Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
Last year, a California man pleaded guilty to a mining fraud of at least $722 million through the BitClub Network. In February, a New York man pleaded guilty to running a Ponzi-like hedge crypto fund that stole about $90 million from more than 100 investors.
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“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
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How tech beyond Wall Street's control pushed big money to embrace once-fringe crowds, from crypto to meme stocks
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
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The popularity of the Bitrise coin has grown exponentially as more and more Shiba Inu. Dogecoin members are joining the cryptocurrency. At this point, there’s no mention that they would like to change their structure for transactions with zero P2P (person-to-person) transaction fees, which can be found in local currency.
In this eventuality, BTC could drop toward the 100 or 200 four-hour moving average. These demand zones sit at $59,000 and $52,000 respectively.
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
Zhao said the U.S. division won't initially launch in New York since it has not obtained a BitLicense (which is issued by the New York State Department of Financial Services) and neither has BAM, which is regulated by the U.S. Financial Crimes Enforcement Network (FinCEN). Coley, the CEO of BAM and Binance.US declined to comment on plans to apply for one.
Still, an increasing number of big, powerful players are validating crypto’s potential.
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Brooks quit his role at San Francisco-based Binance.US, citing "differences over strategic direction" in the Twitter post. He worked only three months at the company, which is the American counterpart to Binance — the Chinese company that operates the largest cryptocurrency exchange by volume.
We couldn’t find any information from Binance.US about its security measures and protections, and the company did not respond to a request for comment. The most descriptive information on the Binance.US site is the following statement, from its homepage: “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”
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