZABETH WARREN: Right now, our regulators and frankly our Congress is an hour late and a dollar short, and we need to catch up with where these cryptocurrencies are going.
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
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This is mainly because of the extreme volatility that takes place in the industry. If you’re not careful – you could lose a lot of money quickly.
Zhao recently said that Binance.US is expecting to close a funding round shortly. He reiterated that the U.S. business, which was launched in 2019, is planning an eventual public offering.
This disparity in fee structure favors users outside the U.S., where the higher fees may be related to tighter regulation of crypto in the country. By comparison to other platforms, the fee structure of Binance.US and Binance looks more complicated. Users from outside the U.S. benefit from lower fees.
The same goes for the Safemoon exchange compared to the exchanges from the competition. The number of products that the Safemoon ecosystem will host is smaller than competing coins. In the long run, less revenue will be generated on the Safemoon network, and this means the rewards from token staking will be less compared to platforms like Bitrise.
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Although bitcoin may be the most popular cryptocurrency, many crypto traders want to build a diversified portfolio comprised of projects across many facets of the crypto space. In fact, diversification is so important that our team has been building an index trader, which will allow our customers to easily trade a basket of cryptos that align with their specific goals. This will be released shortly.
Crypto exchange urges investors to take ‘long-term’ view while results suggest feverish dealings have cooled
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
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