Bitcoin hit another new all-time high above $68,000 Wednesday, two days after its previous all-time high when it went over $68,000 for the first time on Monday.
“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%.”
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Meanwhile, even the most enthusiastic bitcoin evangelists are realizing that a retooling is in order. Michael J. Casey, a senior adviser for blockchain research at MIT’s Digital Currency Initiative, recently wrote about how the crypto-winter has arrived, but it may lead to better things down the line:
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If you outright buy Bitcoin with USD, you will pay a 0.5% fee on Binance.US. If you want to spend $100 to buy Bitcoin using this option, you’d end up trading about $99.50 after fees.
“I believe everyone should have a diversified portfolio,” says Daniel Johnson, a financial advisor and founder of RE|Focus Financial Planning in Asheville, North Carolina. Any investment you make should be appropriately weighted against the rest of your portfolio as well as the overall market. Just as you wouldn’t invest all your money in one company, it’s unwise to put every dollar you have into crypto.
Bitfury has appointed former Binance US boss Brian Brooks as CEO. Former financial regulators are in control of one of the world’s largest crypto mining outfits when the industry is booming.
Binance uses a tiered fee structure, which clearly shows how much customers will pay in trading fees based upon their level.
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
People considering investing in Bitcoin or shares and stocks have also been warned over "risky" tips being shared on TikTok.
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While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
Binance.US formed in 2019 after Binance stopped accepting U.S. investors. The interface and many features are the same, but there are differences such as the amount of cryptocurrencies available to trade in the U.S. vs. elsewhere, as well as which states Binance.US is allowed to operate in. United States users cannot buy crypto using the international Binance platform.
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