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Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
“I’ve been through the 2017 cycle, too,” Yang says, referencing the ‘crypto crash’ of 2017 that saw many major cryptocurrencies, including Bitcoin, lose major value. “I know that these things are super volatile, like some days they can go down 80%.”
Meanwhile, concerns were also mounting on Oct. 21 that leveraged traders have taken on more risk than they can chew.
Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
Thus, Binance.US will not initially support its projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), despite having these raise capital on the Binance Launchpad platform.
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In addition, V2 features include “increased quality, security and accessibility of SafeMoon” in anticipation of what the project describes as a “warp-speed future.”
Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
While exact predictions are impossible, we asked five experts about what they’re paying attention to in the crypto space for the rest of 2021:
Find out more about how we can help your cryptocurrency trading, allowing you to take advantage without needing to own a wallet.
No matter if crypto is going up or down, the best thing you can do is to not look at it. Set it and forget it like you would any traditional long-term investment account. “If you let your emotions get too much into it then you could sell at the wrong time, or you might make the wrong decision,” says Yang. “You stress out about it, and I don’t think that’s a healthy way to approach it.”
Ethereum’s previous all time high of $4,379.11 was reached in May’s cryptocurrency boom, but the cryptocurrency is now trading at roughly $4,832 (£3,562.31) as of 2.43pm on Tuesday afternoon.
Depositing fiat and digital assets on Binance.US depends on a user’s account verification level described above. Depositing/withdrawing is done quickly and entails going to the Binance.US homepage and clicking on a customer’s profile and selecting an appropriate option from the dropdown menu in the provided dashboard.
In October 2020, Brits were banned from buying some cryptocurrencies after a rise in the number of people making bad investments and losing money.
Since Binance doesn't allow for US Dollar deposits and trading, most of the volume on the exchange occurs against stablecoin pairs such as BTC/USDT, BTC/USDC, and BTC/BUSD (BUSD is Binance's native stablecoin). One other factor to note is that although Binance does have more volume than any other exchange, that volume is spread across a much larger pool of cryptocurrencies than other exchanges such as Coinbase and Kraken. Therefore, it's always important to look at the specific asset you're interested in trading in order to determine how liquid (or illiquid) it is.