Cryptocurrency is an exciting concept with the power to fundamentally alter global finance for the better.
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This may sound like an over-inflated number to many, however, Shiba Inu recently showed that this is within the possibility of the cryptocurrency market. With reasonable timings assumed, $1000 in Shiba Inu would have generated investors over three million dollars.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
Pips are the units used to measure movement in the price of a cryptocurrency, and refer to a one-digit movement in the price at a specific level. Generally, valuable cryptocurrencies are traded at the ‘dollar´ level, so a move from a price of $190.00 to $191.00, for example, would mean that the cryptocurrency has moved a single pip. However, some lower-value cryptocurrencies are traded at different scales, where a pip can be a cent or even a fraction of a cent.
Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange's order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era.
Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance.US.
One key thing to look out for is Safemoon to be added as a tradeable asset by a major broker or crypto exchange. Many of the best trading platforms will allow users to request assets to be added to the platform. If a request gets enough traction, the platform may look into its viability and then decide whether or not to add it.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
Bitcoin and some other cryptocurrencies’ values have skyrocketed in recent years. Bitcoin’s price has more than doubled in 2021, and Ethereum has more than quadrupled in value this year.
Once they have a key, they can obtain and spend cryptocurrency. Without the key, the holder can’t spend or convert their cryptocurrency — rendering their holdings worthless unless and until the key is recovered.
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CRYPTO UPDATE All of the largest cryptocurrencies were up during morning trading on Thursday, with Polkadot (DOTUSD) seeing the biggest move, climbing 5.83% to $48.18. Dogecoin (DOGEUSD) rose 5.73% to 26 cents, while Ethereum (ETHUSD) increased 3.
The good news for U.S. customers is that Binance.US does offer the same low trading fees that its parent company, Binance, does. The only slight difference is that the US exchange offers 10 VIP levels whereas the international platform only has 9 VIP levels. However, for almost all traders, that won't make a difference.
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Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)