On Oct. 21, Binance.US suddenly printed a one-minute candle that took BTC/USD from $65,815 to $8,200 — a drop of 87%.
Experts warn that these can sometimes be a sign of a scam and make it a very high risk investment.
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The riskiness is taken a step further when it comes to newer coins because they make you more vulnerable to scams when compared to ones that have been around longer such as Bitcoin.
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Investors need not worry about these stocks, yielding from just over 3% to nearly 9%, being yield traps.
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That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
“This is a legitimate technology–it’s going to expand,” he says, “My longer-term view is nowhere near where some of [my current] views are.” It could even perhaps hit $10,000 again, he says. But that will probably take a few years. For now, we wait and see.
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And while Karony said he wasn’t sure what to make of Portnoy’s tweet, he was appreciative. “It’s cool to see big names talking about SafeMoon because it means more people are hearing about SafeMoon,” he said.
Despite the concerning news and slight pullback in traditional markets, BTC and ETH prices rose, a dynamic that analysts such as Anthony Pompliano refer to as “asymmetric price action” where investors see a red hot stock market and unsustainable central bank monetary policymaking risk-on assets like Bitcoin as attractive investments and hedges against gold, the dollar and inflation.
According to the Wall Street Journal, Zhao stated that he would be willing to step down as the CEO of Binance in order to resolve the company’s regulatory problems.
Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.
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