Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
But first, a word of warning: buying cryptocurrencies and decentralised finance tokens as well as stocks and shares is a risky business.
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“I’ve been through the 2017 cycle, too,” Yang says, referencing the ‘crypto crash’ of 2017 that saw many major cryptocurrencies, including Bitcoin, lose major value. “I know that these things are super volatile, like some days they can go down 80%.”
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
According to an article in yesterday’s New York Times (NYT), Brian Brooks departed the CEO position at Binance.US when a $100 million venture capital funding fell through. He’d been in the position for just over three months.
Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.
One of the clearest distinctions between the main Binance platform and Binance.US is the number of cryptocurrencies (and fiat currencies) with which you can trade. As of early 2021, the number of cryptocurrencies on Binance.US stood at just 53, while the original version of the platform supports over 200 different coins.
Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto -- along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totaling around $80 million since October.
When formed by real members instead of bots—we’ll get to that in a second—these communities are unofficial and unpaid public relations departments continually working in favour of the reputation of the projects they support.
Over in the world of video games, a Saints Row reboot is on the way from Deep Silver and Volition. Although the game features a set cast, there’s still plenty of room for crazy character customization. Speaking of crazy — playing Psychonauts 2 is like living a bizarre fever dream. Find out more about Double Fine’s latest in the GR review, along with how the game could set itself up for another sequel.
As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.
But classifying crypto as an investment is complicated, too. It doesn’t quite fit the mold of a traditional stock or bond, and while cryptocurrencies do share characteristics of commodities like gold — they can be bought and sold for cash and as derivatives based on expected future value — they have no inherent physical value or use.
Bitcoin and Ethereum are in retreat following a flash crash. Binance U.S. was hit with a bug Thursday, resulting in a flash crash that saw Bitcoin’s price plummet by around 90%. Ethereum also dipped 50% on the exchange.
But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy.
The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
Existing users have a grace period of 90 days, after which they will be unable to deposit funds to the site or make trades. Binance declined to state whether those bans will be administered by a geo-block on U.S. IP addresses, but it did confirm that U.S. customers will retain access to funds held in the service.