Traders are positioning for a surge in ethereum prices, betting that Wall Street’s top securities regulator will next year give the go-ahead for a US exchange traded fund tracking the world’s second-biggest cryptocurrency.
The maneuver, known as a “rug pull” in cryptocurrency circles, occurs when a token’s creators abandon the project by exchanging many virtual coins for real-world cash. They quickly drain liquidity from the product, effectively driving the coin’s value to zero and leaving other investors holding the bag in an apparent scam.
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— Ivelisse Porroa-Garcia is now director of government affairs at Ferox Strategies. She previously was policy director for the Congressional Hispanic Caucus.
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For instance, signs of further clampdown on Chinese cryptocurrency operations have often seen major price drops for Bitcoin – with the Chinese central bank, the People’s Bank of China (PBOC), most recently reaffirming its commitment to crack down on crypto mining and trading.
Steering clear of the first mayor support level at $60,388, however, Bitcoin revisited $61,300 levels before easing back.
Unlike traditional currencies, cryptocurrencies exist only as a shared digital record of ownership, stored on a blockchain. When a user wants to send cryptocurrency units to another user, they send it to that user’s digital wallet. The transaction isn’t considered final until it has been verified and added to the blockchain through a process called mining. This is also how new cryptocurrency tokens are usually created.
Decentralized platforms that require a coin can be enabled via blockchains. The blockchain is the distributed ledger technology that allows a network to maintain consensus. The network can track transactions and transfer value and information due to distributed consensus.
Day 1: Arca CIO Jeff Dorman, BlockTower CIO and Managing Partner Ari Paul, and Pantera Co-CIO Joey Krug will be joining Real Vision Co-Founder and CEO Raoul Pal to discuss the risks and potential rewards for investing into the VERY new asset classes within the broader crypto categories…
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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.
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