Shiba Inu cryptocurrency jumped 50% over the weekend, becoming the 11th-largest cryptocurrency.
The plunge occurred at 7:34 a.m. New York time, according to the Binance.US website. Volume on the exchange in that minute was 592.8 Bitcoin, which are worth just shy of $40 million at current prevailing prices.
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“The exchange business is currently profitable, but not necessarily innovation,” Brooks said, adding that Bitfury’s position as the only mining chip producer outside of China has taken the lead. ..
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Shortly after Bitcoin’s latest all-time high, Ethereum marked its own new all-time high last month when its price went over $4,400.
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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“The manual burns, alongside the company having a pretty large stake in the coins, just speaks to me of a manipulation risk,” said Jasper Lawler, head of research at London Capital Group, an online brokerage firm offering cryptocurrency derivatives. “Whenever there’s some sort of mechanism to stop selling, that’s a bit of a warning sign.”
It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
Developed in 2012 by Toronto-based programmer Vitalik Buterin, and backed by an initial $18 million crowdfund, Ether (ETH) is a cryptocurrency that underpins a blockchain network called Ethereum. While Bitcoin was designed to be a digital currency, Ethereum is a more general implementation of blockchain technology.
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.
US-based digital payments major Visa, and Metaverse - a new generation online virtual reality space have come together in buying their first crypto asset.