When bitcoin was rising last year, it seemed like a trend everyone from your grandmother to your barista was suddenly becoming hip to. Of course plenty of folks cautioned that it could be a bubble, but it’s always hard to realize such a thing when you’re in the midst of it. It’s free money, right? Why not get in on it? (Just don’t remortgage your house!)
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Recently, such platforms have come under increased scrutiny by lawmakers and regulators. Binance in particular is reportedly under review by regulators in the U.S., Britain, Germany, Japan, Hong Kong and elsewhere.
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.
Outside of Binance there has been a shift to using Coinbase or Gemini, but out of the two reviewed above, there is one clear leader.
While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
Profit-booking near the resistance line pulled the price back toward the critical level at $49.54 on Nov. 9. The strong rebound off this level on Nov. 10 suggests that bulls are defending this level with vigor.
Now, to be fair to the bitcoin bros (not great) and XRP army (worse), even the World Health Organisation had around that time started pushing the idea that Covid could be being spread by banknotes (while simultaneously recommending that people should not wear masks), now thought to be “very unlikely”. Even if banknotes were a key transmission vector, however, we are not sure that “dirty fiat” itself could be held responsible, given that the vast majority of it only exists in digital form. Why would you use bitcoin, or XRP, or any other crypto token when you can transact digitally using fiat currencies?
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It was a rough year for bitcoin–and cryptocurrencies in general. Here’s a look at how we got here.
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In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, Bloomberg News has reported.
Its Facebook page states: "Remember, getting to the moon takes time and the longer you hold the more tokens you pick up."
Since then “the group has had a decidedly low profile. It has an active online fundraising page, but its website is offline. A Facebook page is ‘liked’ by only nine people. Its Twitter account has zero followers and only one tweet from April, soliciting input for a survey on veterans’ concerns. A search of media databases shows no instance of the group being mentioned in news stories.”
As of Wednesday 9 AM (GMT+3) November 10th, here are the prices of the top 10 cryptocurrencies:
GURA: Their market cap worldwide is now close to $2.5 trillion, which is almost as large as the GDP of France. Even the big Wall Street banks now trade bitcoin. And Gary Gensler, the head of the Securities and Exchange Commission, shares Warren's concerns. Here's what he said in a recent speech.
There are several reasons why investors find this cryptocurrency appealing, and the chief of that is its affordable price. However, this coin has also shown that its value can rise well enough over the years, and it still has plenty of room for growth.