BusinessCryptocurrencyBitcoin Crashed 87% On Binance's U.S. Exchange Due To Algo Bug Another day, another major snafu in cryptocurrency trading. The price of Bitcoin rapidly plunged about 87% on Binance's U.S. exchange Thursday morning.
This is mainly because of the extreme volatility that takes place in the industry. If you’re not careful – you could lose a lot of money quickly.
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The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
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From a meme coin perspective, DogeZilla appears in a way to throw shade at Dogecoin in the sense that it’s the Godzilla of the meme coin.
"We are LIVE and BOOMING!," said the community behind the newly launched Lorde Edge coin.
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
Cryptocurrencies do not exist as a stack of notes or coins. Instead, they live only on the internet. Consider them virtual tokens, the value of which is decided by market forces created by those seeking to purchase or sell them.
While exact predictions are impossible, we asked five experts about what they’re paying attention to in the crypto space for the rest of 2021:
Cryptocurrencies’ supply and value are controlled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities.
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
There are currently three broad categories of cryptocurrency: Bitcoin, altcoins, and Tokens.
The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
And cryptocurrency exchanges are somewhat vulnerable to hacking, representing the most common venue for digital currency theft by hackers and cybercriminals like those responsible for taking down Mt. Gox.
According to the victim's mother, Delia Berry, the alleged suspect was close with the family at one point.
Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?