Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
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How does this latest crash compare to previous ones, or even to regular stock market drops — and what does it mean for investors?
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Cryptocurrency is formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems to earn coins. Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets.
Binance.US claims to have undertaken appropriate measures dedicated to protecting its customers from theft and hacking, in line with its policy of prioritizing security.
Dow, the man who first shorted bitcoin, for instance, even mentioned in his initial post that a person can be “simultaneously bullish on blockchain and bearish on bitcoin.” And he just announced that he’s ending his short.
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Dogecoin (DOGE), denoted by its immediately recognizable Shiba Inu mascot, is a variation on Litecoin.
CRYPTO UPDATE All of the largest cryptocurrencies were up during morning trading on Thursday, with Polkadot (DOTUSD) seeing the biggest move, climbing 5.83% to $48.18. Dogecoin (DOGEUSD) rose 5.73% to 26 cents, while Ethereum (ETHUSD) increased 3.
Binance has recently attracted regulator attention around the world. While Binance.US is a separate legal entity from the main Binance platform, it is 90% owned by Changpeng Zhao, who started and controls Binance.com, the world’s largest cryptocurrency exchange. The NYT said it was regulatory attention in the U.S. over money laundering and tax issues combined with the common ownership that concerned potential investors. GreatPoint Ventures confirmed to the NYT it considered investing and declined.
Loans offered via decentralised finance networks have been compared to fixed income securities
The late 1990s and early 2000s saw the rise of more conventional digital finance intermediaries.
Gensler recently went so far as to say investors are “likely to get hurt” if stricter regulation is not introduced. Plus, the IRS has an obvious interest in making sure investors know how to report virtual currency when they file their taxes.
No matter where you buy it, cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.
Stay tuned: Cryptocurrencies are going to play a big role heading into the future.
Binance.US can grab investors’ attention with lower fees than many other cryptocurrency exchanges, but we’d recommend paying a bit more for added transparency.