The Volume of This Altcoin Is Dropping – Does Binance Have a Finger?
There’s plenty of speculation surrounding the price of Internet Computer (ICP) and GODS tokens. Why is their volume plummeting? Lack of regulation? Or do Binance’s policies make it impossible for investors to withdraw money? This article explores these questions and more. It also addresses the importance of proper regulation for cryptocurrency exchanges. We will also look at some of the best practices for trading cryptocurrencies in the US.
The GODS token has dropped by nearly 25% in recent days, with the price ranging between $2 and $4. This decline is largely due to its ICO, which was held last September, when the token went on sale for $0.24. The price of the GODS token has since recovered, trading within a $2 to $4 range. The token currently has a market capitalisation of $75m. According to Coindesk, there are about 100 employees at Immutable, but only 40 are working on the Gods Unchained project.
Internet Computer (ICP) token
The DFINITY Foundation, a nonprofit organization, is behind the Internet Computer. The coin functions as both a governance and utility token. Its Genesis event took place in May 2021. The DFINITY Foundation has over 180 members, including experts in blockchain technology and cryptography. The DFINITY team has discovered breakthrough innovations in both cryptography and blockchain. The DFINITY project has received backing from top tier venture capital firms, including Andreessen Horowitz and Polychain Capital.
Binance’s price plummeting
Cryptocurrency trader FYAZ Ahmed has recently experienced a massive drop in the price of ethereum. Ahmed was trading on Binance, the world’s largest digital currency exchange. In early May, Binance went offline for about an hour, during which the ethereum price plummeted 30%. The collapse of the crypto market’s price wiped out over $1 trillion in value. Fawaz Ahmed lost $6 million of his own money and received a meager compensation from Binance’s customer service team.
Lack of regulatory oversight
With the rise of digital currencies, the need for regulatory oversight has grown. But the S.E.C. hasn’t kept up with the pace, and new companies and platforms have stepped up to fill the void. The S.E.C. is not currently overseeing the sale of XRP, one of the largest altcoins, for fear of it being sold to the public without the proper registration.
The legal trouble for Binance has a number of causes, including increasing scrutiny from regulators around the world. The company has come under fire for offering stock tokens that were not backed by any assets, not disclosing its client’s identities, and violating know-your-customer regulations. A number of jurisdictions have issued warnings against the company, as well as launched investigations. The United Kingdom, Germany, and Cayman Islands have also launched investigations into the company.