The price of Bitcoin rapidly plunged about 87% on Binance's U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been.
As with most cryptocurrencies, there have been mixed reviews so far with one reddit user saying: “I completely agree that once they get listed on an exchange this could easily blow up.”
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Twitter is launching a dedicated crypto team to work on blockchain applications and Web3
Released in 2011, Litecoin (LTC) uses the same basic structure as Bitcoin. Key differences include a higher programmed supply limit (84 million units) and a shorter target blockchain creation time (2.5 minutes).
Bitcoin is widely regarded as the first modern cryptocurrency — the first publicly used means of exchange to combine decentralized control, user anonymity, record-keeping via a blockchain, and built-in scarcity.
Speculators in the crypto community continue to describe Brooks move as a stepdown, however, in terms of company size and brand awareness in the crypto space considering his office as CEO of Binance US previously.
Once there are enough transactions in the block, more information is added such as the header data and hash from the previous block in the chain and a new hash for the current block.
"Letting you all know that I have resigned as CEO of ??@BinanceUS," Brooks wrote on Twitter. "Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
Play iconA circle surrounding a triangle pointing right. It indicates, "this type of media can be played."Brighter Future with Prudent Investments
All images, branding and wording is copyright of Binance.US. All content on this page is used for informational purposes only. CryptoSlate has no affiliation or relationship with the company mentioned on this page. Photo: Clockwise from upper left: Brian Brooks, Catherine Coley, Venkata “Murthy” Renduchintala, Brian Boland, Kirthiga Reddy and Janice Min
Here is Bitcoin’s price today, why Bitcoin is up and the latest crypto news and prices for Ethereum, Shiba Inu coin, Dogecoin, XRP and more.
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According to Stephen Innes, the head of Asian trading for the foreign exchange Oanda, hacks were the first element to have a chilling effect on crypto. Hearing the amount of money that thieves were able to take, he says, “Consumers got very concerned that their money could go missing.”
Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng Zhao. Zhao’s professional experience before that point was in the development of advanced financial software, such as high-frequency trading software. He also served in an executive position at another cryptocurrency exchange, OKCoin.
How does this latest crash compare to previous ones, or even to regular stock market drops — and what does it mean for investors?
No trams on Corporation Street which has been left for four months without service
But to take advantage of its competitive 0.1% standard fee, you’ll need to spot trade through the Binance.US trading platform. This can be confusing if you’re unfamiliar with exchange lingo; on other exchanges, this type of trading and fee structure is typically used in more advanced platform options, such as Coinbase’s Coinbase Pro or Gemini’s Active Trader.