Cryptocurrencies can be highly sensitive to news announcements. The type of news that can affect the price ranges from the CEO of JPMorgan Chase calling Bitcoin a ‘fraud’ to details of networks being hacked. Also, economic and political events affecting fiat currencies can lead traders to lose faith in these more traditional trades and turn to cryptocurrencies, pushing up the price.
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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July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
Although “smart contracts” represent an important move toward addressing the lack of chargebacks and refunds in cryptocurrencies, it remains to be seen whether they’re enough to solve the problem completely. Still, they’re at least partly responsible for Ethereum’s success.
But this time feels different. It feels like a bubble. The fever in the post-Thanksgiving moonshot ran hotter than we’d seen before. We also began to see a robust supply response.
You may be wondering what to make of cryptocurrency and whether it has a place in your portfolio. But if you’re not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming.
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In May 2021, at the Ethereal Virtual Summit, CZ reiterated his stance that Binance has no central headquarters when he said the following:
Affiliation Department of Computer Science, University College London, London, United kingdom http://orcid.org/0000-0002-1920-4658 Cryptocurrency price drivers: Wavelet coherence analysis revisited Ross C. Phillips, Denise Gorse Published: April 18, 2018 https://doi.org/10.1371/journal.pone.0195200 Article Authors Metrics Comments Media Coverage
His tweet Friday said: "Letting you all know I have resigned as CEO of @BinanceUS. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
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Alternatively, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($0.24). If this support is breached, the selling could intensify and the pair may drop to the strong support at $0.19.
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The 2-year-old exchange, already the largest in the world by volume, revealed in June that it would stop serving U.S. customers on September 12 as it plans to formally enter the American market with a regulated fiat-to-crypto exchange.
Verdict: Binance is the obvious winner when it comes to liquidity. It has been around for a longer time and has grown into the world's largest cryptocurrency exchange. However, over the course of just a few years, Binance.US has grown into one of the top U.S. crypto exchanges. The future certainly looks bright for Binance.US.