The cryptocurrency market woke up to a shock in early trading on Thursday morning. On the Binance US cryptocurrency exchange, the value of Bitcoin (BTC) plummeted nearly 87 percent in value, settling around $8,200. The issue that caused the value spike was reportedly corrected swiftly and the Bitcoin value returned to its normal levels within a couple of minutes.
Despite its success, SafeMoon still remains to be an undervalued crypto among the investors’ community. The coin is still in its initial days as it was launched in March, 2021. Early investors would be rewarded in the long run when the token finds it way into top trading platforms.
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Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
No matter where you buy it, cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
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Currently, the price of Safemoon is hovering around the $0.0000014 level. This is around 90% down from the heights the coin reached in April 2021.
Depositing fiat and digital assets on Binance.US depends on a user’s account verification level described above. Depositing/withdrawing is done quickly and entails going to the Binance.US homepage and clicking on a customer’s profile and selecting an appropriate option from the dropdown menu in the provided dashboard.
Overall, Coinmarketcap estimates the global crypto market has shrunk around 10% in the past 24 hours.
Buy Bitcoin, Ethereum, Cardano, Tezos, ChainLink, and more with USD. Link your bank account, add a debit card, or use wire transfer to buy and sell crypto instantly.
This data is not stored on our server, it is fetched directly from the network. All values are estimates and may or may not be accurate.
He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
“Some people just didn’t like it, and I understand that,” Karony said in the interview. “The points that I wanted to come across, we just weren’t able to actually tell people in a structured manner.”
One example is the negative correlation that occurs between Ethereum and its associated factors around June 2016 (left facing arrows at the top and just left of the horizontal middle of the Ethereum scalograms). During this time interval, one of the most well-known applications at the time, the DAO, built on top of the Ethereum environment, was hacked. It can be seen that all factors are negatively correlated in the short term with the price during this time interval. As a result of the uncertainty generated by the hack, price dropped sharply, but activity on social media and interest increased (causing the negative correlation). The negative relationship can be seen during the 2–4 day band for all factors.
Besides these broader differences, there are also some practical differences when comparing Binance vs Binance.US.
At each point information from neighbouring data is used. As the time series considered are finite, the areas at the start and end of the data (especially at higher period bands) will not have all the data required. One solution to make computation possible, chosen here, is to pad the time series with zeros where required. However, the zero padding will impact the reliability of the results. It is standard to use a cone of influence to represent this difference in reliability of results. Pale colours represent those areas outside the cone of influence with less reliable results (as seen on Fig 3). Higher period bands require more data for computation resulting in the cone shape.