Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
Before joining the OCC, Brooks worked as the chief legal officer for Coinbase, a major competitor to Binance.US.
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While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
Business News›Markets›Cryptocurrency›Binance US CEO Brooks resigns just three months into job
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)
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Wallets used by cryptocurrency exchanges are somewhat vulnerable to hacking. For instance, Japan-based Bitcoin exchange Mt. Gox shut down and declared bankruptcy a few years back after hackers systematically relieved it of more than $450 million in Bitcoin exchanged over its servers.
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Following these, cryptocurrencies’ market capitalisation have surged over USD 3 trillion, Reuters reported CoinGecko. On the CoinMarketCap platform, cryptocurrency market capitalisation was slightly below USD 3 trillion, the Reuters report.
“The exchange business is currently profitable, but not necessarily innovation,” Brooks said, adding that Bitfury’s position as the only mining chip producer outside of China has taken the lead. ..
But cryptoassets as commodities can be traded if they can exhibit clear benefits and can abide by the principles of Shariah, Bloomberg first reported.
The decentralized finance (DeFi) protocol released its highly anticipated wallet at 17:00 CET on August 28. However, less than 30 minutes after, Safemoon’s CEO John Karony posted a tweet revealing that they had encountered “technical difficulties.”
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
The price hike of Bitcoin, along with Ethereum, represents another wave of support for major cryptocurrencies as investors and crypto fans hope to usher the coin to a landmark $100,000 in value for 2022.
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“This is a legitimate technology–it’s going to expand,” he says, “My longer-term view is nowhere near where some of [my current] views are.” It could even perhaps hit $10,000 again, he says. But that will probably take a few years. For now, we wait and see.
According to Karony, other future plans include a yet-to-be-unveiled initiative that’s “fuel to the freedom of the un-banked.” And while SafeMoon was created on the Binance Smart Chain blockchain, the company said that it’s in the process of launching its own exchange platform this summer to establish a liquidity pool.