(Bloomberg) -- To investors hunting for the next Dogecoin, the more than 19,000% price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
Besides these broader differences, there are also some practical differences when comparing Binance vs Binance.US.
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Cryptocurrencies and decentralised finance tokens are also highly volatile, so your cash can go down as well as up in the blink of an eye.
The liquidity pool of a crypto exchange is important because it determines what kind of crypto can be exchanged or traded and how much each trade will change the price. The liquidity pool is the total of all of the currency deposited on the exchange by every trader. If this pool is small, then every transaction can have a noticeable effect on the price of the crypto in the exchange. This instability makes it very difficult for a trader to predict how much of each currency they can get at any given time.
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In early November, FTM formed an inverse head and shoulder pattern, eventually breaking the neckline with a steep rise close to $3.2. However, it is now recovering from the steep drop it experienced overnight along with the market. On its way down, it broke through several local support levels.
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Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).
At time of press, this was SafeMoon’s latest update; there was no confirmation that the issues were persisting or had been taken care of.
BEIJING (AP) — China’s biggest banks promised Monday to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.
But some say the BITO ETF is not enough, because while the fund is linked to Bitcoin, it does not actually hold the crypto directly. The fund instead holds Bitcoin futures contracts. While Bitcoin futures follow the general trends of the actual crypto, experts say it may not track the price of Bitcoin directly. For now, investors must continue waiting for an ETF that holds Bitcoin directly.
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Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin.