The plunge occurred at 7:34 a.m. New York time, according to the Binance.US website. Volume on the exchange in that minute was 592.8 Bitcoin, which are worth just shy of $40 million at current prevailing prices.
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Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
The number of people who utilize crypto coins (i.e., utility) and for what purpose impacts their price. The price will rise if more people use them to buy goods and services rather than just holding them.
BTC to BITO: the original cryptocurrency, and the promise and limitations of Bitcoin ETFs
Identifying the determinants of asset prices is one of the most important questions in finance. Traditional asset pricing theories are founded on the idea that equity prices should be determined by fundamentals such as earnings (Gordon 1959, Campbell and Shiller 1988). In contrast, the behavioral finance literature posits that prices do not always follow fundamentals due to investor sentiment trading (Shiller 1981, Baker and Wurgler 2006, Stambaugh et al. 2012). Eventually however, equity prices seem to trace their fundamentals (Pa´stor and Veronesi, 2003, 2006, Bartram and Grinblatt 2018).
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
One of the clearest distinctions between the main Binance platform and Binance.US is the number of cryptocurrencies (and fiat currencies) with which you can trade. As of early 2021, the number of cryptocurrencies on Binance.US stood at just 53, while the original version of the platform supports over 200 different coins.
Although exact active currency numbers fluctuate and individual currencies’ values are highly volatile, the overall market value of all active cryptocurrencies is generally trending upward. At any given time, hundreds of cryptocurrencies trade actively.
This section details the data used in this work; all data collection was undertaken while following the appropriate terms of service and privacy conditions of each respective data source outlined below.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Regarding regulatory attention, in late June, the UK’s regulator, the FCA, issued a statement that “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”
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On Oct. 21, Binance.US suddenly printed a one-minute candle that took BTC/USD from $65,815 to $8,200 — a drop of 87%.
Binance.US claims to have undertaken appropriate measures dedicated to protecting its customers from theft and hacking, in line with its policy of prioritizing security.
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