In an inflationary environment, assets like Bitcoin appear more attractive to investors. The BTC price rallied to a new all-time high on Wednesday.
Support for users of both platforms definitely needs some improvement. Currently, the support provided by Binance beats that of Binance.US. With the restriction limiting U.S. users to this platform, many choose to shift their accounts to other crypto exchanges completely.
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In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
Initially, Binance.US considered listing up to 30 crypto assets, with those deemed most important making it to the Phase 1 list. Some have noted the absence of high-profile Binance IEOs (initial exchange offerings) from this list as well as the lack of support for Tron (13th by market capitalization at the moment).
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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.
Litecoin zoomed 18.71% to $246.43 and Uniswap was trading 3.31% higher at $26.65.
Bitcoin mining is raising concerns about its negative impact on the environment. According to the Cambridge Bitcoin Electricity Consumption Index, the industry consumes more electricity than the Netherlands and slightly less electricity than the United Arab Emirates.
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But classifying crypto as an investment is complicated, too. It doesn’t quite fit the mold of a traditional stock or bond, and while cryptocurrencies do share characteristics of commodities like gold — they can be bought and sold for cash and as derivatives based on expected future value — they have no inherent physical value or use.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
Bitcoin was trading 3.7% higher Friday morning. The price was around $61,200 per coin.
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It appears the coin became widely recognised on Twitter and many of its posts have thousands of likes by cryptocurrency watchers.
For many people, crypto is a type of alternative investment. Just as you can buy and trade stock in public companies, you can buy cryptocurrency with the hope that it will increase in value over time, allowing you to cash out for a profit at a later date. Some people invest in crypto less for the belief that it will become a popular currency and more as a bet on the blockchain technology behind it.