Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance.US.
Cryptocurrencies’ supply and value are controlled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities.
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Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
The scope of the operation is not unlike the search for new prime numbers, which also requires tremendous amounts of computing power.
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Coinbase made headlines recently as the first crypto exchange to go public on the Nasdaq, and established firms like Fidelity are adding crypto to their investment offerings. The adoption of online payments using crypto is growing too, thanks to brands ranging from legacy publisher (and NextAdvisor partner) TIME to digital payment facilitator PayPal and international auction house Sotheby’s.
Several factors explain why Binance.US launched a separate platform. Changes in regulations and Binance’s own rules reaction to external changes stand out as a large driver.
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Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
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We reached out to Binance and Binance.US in an attempt to confirm details about reported regulatory investigations, as well as to better understand the relationship between the international and U.S-based platforms. We didn’t hear back from officials at Binance or Binance.US, though a spokesperson contacted us on behalf of Binance.US after our review published to provide additional context on the relationship between Binance and Binance.US. They operate as separate companies, the spokesperson said in an email, with Binance.US licensing software, trademarks, and wallet technology from Binance.
The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money.
CryptoTV by CoinSwitch Kuber | Kavita Gupta, Founder - Delta Blockchain Fund, FINTECH.TV
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Cryptocurrencies’ supply and value are controlled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities.
Through crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to actually hold it themselves.