Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%. Other cryptocurrencies were also trading in the green.
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
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Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
The CFPB names more specific risks that consumers should be prepared for, including volatile exchange rates, potential high fees on exchange platforms, and fraud risk. If your funds are lost or stolen, they can be especially difficult to recover, thanks to the decentralized nature of blockchain and lack of any governmental oversight.
Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”
NEW YORK -- The CEO of Binance.US, the American arm of the world's largest cryptocurrency exchange, has resigned, robbing the company of a heavyweight former regulator as it grapples with increasing scrutiny from authorities around the world.
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— Binance.US also hired a former House Financial Services aide and a former House chief of staff from Ice Miller Strategies to lobby on its behalf, according to disclosures filed last week. Though the company has not previously hired lobbyists in Washington, last August it joined the Blockchain Association, an industry lobbying group that was a vocal player in negotiations over cryptocurrency tax provisions in the bipartisan infrastructure bill and that has spent nearly $300,000 on lobbying in the first half of 2021.
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Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
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Zhao recently said that Binance.US is expecting to close a funding round shortly. He reiterated that the U.S. business, which was launched in 2019, is planning an eventual public offering.
Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.