Some experts have already expressed concern that the inclusion of the Binance Coin on the platform may prove controversial in the United States. While Binance.US is described as a subsidiary, its business model might draw attention from the U.S. Securities and Exchange Commission based on the fact that BNB token acts as both a security and a utility token. As such, it could pass the so-called Howey test for being security, thus potentially becoming a snag on the Binance’s path to establishing itself in the US.
The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
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Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, thinks the price of Bitcoin will climb throughout the rest of the year. “I think it’s more likely Bitcoin goes to $75,000 than $25,000,” he says.
Many investors see Bitcoin’s price swings as part of the game, but “volatility is tough for individual investors to deal with,” Noble says. Like Yang, he warns against selling too fast.
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Bitcoin plunged to as low as $8,200 on Binances U.S. exchange from around $65,000.
The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
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ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
Bitcoin is the oldest and most well-known crypto token that you can buy, and in the last 24-hours, its value has changed by -3.90%. It was priced at ₹54,40,140, according to CoinSwitch, and is now at ₹52,27,858. Bitcoin’s market cap is now ₹91.6T.
The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.
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“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrencies.
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