Funding rates increased significantly in the hours after BTC/USD passed its recent all-time high and went on to hit $67,100. Bitcoin and Ethereum appear to have lost strength after Thursday's flash crash on Binance U.S.
Ethereum has increased by 1.8 percent to $4,806. Like Bitcoin, over the last week, Ethereum too has surged more than 10 percent.
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
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After the flash crash, Bitcoin's level on Binance U.S. "almost immediately snapped back to where it had been," according to a Bloomberg report.
The U.S. firm shares a name with Binance Holdings Ltd., the world’s biggest crypto exchange -- and Changpeng Zhao, the CEO of Binance Holdings, is chairman of the board at Binance.US. Binance Holdings faces a U.S. Justice Department investigation into whether its platform has facilitated money laundering and tax evasion. Numerous countries have also announced probes and demanded that Binance curtail or amend operations within their borders.
While both offer a similar experience to their user base, there are certain important differences that could be important to the average cryptocurrency investor. Furthermore, as of late 2020, users in America can only Binance.US. However, for some other users, they have the choice. Read on for details of which may be better and why.
"There are a lot of things in flux, but I would say [we'll launch] in a month or two," Zhao, better known as CZ, told Cheddar in an interview Wednesday.
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Binance currently caters to both novice to veteran cryptocurrency traders, while American users struggle to make full use of the platform. Binance is, undoubtedly, the better and more developed platform and the best choice for users.
Investing in cryptocurrency can be as easy as a few taps on your phone, and with crypto all over the news and coming up in conversations with friends, it’s tempting to dive right in. However, depending on your financial situation and appetite for investing risk, crypto might not be an appropriate investment for you right now — or ever.
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Ripple is also more easily converted than other cryptocurrencies with an in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common currencies.
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Income tax: Profits and losses from cryptocurrency transactions must be shown in a non-incorporated business’s accounts and are taxable/allowable under conventional income tax laws.