It might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies — the new-age investment asset class — are on the verge of extinction. After all, not all tokens are created equal.
Alexis Ohanian has partnered with the Solana Foundation to invest $100 million to build social-media projects on the solana blockchain.
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The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
Binance.US is an American partner of Binance, the world’s largest cryptocurrency exchange by trading volume, and which was founded in China in 2017. The original platform stopped accepting U.S. users in 2019, and announced it would instead partner with a U.S.-based version of its platform called Binance.US.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
El Salvador's move to adopt Bitcoin is the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.
GURA: And Gensler is asking lawmakers for their support and for more resources. That makes Senator Lummis nervous. She's worried more rules will make the U.S. less competitive. And the crypto industry is also fighting back. So far this year, it spent more than $2.5 million lobbying lawmakers. Republican Congressman Warren Davidson believes Congress needs to make a decision about what to do with cryptocurrency and soon.
A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
China is one market to impose strict regulation that impacted prices. In February 2018, the country blocked its citizens from accessing websites that offer cryptocurrency trading services, prompting a 15% fall in Bitcoin and 20% plunge for Ether. Similarly, in January 2018, Bitcoin’s price was hit by new South Korean legislation requiring traders to reveal their identity.
Despite those benefits, Binance.US is much less transparent than many competitor exchanges when it comes to security, storage options, and customer assistance. For most long-term, retirement-minded investors, we’d recommend sticking with exchanges such as Coinbase or Gemini, which are much more transparent about these key operations.
He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
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The price of Bitcoin was £48,199.49 after the latest drop in prices (11 November), according to Coinbase.
If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extensions to get started. These browser extensions give you password-protected access and control over all your tokens.