We’ll go through the several factors that influence demand for a particular crypto, but before we do that, it’s important to note that cryptocurrencies don’t fit comfortably into our existing asset categories.
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.
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Gensler recently went so far as to say investors are “likely to get hurt” if stricter regulation is not introduced. Plus, the IRS has an obvious interest in making sure investors know how to report virtual currency when they file their taxes.
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When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
Cryptocurrencies use cryptographic protocols, or extremely complex code systems that encrypt sensitive data transfers, to secure their units of exchange.
(Bloomberg) -- To investors hunting for the next Dogecoin, the more than 19,000% price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News
“Expect very high volatility in crypto over the next few months,” he tweeted on Oct. 21.
But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
BTC Price Action: According to CoinMarketCap data, Bitcoin is trading at $63,559.44 as of Thursday afternoon after seeing its price fall by about 4.74% over the last 24 hours.
ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
And, importantly, just because cryptocurrency is secure does not make it safe. As much as some of the recent popularity of cryptocurrency is driven by investors’ belief in its value, that value is still based on speculation. For those who invest in crypto, it will be among the riskiest investments they make.
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“We’re working around the clock to fix the issues and to ensure we give you the quality experience you deserve,” the tweet assured users. “So we can manage demand, will be [sic] releasing each product in a staggered approach (one-by-one) – starting with the website buy & swap function – today.”
The hyper deflation payment network token has caused ripples in the crypto world and continues doing well on top of all this.