Stilt How It Works About Blog Support Reviews Log In Get Started How Does Cryptocurrency Gain Value? Posted by Frank Gogol
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)
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Facebook’s closely guarded Libra project could be the first true cryptocurrency alternative to fiat currencies, although its growing pains suggest that true parity remains well in the future.
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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.
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The sudden spike in selling pressure pushed the flagship cryptocurrency to a low of $62,050, easing nearly 5,000 points in market value. Although prices have bounced back above $63,000 in the last few hours, it remains to be seen whether BTC can hold above support.
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Verdict: When it comes to the number of cryptocurrencies available for trading, Binance.US is relatively in line with other U.S. based crypto exchanges such as Coinbase, Kraken, and Gemini. However, it certainly cannot compete with its parent company, Binance.
These platforms allow holders to exchange their cryptocurrency holdings for major fiat currencies like the U.S. dollar and euro, and for other cryptocurrencies, including less-popular currencies.
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