“I like the word ‘moon,’ because that’s where I want it to go,” Portnoy said in his purchase announcement.
The price of the bitcoin rose to an intraday high of $69,000 Wednesday, reflecting a 4.6% gain following the release of CPI data.
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The United States has many crypto users and owners within its borders. That means that it is a valuable market for Binance. That is why the company was willing to take the steps and suffer the expense of creating a version of the exchange just for one country.
His tweet Friday said: "Letting you all know I have resigned as CEO of @BinanceUS. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
Some mainstream companies also view blockchain technology itself with interest, evaluating various uses such as supply chain. The future of cryptocurrency and its associated technology appears bright, judging by the growth and adoption that has been seen since 2008 when Nakamoto published the framework for a little asset called Bitcoin.
Popular Twitter trader Crypto Chase said "well done Binance U.S." and sarcastically commented that it's a "good thing Americans are forced on to these dogs**t exchanges where they can get completely scammed on unreasonably thin books."
Every cryptocurrency transaction is recorded in a public ledger known as the blockchain, which is the technology that makes it possible for it to exist. This allows people to follow the history of cryptocurrencies like Bitcoin to prevent them from spending coins they don't own, copying transactions, or undoing them. Because blockchain intends to eliminate intermediaries such as banks and internet marketplaces, there are no transaction costs.
If you’re investing in cryptocurrency, expect volatility to continue. That’s why experts recommend keeping your crypto investments to less than 5% of your total portfolio.
Bitcoin’s (BTC) price hit another all-time high at $69,000, while Ether (ETH) continued its long slog toward $5,000 after reaching a new high at $4,868 earlier on Wednesday. Shortly after hitting this fresh milestone, however, traders began taking profit, leading to a nearly $7,000 drop, which plunged BTC’s price below $63,000.
A cryptocurrency transaction technically isn’t finalized until it’s added to the blockchain, which usually occurs within minutes. Once the transaction is finalized, it’s usually irreversible.
This list by no means final, as Binance.US designates it as “Phase 1” digital asset offering, promising to support a wider range of cryptos down the line. The platform hopes to garner broader support in the US by enabling trading USD for popular cryptocurrencies.
The former US banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
“I think it’s really important to keep your eyes open,” Johnson says. “Don’t get the FOMO at a fever, because it’s very volatile. No one should invest anything that they can’t afford to lose, and that’s the same advice I give for any kind of an investment.”
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SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".