In statements on Monday, Binance said it had been cooperating with the SEC’s probes and had “worked hard to answer their questions and address their concerns”, including by trying to reach a negotiated settlement.
“We intend to defend our platform vigorously,” it said in a blog.
“Altcoins … represent assets who remain in the much earlier stages of development compared to bitcoin, with investors willing to give them the benefit of doubt, holding on their investment, hoping they will come to fruition,” said CoinShares analyst James Butterfield.
Last month, the Securities and Exchange Commission (SEC) sued Binance and Zhao for allegedly operating a “web of deception.” Binance has said it would defend itself vigorously.
Mt Gox was the largest bitcoin exchange in the world and handled over 70% of bitcoin transactions worldwide.
Moreover, the total number of bitcoin created will be limited to 21 million which makes it scarce. Gox lost 844,408 bitcoins out of which 200,000 bitcoins were recovered, but there was no trace of the remaining 650,000 bitcoins. Scams, money laundering, hacks, speculation and the hype created by the media also lead to price fluctuation. As demand and supply play a major role in the price fluctuation, a limited supply of bitcoin against a huge demand will lead to price fluctuation on the higher side.
One of the events that lead to a fall in the prices is the Mt Gox Hack in February 2014.
Similarly, rising expectations that the Bank of Canada (BoC) could resume its tightening campaign at an interest rate decision later on Wednesday sent the Canadian dollar to a near one-month high of C$1.3388 to the greenback.
Tether is the largest stablecoin that aims to maintain a 1:1 peg with the U.S.
dollar. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, while ether is the largest after bitcoin, with its $210 billion market capitalization.
A country’s own cryptocurrency would be more trusted and encouraged for investment and as such the scope or popularity for random cryptocurrency would reduce. But as more and more crypto are switching to proof of stake, the scenario ought to change.
There are far more superior cryptocurrencies than bitcoin in the market when it comes to technology, speed, and safety.
The only fact that bitcoin stands at the top position is the highest number of users and hash rate.
Here are some predictions from Analysts, Entrepreneurs and influential Entities on Bitcoin price:
“It will reach $200,000 by 2020 as more and more people are using the network.”
Fran Strajnar, associated with Techemy Ltd, Brave New Coin Limited and Blockchainlabs.nz
“It will reach $91,000 by 2020.”
Thomas Lee a.k.a Tom Lee, the Managing Partner and the Head of Research at Fundstrat Global Advisors
“Prices will hike above $50,000 in 2018 resulting from huge investments.”
Spencer Bogart, Partner at Blockchain Capital
“Bitcoin will crash to $5,000, and by the end of 2018 it will go back to almost $20,000.”
David Garrity, Recommended site CEO at GVA Research
Some more Crypto Evangelist and industry leaders like John McAfee, Founder of McAfee LLC, says bitcoin will rise by 1000% and will be $1,000,000 by 2020.
I knew about it, at that time is very bad for Ripple (XRP) investors, I also lose $300 us dollars in Ripple cryptocurrency but Now I believe on it. Everyone scared with the ripple cryptocurrency because of that price Down past few months. I hope I’ll start again to grow.
“The RBA’s second consecutive hawkish surprise should fuel an extension of the recent rally”, taking it through the 200-day moving average at 0.6692 initially, and then on to the 100-day moving average at 0.6748, said Sean Callow, a strategist at Westpac.
Again in November 2013, there was a surge of approximately 590% when the prices went to $1,165.89 from $198.23 and dropped to $344.24 by April 2014.
There are enormous reasons for the rise and fall in the prices like the raid on Binance exchange, Google’s announcement of the ban on cryptocurrency advertisement, news about China and South Korea banning cryptocurrency exchanges.
Bitcoin, the world’s biggest and best-known cryptocurrency, was last up 5.5% on Wednesday at 29,881.00 after hitting a high of $30,755.00.
It is up roughly 81% for the year-to-date.