Binance has grown into the world's largest cryptocurrency exchange. During the month of May, Binance had spot trading volume of approximately $1.5 trillion, which was a 63% increase from April. As you can see in the image below, the volume traded on Binance is significantly higher than its closest competitors, Huobi and Okex.
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It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to a while back. This is just one of the signs that Safemoon is in deep trouble.
Bitcoin’s latest big jump also isn’t anything new. “While in the long-term Bitcoin’s price has generally gone up, we experience a lot of volatility along the way,” says Kiana Danial, founder of Invest Diva.
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SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.
Dogecoin, meanwhile, was trading up by less than one percent on the last 24 hours at $0.28 (£0.21) on Tuesday afternoon.
Although CZ is the leader of Binance, he is not in charge of running Binance.US. In fact, in April 2021, Binance.US announced that it hired Brian Brook as its CEO. Brian Brooks is a former Coinbase executive who also served as Donald Trump’s Acting Comptroller of the Currency.
Virtual currencies. Like fiat currency, virtual currencies such as Bitcoin, Litecoin, and Ether are intended as a medium of exchange that enables two parties to transact business. But there are important differences: No physical coins or bills. Virtual currencies exist only in computer code. Except for visual representation of Bitcoin and altcoins in advertising and displays, and coin-like tokens that may be produced for marketing purposes, there are no actual coins or bills. Not legal tender. Virtual currencies are not legal tender and are not issued or backed by a government. However, many virtual currencies, which are called convertible virtual currencies, can be redeemed for fiat currency on a number of exchanges. No regulation. Virtual currencies are not regulated by any government agency or authority. However, regulation is being considered, especially where virtual currencies function as securities when they’re used to raise capital and when traded on exchanges.
So the product rewards people who hold onto it instead of trading it. By doing this, it implements a 10 percent penalty tax fee.
No. As of writing, Safemoon is not available to trade on Coinbase. However, you can purchase Safemoon on a few other exchanges, including BitLink.
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.
The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.