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In what traders call a “scam wick,” the one-minute BTC/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor of around $64,200.
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Earlier, we presented a chart indicating how Binance has gone from essentially a non-player in the U.S. crypto market a few quarters ago to now doing significant volume. With the recent hiring of Brian Brooks, who certainly has the connections to tap into the right areas, Binance.US could be set up for a very bright future.
"In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse," he said.
Clear regulation would mean the removal of a “significant roadblock for cryptocurrency,” says Wang, since U.S. firms and investors are operating without clear guidelines at the moment.
Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
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The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
That can mean serious savings for investors, especially compared to some other exchanges. For example, if you want to buy $100 worth of Bitcoin on Coinbase, you’d actually end up with about $96.51 in Bitcoin, after fees. On Binance.US, you’d still have $99.99 to purchase Bitcoin after accounting for the 0.1% fee.
Yet the impact on the environment of Bitcoin mining - a complicated process of minting new digital tokens - has seen Tesla withdraw this option for customers.
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The Biden administration is taking steps to ensure Americans who pay for goods or services with cryptocurrencies don’t sidestep the tax man.
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Mining computers compile valid transactions into a new block and attempt to generate the cryptographic link to the previous block by finding a solution to a complex algorithm. When a computer succeeds in generating the link, it adds the block to its version of the blockchain file and broadcasts the update across the network.
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Depositing fiat and digital assets on Binance.US depends on a user’s account verification level described above. Depositing/withdrawing is done quickly and entails going to the Binance.US homepage and clicking on a customer’s profile and selecting an appropriate option from the dropdown menu in the provided dashboard.