The cryptocurrency market woke up to a shock in early trading on Thursday morning. On the Binance US cryptocurrency exchange, the value of Bitcoin (BTC) plummeted nearly 87 percent in value, settling around $8,200. The issue that caused the value spike was reportedly corrected swiftly and the Bitcoin value returned to its normal levels within a couple of minutes.
Professor Prasad said buyers need to be aware when buying cryptocurrencies as there is almost no regulatory oversight.
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Ethereum has increased by 1.8 percent to $4,806. Like Bitcoin, over the last week, Ethereum too has surged more than 10 percent.
Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng Zhao. Zhao’s professional experience before that point was in the development of advanced financial software, such as high-frequency trading software. He also served in an executive position at another cryptocurrency exchange, OKCoin.
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Before coming to POLITICO, Caitlin worked on the social desk for ABC News’ D.C. Bureau, where she used social media to monitor coverage areas, curated images and videos for broadcasts, pitched and reported out stories and collaborated on breaking news.
Safemoon investing will be made much more accessible if this happens, leading to more accurate price data. Time will tell whether this happens, but keep an eye out in the months ahead.
The cryptocurrency industry has come a long way in recent years. More than ever before, crypto traders have endless options on where they want to trade. They can trade on centralized exchanges, decentralized exchanges, and even brokerages such as Robinhood.
When Bitcoin’s price exploded in late 2017, so did the interest of the general public in cryptocurrencies. Internet searches for Bitcoin, cryptocurrencies, and crypto prices skyrocketed. Many people weren’t able to resist the fear of missing out on the massive gains the early adopters were experiencing as crypto prices rose quickly. When the inevitable correction came and crypto prices fell, those who bought towards the end of the bull run immediately saw the value of their holdings halved. Despair and anguish followed, but the enthusiasm of the crypto community hasn’t faltered.
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Although the hype around this coin isn’t as much as it was at some point, it is still a strong digital coin that’s attracting several investors. While cryptocurrencies such as Bitcoin have limited coin supply, Dogecoin doesn’t have limits. As a result, something that started is now a cryptocurrency with several supporters and investors, including celebrities and billionaires, notably Elon Musk.
SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies.
Bitcoin was trading 3.7% higher Friday morning. The price was around $61,200 per coin.
Several factors explain why Binance.US launched a separate platform. Changes in regulations and Binance’s own rules reaction to external changes stand out as a large driver.