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Often, they coordinate with these outlets and have a few moles in the forums whose sole purpose is to get people excited about their projects so more start buying their coins, causing the price to rise.
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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.
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The plunge occurred at 7:34 a.m. New York time, according to the Binance.US website. Volume on the exchange in that minute was 592.8 Bitcoin, which are worth just shy of $40 million at current prevailing prices.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
On the downside, the zone between $67,000 and $63,750 is likely to act as a strong support. If this zone is breached, it will indicate that traders may be aggressively booking profits. The pair may then drop to the 50-day simple moving average (SMA) ($56,348).
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Coinbase saw its trading volume suffer a steep drop, driven primarily by lower levels of volatility, despite the listing of dogecoin and shiba inu.
“Regulation is probably one of the biggest overhangs in the crypto industry globally,” says Jeffrey Wang, head of the Americas at Amber Group, a Canada-based crypto finance firm. “We would very much welcome clear regulation.”
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