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The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
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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.
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.”
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
Interestingly, the breakout was initiated right as a report from the United States Bureau of Labor Statistics (BLS) showed a sharp 6.2% annual rise in the Consumer Price Index (CPI), a figure that has hit its highest mark in 30 years.
However, as the price is pretty much at the same level as it was in April, if you were to invest in Safemoon token for purely speculative reasons, then this level would be a decent area to buy at. There seems to be a minor support level around the area that price is currently at, which provides an optimal place to buy. Again, due to the low liquidity and lack of trading volume, this support level may not hold – so it’s worth considering this risk before investing.
“This is a legitimate technology–it’s going to expand,” he says, “My longer-term view is nowhere near where some of [my current] views are.” It could even perhaps hit $10,000 again, he says. But that will probably take a few years. For now, we wait and see.
In addition, V2 features include “increased quality, security and accessibility of SafeMoon” in anticipation of what the project describes as a “warp-speed future.”
Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry.
Elon Musk changes his Twitter name to 'Lorde Edge' - and some users see it as a nod to dogecoin
"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.