Loans offered via decentralised finance networks have been compared to fixed income securities
Brian Shroder, who was previously an executive at Ant Group Co. and Uber Technologies Inc., will oversee the crypto exchange’s strategy, execution, fundraising, business and corporate development, and manage its legal, human resources and product and technology functions, the company said in a statement. Brian Brooks, who had been CEO, resigned recently just months into his tenure amid a slew of compliance setbacks and regulatory scrutiny tied to the crypto exchange’s sister company.
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The blockchain technology backing cryptocurrency is inherently secure, thanks to the decentralized — and public — nature of distributed ledger technology and the encryption process every transaction undergoes.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
The 2-year-old exchange, already the largest in the world by volume, revealed in June that it would stop serving U.S. customers on September 12 as it plans to formally enter the American market with a regulated fiat-to-crypto exchange.
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Tokens have been created to use smart contracts or tokens as a form of currency. They do not have a blockchain and are used on decentralized applications (dApps).
Mr Karkhalev added: "The growth in the capitalisation of the Bitcoin crypto market has also aided confidence.
Polkadot has increased more than 9 percent in the last week. It is trading at $52.87.
Earlier, we presented a chart indicating how Binance has gone from essentially a non-player in the U.S. crypto market a few quarters ago to now doing significant volume. With the recent hiring of Brian Brooks, who certainly has the connections to tap into the right areas, Binance.US could be set up for a very bright future.
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Cryptocurrencies can be highly sensitive to news announcements. The type of news that can affect the price ranges from the CEO of JPMorgan Chase calling Bitcoin a ‘fraud’ to details of networks being hacked. Also, economic and political events affecting fiat currencies can lead traders to lose faith in these more traditional trades and turn to cryptocurrencies, pushing up the price.
ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
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.
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.
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The blockchain thus prevents double-spending, or the manipulation of cryptocurrency code to allow the same currency units to be duplicated and sent to multiple recipients.