New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
After the flash crash, Bitcoin's level on Binance U.S. "almost immediately snapped back to where it had been," according to a Bloomberg report.
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Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
The plunge occurred at 7:34 a.m. New York time, according to the Binance.US website. Volume on the exchange in that minute was 592.8 Bitcoin, which are worth just shy of $40 million at current prevailing prices.
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Transactions are internet-based and are recorded in a blockchain. The blockchain shows the transaction history for each unit and is used to prove ownership. The digital assets are best visualized as virtual tokens. These tokens mean something to the internal system and can be programmed to record financial transactions and other valuable information.
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The launch of the SafeMoon (SAFEMOON) wallet ran into unexpected technical issues, shortly following its release.
NameLTPChg (%)Vol (24h, Cr.)M.Cap (Cr.)Circ. Supply (# Cr.)NKN58.9818.50%2,6953,79070.00 Understanding DeFi and its sudden growth in India with Ashish Anand of Bru.Finance
When the market adjusts, the price shoots up. Large holders of that crypto can then cash in on the gains by dumping their coins, bringing the price down. Although exchanges know about these methods, stopping them isn’t all that simple, as the perpetrators know how to stay under the radar.
Based in San Francisco, Binance.US is operated by the U.S.-registered company BAM Trading Services which acts as its official partner. Its relationship with the international Binance franchise is strong enough for Binance.US to be designated as its “arm”, yet the Binance CEO Changpeng Zhao claims that he has no "legal titles" or an "operational role" in it. Binance.US is headed by Catherine Coley, a former executive at Ripple.
Hank Wyatt, SafeMoon’s vice president of research and development, said in a Discord chat that the team will eventually “host an open beta” version before releasing the full application.
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NFTs "could be as big or bigger" than cryptocurrency trading on the platform, said Coinbase CEO Brian Armstrong.
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