Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance.US.
U.S. Dollar Index (DX) Futures Technical Analysis – Reaction to Test of 93.800 Early Wednesday Sets Tone
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But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
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Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
4JNET is a new project that presents investors with the opportunity to get massive returns. For many, missing boats on projects like SHIB and Safemoon has been a big regret. However, investors are presented with a fresh opportunity to realize the same kind of returns as 4JNET.
Despite this, any lack of trust in Binance has a knock-on effect when it comes to how users perceive its U.S. platform, due to the close association of the two. On reliability, the U.S. platform comes out on top. This does not mean that either have a good reputation. Binance has work to do, and lots of it.
Coinbase saw its trading volume suffer a steep drop, driven primarily by lower levels of volatility, despite the listing of dogecoin and shiba inu.
4 November 2021$CAKE #SAFEMOON $CATE $NFTB $SLIM $FEG $YOOSHI $BSCX $LINK $FTM pic.twitter.com/6BCyllEQ3F
This is the latest in a string of recent high-profile trading problems in crypto. Synthetify, a new decentralized exchange, was forced to shut down for a while earlier this month shortly after its debut because of bad data provided by the Pyth Network, a price feed backed by some of the world's most well-known trading and exchange firms. Pyth malfunctioned another time in September, erroneously making it appear that Bitcoin had crashed 90%.
According to a tweet from the official SafeMoon Twitter account, the problems affected all three wallet products. Namely, the website buy and swap function, the Android wallet, and its iOS counterpart.
The next phase in the crypto mining process is to compile a list of all transactions, which is subsequently included in a new unconfirmed data block. It avoids “double spending” of any cryptocurrency and keeps a permanent and public record by adding their transaction to the blockchain, once the verification procedure is complete. The record is immutable, which means it can never be changed or corrupted.
The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
Brooks led the Office of the Comptroller of the Currency (OCC) before joining Binance.US. At the time, his move to Binance.US raised some eyebrows because Binance is not seen as the poster child of compliance, particularly compared to Coinbase where Brooks worked before joining the OCC.
There are several online news outlets dedicated to covering all cryptocurrency developments alongside active community forums which dissect every feature of every project. Developers across these projects are aware of the influence media can have on the perception of a crypto’s value.
While this is a critical security feature that reduces theft and unauthorized use, it’s also draconian. Losing your private key is the digital asset equivalent of throwing a wad of cash into a trash incinerator.
When the market adjusts, the price shoots up. Large holders of that crypto can then cash in on the gains by dumping their coins, bringing the price down. Although exchanges know about these methods, stopping them isn’t all that simple, as the perpetrators know how to stay under the radar.