The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
Cryptocurrency prices today: Bitcoin rises over 4%; Ethereum, Dogecoin & Litecoin gain up to 18.7% The price of Bitcoin rose 4.63% to $68,351 on Coinmarketcap. Market cap of the cryptocurrency reached $1,288.07 billion. Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green. BusinessToday.In Nov 09, 2021, Updated Nov 09, 2021, 10:09 AM IST
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If you are worried about possible scams – funny enough DogeZilla claims it aims to make the crypto space safer for users.
Despite the massive swing in value on the Binance US exchange, Bitcoin’s value on other exchanges remained stable. There has been speculation on the exact cause of the spike, though Binance offered a short statement to Bloomberg explaining that one of its institutional traders was responsible.
But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
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What Happened: According to Binance U.S. market data, the Bitcoin to the U.S. dollar trading pair on Binance U.S. flash crashed within a minute from $65,815 to $8,200. This translates to a drop of 87% for the world's top cryptocurrency on the exchange according to cited market data.
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In the U.S., Binance has been the subject of an investigation by the Commodity Futures Trading Commission, which is probing whether the platform allowed users to trade derivatives, Bloomberg reported in March, citing sources familiar with the matter. The CFTC investigation is directed at Binance, even though Americans must use Binance.US instead. And in May, the Department of Justice and Internal Revenue Service commenced money laundering investigations related to the company.
Coinbase saw its trading volume suffer a steep drop, driven primarily by lower levels of volatility, despite the listing of dogecoin and shiba inu.
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
The majority of cryptocurrencies function without the backing of a central bank or government. Instead of relying on government guarantees, decentralized technology called blockchain underpins the operation of cryptocurrencies.
"Play-to-earn" cryptocurrency is where people buy tokens to use in online games and can earn more tokens which can later be exchanged for other cryptocurrencies or national currencies.
There are also individual withdrawal fees for moving your crypto holdings from your Binance.US account into your own crypto wallet. These fees vary based on the type of cryptocurrency.
And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
DigbethRaihan Ahmed, 20, was doing more than double the speed limit when he hit much-loved Ghulam Nabi
NEW BUSINESS: Binance.US, the American arm of the world’s largest cryptocurrency exchange, hired its first lobbying firms last month, newly filed disclosures show, as policymakers in Washington face calls to rein in the rapidly growing and mostly unregulated industry. Hogan Lovells’ Ivan Zapien, a Democratic lobbyist who previously was chief of staff to now-Senate Foreign Relations Chair Bob Menendez (D-N.J.), and former House GOP aides Aaron Cutler and Chase Kroll will lobby for the exchange.