On Thursday, Brooks made the announcement in a statement describing his new employer as an established leader in the digital asset industry, renowned for its sustained research and development efforts and best-in-class proprietary technologies.
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This is a stable coin, so it is pretty unique among other cryptocurrencies. Stable coins have the backing of fiat currencies such as the Euro or US dollar. This means that if an investor buys 1 Tether coin, they will have the same value of 1 fiat currency (backing the coin). Theoretically, what this means is that Tether will have a more stable value than other cryptocurrencies that suffer market volatility.
Former Trump principal deputy solicitor of the U.S. Department of Interior Gregory Zezan argues cryptocurrencies and stablecoins give people financial freedom, which the Biden admin is fighting against.
Brian Brooks, chief executive of the US arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.
Nelson primarily invests in low cost index funds because “I can see history on that,” she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.
On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
One follower recommended meme coin Dogecoin, in response to which Karony said that he is also a fan and they are “working on implementation.” Others requested stablecoin Tether, while yet another follower requested a feature that warns users if they are about to transfer funds to “flagged scam BSC or ETH addresses.”
Such volatility in crypto markets is nothing new. With no formal structure and countless competing exchanges, trading in the digital currency is still akin to settling out in the old American West. Earlier this month, decentralized finance platform Synthetify was forced to halt all trading due to a bug in the platform that provides pricing data. The same software responsible for Synthetify’s troubles was also blamed for a September Bitcoin crash.
Makarov, I. and A. Schoar (2018), “Trading and arbitrage in cryptocurrency markets”, Journal of Financial Economics, forthcoming .
Binance.US will launch in partnership with a firm called BAM Trading Services, which was generally unknown until the announcement of the partnership and faceless until the appointment of former Ripple exec Catherine Coley as CEO, in July.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
While the current level of currency support leaves room for improvement, it is necessary to remember that it is still early to make the final judgment on the Binance’s policy, particularly regarding the outcomes of its initial implementation at the time of writing this Binance.US review. The platform advises holders of currently unsupported assets to use services of other custodians in any form (cold storage, hot wallet) while other currencies await approval.
Bitcoin’s (BTC) price hit another all-time high at $69,000, while Ether (ETH) continued its long slog toward $5,000 after reaching a new high at $4,868 earlier on Wednesday. Shortly after hitting this fresh milestone, however, traders began taking profit, leading to a nearly $7,000 drop, which plunged BTC’s price below $63,000.
Cryptocurrency users have wallets with unique information that confirms them as the owners of their units.
Last but not least, Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another "parabolic move."
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.