Since its inception, Binance has quickly become the largest cryptocurrency exchange in the world. Binance is primarily known for its low fees and large amounts of liquidity. The exchange currently offers more than 500 cryptocurrencies and over 1,200 trading pairs. This certainly makes it an attractive place to trade as crypto investors can have their pick of almost any digital asset they wish to trade.
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There’s already been a major breakthrough on this front, with the first Bitcoin ETF recently making its debut on the New York Stock Exchange. The development represents a new and more conventional way to invest in crypto. The BITO Bitcoin ETF allows investors to buy in on cryptocurrency directly from traditional investment brokerages they may already have accounts with, like Fidelity or Vanguard.
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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.
Despite the massive swing in value on the Binance US exchange, Bitcoin’s value on other exchanges remained stable. There has been speculation on the exact cause of the spike, though Binance offered a short statement to Bloomberg explaining that one of its institutional traders was responsible.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
Many investors see Bitcoin’s price swings as part of the game, but “volatility is tough for individual investors to deal with,” Noble says. Like Yang, he warns against selling too fast.
Cryptocurrency developers build these protocols on advanced mathematics and computer engineering principles that render them virtually impossible to break, and thus to duplicate or counterfeit the protected currencies.
Bitcoin’s surge continued overnight on Monday as the cryptocurrency soared to $68,568.85 in value in the early hours of Tuesday morning, according to Coinbase.
Binance has recently attracted regulator attention around the world. While Binance.US is a separate legal entity from the main Binance platform, it is 90% owned by Changpeng Zhao, who started and controls Binance.com, the world’s largest cryptocurrency exchange. The NYT said it was regulatory attention in the U.S. over money laundering and tax issues combined with the common ownership that concerned potential investors. GreatPoint Ventures confirmed to the NYT it considered investing and declined.
Harrison, who still owns SafeMoon, said that the developers have become more professional since the AMA incident: “They’re a bit more scripted, they sit down, they’re in suits.”
Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.
Community Focused and fair launch. The dev team burned all of their tokens and participated with everyone else.
Influencers like disc jockey Diplo, YouTube star Jake Paul and platinum-selling rapper Lil Yachty touted SafeMoon, though none were compensated for doing this, according to Karony. SafeMoon’s Twitter account now has more than 968,000 followers.
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