Brian Brooks, chief executive of the US arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.
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The SQUID token skyrocketed to a high of $2,861.80 before plunging to zero around 5:40 a.m. Monday. The meme coin's market capitalization hit an estimated $2.2 million, according to CoinMarketCap.
As recently as May 2021, Binance was under investigation by the U.S. government for tax fraud and money laundering, according to reporting by Bloomberg.
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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.
According to Cointelegraph business editor Sam Bourgi, Bitcoin is viewed by many as the best “hard money” alternative to sovereign currencies and:
US futures linger at all-time highs while cryptos hit new records, as Fed rings alarm on market risks
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
As long as prices avoid closing below this barrier, odds favor a resumption of the uptrend toward a new all-time high at $4,574.
Find out more about how we can help your cryptocurrency trading, allowing you to take advantage without needing to own a wallet.
Dogecoin, at the time of writing, has a market price of close to $0.216 according to CoinMarketCap - the result of an 8,325.23% increase in value since the start of 2021.
Brian Brooks, chief executive of the US arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.
Tokens are built on an existing blockchain but are considered to be programmable assets that enable the formulation and execution of unique smart contracts. Outside of the blockchain network, these contracts can be used to establish ownership of assets. Tokens can be used to represent units of value such as money, coins, digital assets and electricity, and can also be sent and received.
In 2017, Changpeng Zhao (also known as CZ), founded Binance. Zhao’s background includes developing high frequency trading software as well as working as an executive at another cryptocurrency exchange, OKCoin.
Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.”
This page defines and compares the top cryptocurrencies traded around the world: Bitcoin, Ether and Litecoin. Keep reading to view live cryptocurrency prices and the latest cryptocurrency market news, and to learn about the factors that influence prices, such as speculation and regulatory ruling. Live cryptocurrency prices What are cryptocurrencies? Top cryptocurrencies traded worldwide What affects cryptocurrency prices? Trading tips