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He was referring to the stringent regulation that forced most cryptocurrency exchanges to deploy separate trading platforms for U.S. customers only. Consequently, American crypto traders tend to operate on less liquid cryptocurrency exchanges.
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It remains to be seen if Decentraland turns into the next meme coin of choice for retail investors, but it has lately picked up some traction from Reddit users via threads.
Since trading fees do not directly relate to the products traded, U.S. regulations do not apply to the fees Binance.US charges. As a result, Binance.US offers the same low fees and discounts as its parent company. Binance.US is one of the market leaders in the United States in terms of low fees, even without considering the discounts.
Though both assets posted a quick recovery, the event has made a significant impact on the market. Bitcoin retraced by 7.4% a few hours after making a new all-time high at $67,000.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
There's a huge new pool of money that could be about to juice the bitcoin market, crypto ETF expert says
The cryptocurrency’s price began to surge on Sunday night (7 November) as investors pumped the price from $62,319.98 at 8pm to $66,101.46 by 10am on Monday morning.
Miners’ work periodically creates new copies of the blockchain, adding recent, previously unverified transactions that aren’t included in any previous blockchain copy — effectively completing those transactions.
Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.
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The result of this saw Bitcoin’s highest prices sliced in half in June, with the coin struggling to break out of the low to mid $30k price range until it received a welcome boost from Tesla founder Elon Musk in his appearance at major Bitcoin conference in July.
Zhao recently said that Binance.US is expecting to close a funding round shortly. He reiterated that the U.S. business, which was launched in 2019, is planning an eventual public offering.
Last year, a California man pleaded guilty to a mining fraud of at least US$722 million through the BitClub Network. In February, a New York man pleaded guilty to running a Ponzi-like hedge crypto fund that stole about $90 million from more than 100 investors.
Even after falling back from its latest all-time high price, Bitcoin’s current price still represents a big upswing from the low $40,000 range seen in September.
Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money.