Tag: Crypto

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Cryptocurrencies

Bitcoin is Booming, But Which are the Best Altcoins to Own?

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

 Some spectators wonder whether it is still viable to jump in, naysayers are waiting for the crash, and risk-takers are diving deeper into the frenzy and multiplying their investments by the minute. Whichever your case, there are alternatives worth considering. 

Today, we take a look at some of the most promising altcoins, at least the ones you can bet your dollars on in the coming months. 

#1: Monero (XMR)

The rate at which Monero is rising is monumental – well, not price-wise, yet – but in terms of interest. Year-to-date 24-hour trading volume has increased by 20 times. The interest investors, regulators, and other stakeholders expressed in Monero in 2020 confirm that good tidings are in the offing. 

While Monero prices have not grown monumentally, they have still grown anyway. At some point in March, the coin was exchanging at $37. However, on pulling up its socks, it rose steadily beginning April to its current $130, a 400% gain. Let’s just say this is a modest gain given that the crypto has much more potential. 

Also worth mentioning is that Monero also recently reached $139, its 2-year high. Combining this with the fact that the crypto has become the center of attention among regulators, we are likely to see even higher volumes, which will boost speculation and eventually impact prices. 

Of course, things could go wrong and cause the crypto to crash, particularly if the Department of Internal Revenue succeeds in cracking its privacy – something they have been pursuing. Until then, XMR is one altcoin you cannot afford to lose sight of.

#2: Ripple (XRP)

Ripple has had an advantage over other altcoins since its inception, and that is because it was designed for real-time payment settlement. Essentially, Ripple is a platform that financial institutions can use to send money across borders with the following major advantages:

  • Lower costs than the traditional SWIFT system
  • Faster (real-time) settlements, compared to the traditional system that takes several business days.
  • Has all the security mechanisms of blockchain technology 

This background tells us that Ripple is a solid project, and we know solid projects have the growth potential – there’s no guarantee, but there’s hope.

Hope aside, Ripple’s native currency XRP has been performing modestly for the better part of 2020, trading between the $.013 – $0.69 range. If you compare it with Bitcoin’s performance, you’re likely to undermine Ripple’s year-to-date growth. But think again – since the 2017 crypto bubble, XRP has never reached the heights we see now. To be fair, surpassing the 2-year high is a milestone that signifies that this cryptocurrency is rising. 

You can choose to wait and see how things turn out, but it’s best to keep close tabs on XRP. 

#3: Fusion (FSN)

Fusion is one of the most underrated cryptocurrencies. Although investors are yet to see Fusion’s potential, there is an indication that this crypto will grow. 

Fusion’s potential lies in the adoption of DeFi, which is already on the rise. The crypto’s developers are working on several innovations that are set to transform DeFi. One of the most notable is the WeDeFi project that seeks to bring DeFi to the common person.

Fusion provides investors with different and exciting investment options. For instance, the crypto supports passive staking, which is only available in proof-of-stake crypto networks. With this investment option, you delegate your savings for verifying transactions. In proof of work networks, those with more tokens have higher staking power. Leaving aside the intricacies, Fusion can enable investors to earn by basically doing nothing. 

At the moment, the crypto is undervalued. It ranks at around 460 by market capitalization. This valuation will certainly change, especially as DeFi picks up pace. Meanwhile, you can invest in Fusion now while the prices are still low ($0.26) at the time of writing. When daily trading volumes increase as a result of DeFi’s mass adoption, consider this opportunity gone. 

#4: Ethereum (ETH)

Historically, Ethereum has been Bitcoin’s most fierce competitor. Best known as the king of smart contracts and decentralized apps, Ethereum has worked its way up to become the second-largest cryptocurrency by market capitalization. 

Ethereum’s tech and investment potential is its backbone. Developers have used the crypto’s facilities to build a wide range of applications, all of which add value to the network. However, it is the upcoming launch of Ethereum 2.0 that we should set our eyes on. 

On December 1 at noon, Ethereum will change from proof of work to proof of stake (no more mining). First, whenever cryptos undergo significant changes, a frenzy is created, and prices surge as investors scramble to be part of the revolution. Secondly, the staking system will encourage investors to lock their funds in the network to earn returns from verifying transactions. Since a higher stake gives one more power, investors are likely to lock more ETH to the network. The result? An inevitable shortage and a consequent price surge.

Unless something goes wrong, ETH will keep rising further in the coming months. 

#5: Litecoin (LTC)

Litecoin is among the oldest altcoins. It was created shortly after Bitcoin as a lite version of the pioneer crypto. As such, it is very similar to Bitcoin. The main difference between the two is that Litecoin is less resource-intensive, and this trickles down to users as faster and cheaper transactions. 

Like BTC and other major cryptos, Litecoin has shown stable upward growth in 2020, especially from April onwards. In November, it reached $86, its highest in the year. The crypto’s performance seems to be following Bitcoin’s performance, albeit not so closely. Even so, since the trend is upward, it is a sensible alternative at the moment.

There you go, folks! Take some time to monitor each of these from close quarters to find out which one works best for you.

Final Thoughts

While Bitcoin is currently grabbing headlines for its stellar performance, it is not the only cryptocurrency worth investing in. Monero, Ripple, Fusion, Ethereum, and Litecoin are equally savvy alternatives. These altcoins have a good track record, have solid projects behind them, and are currently performing well. Whether you’re looking for short-term or long-term investments, you now know which are the best altcoins to own.

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Crypto Videos

Ethereum 2.0 Launching Today – Upgrades Explained!

https://youtu.be/UZk6z4PfVko

https://youtu.be/UZk6z4PfVko


Ethereum 2.0 – Explained

Ever since Ethereum was released, the development of new technologies in the form of Decentralized apps on its blockchain, as well as other blockchains, has greatly expanded. Some of the biggest innovations in the Decentralized Finance sector has happened on top of Ethereum as its base.

Unfortunately, scalability issues started to emerge as Ethereum grew as a network. The number of transactions increased, but so did the cost of performing these transactions, which are paid in a currency called Gas.

If Ethereum is supposed to be the main platform to build the next generation of the Internet on top of it, the economics have to make sense, or the network becomes too impractical to use.

Ethereum 2.0 was announced as the solution to the scalability problem. These improvements will attempt to create a contrast to the existing version of Ethereum, and every part of the 2.0 version will be rolled out extremely carefully and slowly.

What Is Ethereum 2.0?

Ethereum 2.0, or “Serenity,” is the long-awaited and often discussed upgrade to the Ethereum network. This update’s main goal is to improve the network’s scalability. It will attempt to achieve various enhancements, where speed, efficiency, and scalability should all be improved without sacrificing any security and decentralization.

While this version of Ethereum was planned out a long time ago, it has taken some years to create and finally roll out. The primary reason for this is that any mistake could impact the network’s security, which would be a huge deal.

The biggest difference between the current Ethereum and Ethereum 2.0 is the consensus algorithm they use. While the current Ethereum uses the Proof of Work algorithm, the new and upgraded Ethereum will use the Proof of Stake consensus mechanism, alongside shard chains and the beacon chain. 

Proof of Stake

 

While Proof of Work has proven itself over the years as a stable and safe consensus mechanism, its main problem is scalability, since it demands an enormous amount of computing power as the blockchain grows.

As a solution to this problem, Proof of Stake replaces computing power with a different mechanism. In Ethereum’s case, as long as you have a minimum of 32 Ether, you can commit it, become a validator, and then get paid by confirming transactions.

Sharding and Beacon Chain

Anyone who wants access to the Ethereum network has to do so through a node. A node is a “client” that stores a copy of the entire network, meaning that the node has to download, compute, store, as well as process every single transaction in Ethereum’s existence. Since this can take up a lot of storage, Shard chains were introduced as a solution. They allow nodes to only contain specific parts, or shards, of one whole blockchain. 

While this does improve the scalability of the network, something has to keep everything stays in-sync. Beacon chains are providing information to shard chains and keep them working as intended.  

Ethereum 2.0 Phases

The roll-out of the Ethereum 2.0 update won’t come all at once. Instead, it will be released in three phases, with each phase bringing out a vital part of the update to the public network. 

Ethereum’s 2.0 update will be split into:

  • Phase 0
  • Phase 1 and 1.5
  • Phase 2

Phase 0

This phase will be dedicated to the release of the beacon chain as it’s central to shard chains’ functionality. However, this phase won’t have any shard chains. Instead, the beacon chain will begin accepting validators through a one-way deposit contract.

If you are thinking about staking Ethereum, it’s important to note that registered validators who stake their Ether won’t be able to “unstake” it until shard chains are fully implemented.

This Phase begins on Dec 1, 2020. 

Phase 1/1.5

The next phase is expected to be released somewhere during 2021 and will actually be a mix of two phases. Phase 1 will introduce shard chains, while Phase 1.5 is when Ethereum’s main net will officially begin transitioning away from Proof of Work and onto Proof of Stake.

Phase 2

The final phase of the 2.0 update will roll out in 2021 or later and will allow Ethereum to support fully formed shards. This is when Ethereum 2.0 will actually become the official Ethereum network. 

Final Word

Ethereum 2.0 is certainly an important upgrade to the Ethereum network and will hopefully bring much-needed scalability, among other things. Without the new features that this update brings, Ethereum could eventually become unsustainable, which would be detrimental to the innovation that its platform brings.

 

Categories
Crypto Daily Topic Cryptocurrencies

Top 5 Trends Driving the Crypto Market Right Now

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

As you already know, the crypto market moves to its own beat. It all comes down to supply and demand – the causes notwithstanding. This is starkly different from traditional currency, whose value is set and controlled by central banks. Other factors are artificial actions such as the stimulus protocols being conducted across the globe right now to ameliorate the economic shock of the Covid pandemic. 

What’s the point? That the crypto market is interesting, and the events driving it one side or another are worth a closer look. A lot is happening behind the scenes: from a change in attitudes to stablecoins to new and bold crypto products. 

This article looks at the trends that are currently driving the crypto market and how. 

#1. Stablecoins

Stablecoins are a special kind of cryptocurrencies pegged to real-life assets, so they’re not subject to the wild volatility experienced by ‘normal’ cryptocurrencies. Stablecoins can be pegged to fiat, other cryptocurrencies, or exchange-traded commodities like aluminum or gold. The fact that they are attached to a fixed unit doesn’t mean that their prices never vary. Their market prices tend to fluctuate around their underlying assets. 

Stablecoins have the ability to bridge the gap between fiat and digital currencies. They provide the stability of fiat while maintaining the security of crypto. This year, stablecoins kicked off exceptionally well, recording a $90 billion transactional volume in a single financial quarter. 

As an investor, you can make money off stablecoins.  For instance, you can acquire a stablecoin for $1 and sell it on the market at a higher value of, let’s say, $1.0003. The extra amount might seem meager, but the amount of profit accrued becomes very substantial when you multiply this figure by thousands or millions. 

#2.DeFi

DeFi (decentralized finance) is, without question, one of the megatrends pushing the crypto space right now. DeFi is the idea that people can have complete financial autonomy. You know, without an interfering government or controlling bank. It’s a revolutionary idea that’s not just timely but liberating. Countless projects are now rushing to introduce new and interesting DeFi products. Things like yield farming, the latest DeFi craze, entered the crypto lexicon less than two years ago. 

The vast majority of DeFi projects are based on Ethereum. Ethereum pioneered smart contracts and decentralized applications (DApps) – which explains everything. The network’s market cap increased by 60% in Q3 2020. This growth percentage was seen by increasing market value from $25 billion to $40.5 billion by the end of September. The top 10 DeFi coins’ market capitalization by total value experienced a greater increase within the quarter. This was seen through the 345% increase (rise from $1.2 billion to $5.3 billion). The market capitalization of DeFi now accounts for roughly 12% of the blockchain’s total market value. As of now, DeFi is the driving narrative for the Ethereum ecosystem.

DeFi protocols such as Compound, Balancer, Curve, and other varied platforms are introducing new and exciting DeFi products. From staking to yield farming to borrowing, investors are rushing to DeFi to carve out financial value. 

#3. The Possibility Of A Cashless Society

One of the biggest upheavals to the world’s normal order in recent times was the Covid pandemic. In the blink of an eye, the pandemic had interrupted everything we hold dear – social life, economies, and yes – deeply held attitudes. Naturally, people began to rethink a lot of things. 

What previously seemed odd was now the norm. Working remotely? Check. Crypto payments? Check. Now, being forced to do things differently can sometimes be a good thing, which is the case with these scenarios. And it seems like these practices will remain even after Covid is long gone. It wouldn’t be an exaggeration to say that a cashless society is a possibility in the future. 

Meanwhile, the blockchain space is expanding quickly, as applications for interacting with crypto also advance. These days, you can easily buy crypto with just a credit card. This is a huge leap from the early days when you had to meet with a stranger to purchase crypto (and we all know that’s a risky proposition). Also, it’s not just the young and savvy population that’s embracing crypto. It’s institutional investors too. 

#4. Derivatives

Derivatives are another trend driving the crypto market. Bitcoin derivatives dominate the market at the moment, but Ethereum is catching up. This is a strong showing of Ethereum, and it hints at a derivatives economy buoyed by Ether and possibly other crypto’s derivatives. It also means both individuals and institutional investors are beginning to see Ethereum as a worthwhile investment and trading asset. Another thing – it shows that the crypto market is maturing. When other cryptocurrencies join Bitcoin in the derivatives club, it will be a diverse and more resilient market. 

#5. Cryptocurrency is becoming big

Crypto is probably enjoying its highest review ratings in years. Bitcoin, the pioneer of them all and the most successful one, is not viewed as a bubble anymore. And its market cap has exploded to eclipse that of superstar companies such as Coca-Cola and Intel. Also, crypto’s underlying tech – blockchain, is now being embraced by a multitude of industries. Like we’d mentioned earlier, institutional companies are getting involved in crypto more than ever before. 

Closing Thoughts

When we study the undercurrents of the crypto market more closely, it’s easier to tell which direction it’s veering to. And the current trends indicate nothing but good things for the future of crypto. Stablecoins are roaring, as is DeFi, and indications point to Bitcoin sharing the derivatives spotlight with other cryptos in the near future. In short: these are the trends driving the crypto market right now. 

Categories
Crypto Daily Topic Cryptocurrencies

Learn How To Understand Crypto Market Data and Become a Pro

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

This article will help to simplify some of the common crypto market issues you will need to understand. It’s by no means a comprehensive guide for trading crypto, but it will give you that head-start you need to get going. 

Crypto Buzzwords

Buzzwords are a common feature of the crypto market and a common source of confusion at that. Normally, a well-written crypto article will not be without a dozen buzzwords. Some writers use crypto jargon purely for flair. But we will agree that these catchphrases have a way of hammering in opinions that would otherwise fly under the radar. 

To understand crypto market data, it is important to familiarize yourself with the industry glossary. There are a couple of basic phrases like bull and bear markets, trading sideways, support and resistance, candles, etc., that you may need to learn. You can always refer to your glossary when analyzing market data, but don’t you think the market data is already complex enough? You can make things easier by learning some market terminology beforehand on web resources such as Coinmarketcap‘s glossary page.

Market Indicators 

What is a crypto market without indicators? Due to the volume of activity on such markets, it’s impossible to track them on individual trades. Therefore, pros use indicators as quick reference guides for reading what the markets are trying to say. There could be a bunch of indicators used in crypto markets, but these are the most useful ones:

  • Price – It shows how much a crypto asset is trading against the dollar or another base currency. By itself, price doesn’t matter. What’s more important is price movement – that is, the change in price over a certain period (typically 24 hours). These changes are usually marked by opening and closing prices.
  • Market capitalization – It shows the total value of assets in a given market. Most investors believe a high market cap is a characteristic of a low-risk-low-return portfolio. 
  • Volume – It shows how active investors are buying and selling assets. High volumes are usually indicative of a ‘hot’ crypto.

Understanding Charts

Charts are an essential part of representing market data. Whether you’re looking at crypto or forex markets, these graphical data representation tools are inevitable. While newcomers may look at charts as beautiful pictures, market pros track these graphics continuously to know how different assets perform against certain indicators. 

Charts are pretty easy to understand. Basically, they show a certain aspect of a crypto is changing over time. There are several important charts that you need to be aware of:

  • Price charts – Price charts are the most common charts you will see when reviewing crypto market data. They provide you with real-time information regarding the price movement of a given crypto. Most price charts are simple X-Y graphs with day/month/year on one side and prices on the other. You can find easy-to-interpret price charts, among other sites, on Yahoo Finance or Tradingview. As a bonus, most charts are interactive – that is, they allow you to adjust the period for which you wish to view, zoom in to a specific day, and so on. It is highly unlikely that you will experience difficulty in interpreting price charts.
  • Fear and greed index – The fear and greed index seeks to represent the general level of fear or greed among investors. Investors like to give off the vibe that they’re purely analytical human beings, but the truth is they’re pretty emotional. And that’s why when fear spreads in the industry, investors pull out of the market. If we were to express fear and greed mathematically, these two emotions would be inversely proportional to each other – as fear rises, investor greed declines, and vice versa. You can find a good fear and greed index chart on CNN Money, where the index was invented. Well, this is the original index, which was customized for capital markets investors. If you want one specific to crypto markets, you could check out the chart on Btctools.com. 
  • Market cap charts – Market capitalization tells you how much worth is a given market, in total. Simply put, multiply the price of a unit of an asset by the total number of assets outstanding, and you get the market cap. You need to understand market cap charts because they give you an idea of how stable that market is. Generally, traders assume that markets with a high market cap (such as Bitcoin) are less conservative and thus less risky in the long run. 
  • Volume charts – A volume chart shows the level of trading activity in a given market. High volumes indicate positive investor sentiment. And just like economic inflation, rising market volumes suggest that things are looking up for that crypto. 
  • Combined charts – These charts put all the indicators (price, volume, market cap) on the same diagram. Each indicator is then marked by a differently-colored line and a key provided. 

Where to Get Reliable Market Data

Getting reliable market data is key to understanding crypto markets and making the right investment decisions. When looking for information, go for reputable sources such as Investopedia, Coinmarketcap, Coindesk, and others. Some data sources may be outdated or just plain incorrect. You know how non-factual data can be misleading. So, when analyzing crypto market data, choose reliable sources. 

Influencer Opinions

Listening to industry influencers is also a great way to understand crypto markets. The opinions of such people have the power of swaying investor sentiment. For instance, if Richard Branson says that he thinks Bitcoin is a ‘get-rich-quick scheme,’ some investors may back off a little. 

Now, you listen to influencers to get pointers on what to look out for. Most of the time, influencers tend to raise controversy, perhaps, just for the sake of it. So, don’t take their word for it – always research wider. 

Final Thoughts

Understanding crypto markets isn’t that hard after all. If you learn a few buzzwords, understand market indicators, know how to read different charts and where to get reliable market information, you could very well soon sound like a pro investor. This was just a basic guide to understanding crypto markets. Always read wide and keep informed. Good luck.

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 1 – Bitcoin’s New Monthly All-Time High; Ethereum 2.0 Phase 0 Launches Today

The cryptocurrency sector has pushed further up as Bitcoin made a new all-time high for a moment. The largest cryptocurrency by market cap is currently trading for $19,443, representing an increase of 5.03% on the day. Meanwhile, Ethereum gained 3.45% on the day, while XRP managed to gain 3.78%.

The cryptocurrency sector has pushed further up as Bitcoin made a new all-time high for a moment. The largest cryptocurrency by market cap is currently trading for $19,443, representing an increase of 5.03% on the day. Meanwhile, Ethereum gained 3.45% on the day, while XRP managed to gain 3.78%.

The cryptocurrency sector has pushed further up as Bitcoin made a new all-time high for a moment. The largest cryptocurrency by market cap is currently trading for $19,443, representing an increase of 5.03% on the day. Meanwhile, Ethereum gained 3.45% on the day, while XRP managed to gain 3.78%.

 Daily Crypto Sector Heat Map

BitTorrent gained 18.25% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Litecoin’s gain of 11.22% and Decentraland’s 7.69% gain. On the other hand, Numeraire lost 4.81%, making it the most prominent daily loser. It is followed by Waves’ loss of 5.78 and Zilliqa’s loss of 3.36%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has increased slightly since we last reported, with its value currently staying at 62.4%. This value represents a 0.7% difference to the upside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased significantly in the past 24 hours. Its current value is $577.86 billion, representing a $24.86billion increase compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin has spent the day continuing its push towards the upside, even posting a new all-time high (on most exchanges) for a moment as it reached $19,864 on Bitstamp. However, the 20,000 mark and BitMEX’s $20,093 remain untouched. With the buys on exchanges and derivatives markets and institutional investments, a strong all-time high might be posted extremely soon.

Bitcoin trading is quite hard at the moment simply due to how the cryptocurrency moves. Still, traders can squeeze a profit if they trade along with the main trend and long Bitcoin when the volume increases.

BTC/USD 4-hour Chart

Bitcoin’s technicals on all time-frames are tilted towards the buy-side but show slight neutrality signs, or even slight signs of bearishness.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is far above both its 50-period EMA and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is near the overbought territory (69.43)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $19,500                                 1: $19,000

2: $19,666                                 2: $18,790

3: $20,000                                  3: $18,500

Ethereum

Ethereum has, just like Bitcoin, continued its climb up. However, the move has stopped slightly below its most recent highs, topping at $617.87. The second-largest cryptocurrency by market cap now has two scenarios to play out:

  1. It can create a double top and start moving back towards the supporting levels;
  2. It can continue moving up on fundamentals and break the recent high and the recent trading patterns it created.

Ethereum’s current fundamental outlook is extremely bullish due to its Phase 0 of Ethereum 2.0 launching. This, along with Bitcoin moving towards the upside, has made trading any potential pullbacks quite impossible due to the amount of potential risk such trade would carry.

ETH/USD 4-hour Chart

Ethereum’s 4-hour, daily, and monthly technicals are extremely bullish and show no signs of neutrality. On the other hand, its weekly time-frame’s sentiment is bullish but shows some neutrality.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far above both its 50-period and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is near being overbought (68.63)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has tried moving up, as well, but in a much tamer manner. XRP has established its presence above $0.625 and pushed towards $0.666, which stopped the move. XRP will most likely continue trading in a range-bound by $0.666 to the upside and either $0.625 or $0.596 to the downside

Trading XRP is quite difficult at the moment, and trading Bitcoin or Ethereum is potentially more profitable and slightly more straightforward.

XRP/USD 4-hour Chart

XRP’s technicals on the 4-hour and weekly time-frames are bullish but show some signs of neutrality. On the other hand, its daily and monthly overviews are completely bullish.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and slightly above its 21-period EMA
  • Price is between its middle and top Bollinger band
  • RSI is neutral (60.95)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.666                                   1: $0.625

2: $0.78                                     2: $0.596

3: $0.79                                   3: $0.535

 

Categories
Crypto Videos Forex Videos

What Caused The BTC/USD bull run collapse? How To Avoid Major Losses!

https://youtu.be/rRNulW2e57s

https://youtu.be/rRNulW2e57s

 


Bitcoin – USD bull run collapses, what happened?

Thank you for joining this forex academy educational video.

In this session, we will be looking at the end of the most recent bull run for the BITUSD pair.

This is a daily chart for the pair.  As we see here, the pair has been on a bull run and has been conforming to this upward trend line since April 2020.  The price range found support at the all-important $10K level, which coincided with the support line at position A.  The pair found a bid tone up to position B,  where price action did not revert to the support line,  preferring to fade up to the line of resistance where we see a breach above the $14 k line which coincides with the area of resistance at position B giving the pair one of the largest single-day moves to the upside for several months.

We then see an extended rally up to position C see at $19.450k before a major pullback. So, what caused this?

 

Firstly, we need to go back in time to 2017, shown here on the monthly chart, where bitcoin to the US dollar hit an all-time high hit around $19.5K, depending on the broker, shown here at position A, before crashing to $3K in the middle of 2018, at position B, and then taking 2 years to reach the $19.5K area as seen at position C.   This is a double top formation, where smart money investors, saw the potential of a reversal in price action, while many traders were hoping for a continuation to $20K and beyond.

Now we need to drill down to the 1-hour chart.  We have a classic area of support and resistance at position A,  where the resistance line is breached to form a push up to $19.5K area,  before a pullback to the support line and a second attempt to move higher, which forms a double top,  and the price does not sustain the move higher and falls back to the support line at position C,  before crashing lower with large candles suggesting extreme volatility through eventually punching through the support line at position D, which becomes an area of resistance, before the pair crashes to a low of $16.3K. 

This move came about due to a series of important factors,  including historic highs,  followed by a crash,  followed by another bull run,  but where cautious traders would be reminded of the previous crash and were prepared to selling bitcoins and bitcoin futures,  as we see on our charts,  because of the nature of bitcoin which has no store value you other than the fact that it is of limited supply, and is predominantly a speculative instrument.

Thrown into the mix was the current bull run topping out just before the US Thanksgiving holiday, where traders will have decided to unwind their trades and take their profits.

Bitcoin proves again that it is a highly dangerous asset to trade. With one story of a $100 million loss in the press today, timing is critical. The main BTCUSD lost 11% in 24 hours and dragged other crypto assets lower in the panic. However, by using simple trend and support and resistance lines and dropping up and down in chart time frames, traders can gain a clear understanding of the risks and potential for turns in price action.

 

Categories
Crypto Daily Topic Cryptocurrencies

Read This Before Investing in a DeFi Project

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

The space’s dramatic growth has led many investors rushing in to get a slice of the DeFi pie. But just like with crypto investing, you can gain some handsome profits, but you can also incur devastating losses, especially if you’re not careful. 

This article will guide you in what you need to do before dipping your feet in the DeFi investment waters. But before that, let’s look at what investing in DeFi entails. 

DeFi Investing: The Basics 

There isn’t much difference in the investment opportunities offered in the traditional financial setup and Defi. Decentralized lending, for instance, follows the same principle as lending in centralized finance systems, except this time, smart contracts are involved, and the returns are invariably better. Smart contracts are used to hold collateral from borrowers and also automatically deliver accrued interest to lenders. There’s also ‘staking.’ Staking in DeFi is when you lock up your crypto and get the right to participate in a network and, in some cases, earn rewards for depositing your crypto. 

We also have ‘yield farming’ in DeFi. Introduced by Synthetix and popularized by Compound, yield farming involves locking up your crypto assets in a project’s protocol and earning rewards. 

Defi investors use their insight to spot lucrative opportunities, just like traditional finance investors capitalize their knowledge on assets such as real estate.

With that, let’s get straight to:

What you need to do before investing in DeFi. 

#1. Carry out extensive research

Before you invest your hard-earned money in a Defi project, it helps to do your research. To verify whether a project is legit, head to Google, and type the project’s name followed by the word “scam.” If this project is a scam, someone else might have already flagged it.

You might have typed the name of the project alongside the term “scam,” and nothing has popped up. This does not mean that the project is completely legitimate. You can use Defi tokens and protocols, which anyone can view since the project is open-source. If you can, evaluate the project’s codes to see if the project is genuine. This method particularly helps if you have programming skills or know your way around smart contracts. 

#2 Observe the number of users and what they are saying

The more the users on a blockchain project, the more the value. With blockchain projects (mostly those on Ethereum where several Defi projects are built), there is real-time reporting. This can be done through Etherscan.io, which is for raw data, or Dune Analytics, which focuses on user-friendly reports. With these tools, you can look at the total users in a given Defi project coupled with the increasing number of users. The goal is to see real people using these protocols. Keep in mind that some of the data you see can also be corrupted as an elaborate ploy to lure in unsuspecting users. These accounts should belong to quality users, and their growth should be quadratic. If you observe such users utilizing the protocol, then it’s genuine.

Also, be keen on what trusted security professionals are saying and writing about these projects. Defi projects typically subject their smart contracts to manual security audits with an air-tight reputation. Some of them include Certik, Quantstamp, and OpenZeppelin.

You can also check what people on Twitter, Reddit, and DeFi-related sites and forums say about the project. You can also check whether the project is recognized by Defi Prime, Defi Pulse, and Defi Market Cap. 

#3. Verification by Etherscan

Once a project has verified their smart contracts on Etherscan, a unique code will be availed. When viewing the contract, the code you see is the same code you ought to get when using it. Of course, this does not mean that your project is invulnerable to hacks or it’s not a scam. Still, having a code that can be publicly assessed without the fear of the code being changed is vital.

ETHProtect is a service provided by Etherscan that enables people to report suspicious activities on the Ethereum blockchain. A “Red Shield,” issued by Etherscan’s security analysts and the Taint Inference Analysis Engine, is something to watch out for when looking at Defi projects. These usually mean that people have launched a complaint against a certain project. When you see a Red Shield attached to a project, know that it’s been identified as a scam. 

#4. Watch out for fake projects

Many fraudsters are ahead in the game – they create fake projects with legit-sounding names. But when you look more closely, you’ll find that the project’s links are either dead or lead to nowhere. Or it may have a website, but it looks all spammy, like requiring people to sign up for freebies – and other suspicious activities. 

You can also know if a project is legit by checking what exchanges its tokens are listed on. It’s almost impossible to find a scam project listed on reputable exchanges like Coinbase, Binance, Huobi, etc. Instead, fake projects are listed on decentralized exchanges or little-known centralized exchanges. 

Closing Thoughts 

Investing in DeFi can be lucrative, but watch out for the loopholes. The crypto space is full of scammers looking to make a quick buck at the expense of unsuspecting users. Luckily, there are ways to identify a fake DeFi project way before you can be duped to invest in one. Also, you can always analyze a project’s code for the tech-savvy investors and determine if it’s legit. Also, don’t forget the first rule of crypto investing: don’t put in more money than you can afford to lose!

Categories
Cryptocurrencies

Forex or Crypto, Which Way 2021?

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

As the new year approaches, new and seasoned investors alike need information on how the different markets are likely to turn out as we expect each market to behave uniquely. Some cryptocurrencies tend to boom in the last quarter of the year, as we’re currently seeing with Bitcoin. On the other hand, currency exchange pairs tend to be more affected by geopolitical and economic happenings. 

While this article does not intend to claim that one is better than the other, we will highlight the key similarities, differences, benefits, and risks of both forex and crypto, with a focus on recent market trends. Hopefully, you will determine which investment will be suitable for you in the coming year.

What is the Forex Market?

The forex market is a decentralized market where foreign currencies are exchanged. Being decentralized means, there is no single global authority that controls the trade. However, the central banks in each country have a major influence on what prices their local currency fetches against foreign currency. This is how they balance imports and exports to keep their economies happy.

Anyone can participate in forex trade because it simply involves buying and selling currency, which most banks accept. Forex trading is usually done through FX brokers. Many online forex brokers such as IQ Broker offer convenient forex trading. With extensive research, some practice, a little courage, and luck, you can reap big trading forex. 

What about Crypto Trading?

Crypto trading involves buying and selling cryptocurrencies – much like with forex. This activity happens on crypto exchanges like Etoro, Coinbase, and Binance. Like forex trading, crypto trading is usually done through brokers or exchanges, giving it as much flexibility. Also, anyone can be part of over the $250 B that changes hands daily (as of November 2020) on different crypto exchanges. 

Forex and Crypto: Similarities

There’s so much similarity between forex and crypto trading that you’d be forgiven for conflating the two. Let’s look at some of the top similarities.

  • You need to be knowledgeable enough to engage in either. Otherwise, you’d be setting yourself up for losses.
  • Market forces, including investor sentiment and supply/demand, determine how both forex and crypto prices shift. 
  • One can close a trade in a relatively short time in either of the two.
  • Both involve buying and selling instruments, including currencies, crypto coins, tokens, futures, and other complex financial assets.
  • On the same note, both of these markets have different players. These include institutions and individual players, each looking to make some profits out of the market.

Technology, more so information technology, plays a crucial role in expanding these two markets. Although the forex market came in before the computers and the internet, forex is what it is today thanks to information technology. On the other hand, we could not be talking about Cryptocurrencies without the internet and computers.

Differences between Forex and Crypto Trading

Several differences distinguish forex markets from crypto markets. 

  • Forex markets usually operate during business days, typically Monday-Friday. On the other hand, the crypto market is on 24/7, 365 days a year. This gives crypto some edge when it comes to trading flexibility. 
  • Forex markets are inherently more stable, thanks to the involvement of central banks. Crypto markets, on the flip side, are notoriously volatile. Whether this is an advantage really depends on an investor’s point of view. 
  • Crypto markets tend to be riskier than forex markets, mainly due to their higher volatility. 
  • Forex trading is more regulated and protected, which means it can pose less trading risk. However, less risk means fewer returns.
  • With forex, you do not need a wallet or the technicalities that crypto trading comes with. All you need is an account to deposit funds and you are ready to go.

Which One Is Better?

Now, investors themself can best answer this question. Generally,  each market has unique characteristics that will appeal to some investors and not others. Still, the following factors can help you in determining which one would work better for you:

If you are more risk-averse, forex trading may be your go-to option. As we said earlier, crypto markets can be very turbulent. For instance, Bitcoin has been moving by even up to $2,000 USD a week, especially since October. No central bank would sit and watch such sudden price movements on their forex markets. So, if you thrill in dramatic movements in return for higher rewards, crypto sounds better.

The crypto market (led by Bitcoin) is currently on the bull run. The time is ripe for reaping huge from crypto. We’re not saying that crypto is now a get-rich-quick market. But all indications are that it is presently the most lucrative. On the flip side, many investors will lose big if the market goes on a free fall (an inevitability). Thus, short-term investors may find crypto more suitable in the coming months. 

If you’re looking to grow your investment over a long time, say beyond 2021, crypto trading may give you a better platform. While forex pairs usually oscillate between stiff margins, cryptocurrencies can rise exponentially over time. This growth depends on how well the crypto’s backing project is implemented. However, you can multiply your investment by investing in crypto with the potential to grow – something that’s not possible with forex.

Now that you have more clarity on the way ahead, what would be the next steps? If you prefer to venture into forex trading, you need to find the best brokers. Check out our reviews for some of the top brokers you can choose from. On the other hand, if you prefer the ‘wild west’ crypto market, you can choose to trade with brokers that support crypto or opt for crypto exchanges. 

Final Thoughts

Both forex and crypto trading offer investors opportunities for growing their investments. However, each market has its own characteristics. From a returns viewpoint, the main difference between the two is that forex offers moderate profits while crypto trading can have much higher returns. The bottom line is, forex trading favors investors who prefer less risk, while crypto is for more adventurous investors. Whichever investment you pick in 2021, ensure that the market’s risk and return profile are to your preference. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 30 – Ethereum Soars on Great Fundamentals; Bitcoin Bulls Back in the Game

The cryptocurrency sector has spent the weekend regaining what was lost during the crash on Nov 25. Almost every single cryptocurrency in the top100 ended up being in the green. The largest cryptocurrency by market cap is currently trading for $18,369, representing an increase of 4.43% on the day. Meanwhile, Ethereum gained 9.79% on the day, while XRP managed to gain 6.67%.

The cryptocurrency sector has spent the weekend regaining what was lost during the crash on Nov 25. Almost every single cryptocurrency in the top100 ended up being in the green. The largest cryptocurrency by market cap is currently trading for $18,369, representing an increase of 4.43% on the day. Meanwhile, Ethereum gained 9.79% on the day, while XRP managed to gain 6.67%.

The cryptocurrency sector has spent the weekend regaining what was lost during the crash on Nov 25. Almost every single cryptocurrency in the top100 ended up being in the green. The largest cryptocurrency by market cap is currently trading for $18,369, representing an increase of 4.43% on the day. Meanwhile, Ethereum gained 9.79% on the day, while XRP managed to gain 6.67%.

 Daily Crypto Sector Heat Map

Kusama gained 19.14% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Ampleforth’s gain of 16.24% and Zilliqa’s 13.48% gain. On the other hand, Numeraire Coin lost 5.56%, making it the most prominent daily loser. There were no other cryptocurrencies in the top100 that lost over 1% of its value.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has decreased slightly since we last reported, with its value currently staying at 61.7%. This value represents a 0.5% difference to the downside compared to the value it had on Friday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased significantly over the weekend. Its current value is $553.00 billion, representing a $38.14 billion increase compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin has spent the weekend recovering from the Nov 25 crash. The price was slowly going up over the weekend, creeping up to and past $18,000 once again. The largest cryptocurrency by market cap is currently between its 61.8% and 78.6% Fib retracement levels, and a break to either side of this range may determine its short-term fate.

Bitcoin’s short-term future will greatly depend on if it breaks its immediate support or resistance level. In both cases, a strong rally towards that side may form, so traders should be prepared to “catch” the trade quickly.

BTC/USD 1-hour Chart

Bitcoin’s daily, weekly, and monthly technicals are tilted towards the buy-side but show slight neutrality signs. On the other hand, its 4-hour technicals are completely bullish.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above both its 50-period EMA and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is neutral (62.26)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $18,500                                 1: $17,850

2: $18,790                                 2: $17,450

3: $19,000                                  3: $17,000

Ethereum

Ethereum has, just like Bitcoin, been climbing back and trying to reach its recent highs. The second-largest cryptocurrency by market cap is currently fighting to pass the 78.6% Fib retracement level, sitting at $592.5. If this level gets conquered with conviction, we may expect another run past $600.

Ethereum’s current fundamental outlook is very bullish due to its Phase 0 of Ethereum 2.0 launching. This, combined with Bitcoin moving towards the upside, has made trading any potential pullbacks impossible due to how risky it would be.

ETH/USD 4-hour Chart

Ethereum’s 4-hour, daily, and monthly technicals are completely bullish and show no signs of neutrality. On the other hand, its sentiment seen in the weekly time-frame’s is bullish but shows some neutrality.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far above both its 50-period and its 21-period EMA
  • Price is at its top Bollinger band
  • RSI is near being overbought(68.26)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has spent the weekend trying to maintain its level after a small rally that took its price from $0.55 to $0.65. XRP seems to be trading in a range, bound by the 38.2% Fib retracement ($0.582) and 61.8% Fib retracement ($0.657).

Trading XRP may not be optimal as trading Bitcoin, or Ethereum is potentially more profitable and slightly more straightforward.

XRP/USD 2-hour Chart

XRP’s technicals on shorter time-frames (4-hour and daily) are extremely bullish, while its weekly and monthly overviews show some signs of neutrality and bearishness (though they are still bullish).

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and slightly above its 21-period EMA
  • Price is between its middle and top Bollinger band
  • RSI is neutral (58.86)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.657                                   1: $0.625

2: $0.711                                     2: $0.582

3: $0.79                                  3: $0.535

 

Categories
Crypto Daily Topic

Top Liquidity Pools for Earning on the Go 2020

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

DeFi is now booming more than ever before. New projects are being launched nearly every week – with each one bringing closer to the decentralized finance dream for millions across the world. Suffice to say, DeFi is inevitable. As such, it’s important to know the most important concepts of the idea, as well as projects that are helping advance those ideas.

This article talks about liquidity pools and some of the best of them in DeFi in 2020.

What are Liquidity Pools?

In DeFi, liquidity pools are tokens that are locked up in a smart contract. They facilitate efficient trade by providing liquidity and are exploited largely by decentralized exchanges (DEXes) to allow for seamless trade and prevent massive price swings.

Projects like Bancor were the first in the door but were quickly followed up by versions with trendier options such as Uniswap, Balancer, Curve, and so on. Balancer even showed the DeFi world that a liquidity pool could have more than just two assets in a single liquidity pool at any given time.

Liquidity pools eliminate the possibility of manipulation that can occur in centralized order books. They also lower gas fees, leveling the playing field for all participants. Also, liquidity pools allow liquidity providers to earn rewards. As such, liquidity pools are an excellent way to earn passive income.

With that, let’s get to:

Best liquidity pools in 2020

#1. Uniswap

Uniswap is one of the earliest liquidity pools and one of the best in terms of offerings. It’s an Ethereum-based token exchange platform that supports 50% Ethereum contracts and 50% ERC20 contracts. On Uniswap, exchange ETH for any ERC20 token in a peer-to-peer and decentralized fashion. The platform is open-sourced, meaning you can create an exchange pair in a pool of your choice for a token of your choice.

You can deposit crypto and receive a Uniswap token in return. For instance, when you deposit USDT, you’ll receive an equivalent amount in UNI (Uniswap’s native token). A liquidity pool on Uniswap could be yDAI+yUSDT+yTUSD+yGUSD, LGO-WETH, etc.

#2. Curve Finance

Curve finance is a decentralized liquidity pool running on top of Ethereum. Curve also supports stablecoin trading with low slippage. The platform started out without a native cryptocurrency but has just launched one – CRV.

Curve currently supports several pools, including yDAI, yUSDC, and yUSDT. It also supports stablecoin and asset swapping with Compound, PAX, etc.

#3. Balancer

Balancer is a price tracker, liquidity provider, crypto exchange, and decentralized asset manager based on Ethereum. It allows traders to exchange various currencies with minimal slippage. As well, anyone can add liquidity to a customizable pool and earn returns.

Balancer supports up to 8 crypto assets, including USDC, DAI, and ETH. In a Balancer liquidity pool, you can have up to 8 tokens at any time. For example, a pool can have several tokens with their respective percentages adding up to 100%.

#4. Bancor

Bancor is an Ethereum-powered protocol exchange that lets you trade between different cryptocurrencies. Bancor supports pooled liquidity, too, and utilizes an algorithmic market-making mechanism to ensure liquidity and keep an accurate report of crypto prices.

Bancor’s liquidity pool is known as the Bancor relay. The Bancor token is a stablecoin that helps mitigate liquidity volatility. Bancor supports liquidity pooling for the BNT token, ETH, ERC20 tokens, and its stablecoin USDB. Using the BNT token, users can swap tokens between other blockchains.

Currently, the Bancor network supports EOS and Ethereum blockchains but can theoretically be adopted by any open-source application that enables value exchange.

#5. Kyber Network

Kyber is another Ethereum-based liquidity and exchange protocol that allows decentralized applications to provide liquidity for users. The network features an ecosystem of vendors, wallets, and users who can just swipe and instantly send/receive tokens in a single transaction.

Kyber features a native utility token, KNC, which rewards liquidity providers and facilitates the network’s governance. As such, token holders can stake the token to take part in governance and earn crypto.

#6. Convexity Protocol

Convexity is a protocol built atop Ethereum’s blockchain that allows users to deposit liquidity and earn returns. It also provides users with an interactive interface to trade in fungible ERC20 tokenized options known as otokens. Users can create collateralized options contracts and sell them in the form of tokens, therefore earning a premium on their collateral.

#7. ICTE Protocol

ICTE protocol is a liquidity pool and a cross-blockchain inter-exchange protocol. ICTE connects both local and web-based exchanges, intending to solve scalability, security, and custodial issues while offering liquidity solutions to stockholders.

#8. KeeperDAO

KeeperDAO is a DeFi protocol based on Ethereum. It’s an on-chain DeFi underwriter that also acts as a proxy volatility fund. KeeperDAO also provides backstop liquidity to support on-chain lending and synthetic asset protocols. KeeperDAO interacts with other DeFi platforms such as Compound to ensure liquidity providers are rewarded with interest at all times.

Closing Thoughts

Liquidity pools provide much-needed movement in decentralized exchanges, aiding the seamless trading of currencies. They are also one of the many DeFi ways individuals can earn through DeFi. These liquidity pools, and others not on the list, are one step closer to financial autonomy for DeFi fans everywhere.

Categories
Cryptocurrencies

What’s Vite (VITE) All About?

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Countless crypto projects that aim to provide the same services as Ethereum have surfaced. Many, if not all, claim to fix Ethereum’s mistakes. One of the latest is called Vite, a project that utilizes a Directed Acyclic Graph (DAG) to confront the problems faced by traditional blockchains. 

This article will look at the Vite platform and what it’s really all about. We’ll also discuss where you can purchase the VITE token. 

Breaking Down Vite

Vite is a Directed Acyclic Graph smart contracts’ platform complete with a Snapshot Chain structure to facilitate free transactions and optimize speed, reliability, and security. The Snapchain uses a Delegated Proof of Stake (HDPoS) for network consensus, with supernodes getting rewarded with staking rewards but no transaction fees. 

Vite’s virtual machine is compatible with EVM and uses the Solidity ++ programming language. The network’s native token, VITE, facilitates simple token transactions and smart-contract executions. Instead of gas, users stake in the token to get ‘transaction quota,’ allowing them to carry out transactions. Stakers with unused quotas can lease it to decentralized apps and get tokens in return. The token is also used to vote for block producers. 

Products by Vite 

Vite has rolled out several products, with the most significant ones being a decentralized exchange (ViteX), a payments platform (VitePay), and a platform for blockchain applications (VitePlus). Let’s look at each more closely: 

ViteX: a decentralized exchange (DEX) with an on-chain order book and matching tool. ViteX currently supports over 20 crypto assets, including the most popular ones like Bitcoin and Ethereum.

VitePay: a fast and zero-fee payment solution. Users will pay for products and services via the Vite wallet, while merchants receive payment nearly instantly and with zero fees. VitePay is integrated with the e-commerce platform OpenCart, and you can use it at the official Vite store.

VitePlus: an enterprise blockchain solution for institutional entities. For instance, Vite has created an app known as SyraCoin that rewards city housing fund donors with blockchain-based coupons redeemable for various products/services.

Vite’s Decentralized Exchange (DEX) 

Vite’s decentralized exchange (Vite DEX) is a digital assets trading platform that features the following characteristics: 

#1. True decentralization and high security

Vite’s decentralized exchange realizes transaction matching through blockchain-based smart contracts. Users are in charge of their private keys and hence funds. 

#2. High performance, better trading experience

Vite powers an environment for high transaction throughput with near-instantaneous confirmations and zero transaction fees.

#3. Dividend earnings

ViteX provides many ways to acquire coins, including trading, staking, and listing.

#4. Transparency

Everything is done transparently, from the creation of a token gateway to order book info to token forging.

Community Strategies of Vite

The Vite team will implement several growth strategies, including the following: 

  • Adding more exchange operators to the platform who will autonomously list coins and contribute to the growth of the Vite community
  • Integrate more chains into the Vite wallet
  • Attract non-crypto users after deploying VitePlus
  • Maintain an active online and offline engagement with the community
  • Conduct monthly AMAs for both the technical and non-technical audience

Future strategies include: 

  • Get into commercial partnerships with more crypto-fiat payment processors
  • Deploy a one-step DEX technology that will allow people to create their own decentralized exchanges
  • Attracts more customers by launching more DeFi applications on Vite Wallet. This will provide users with more opportunities to borrow and lend crypto both within and outside the Vite network
  • Launch an Ecosystem Incentive Program that will support developer projects
  • Update the developer toolkit and host both physical and virtual developer conferences
  • Begin a blockchain debate podcast to spread the word on Vite and blockchain in general

Token Supply Distribution

The Vite token was distributed in the following manner: 

  • Private sale tokens: 40.43%
  • Marketing tokens: 10%
  • Ecosystem development tokens: 23.5 7%
  • Team tokens: 20%
  • Airdrop tokens: 5%
  • Advisor tokens: 1%

Vite Token Tokenomics

As of October 22, the VITE token traded at $0.018118, with a market cap of $8,554,358 that placed it at #567 in the market. Its 24-hour volume is $479,370, while its circulating and total supply is 472,148,102 and 1,004,719,212. VITE’s all-time high was $0.0114875 (July 18, 2018), while its all-time low is $0.005328 (March 13, 2020). 

Where to Buy and Store VITE

You can purchase VITE token from any of several reputable exchanges, including Binance, OKEx, HotBit, Bittrex, Bilaxy, and of course, ViteX. The token is listed as a market pair of USDT, BTC, ETH,

Vite provides their official wallet – a decentralized, multi-token wallet available for iOS, Android, Web, Mac, and Windows. 

Categories
Crypto Market Analysis

BTC/USD Weekly Chart Analysis + Possible Outcomes

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

Overview

Bitcoin has spent the past week experiencing a long-awaited pullback, after which it started consolidating. The largest cryptocurrency by market cap has dropped significantly and reached as low as $16,200 before bears reached exhaustion after failing to break its all-time high. While some analysts are calling for an end of the pullback, most of the data shows otherwise. First off, the current controversy around China seizing 1% of all Bitcoin is contributing towards the overall bearish sentiment. Second, a poll done on crypto investors says that the majority of investors believe that BTC will end up correcting as much as 40%. All this, plus the fact that Bitcoin couldn’t push past $17,260 for a couple of days now, is a testament to the short-term bearish sentiment.

On the other hand, people shouldn’t mistake this for a long-term bearish trend. In fact, Bitcoin has never been more bullish long-term.

Technical factors



Bitcoin has continued moving up and performed exactly what we called last week (a push towards the all-time high). Once again, as expected, the push didn’t break the all-time high and has triggered a strong pullback. Bears have reached exhaustion at just over $16,000 and Bitcoin has started consolidating in a range, bound by $17,260 (both horizontal resistance and a 100-period moving average) to the upside and $16,420 to the downside.

The hash ribbons indicator still shows a buy/accumulate signal as it points out to miner capitulation.

Likely Outcomes

Bitcoin’s movement is a bit less obvious this week when compared to the past weeks. The cryptocurrency has a couple of scenarios it can play out as it leaves the current range-bound trading.

1: If Bitcoin breaks the range to the downside (slightly less likely), its most likely target will be $15,500. Due to the short-term bearish sentiment surrounding Bitcoin at the moment, a short trade doesn’t have to be considered as “trading against the large trend” and may actually be a good profit-making opportunity.

In this case, a clear stop-loss should be set a little above $16,420.

2: The second (just slightly more likely) scenario happens if Bitcoin manages to break the $17,260 mark. In this case, the cryptocurrency can reach many targets, but will most likely pass the $17,600 immediate resistance and push higher. The next zone of resistance after that is the $18,250-$18,450.

Trading Bitcoin’s sideways action in a current range is not advised as the price could break out of it at any time.

Categories
Crypto Videos

Where Did Bitcoin Go? Wrapped Bitcoin Assets are Encouraging the Supply Crisis!

https://youtu.be/JWAyfCSuin0

https://youtu.be/JWAyfCSuin0


Where Did Bitcoin Go? Wrapped Bitcoin Assets are Encouraging the Supply Crisis

In a blog post that came out on Nov 20, Binance reintroduced BTCB to the world. BTCB is a wrapped Bitcoin asset intended to bring liquidity from Bitcoin to Binance Smart Chain’s DeFi ecosystem.

However, hodlers may be cheering the reintroduction to BTCB for a completely different reason: each Bitcoin locked on Binance Smart Chain may contribute to an already very present Bitcoin supply crisis.

First announced in 2019, Binance initially saw wrapped Bitcoin only as a vehicle for traders to obtain the cross-chain asset exposure without leaving the Binance Smart Chain. However, since then, the utility of wrapped Bitcoin has expanded due to the maturation of the DeFi sector.

For instance, a wrapped Bitcoin token on Ethereum, or WBTC for short, has enjoyed massive success ever since its January 2019 launch: it’s currently ranked #14 when sorted by market capitalization on Coinmarketcap and has found significant adoption in various protocols such as Aave and Uniswap, whose contracts rank among the top-10 holders of WBTC.

In their blog, Binance noted that the pattern of adoption of WBTC might be seen with BTCB as well. The wrapped Bitcoin could be used for minting various stablecoins with BSC-native protocols such as QIAN and Venus. It could also be used as collateral for lending protocols such as CREAM, as well as in yield farming and liquidity mining protocols such as Bakery, Beefy, and Pancake.

According to what Binance “Proof of Assets” page, there is currently almost 10,000 Bitcoin on BSC — netting to over $181 million. However, the blog post specified that only 2,000 of them are in circulation.

Other smart contract-enabled chains are intending to compound the growing scarcity. If the success of wrapped and cross-chain Bitcoin-based assets continues to grow, institutions that are looking to hoover the Bitcoin supply may as well be faced with mounting scarcity.

Co-founder of OpenLaw Aaron Wright pointed to such a possible future in his Twitter post, noting that only 0.6% of BTC is now wrapped and being put to Ethereum. 

Categories
Cryptocurrencies

Introducing ARPA: Privacy and Security for the Blockchain

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

ARPA is a project utilizing blockchain to secure privacy-oriented computation and data sharing. It also supports high-level security, flexibility, and cross-chain interoperability.

This article looks more closely at the ARPA Chain network. 

Breaking Down ARPA Chain 

ARPA is a layer 2 solution for achieving unprecedented blockchain security. Powered by Multi-Party Computation (MPC), ARPA aims to promote data privacy while enabling its renting. The MPC protocol allows multiple participants to collaboratively analyze data while maintaining each party’s data’s privacy and security.

Entities can secretly share private data, with the accuracy of computation verified through an information-theoretic Message Authentication Code. Use cases of the native token, ARPA, include but are not limited to computation costs, security deposits, data usage fees, network governance, etc. The ARPA token is currently based on Ethereum. 

On the ARPA network, developers can build privacy-preserving decentralized apps compatible with the protocol. Use cases of ARPA a wide-ranging, but they include credit anti-fraud, data wallet security, precision marketing, key management systems, etc. 

ARPA: Features 

Privacy and security: MPC allows participants to collaboratively compute functions while ensuring the utmost privacy

Flexibility and compatibility: The ARPA network is flexible and interoperable with existing blockchains like Ethereum and EOS. 

Scalability and Efficiency: ARPA is capable of implementing fast transactions for mass adoption. It can also support off-chain, industrial-level computation, and storage.

ARPA Listed on ForTube

In September this year, ARPA was listed on ForTube, a crypto lending and yield farming platform. ARPA token holders can now stake ARPA at the platform to get a share of 500,000 FOR tokens awarded to users every day. They can also deposit ARPA and get up to double rewards. 

The ARPA token can also be used in the platform as collateral to borrow a wide range of crypto assets, including ETH, USDT, HBTC, WBTC, USDC, BUSD FAI, FOR, BNB, etc. You can also transfer borrowed assets to any address of your choice – for yield farming and other purposes. 

The current Annual Percentage Yield of lending ARPA on ForTube is 1.99%, while the loan-deposit ratio is 40%. ARPA’s listing in ForTube is good tidings for the project. It is beneficial in the long term to increase token value, ecological development, and promote community consensus. 

Community Growth Strategies of ARPA

The ARPA team is currently implementing various growth strategies. These include: 

  • Social media and community programs to spur interaction and growth
  • A global supernode program to promote ARPA on the global stage
  • Host or co-host blockchain and crypto-related events
  • Organize monthly physical meetups, starting with the China, Korea, and Southeast Asia region
  • Release multi-language technical and community updates every two weeks

Future Strategies include: 

  • Hosting blockchain in cryptography related meetups, hackathons, and conferences
  • Collaborating with tech-focused to advance privacy-preserving computation
  • Recruiting top media coverage and collaborating with research institutions, policy gurus, and thought leaders

Who’s Behind ARPA? 

ARPA is the brainchild of a global research team where every member has graduated from leading universities such as UC Berkeley, UMich, and NYU. Several team members have previously worked at Google, Uber Amazon, CircleUp, MIT Lab, and Fosun. 

The team has partnered with professors in academia, including universities such as NYU, Zhejiang University, and Hong Kong Polytechnic. The team has advisors in the blockchain space, such as former Blockstream Product Director, TechCrunch founder, and various high-level crypto investors. 

ARPA: Tokenomics

As of October 31, 2020, the ARPA token traded at $0.014210, with a market cap of $12,271,817 that placed it at #444 in the market. The token’s 24-hour volume was $5,445,575, while it’s circulating and total supply were 863,580,274 and 1.49 billion, respectively. The token’s all-time high was $0.062323 (July 15, 2019), while its all-time low was $0.003472 (March 13, 2020). 

Where to Buy and Store ARPA 

You’ll find ARPA listed as a market pair of USDT, BTC, BTC, ETH, USD and KRW in any of several exchanges, including Binance, BitHumb, Huobi Global, Coinbene, HitBTC, Gate.io, LBank, LongBit, KuCoin, Bilaxy BKEX, Balancer, CDAX, Hanbitco, CITEX, Hydax Exchange, Bibox and more. 

ARPA is Ethereum-based, so that means it can be stored on any Ethereum-compatible wallet. Good choices include MyEtherWallet, Parity, Guarda, Atomic Wallet, Trust Wallet, MetaMask, Ledger Nano, and Trezor. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 27 – Satoshi Nakamoto Emails Discovered; Crypto Market Consolidating

The cryptocurrency sector has started its consolidation period after a bloodbath it experienced yesterday. The largest cryptocurrency by market cap is currently trading for $17,164, representing a decrease of 3.07 % on the day. Meanwhile, Ethereum is gaining 0.01% on the day, while XRP managed to gain 2.47%.

The cryptocurrency sector has started its consolidation period after a bloodbath it experienced yesterday. The largest cryptocurrency by market cap is currently trading for $17,164, representing a decrease of 3.07 % on the day. Meanwhile, Ethereum is gaining 0.01% on the day, while XRP managed to gain 2.47%.

The cryptocurrency sector has started its consolidation period after a bloodbath it experienced yesterday. The largest cryptocurrency by market cap is currently trading for $17,164, representing a decrease of 3.07 % on the day. Meanwhile, Ethereum is gaining 0.01% on the day, while XRP managed to gain 2.47%.

 Daily Crypto Sector Heat Map

SushiSwap gained 31.44% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Aave’s gain of 15.05% and Nano’s 14.68% gain. On the other hand, Crypto.com Coin lost 10.20%, making it the most prominent daily loser. NEM lost 9.92% while OMG Network lost 9.43%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has stayed at the same place as yesterday, with its value currently staying at 62.2%. This value represents a 0% difference when compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has decreased significantly over the course of the day. Its current value is $511.86 billion, representing a $48.67 billion decrease compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has triggered a rally towards the downside after creating a double top, which brought its price as low as $16,215. While some analysts say that the downturn is not over yet, Bitcoin has recovered slightly and is now consolidating just above the $17,000 mark.

While shorting Bitcoin could be a good profit-making opportunity if the downtrend continues, trading against the long-term trend is very risky. However, thinking about hedging against any downturns should be considered.

BTC/USD 1-hour Chart

Bitcoin’s daily and weekly technicals are tilted towards the buy-side and show no signs of neutrality. On the other hand, its monthly technicals show some signs of neutrality, while its 4-hour technicals are completely bearish.

BTC/USD 1-day Technicals

Technical factors (1-hour Chart):
  • Price is far below its 50-period EMA and at its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is neutral (44.33)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $17,450                                 1: $17,000

2: $17,850                                 2: $16,800

3: $18500                                   3: $16,350

Ethereum

Ethereum has experienced the same chain of events Bitcoin did in the past day or so. The downtrend ended up bringing Ethereum’s price back to as low as $480 before recovering. However, Ethereum’s ascending channel (yellow dotted) top line has stayed strong and triggered a mini-rally, which then brought the price above the red ascending line as well. Ethereum is now consolidating at around $515.

Ethereum’s current fundamental outlook is very bullish, but (as we said in our previous articles) any sharp move to the downside triggered by Bitcoin will affect Ethereum in a major way as well. This makes trading up hard, as one needs to constantly check Bitcoin’s price as well.

ETH/USD 1-hour Chart

Ethereum’s daily, weekly, and monthly technicals are completely bullish and show no or just slight neutrality signs. On the other hand, its sentiment seen in the 4-hour time-frame’s is completely bearish.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far below its 50-period and at its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is neutral (44.53)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has posted lower highs three times in a row, with its lows testing the $0.625 support level each time the price went down. However, the third time XRP went towards this level, Bitcoin’s push towards the downside triggered XRP bears, which took over the market. The downturn ended at the $0.475 level, which held up quite nicely. XRP is now trading in the middle of a range, bound by $0.475 to the downside and $0.625 to the upside.

Trading XRP may not be optimal at the moment as trading Bitcoin is both potentially more profitable and a bit more straightforward.

XRP/USD 1-hour Chart

XRP’s technicals on all time-frames are bullish, with its daily time-frame being the only one not showing any signs of neutrality. The other time-frames show either slight neutrality or even slight bearishness.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is slightly below its 50-period EMA and at its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (48.78)
  • Volume is slightly above average
Key levels to the upside          Key levels to the downside

1: $0.625                                   1: $0.475

2: $0.79                                     2: $0.443

3: $0.963                                  3: $0.4

 

Categories
Crypto Videos

PayPal is the Reason for the Bitcoin shortage!

https://youtu.be/5UviEI0BY4Q

https://youtu.be/5UviEI0BY4Q


PayPal is the Reason for the Bitcoin shortage

PayPal’s entry into the cryptocurrency sector could be having a dramatic impact on Bitcoin’s price. In a newly published report posted by crypto investment firm Pantera Capital, the company says that a Bitcoin shortage is the main reason for the current price surge, and that the majority of the newly minted Bitcoin is being scooped up by PayPal. PayPal’s newly announced crypto service is, as Pantera states, “already having a huge impact,” adding that the payment merchant is buying up roughly 70% of all the newly mined Bitcoin.

Citing itBit’s data, Pantera claims that “When PayPal went live, Bitcoin’s volume started exploding. The increase in volume on itBit implies that within just four weeks of going live, PayPal is already buying up almost 70% of the new supply of Bitcoin.” According to Pantera, the data they analyzed suggest that PayPal and Cash App combined are buying up almost all of the newly-issued Bitcoin.


Bitcoin’s monetary policy is programmed in such a way that it is deflationary over time. With the recent widescale adoption, that would lead to higher purchasing power as well as supply scarcity. Pantera claims that it is exactly the supply scarcity that is contributing to Bitcoin’s parabolic surge.


PayPal has launched its crypto trading services in the US earlier this month, allowing its customers to trade up to $20,000 per week. The platform will expand its services out globally in early 2021. The online payment merchant currently has 300 million active users, which makes it dipping its toes into the crypto sector is a major stepping stone for adoption.

Pantera added that it’s a lot easier to purchase Bitcoin now than during the previous bull market in 2017. In addition to PayPal, the retail sector can now step into Bitcoin and other cryptocurrencies by using Cash App and Robinhood.


Wider adoption certainly means that the father of digital currencies is more likely to see higher price levels. Although Bitcoin remains extremely volatile, it showed the market that it could endure an unusually long period of stability by consolidating for over two months before breaking the sideways trading period and pushing towards the upside.

 

Categories
Crypto Videos

Retire by Holding Bitcoin – Crypto Retirement Plans Now Available in the US! 401k

https://youtu.be/ow1SXTmhVDY

https://youtu.be/ow1SXTmhVDY


Retire by Holding Bitcoin – Crypto Retirement Plans Now Available in the US

A US-based asset manager called Digital Asset Investment Management has launched the country’s first-ever employer-sponsored 401K retirement plans that support Bitcoin. According to a November 19 announcement, DAiM will now serve as the advisor and fiduciary in helping companies “create their employees’ 401K plan that offers several recommended model portfolios that vary in risk to traditional assets as well as the allocation of up to 10% to Bitcoin.”
The Bitcoin will be held in cold storage by Gemini Trust, which will allow DAiM to transfer Bitcoin to former employees that have left participating companies and are not under DAiM’s jurisdiction anymore. DAiM’s crypto-friendly plans are fully compliant with the Employee Retirement Income Security Act of 1974, and will start being offered by employers starting 2021.

While US citizens have been able to include cryptocurrencies in their individual retirement accounts, called 401K rollovers, and brokerage accounts since the IRS began taxing Bitcoin in 2018, DAiM COO Adam Pokornicky stated that “It’s been impossible to offer Bitcoin inside actual company-based plans up until now.”

“The difference is, while you could take an old 401K plan and convert it to an IRA after leaving a job or employer to invest in Bitcoin, it’s actually never been possible to invest in Bitcoin while still working at a company without taking any sort of penalty or quitting your job.”

 

Pokornicky stated that the traditional wealth management industries have been “slow to adapt and warm up to Bitcoin,” noting that there are “barely any investment advisors that offer licensed and regulated access to Bitcoin directly in retirement and brokerage accounts.” He attributes the sector’s refraining from having a “serious regulatory red tape” surrounding crypto compliance, stressing that it took “close to a full year of building” before DAiM was approved to offer the aforementioned employer-sponsored services:

“As an advisor, you can’t just go and start managing and advising for Bitcoin and crypto because you want to. There’s an enormous amount of both work and compliance that needs to be done prior to doing that, and in order to develop operational frameworks, strategic partnerships and infrastructure that need to be put together to be compliant in every state you operate.”

Pokornicky also noted the “booming” demand for retirement investments in Bitcoin, stating that he’s seen most demand from individuals aging between 28–45.

 

Categories
Crypto Daily Topic

Best DeFi Podcasts for 2020

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

This article brings you the best DeFi podcasts for 2020, so you can never miss what’s trending. Whether you want bite-sized chunks to introduce you to the world of DeFi or the technical stuff, this article highlights the top podcasts for just that. 

#1. Into the Ether 

This is an official podcast of ETHHub, and it focuses on the Ethereum ecosystem with the show run by Gnosis Product Manager Eric Conner and Set Protocol Product Marketer Anthony Sassano. 

The podcast is produced weekly, alongside a newsletter and a repository of documentation to increase awareness on Ethereum and Ethereum protocols.

So far, the podcast has compiled more than 100 episodes on all matters Ethereum, including Ethereum-based applications, protocol upgrades, news, and current issues affecting the Ethereum community. 

#2. Unchained and Unconfirmed

Unchained and Unconfirmed is a DeFi podcast hosted by crypto and blockchain journalist and former Forbes editor Laura Shin. Podcast offers weekly insights into current trends in crypto and DeFi as well as personalities in the space that are making headlines. 

Shin has hosted Unchained since 2016. The show features hour-long interviews with prominent personalities in blockchain and DeFi. Unconfirmed constitutes 20 minutes conversations with industry experts on newsworthy events and begun in 2018. 

#3. The Global Crypto Podcast

This podcast is hosted by James Preston, Marc Forrest, and Shaun Ritson. The team aims to be the leading source of credible DeFi news and information in South Africa, and they hope to do so with a “South African” flavor. 

The show features conversations and interviews with notable figures in the industry with the goal of informing people of the power and potential of decentralized finance and technology. New episodes are released weekly on Mondays, 6 pm (UTC).

#4. The Ethereal Podcast

The Ethereal podcast is part of the Ethereal Summit, an initiative by several DeFi technologists, entrepreneurs, and investors engaging with Ethereum and its latest developments. The Ethereal team wants to inspire a “decentralized future.” 

Hosted by @DeFi_Dad, the Ethereal podcast features interviews with various DeFi builders, as well as leaders of DeFi outfits such as MakerDAO, Nexus Mutual, SKALE, and so on. The goal is to get these figures to give first-hand insights into the challenges involved in building DeFi solutions and decentralized techs. 

#5. Abel’s Abstracts 

Hosted by ETHGlobal organizer Abel Tedros, Abel’s Abstracts focuses on conversations with various builders of Web 3.0 and DeFi solutions and updates on DeFi-specific issues and global topics like covid-19 and how they are affecting financial markets.

#6. Chain Reaction

This is a podcast by Delphi Digital co-founders Tom Shaughnessy and Kevin Kelly. Chain Reaction aims to focus on research on economic, legal, and technical issues affecting the evolvement of decentralized finance and distributed ledger technologies. 

Delphi Digital independent research and consultancy on the crypto market, and this expertise shines through on the podcast as the team explores the work of various players in the DeFi space, such as founders, investors, etc. 

#7. Zero-Knowledge

The Zero Knowledge podcast is run by Videopath and zkSummit co-founder Anna Rose and Fredrik Harryson of Parity Core. The podcast focuses on interviews with zero knowledge experts and its relation to the decentralized web and DeFi.

Research on zero-knowledge proofs is key to cryptography, enabling individuals to transact on blockchain networks privately and securely. The podcast has so far had more than 130 episodes, including interviews with tens of DeFi builders.

#8. Blockcrunch

Launched in February 2018, this is a weekly podcast featuring Spartan Capital Head Of Research Jason Choi, with a focus on providing investors in blockchain and DeFi with relevant information. 

Choi explores a rich variety of topics, including investment research, DeFi startups, exchanges, hedge funds, and generally the crypto market landscape. 

#9. Epicenter

Epicenter is one of the earliest DeFi podcasts – having come into the space in 2013. Indeed, the podcast helped popularize the term “DeFi.” 

Epicenter hosts include Adam B. Levine of Let’s Talk Bitcoin Podcast, Sebastian Couture, Brian Fabian Crain, Chorus One co-founder Meher Roy, Cosmos Research founder Sunny Aggarwal, and Gnosis COO Friederike Ernst. 

So far, the podcast has 350 plus episodes in its catalog, which includes interviews with developers and builders across the DeFi spectrum.

Final Remarks

The DeFi space is relatively new and can be baffling, especially to newcomers. Whether you’re a beginner or a longtimer in the DeFi space, you’ll find that these podcasts are definitely worth checking out. 

Categories
Cryptocurrencies

Axie Infinity: The Definitive Gaming Platform

Blockchain made a lot possible. Today, whole new worlds of gaming coupled with economic incentives are possible. People are now owning virtual real estate through which they can make a lot of money. You can also breed virtual cats and sell or trade them, making money.

Blockchain made a lot possible. Today, whole new worlds of gaming coupled with economic incentives are possible. People are now owning virtual real estate through which they can make a lot of money. You can also breed virtual cats and sell or trade them, making money.

Blockchain made a lot possible. Today, whole new worlds of gaming coupled with economic incentives are possible. People are now owning virtual real estate through which they can make a lot of money. You can also breed virtual cats and sell or trade them, making money.

And now, in Axie Infinity, gamers worldwide have the option to join a strong community (which is real, not just virtual) and play the games of their choice and earn incentives. Axie Infinity is one of several platforms that are leveraging blockchain to cultivate decentralized, secure, and economic-driven gaming platforms for users everywhere. 

This article looks at the Axie Infinity universe together with its native token, AXS. 

Breaking Down Axie Infinity 

Axie Infinity is a digital universe where people can earn tokens by playing games and contributing to the network. Players can compete, collect, raise and build kingdoms for their pets (called Axies). At the moment, players can get started by buying Axies from active players in the Marketplace. 

Axie Infinity’s assets and data can be accessed by third parties, meaning developers can build tools and new experiences in the Axie Infinity Universe. The team hopes to build a platform that’s both a social network and an economic platform with a strong community and money-making opportunities. 

Existing Products of Axie Infinity

#1. Battle 

Battle is a game inspired by games like Final Fantasy Tactics, Idle Heroes, etc. In Battle, three Axies are pitted against each other. At the start of every round, Axies are given cards according to which body parts they possess. Players will then select the cards that increase their winning chances while they carefully anticipate the cards their opponents will choose. 

#2. Breeding

Just like in real life, (Axies) can be raised and produce newborns. To avoid a flooded supply of the pets, a pet can only produce offspring seven times. A Small Love Potion (SLP) is used every time a new pet is ‘born.’ You can earn SLPs when you play the game in PvE Adventure mode or the PvP Arena. 

Axies have six body parts and a body shape. Every part has three genes: a dominant (D), recessive (R1), and minor recessive gene (R2). The dominant gene dictates which body part will be present physically on the Axie. During the breeding process, each gene stands to be passed to the new Axie. If a gene for a body part is not passed on, its body parts will be created through a randomization process. 

Specific genes have the following chances of being passed to the offspring: 

  • Dominant gene (D): 37.5%
  • Recessive (R1): 9.375%
  • Minor recessive (R2): 3.125%

#3. Land 

Land is the virtual real estate in the Axie network. Is divided into plots that act as the places on which Axies operate. Players can upgrade their plots with any of several resources and ingredients that will be discovered during gameplay. Landowners can discover AXS tokens on their plots or use Axies on those plots to check out the availability of resources. Plots are in the form of non-fungible tokens (NFTs) and traded in the network’s free marketplace. 

#4. Marketplace

The Axie Infinity Marketplace lets players exchange Axies, Lands, as well as in-game items with other players across the globe. Since the Axie Infinity network runs on the Ethereum blockchain, prices are quoted in Ethereum’s native token, ETH. Prices for Axies range from 0.02 to 100 ETH. The higher side i.e., 100 ETH might seem extreme, but that’s justified by the fact that these are ‘Origin,’ Axies – which are Axies created back in the original presale in Feb 2018. These Axies have body parts that will probably never be seen again. 

The AXS Token 

The AXS token is the native cryptocurrency of Axie Infinity. It fulfills the following role in the ecosystem: 

  • Governance: Token holders can stake funds and take part in network governance through voting
  • Staking: Players can stake AXS tokens and earn rewards
  • Payment: Users can make payments using AXS tokens
  • Reward mechanism: Players can earn AXS tokens for playing games in the network

Community Growth Strategies

The Axie team is implementing certain strategies in a bid to expand the community. Current strategies include the following: 

  • Engage the community through social media channels, especially Discord
  • Regularly inform the community on progress
  • Work one-on-one with particularly active community members to produce content and attract more users
  • Attract both individual and institutional investors to interact with and purchase Axie games

Future strategies include: 

  • Implement referral programs to attract new users
  • Partner with renowned artists to produce new Axie assets
  • Collaborate with mainstream media platforms to get the word out
  • Partner with renowned players in the blockchain game space for strategic initiatives

Token Supply Distribution

The AXS token was distributed in the following manner: 

  • Binance launchpad sale tokens: 11%
  • Private sale tokens: 4%
  • Play to earn tokens: 20%
  • Staking rewards tokens: 29%
  • Team tokens: 21%
  • Advisors’ tokens: 7%
  • Ecosystem fund tokens: 8%

AXS Tokenomics 

As of November 10, 2020, the AXS token traded at $0.300532, with a market cap of $16,034,239 that put it at #384 in the market. The token has a 24-hour volume of $10,268,494, and it has an all-time high of $0.368715 (Nov 10, 2020) and an all-time low of $0.123431 (Nov 06, 2020). 

Where to Buy (store maybe) AXS 

Today, you can get AXS from Binance, where it’s listed as a market pair of USDT, BTC, BUSD, and BNB. 

As the Axie Infinity network is based on Ethereum, you can store the AXS token on an Ethereum-compatible wallet. Consider going with Ledger, Trezor, Trust Wallet, Atomic Wallet, MyEtherWallet, MetaMask, Guarda, which are all tried-and-tested options. 

Final Thoughts 

Axie Infinity is one of several blockchain-based platforms that are returning the power to gamers. On Axie, players will not just play, they’ll also earn cryptocurrency for simply participating. And this in a completely decentralized and safe environment. Will Axie reach the wild success levels of games such as CryptoKitties? That remains to be seen, but that in the crypto world there’s always space for advancement. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 26 – Bitcoin’s “Flash Crash” Pulls Price Below $18,000; Blood on the Crypto Streets

The cryptocurrency sector has ended the day in the red as Bitcoin failed to stay above $19,000 and even falling below $18,000 as bears took control of the market. The largest cryptocurrency by market cap is currently trading for $17,000, representing a decrease of 10.67%% on the day. Meanwhile, Ethereum is losing 15.34% on the day, while XRP lost 16.88%.

The cryptocurrency sector has ended the day in the red as Bitcoin failed to stay above $19,000 and even falling below $18,000 as bears took control of the market. The largest cryptocurrency by market cap is currently trading for $17,000, representing a decrease of 10.67%% on the day. Meanwhile, Ethereum is losing 15.34% on the day, while XRP lost 16.88%.

The cryptocurrency sector has ended the day in the red as Bitcoin failed to stay above $19,000 and even falling below $18,000 as bears took control of the market. The largest cryptocurrency by market cap is currently trading for $17,000, representing a decrease of 10.67%% on the day. Meanwhile, Ethereum is losing 15.34% on the day, while XRP lost 16.88%.

 Daily Crypto Sector Heat Map

Zilliqa 23.75% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Horizen’s gain of 18.71% and Elrond’s 11.54% gain. On the other hand, Verge lost 24.86%, making it the most prominent daily loser. Kusama lost 15.78% while Reserve Rights lost 13.81%, making them the 2nd and 3rd most prominent daily losers.

 

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has increased over the day, with its value currently staying at 62.2%. This value represents a 0.6% difference to the upside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has decreased over the course of the day. Its current value is $560.17 billion, representing an $11.36 billion decrease compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap has created a double top, which triggered a pullback from the recent highs. Not only has the price retraced to the sub-$19,000 level, but it has also broken the $18,500 support level. The price will most likely end up below the $17,850 level, as the market is calling for a pullback for quite some time. However, if the market recovers, we can expect the price to end up between $17,850 and $18,500.

While shorting Bitcoin might be a good profit-making opportunity at the moment, trading against the long-term trend is extremely risky. However, thinking about hedging versus any downturns might be a good option at the moment.

BTC/USD 1-hour Chart

Bitcoin’s 4-hour, daily, and weekly technicals are heavily tilted towards the buy-side and show no signs of neutrality or bearishness. On the other hand, its monthly technicals are showing some signs of neutrality.

BTC/USD 1-day Technicals

Technical factors (1-hour Chart):
  • Price is far below its 50-period EMA and its 21-period EMA
  • Price slightly below its lower Bollinger band
  • RSI is extremely oversold (23.98)
  • Volume is average (one candle spike)
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,000

Ethereum

While Ethereum did follow Bitcoin to the downside, both in price direction and severity of the move, the situation doesn’t look that bad. The second-largest cryptocurrency by market cap has started its pullback after failing to stay above $600, culminating in a full-blown dump from $570 to $505. However, the ascending (red) line held up, and ETH reclaimed previous levels and is currently consolidating around $530.

Ethereum’s current outlook is very bullish, but any sharp move to the downside coming from Bitcoin will affect it in a major way. Traders should pay close attention to Bitcoin’s moves if they want to trade Ether.

ETH/USD 1-hour Chart

Ethereum’s technicals are a bit confusing, as its daily and monthly overviews are completely bullish, while its weekly overview shows slight signs of neutrality. Its 4-hour technicals, however, are pointing towards the sell-side.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is below both its 50-period and its 21-period EMA
  • Price is below its bottom Bollinger band
  • RSI is extremely oversold (19.47)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has performed similarly to the aforementioned two cryptocurrencies. XRP has posted lower highs three times in a row while testing the $0.625 support level each time. However, the last time XRP went towards this level, bears took over and pushed the price further down. XRP bears have seemingly reached exhaustion, and the cryptocurrency is now consolidating around the $0.575 level.

Trading XRP is not advised as trading Bitcoin is (at the moment) both potentially more profitable and more straightforward.

XRP/USD 1-hour Chart

XRP’s technicals on all time-frames are tilted towards the buy-side, with its daily overview being the most bullish time-frame. Its other time-frames show signs of neutrality or even slight bearishness.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is far below both its 50-period EMA and its 21-period EMA
  • Price is slightly below its bottom Bollinger band
  • RSI is close to being oversold (31.85)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.625                                   1: $0.475

2: $0.79                                     2: $0.443

3: $0.963                                  3: $0.4

 

Categories
Crypto Daily Topic Cryptocurrencies

Should You Buy Bitcoin If The Fed Releases Stimulus?

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The release of a stimulus package will invariably affect the economy. By extension, activity in the crypto space will be shaken. Washington has delayed the release of stimulus, but this fiscal intervention seems inevitable in the long run. When that happens, will it be our cue to buy crypto? Well, read on to find out.

How Stimulus Works

During an economic slowdown, such as the one being experienced due to the current pandemic, one of the biggest challenges the economy faces is a restricted cash flow. As people are cash-constrained, the volume of money exchanging hands declines. Since the beginning of the pandemic, there has been a coin shortage in the US. 

A fiscal stimulus can be achieved by having the government cut taxes or increase its spending. When taxes are reduced, people will have more disposable income, and this will encourage spending. In the latter case, an increase in government spending will inject more money into the economy, thereby bringing down the unemployment rate. In either case, the idea is to increase the motivation for spending and reduce the motivation for saving. 

When people are motivated to spend, currency deflation may result because people have money but do not produce more goods and services. The proposed $6 trillion stimulus is over 40 times Bitcoin’s market capitalization. One can only imagine how disruptive releasing this money can be. As we shall see later, the package will impact bitcoin and other cryptos in different ways.

The Case for/against Stimulus

The Fed has so far tried a range of options for keeping the economy afloat, including intervening in the stock markets and dishing out stipends to low income-earning Americans. Economists usually differ on the idea of meddling with the economy. One side of the table argues for a free-market approach, while others argue that government intervention at the right time is usually the best way out.

The problem with the stimulus is that it increases the country’s debt-to-GDP ratio. As will be explained later, people are getting money for work they have not done. This is essentially like borrowing money from the future. Technicalities aside, the issuance of stimulus introduces people’s risk of not using the money for the intended purpose. Beneficiaries can hoard the money in fear of economic uncertainty. This will keep the economy under strain, making crypto appear as the more attractive alternative. 

The other possibility is binge spending – yes, people tend to spend recklessly in times of inflation. This phenomenon typically results in even more inflation. The outcome? More people flock to crypto, which at such times seems immune to currency deflation.  

Impact on Bitcoin/ Cryptocurrencies

#1: Increased Spending on Bitcoin

There is a possibility that when the Fed releases the $1,200 checks, many will spend the money on buying Bitcoin. When the government started rolling out the coronavirus stimulus checks, it was reported that people were putting the money into waggish uses, including the purchase of tigers, guns, and Bitcoin. Judging from sentiments expressed on Twitter shortly after the announcement, Americans were eager to spend the money on non-essentials. 

One Twitter poll sought to know how many would spend their checks specifically on Bitcoin, and a whole 52% of those who qualified for the package said they were going to spend all of it on Bitcoin. The bottom line is that people spent their checks on Bitcoin, and they will do it again. If this happens, Bitcoin trading volume will increase, which will likely trigger a jump in the already-increasing BTC prices. Think about it.

#2: Devaluation of the USD

Stimulating the economy by giving people money will likely cause the USD to lose value and start fetching less on the forex market. This is because you are basically giving people money for work they have not done. Then, there is a (controversial) perception that Bitcoin and crypto, in general, is a haven for assets in times of economic crises. When these two theories are brought together, an influx in Bitcoin investment is very much conceivable. 

You see, investors holding their savings in dollars fear that a devaluation of the currency (in this case, as a result of releasing stimulus) might cause them to lose a significant portion of their savings. On the other hand, Bitcoin is flourishing in the bull market. So, it is only natural for investors to turn to Bitcoin if this money is released to Americans. A likely outcome in such a case is growth in Bitcoin’s demand, which means increasing prices.

Bitcoin’s Advantages (Amid this Crisis)

#1: It’s Not Even the Value, It’s Decentralization 

Bitcoin has a huge advantage over the USD in this crisis, and that’s the fact that it is decentralized. Unlike the dollar, they can’t just print more Bitcoin. This feature guarantees its investors that the risk of artificial deflation is minimized. Of course, there can be no guarantee that crypto will not see the bear run as long as the Fed keeps pumping dollars into the economy, but what are the chances?

#2: As We Speak, Bitcoin is on the Bull Run

Decentralization is great, but we can’t ignore the fact that Bitcoin is currently recording unusually impressive performance. As an investor looking for alternatives to the dollar, which is at risk of deflation, Bitcoin must not be far from mind. The way out can only be crypto since the stocks are not an option. Although share prices may see a decline if inflation indeed kicks in, it’s not a good idea to invest during the bear run. So, it looks like Bitcoin carries the day.

Final Thoughts

The coronavirus pandemic has brought with it an economic meltdown. The Fed has instituted several measures to counter the strain the economy has endured. Plans to release stimulus are before decision-makers now. This move may help relieve economic strain temporarily. However, it is likely to result in inflation. In such a case, investors might flock to Bitcoin to avoid losing their assets. If this happens, Bitcoin might become stronger, and investors’ margins will rise. In short, if the Fed releases stimulus, we could consider it our cue for buying Bitcoin. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 25 – Bitcoin Above $19,000: What’s Next?

The cryptocurrency sector has spent the day pushing towards the upside as Bitcoin rallied and reached past $19,000. The largest cryptocurrency by market cap is currently trading for $19,093, representing an increase of 4.37% on the day. Meanwhile, Ethereum lost 0.55% on the day, while XRP gained 14.94%.

The cryptocurrency sector has spent the day pushing towards the upside as Bitcoin rallied and reached past $19,000. The largest cryptocurrency by market cap is currently trading for $19,093, representing an increase of 4.37% on the day. Meanwhile, Ethereum lost 0.55% on the day, while XRP gained 14.94%.

The cryptocurrency sector has spent the day pushing towards the upside as Bitcoin rallied and reached past $19,000. The largest cryptocurrency by market cap is currently trading for $19,093, representing an increase of 4.37% on the day. Meanwhile, Ethereum lost 0.55% on the day, while XRP gained 14.94%.

 Daily Crypto Sector Heat Map

Verge 63.06% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Stellar’s gain of 59.30% and Status’s 31.14% gain. On the other hand, Bitcoin Gold lost 16.21%, making it the most prominent daily loser. SushiSwap lost 12.05% while Balancer lost 7.89%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has increased over the course of the day, with its value is currently staying at 61.06%. This value represents a 1% difference to the upside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased slightly over the course of the day. Its current value is $571.53 billion, representing an $8.86 billion increase compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap has had an exciting day as its price reached past the $18,500 mark and pushed towards its all-time highs. Bitcoin managed to get to $19,450 before the momentum started dying off. It is currently consolidating just at the $19,000 mark, fighting to stay above it. This move was enabled by a booming altcoin situation, which led to a money pour-over into Bitcoin.

Any trading to the downside is completely irresponsible now due to how Bitcoin is moving. On the other hand, its movement towards the upside is very hectic, and traders should pay attention to when they enter and exit trades. If Bitcoin establishes its presence above the $19,000 mark with confidence, another push that might break the $20,000 all-time high level is entirely possible.

BTC/USD 2-hour Chart

Bitcoin’s technicals are tilted to the bull-side slightly, with only the weekly time-frame being completely bullish. In contrast, its other time-frames contain a hint of neutrality or even bearishness.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above its 50-period EMA and at its 21-period EMA
  • Price slightly above its middle Bollinger band
  • RSI is neutral (55.57)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $19000                                  1: $18500

2: $19500                                  2: $17,850

3: $19,666                                  3: $17,450

Ethereum

Ethereum’s parabolic move, which brought its price from $480 to $625, has seemingly ended, and Ethereum has entered a consolidation/retracement phase. While it was uncertain whether the second-largest cryptocurrency by market cap will stay above $600, the fight for the level has ended, and ETH moved back below it.

Ethereum has a very strong zone of resistance above $600 and all the way up to $632. On the other hand, it has a decently strong support zone at $575-$580. We can expect Ethereum to move in that range in the short-term unless a new breakout occurs.


ETH/USD 2-hour Chart

Ethereum’s technicals are tilted to the bull-side slightly, with only the monthly time-frame being completely bullish. In contrast, its other time-frames contain slight neutrality or even bearishness.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above its 50-period and slightly below its 21-period EMA
  • Price is near its bottom Bollinger band
  • RSI is neutral (50.82)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap’s controversial parabolic rise has died down and actually kept most of its gains. XRP has moved back from its recent highs of $0.78 (and even $0.9 on some exchanges) to a steadier $0.68, which is its current price. We can also see that XRP made a double top at the $0.735 mark, as well as a double bottom at the $0.625 support level.

Trading XRP is more manageable now as the volatility has died down, and the zones of support/resistance have been established. However, trading crypto overall is extremely risky at the moment, and only moves to the upside (and possibly sideways movement) should be traded.

XRP/USD 2-hour Chart

XRP’s 4-hour and daily overviews are completely bullish and show no signs of neutrality whatsoever, while its weekly and monthly overviews show slight neutrality or even a hint of bearishness.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is far above its 50-period EMA and slightly above its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (59.98)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.79                                     1: $0.625 

2: $0.963                                   2: $0.475

3: $1.01                                    3: $0.443

 

Categories
Crypto Daily Topic Cryptocurrencies

Can WazirX (WRX) be the Queen of Exchanges?

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

WazirX is a decentralized crypto exchange that wants to solve these and more problems to provide users with the means to adopt cryptocurrency. Based in India and acquired by Binance, the platform’s name, Wazir, is another name for the “queen” in chess. The queen piece can not only play any move; it’s also the strongest. WazirX wants to live up to these characteristics. 

What’s WazirX? 

Launched in 2018, WazirX is a crypto exchange with advanced buy, sell, and trade functionalities. It features a live and open order book on which users can trade over 80 crypto assets, including Bitcoin, Litecoin, BNB, Dash, and more. 

On WazirX, you can also deposit or withdraw crypto and cash in or cash out stablecoins such as USDT in a fast, secure, and peer-to-peer manner. WazirX’s goal is to bridge the chasm between Fiat and crypto. 

WRX’s native token is the backbone of the ecosystem and has several use cases, including trading fee discounts, participation rewards, payment for margin fees, and more. WazirX supports five platforms at the time of writing: Web, Android, iOS, Windows, and Mac.

History of WazirX

The WazirX team launched the platform to respond to the Indian government’s banning of crypto businesses, exchanges, and shops. Banks had also been banned from engaging in any crypto-related activities. 

Today, the platform is, first and foremost, the go-to platform for Indian users to trade in crypto – in an uncensorable manner. But that’s not where the team is stopping. They intend to take the WazirX proposition to more developing and underdeveloped countries for Fiat on-ramp solutions. 

Binance acquired WazirX in November 2019. However, it continues to operate independently with a focus on peer-to-peer crypto trading. The WazirX team shares a vision with Binance, and that’s to increase the freedom of money around the world and improve people’s lives. 

How Does WazirX Realize Security? 

The WazirX team ensures security for the network through the following actions: 

  • Majority of funds kept in cold storage
  • A muti-sig wallet system
  • Two-factor authentication system for transactions
  • Strong KYC/AML procedures
  • Regular security audits

WRX Value 

WRX token holders will receive perks, including but not limited to discounts in payment of fees. The discount structure is as follows: 

  • 1st year: 50% trading fee discount
  • 2nd year: 25% trading fee discount
  • 3rd year: 12.5% trading fee discount
  • 4th year: 6.25% trading fee discount

Users will also earn participation rewards for performing P2P trades. Also, token holders will have voting power to determine issues such as future listings, update releases, etc. 

WazirX will burn 10% off WRX tokens every quarter based on the trading volume. In the end, about 100 million tokens will be burned – in a bid to prevent the token from overflooding the market. 

Who’s on the WazirX Team?

WazirX is the brainchild of a core team of members. We have founder and CEO Nischal Shetty, who is also the founder of Crowdfire and is an awardee of Forbes 30 under 30. 

Co-founder and CTO is also a co-founder of Crowdfire Sameer Mhatre is a full-stack developer and designer. He describes himself as “a huge Java and JS fan.” 

Co-founder and COO Siddharth Menon also co-founded Crowdfire. He’s also the founder of 3Crumbs, one of the early mobile startups in India. 

Community Growth Strategies of WazirX 

The WazirX team intends to implement several community growth strategies in a bid to expand the growth of the network. Current strategies include: 

  • Innovative participation reward programs, e.g., the WRX Trade Mining program
  • Publish media content including guest posts and features
  • Conduct AMAs and both virtual and physical conferences
  • Conduct interviews with influencers
  • Release progress updates every month
  • Headline events and partner with industry influencers

Future strategies include: 

  • Create dedicated Telegram channels for various countries
  • Headline and participate in more events such as meetups and conferences to grow further its offline presence
  • Continue to innovate with rewards programs
  • Collaborate with various wallets and decentralized finance apps to explore Fiat gateway solutions

WRX: Token Supply Distribution 

The ERX token was distributed in the following manner: 

  • Launchpad sale tokens: 10%
  • Private sale tokens: 5%
  • Foundation tokens: 30%
  • Product and marketing tokens: 20%
  • Partnership and ecosystem tokens: 20%
  • WRX Airdrop tokens: 11.10 percent
  • WRX trade mining tokens: 3.90%

How’s the WazirX Token Doing in the Market? 

As of October 31, 2020, WRX traded at $0.088615 with a market cap of $20,718,698 that placed it at #323 in the market. The token had a 24-hour volume of $8,866,743 and a circulating and total supply of 233,817,289 and 995,833,334. WRX has an all-time high of $0.229263 (Mar 07, 2020) and an all-time low of $0.055241 (Mar 13, 2020). 

Where to Buy WRX

You’ll find WRX listed as a market pair of USDT, BTC, BUSD, BNB, TRX, and more in several exchanges. They include but are not limited to WazirX, Binance, BinanceDEX, Bilaxy, Sistemkoin, BiKi, Poloniex, FTX, and Bitsonic. 

Final Thoughts

WazirX is relatively young, but it has done well. With its plan to spread its wings to more countries, the project is poised for more success and could very well compete with more established exchanges like Huobi, Coinbase, etc. Here’s to hoping it succeeds in both expanding and democratizing money for populations. 

Categories
Crypto Daily Topic

Top DeFi Tokens of 2020: Check Out Number 5

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

This list doesn’t just follow the tokens that are the highest in market cap. It also looks at the most promising and exciting tokens. 

#1. Chainlink 

Chainlink is a decentralized oracle for connecting blockchains to external data and information. The Chainlink protocol, which includes the LINK token, allows smart contracts to operate without relying on permissioned or centralized information. For instance, a developer can run a sports betting contract that relies on an external oracle for sports scores. Chainlink has proved especially popular, with countless DeFi protocols including Aave, Ampleforth, Celcius, Arbol, yearn.finance, Nexus Mutual, and Synthetix all utilizing its smart oracles function. This popularity has catapulted it to the top ten in market cap, sitting at #5 at the time of writing. The LINK token, which began the year going for $2, already hit $12. 

#2. Maker (MKR)

Maker is one of the earliest stablecoins in the DeFi space and one of the most resilient. Despite (and probably because) of its low total supply of slightly more than a million, the token is a huge hit in  DeFi, judging by its current per-token value of $513. And this is a climbdown from the highs of $1,700 in 2018 before the token plummeted during the 2018/2019 crypto winter. In 2020, it got a reprieve after reaching $600 this year. With its MKR token, the protocol makes up what is probably the best example of a stablecoin system: a collateralized debt position powered by its  stablecoin – DAI, which maintains stability for the protocol by using various economic incentives. MKR will be one of the tokens driving the DeFi space in the near future and beyond. 

 #3. Aave (LEND)

Aave is an open-source, decentralized protocol that allows users to create money markets, earn interest on their deposits, and borrow funds through the LEND token. With a market cap of $859 million, Aave is currently the 4th biggest DeFi token. Aave has had an incredible year. It started off at a mere $0.009 in  January but has now clocked $73 per token, which is remarkable even in crypto. 

#4. Synthetix Network Token (SNX)

Synthetix is a blockchain protocol that lets anyone gain exposure to a wide array of assets. The platform is credited for introducing yield farming in DeFi, though it’s now been overrun by platforms like Compound and Aave. Still, the token continues to ‘hold the line,’ as manifested by its current position of #9 among  DeFi tokens and #40 among all cryptocurrencies. With a market cap of nearly $500 million, SNX demonstrates its resiliency. Synthetix supports a smart contract infrastructure and incentivization system that will continue to propel it upwards. 

 #5. Dai (DAI)

Part of the Maker ecosystem, DAI isn’t a token that you buy to HODL. Still, it’s an excellent idea to buy the token and hedge your portfolio against volatility. Dai is probably the most elegantly designed stablecoin in the world today, with an ingenious incentivization and collateralization system that securely puts its value at a 1:1 ratio against the US dollar. While other stablecoins achieve stability by using clumsy ways like holding US dollars in the bank, Dai uses a more accurate and flexible tech-based system. Anyone can also create their own Dai if they put up collateral. 

#6 Compound (COMP)

Compound is a DeFi protocol that allows anyone to lend, borrow, and provide liquidity and earn returns. Comp exploded after it started distributing its native token, COMP, in June this year. It’s definitely one of the hottest tokens in DeFi right now, featuring a market cap of $526 million and a per-token value of $124 at the time of writing. COMP is an Ethereum-based mechanism used as a governance mechanism of the Compound ecosystem. As the Compound platform continues to expand, we’re sure to see the value of COMP following the lead. 

#7. 0x (ZRX)

0x is a decentralized exchange protocol that allows developers to create their own exchanges. The project’s founder calls it the “Craigslist for cryptocurrencies” in that anyone can build an exchange and post it online. Despite its promising value proposition, the 0x token, ZRX, has had the slowest growth this year. In January, you could buy the token for around $0.20, and it’s now sitting at $0.36 at the time of writing, with a market cap of $273,926,375. But the dismal growth of the token does not discount its potential to break through in the future. The 0x token is one to keep sights on. 

#8. Ampleforth (AMPL)

Ampleforth kicked off the year trading at around $1, went to rise to $4 in July, before sharply clamping down to around $1 again. Ampleforth calls itself a cryptocurrency “like Bitcoin,” but with a daily change in supply, insuring against market shocks.  Ampleforth wishes to solve what it calls the “dangerously correlated” crypto market by adding diversity to the ecosystem. While most cryptocurrencies follow the Bitcoin price pattern, the AMPL token matches to its own beat. This could prove an excellent hedge for your crypto portfolio. 

#9. Augur (REP)

Augur started the year sitting at around $9, and if now trades at $14 in November, a dip from around $20 in August. Based on Ethereum, Augur, via its native token – REP, aims to power a prediction market where users can earn money if they predict winning outcomes. Augur also acts as a decentralized oracle for verifying real-world events. These events could be anything – from natural events to election results to football matches’ outcomes. At the time of writing, Augur is at position #75 in the market and continues to be one of the DeFi’s best.

#10. Terra (LUNA)

Terra is a DeFi protocol that wants to expand everyone’s financial  inclusivity through its native token, LUNA. The Tetra team wants to “set money free” by building an open, global financial infrastructure. This infrastructure constitutes a family of stablecoins that allow users to earn mining rewards, giving people an incentive to participate in the network. Terra launched its mainnet in April 2019. It currently offers stablecoins pegged to the US dollar, South Korean Won, the Mongolian tugrik, and the IMF’s Special Drawing Rights basket of currencies. Users can trade LUNA as well as stake it and earn interest. LUNA token holders can also participate in the platform’s governance. After kicking off the year at $0.24, LUNA’s price nearly doubled around July before cooling down to around $0.33 in November. With its value proposition, Terra is set to be one of the most important DeFi presences in the future. 

Closing Thoughts

Ten years ago, the crypto space was talking about Bitcoin and decentralized currencies. Now, we’re talking of decentralizing the entire finance space. The above tokens represent some of the most exciting decentralized finance projects and their tokens in 2020. With a rapidly evolving DeFi space, you can expect anything in the coming year, but for now, these are among its biggest stars. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 24 – XRP’s Push to $0.9 Manipulated? Ether Breaks $600 on Amazing News

The cryptocurrency sector has spent been in the green overall, with Bitcoin consolidating and altcoins booming. The largest cryptocurrency by market cap is currently trading for $18,364, representing a decrease of 0.36% on the day. Meanwhile, Ethereum gained 4.23% on the day, while XRP gained a whopping 54.14%.

The cryptocurrency sector has spent been in the green overall, with Bitcoin consolidating and altcoins booming. The largest cryptocurrency by market cap is currently trading for $18,364, representing a decrease of 0.36% on the day. Meanwhile, Ethereum gained 4.23% on the day, while XRP gained a whopping 54.14%.

The cryptocurrency sector has spent been in the green overall, with Bitcoin consolidating and altcoins booming. The largest cryptocurrency by market cap is currently trading for $18,364, representing a decrease of 0.36% on the day. Meanwhile, Ethereum gained 4.23% on the day, while XRP gained a whopping 54.14%.

 Daily Crypto Sector Heat Map

Stellar 61.98% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by XRP’s gain of 52.19% and Verge’s 37.77% gain. On the other hand, SushiSwap lost 11.14%, making it the most prominent daily loser. Quant lost 9.44% while Nexo lost 8.27%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has reduced drastically over the course of the day, with its value is currently staying at 60.06%. This value represents a 2.6% difference to the downside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased significantly over the course of the day. Its current value is $562.75 billion, representing a $21.04billion increase compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has stayed pretty stable today as it couldn’t break the $18,500 mark. The price has been hovering right under the level for the whole day, and even made a couple of attempts to break it but to no avail. On the other hand, this small zone of resistance and support wasn’t broken to the downside either, as a break below $18,270 could spell a retracement.

This is a prime example of uncertainty due to Bitcoin’s current level (some are taking profits while some are investing). However, trading pullbacks in a bull trend is extremely risky and should be avoided.

BTC/USD 4-hour Chart

Bitcoin’s technicals are divided, with its daily and monthly overviews showing a slight hint of bearishness alongside the bullishness that overwhelms it. In contrast, the 4-hour and weekly overviews are completely bullish.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above its 50-period EMA and at its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is neutral (53.88)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,130

Ethereum

With Ethereum’s 2.0 version 0 launch approaching, Ethereum has continued to increase in price. Today’s move was a continuation of the uptrend that started on Nov 0, additionally fueled by the announcement that the deposits required for Ethereum’s 2.0 version 0 to launch have passed the threshold. This news is a big sigh of relief for the ETH devs, as they were wondering if the protocol will reach its goal on time for the Dec 1 launch. This extremely bullish news has pushed Ethereum past $600, which it is now testing.

If Ethereum manages to successfully stay above $600, it will have very little resistance to the upside and basically trade only versus profit-taking sellers.

ETH/USD 1-hour Chart

Ethereum’s 4-hour and monthly time-frames are completely bullish, while its daily and weekly time-frames are slightly more tilted towards the neutral position.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far above its 50-period and slightly above its 21-period EMA
  • Price is between its middle and top Bollinger band
  • RSI is coming out of the overbought territory (59.88)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has exploded to the upside and reached over $0.90 on the US cryptocurrency exchange Coinbase only to crash back down by roughly 30% in mere seconds. This was its highest price since May 2018. The rally was apparently driven by the Coinbase users as XRP did not see the same heights on any other exchange. Bitstamp and Binance saw a high of only $0.79.

Analysts believe that this rally is a culmination of an uptrend triggered in late Oct when an anonymous whale sent an astonishing $50 million worth of XRP at the time to Bitstamp. Ever since then, XRP/USD has been seeing a strong uptrend, up by 128.63% in the past week.

Trading XRP is simply impossible at the moment due to the amount of risk associated with this type of volatility.

XRP/USD 1-hour Chart

XRP’s 4-hour and weekly overviews are completely bullish and show no signs of neutrality, while its daily and monthly overviews show slight neutrality or even slight bearishness.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and at its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (53.65)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.79                                     1: $0.625 

2: $0.963                                   2: $0.475

3: $1.01                                    3: $0.443

 

Categories
Crypto Videos

Millionaires are Rushing to Buy Crypto According To This Survey! Do You Hold Any Bitcoin?

https://youtu.be/s4X8shKz_-8

https://youtu.be/s4X8shKz_-8


Millionaires are Rushing to Buy Crypto! Do YOU Hold Any Bitcoin?

 

A survey of over 700 high net-worth individuals has found that almost three-quarters of respondents that are worth more than $1 million either already own or are looking to put a part of their wealth in cryptocurrencies before the end of 2022.
The survey was conducted by financial advisory organization DeVere Group and revealed that 73% of respondents are currently bullish toward cryptocurrencies, which is an increase from 68% back in 2019.

Participants were individuals whose net worth equated to more than 1 million British pounds, equating to approximately $1.32 million. The participants were selected from a wide variety of regions that include the United States, the United Kingdom, Africa, Asia, the Middle East, Australia, as well as Latin America.

deVere Group CEO and founder Nigel Green stated in the survey that Bitcoin had once again shown its worth by being one of the best-performing assets in 2020, with a year-to-date increase of 125%. He then added:

“As the survey shows us, this impressive performance is drawing the attention of high net-worth investors who increasingly understand that cryptocurrencies are the future of money, and they don’t want to be left behind.”

Green noted that the respondents eyeing Bitcoin included some of the biggest Wall Street companies and attributed their warming sentiment to crypto adoption by large firms such as PayPal and Square:

“There is no doubt that many high net-worth individuals who were polled have seen that a major price surge driver is the growing interest being shown by institutional investors who are capitalizing on the extremely high returns that the crypto asset class is currently offering.”

Even former Bitcoin skeptics coming from Wall Street are now warming up to digital currencies. During a recent New York Times conference, Chairman and CEO of JPMorgan and Chase Jamie Dimon said he’s a “believer” in blockchain technology, as well as in “properly backed, properly regulated” cryptocurrencies.


Taking a look back, Dimon made headlines in 2017 when he referred to Bitcoin and other cryptocurrencies as a fraud, although JPMorgan has since embraced cryptocurrencies.


Billionaire hedge fund manager and Bitcoin bear Ray Dalio still has plenty of doubts about Bitcoin. Still, he has recently questioned his own skepticism, tweeting that he might be missing something about Bitcoin and that he’d love to be corrected.

Dalio had suggested that Bitcoin will fall down as a store of value and that governments may just “outlaw it and make it too dangerous to use.” He also stated that he couldn’t imagine central banks, big institutional investors, and multinational companies using it.

The millionaires’ survey was revealed to the public the same day that Bitcoin’s total market capitalization hit a new all-time high of an astonishing $336 billion, and its price rallied to above $18,000 and just shy of the $19,763 high that it reached in December 2017.

Categories
Crypto Videos

Pantera Capital Are Raising $134,000,000 – why?

https://youtu.be/j61Ov4ppiYw

https://youtu.be/j61Ov4ppiYw


Crypto Hedge Fund Pantera Capital Raising $134 Million

 


In a filing with the SEC on Nov 21, Bitcoin hedge fund giant Pantera Capital has announced an equity offering of up to a whopping $134 million, one of the largest capital fundraising campaigns in the seven-year history of the firm.

Founded in 2013 as the first-ever Bitcoin fund in the US, Pantera Capital initially raised $13 million, which is less than 10% of the current offering. It raised another $25 million later on, according to the firm’s public records.

However, in 2018, the fund redirected its efforts towards a larger raise that ultimately resulted in the formation of a third investment fund, now called Venture Fund III. This new fund raised $164 million from 2018-2020, with the majority of the capital inflows bookending crypto’s dreadful 2019 year.

Nowadays, as crypto seems like it has entered yet another raging bull market, the SEC filing tells us that Pantera has big plans ahead. 

Pantera didn’t state the reason for this new raise, and if the raise will result in a new fund or if it will simply be used to expand the scope of Venture Fund III. However, the company’s latest investments and executive comments actually might offer hints at its strategy for the future.


Pantera CEO Dan Morehead said that he believes the growth of decentralized finance, or DeFi for short, has the potential to outpace Bitcoin’s rise, and that the firm is focusing its new bets on the emerging financial vertical. In addition to this, Pantera seems to have its eye on the quickly expanding crypto derivatives market, as shown by its recent investment in Globe, a well-known derivatives trading platform.

Bitcoin bulls shouldn’t be negatively affected by the interest in DeFi and derivatives, however. In fact, Morehead has also previously made a moonshot target for the largest cryptocurrency, as he called for a Bitcoin price of $350,000.

 

Categories
Crypto Daily Topic

8 Ways to Earn Passive Income with Crypto They Will Never Talk About!

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

And the good part? You only need to take action and sit back and watch your money grow with some of the ways. And get this: with some ways like staking, the returns are substantially higher than you could ever get with the traditional finance system. Others, like blockchain-based content creation, may require a more hands-on approach but still can be done alongside your daily job or business. 

 With that, let’s get straight to it!

#1. Mining 

In cryptoverse, mining is the process of using computing power to make guesses until you arrive at the correct hash, which then unlocks the next block in a blockchain network. Crypto miners receive crypto rewards for finding blocks and recording them on the blockchain network. You do not have to have crypto holdings to mine crypto. Miners can choose to convert their block rewards to Fiat immediately, HODL them, or plow those earnings back to their mining system. 

When Bitcoin was starting, anyone could mine from the home computer. But as the mining difficulty increased, the average daily computer could no longer hack it. We moved from CPUs to GPUs (some cryptocurrencies can still be mined with GPUs) to ASICs (Application-specific Integrated Circuits). ASICs utilize specific chips tailor-made for a particular cryptocurrency. Some of the most popular cryptocurrencies, i.e., Bitcoin and Ethereum, are mined with ASICs. 

Today, you can find an ASIC miner for an average of $1,000. If you plan to mine crypto, it’s best to join a mining pool. A mining pool is a team of miners who combine their computational resources to stand a better chance of finding new blocks. The block reward is then shared among the participants, depending on their contribution. Due to the combined computational power, miners in a mining pool are more likely to discover new blocks than individual miners. 

Tip: Join a mining pool for better profitability. 

#2. Staking 

One of the more easy-going ways to earn passive crypto income, staking, involves depositing crypto funds to get staking rewards. Staking networks utilize proof-of-stake or related consensus mechanisms, e.g., delegated proof of stake. With staking, mostly what’s required is just holding tokens in your wallet. In other cases, you need to add or delegate the funds to a staking pool. In DeFi pools, staking similarly involves putting up supported cryptos and earning interest.

When you stake in a network, you’re contributing to that network’s security and resilience, hence the reward. Staking is one of the simple ways to multiply your crypto holdings with minimal effort. 

#3. Lending 

Lending is another hands-off method to make money with crypto. There are multiple peer-to-peer lending platforms (Coin Loan, Nexo, BlockFi, Celcius, EthLend, etc.) that allow you to lock up crypto and earn interest in return. Usually, the interest rate is set by the platform or by you based on prevailing market trends. The more you lend, the more you stand to reap. 

#4. Lightning nodes 

The Lightning Network is a layer 2 solution for blockchains such as Bitcoin. It’s an off-chain payment channel that facilitates the processing of transactions without them being transferred to the underlying blockchain. 

When you use the Lightning Network to conduct a transaction, it’s quicker than if done on the blockchain. A network like Bitcoin only allows one-directional transactions. For instance, if Alice sends Bob one bitcoin, Bob cannot use the same channel to send it back to Alice. On the other hand, the Lightning Network utilizes bi-directional channels that require the involvement of both parties. This makes transactions quicker. 

When you run a Lightning node, you have the ability to process a lot of transactions quickly and get rewarded with transactions’ fees. 

#5. Affiliate programs 

Some crypto projects, especially new ones, will usually reward existing participants for bringing new ones to the platform. If you have, let’s say, a huge social media following, affiliate and referral programs can be a great way to earn passive income. Bear in mind that it behooves you to carry out research on any project you promote. 

#6. Masternodes 

A masternode is like a server, except it runs on a decentralized network. Typically, network participants have to put up sizable amounts of investment to become masternodes. Due to the significant investment, masternodes have a big incentive to maintain and secure the network. 

Crypto projects usually give special privileges to participants who have a considerable stake in their networks, in addition to rewarding them with return rates. 

#7. Airdrops

Airdrops are tokens given away for free by crypto projects in an effort to publicize or market themselves by getting people to talk about it. All you need is a wallet address of a particular crypto when the airdrop is taking place. For other projects, you’ll need to register on the project’s website and do things like retweeting posts, leaving comments on social media posts, sharing posts on platforms like WhatsApp, Telegram, and so forth. Also, some exchanges will conduct airdrops for the users occasionally. 

To have a heads up on upcoming airdrops, you should register sites dedicated to spreading the word about the exact matter. Such sites include Airdropaddict, Icodrops, etc. 

Note that receiving an airdrop will never require the sharing of private keys – a condition that is a telltale sign of a scam.

#8. Creating blockchain and crypto-based content 

With the advent of blockchain, previously unexplored modes of content creation and sharing are now possible. Blockchain-powered content platforms like Steemit allow content owners to monetize their work in various ways – and without intrusive ads popping all over. In such platforms, content creators get to own the rights and ownership of their work. Once you create a substantial portfolio of work, you can monetize it over time. 

Final Thoughts 

What’s better than earning passive income is doing so in a safe and secure environment, and that’s what you get with the activities on this list. Whether it’s staking, mining, running a masternode, you can make money from crypto with minimal effort. Of course, always make sure to do your own research before putting your money anywhere. Good luck! 

Categories
Cryptocurrencies

Xapo Wallet Review: Is Xapo The Most Secure Custodial Wallet?

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo Crypto wallet app
Xapo crypto wallet app

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Some of the factors that set it apart from the competition include the fact that it is a Bitcoin-only wallet app. Further, it is a custodial wallet that stores your private keys in highly advanced and ultra-secure storage vaults that are never connected to the internet. In this Xapo wallet review, we vet the wallet’s security, ease of use, look at its pros and cons, and provide you with a step-by-step guide on how to use the Xapo app.

Xapo Crypto app key features:

Mobile wallet: Xapo is a mobile crypto app available to Android and iOS phone users.

Purchase Crypto with Fiat: Xapo has collaborated with numerous payment processing service providers that you can use to buy Bitcoins off the platform. These include direct wire transfers as well as credit and debit card purchases.

Inbuilt exchange: Xapo has also come up with a peer-to-peer exchange platform where users can exchange Bitcoins for fiat currencies. These in-app exchanges are free.

Portfolio tracker: On the Xapo user interface is the balance tab that lets you view your wallet balances in real-time, as well as the activity tab that keeps a record of all your transaction history. The two play a key role in helping you keep tabs on your expenses and help with budgeting by monitoring your crypto inflows and outflows.

Automated notifications: Xapo makes it possible to set automated notifications for different wallet functions. For instance, you can have the wallet send you a notification every time you receive crypto when cryptos are drawn from the wallet, and Bitcoin price alerts.

Multisignature wallet: The multisignature functionality of the Xapo crypto app makes it possible for you to share the app with family and segregate everyone’s funds.

Integrates debit card: Xapo recently launched the prepaid Xapo debit card that you can integrate with your Xapo crypto wallet and use it to pay for goods and services on the different crypto-friendly point of sale or withdraw funds from Bitcoin ATMs.

Libra member: Xapo is one of the founding members of the Libra blockchain network put together by Facebook. According to the Xapo website, the app’s development team provides technical expertise to help the association launch and run the Libra global currency sustainably.

Security features:

Password: Like most other crypto wallet apps, the Xapo crypto vault is secured with a password.

Two-factor authentication: All outbound transfers from the Xapo wallet app must be subjected to two-factor authentication. You have the option of receiving the verification code via email, SMS, or google authenticator.  

Cold storage: Unlike most other wallets that give you absolute control of your wallets by saving the private key in your phone, Xapo keeps the private keys safe on your behalf. According to the crypto security company, all your private keys are stored in ultra-secure vaults in the Swiss Alps and other parts of the world. They further add these vaults don’t connect to the internet, and they are largely made from demilitarized bunkers.

Highly encrypted: All your data, including the private keys, is shared with and stored in Xapo servers and is highly encrypted using proprietary encryption technology. And so are Xapo’s communication with third party systems like payment processors and third-party exchanges.

How to set and activate the Xapo wallet:

Step 1: Start by downloading the Xapo crypto mobile app from Google Play Store or Apple App Store.

Step 2: Install and launch the app, choose your country of residence, and enter your phone number.

Step 3: Verify the number by entering the 6-digit code received via SMS

Step 4: Enter your email address

Step 5: Complete the user profile by completing the registration form

Step 6: Choose your country of origin/citizenship from the drop-down menu

Step 7: Read and agree to Xapo wallet’s terms of use

Step 8: Create a 4-digit passcode for your Xapo wallet app

Step 9: Verify identity by uploading a photo of yourself and that of a government-issued identification document as well as a proof of address

Step 10: The app will now send a verification link to the email provided. Open the link to activate the account.

Step 11: Your Xapo wallet app account is now active and ready for use

How to add/ receive crypto into your Xapo wallet 

Step 1: Log in to your Xapo app, and on the dashboard, click on ‘My Money.’

Step 2: Tap on the ‘Add Money’ on the next window

Step 3: Follow the prompts to add Bitcoins using one of the provided account funding options.

How to send crypto from your Xapo wallet

Step 1: Log in to your Xapo wallet app and click on the ‘Payments’ tab.

Step 2: If you wish to send funds to an individual on your contact list, click on the “Transfer to a contact” tab, and select “Allow access.”

Step 3: Select the recipient and click on the “$” sign to initiate a transfer.

Step 4: Choose the account you wish to send the funds from, the amount you wish to send, the currency type, and click “Send.”

Step 5: Review the transactions and check the accuracy of the details before hitting “Confirm.”

Step 6: Enter the PIN code to authorize the pay

Xapo wallet ease of use

Xapo wallet has a highly intuitive and beginner-friendly user interface. It only has a few tabs that are carefully placed on the user dashboard to ease your in-app navigation and how you interact with the wallet.

The app’s onboarding process, though lengthy, is quite straightforward. And so are the processes of adding funds, receiving and sending Bitcoins and other Fiat currencies in and out of the wallet.

Xapo wallet supported currencies and countries.

Xapo is a Bitcoin-only crypto wallet app. Interestingly, and unlike most other Bitcoin-only wallets that extend their support to Bitcoin forks, Xapo does not support any other crypto, including such Bitcoin forks as Bitcoin Gold and Bitcoin Cash.

However, the integrated peer-to-peer exchange makes it possible for users to exchange Bitcoin with over 150 Fiat currencies.

Currently, the Xapo crypto wallet app is available in about 30 countries across the world.

Xapo wallet cost and fees 

Downloading and installing the Xapo crypto wallet app as well as storing your Bitcoins therein is free. You also won’t be charged for using their in-app peer to peer exchange or transferring funds from one Xapo wallet to another.

Outbound Bitcoin transfers to other wallets or exchange will, however, attract a network fee charged by Bitcoin miners and not Xapo. The fee is nevertheless dynamic, and you have the option of choosing either the standard fee for normal confirmation speeds or priority fee for trades you wish processed and confirmed urgently.

Xapo wallet customer support

Xapo’s customer support has a rather elaborate FAQ guide on the company website that addresses Xapo wallet users’ common challenges and provides troubleshooting guides. There also are tutorials that try to explain how you interact with the Xapo app.

You can also contact them via email, the live chat feature on both the website and the app, or direct message them on such social media platforms as Twitter, Facebook, and Instagram.

What are the pros and cons of using the Xapo wallet?

Pros:

  • Transfers from one Xapo wallet to another are free
  • It stores your private keys in cold storages and ultra-secure offline vaults
  • It allows you to buy Bitcoin with Fiat currency
  • It features an inbuilt peer-to-peer exchange
  • It integrates the Xapo Debit that you can use to pay for goods and services or withdraw at Bitcoin ATMs

Cons:

  • It will only support Bitcoins
  • It doesn’t support anonymous crypto transactions as all users must be subjected to KYC and AML procedures
  • It has an unnecessarily lengthy registration process

Comparing Xapo wallet with other Bitcoin-only wallets

Xapo wallet vs. BTC.com wallet

Xapo and BTC.com are both Bitcoin-only wallets. But unlike Xapo, which is a mobile crypto app, BTC.com is a web-based wallet. BTC.com is a lot easier to use and interact with as it not only features a friendly user interface but also has an easier onboarding process.

Xapo, however, carries the day when it comes to the security of client funds. Plus, while BTC.com’s online nature exposes its inherent threats associated with hot wallets, Xapo is a custodial wallet that stores client private keys in highly decentralized and ultra-secure cold storage.

Verdict: Is the Xapo wallet safe?

Xarpo is a custodial wallet that stores client funds in decentralized cold storages spread across the world. It has also put in additional client-side security features that deter unauthorized access to these keys, like securing the app with a passcode, two-factor authentication, and automated alerts on transfers and changes in digital asset balances. One might consider such security measures adequate, but we must observe that these don’t necessarily make you and your wallet immune from such social engineering threats as phishing.

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 23 – Ethereum Exploding as its 2.0 Update Launch Approaches; Crypto Market in the Green

The cryptocurrency sector has spent the weekend being quite volatile as Bitcoin had a flash crash, which brought its price below $18,000, followed by a rally that brought it back above it. The largest cryptocurrency by market cap is currently trading for $18,461, representing an increase of 0.61% on the day. Meanwhile, Ethereum skyrocketed by gaining 8.13% on the day, while XRP gained 0.09%.

The cryptocurrency sector has spent the weekend being quite volatile as Bitcoin had a flash crash, which brought its price below $18,000, followed by a rally that brought it back above it. The largest cryptocurrency by market cap is currently trading for $18,461, representing an increase of 0.61% on the day. Meanwhile, Ethereum skyrocketed by gaining 8.13% on the day, while XRP gained 0.09%.

The cryptocurrency sector has spent the weekend being quite volatile as Bitcoin had a flash crash, which brought its price below $18,000, followed by a rally that brought it back above it. The largest cryptocurrency by market cap is currently trading for $18,461, representing an increase of 0.61% on the day. Meanwhile, Ethereum skyrocketed by gaining 8.13% on the day, while XRP gained 0.09%.

 Daily Crypto Sector Heat Map

Waves 38.43% in the past 24 hours, making it the most prominent daily gainer in the top100. It is closely followed by Horizen’s gain of 31.65% and Numeraire’s 21.56% gain. On the other hand, Terra lost 5.45%, making it the most prominent daily loser. HedgeTrade lost 3.22% while Crypto.com Coin lost 1.65%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has reduced drastically over the course of the weekend, with its value is currently staying at 63.2%. This value represents a 2.9% difference to the downside compared to the value it had on Friday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased significantly over the course of the weekend. Its current value is $541.71 billion, representing a $34.48 billion increase compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has spent the weekend with decently high volatility as its price managed to go from above $18,500 to $17,600 and then back above $18,500 in just one day. While this “flash crash” is behind Bitcoin, the bulls seem to be more and more wary of the new highs, and a retracement before another push towards the upside is quite possible.

Due to many people taking profits and shorting Bitcoin to hedge their portfolios, the largest currency has a hard time going up. However, trading pullbacks in a bull trend is equally as risky. Bitcoin traders would have the most chance of succeeding if they traded only long positions.

BTC/USD 2-hour Chart

Bitcoin’s technicals are semi-divided, with its daily and monthly overviews showing a slight bullish tilt with signs of bears still present. In contrast, the 4-hour and weekly overviews show no signs of bearish presence and are completely bullish.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above its 50-period EMA and at its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is neutral (51.42)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,130

Ethereum

Ethereum’s 2.0 version 0 launch is approaching, and Ethereum bulls seem to be back in the game. The second-largest cryptocurrency by market cap broke out of the ascending (red) line and pushed towards the upside, eyeing the $600 resistance level. While the rally was strong, Ethereum bulls started showing exhaustion at $580. With that being said, the move is still not considered over, and there is more opportunity to the upside.

We mentioned on Friday that Ethereum’s downside is quite defined, but that its upside isn’t. With ETH entering territory that was explored only a couple of times, the opportunity for volatility (but also slippage) is increasing.

ETH/USD 4-hour Chart

Ethereum’s 4-hour and daily time-frames are completely bullish, while its longer time-frames (weekly and monthly) are slightly more tilted towards the neutral position.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far above both its 50-period and its 21-period EMA
  • Price is at its top Bollinger band
  • RSI is extremely overbought (72.01)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $600                                     1: $510

2: $630                                     2: $500 

3: $735                                      3: $490

Ripple

The fourth-largest cryptocurrency by market cap has, just like Ethereum, had quite an amazing weekend. XRP continued its rally to the upside that began on Nov 20 and reached as high as $0.49 before starting to consolidate. While consolidating, it has seemingly created a triangle formation that should keep its price at bay before ~80% of the formation is done.

While it is quite unknown how XRP will act right now, all chances are that it will stay within the triangle formation’s bounds for some time, at least.

XRP/USD 1-hour Chart

XRP’s daily and weekly overviews are completely bullish and show no signs of neutrality, while its 4-hour and monthly overviews show slight neutrality.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and at its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (53.65)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.476                                   1: $0.3328 

2: $0.509                                   2: $0.3244

3: $0.792                                  3: $0.31

 

Categories
Crypto Videos

Galaxy Digital Earnings Skyrocketing!

https://youtu.be/67Vy_H8uRkg

https://youtu.be/67Vy_H8uRkg


Galaxy Digital’s Q3 Earnings Skyrocketing

Galaxy Digital, a financial firm specializing in digital assets and blockchain technology, has reported that its over-the-counter trading desk reached record volumes in the third quarter. As they stated, this new report signaling that institutional uptake of cryptocurrencies is on the rise. 

The company’s Q3 earnings report showed an astonishing 75% year-over-year increase in trading volumes, as it reached approximately $1.4 billion. The increase was mostly attributed to an expanding counterparty base, the rollout of Galaxy Digital’s electronic trading platform as well as the continued growth of the company’s crypto derivatives business.

Assets under Galaxy Digital’s management totaled $407.4 million at the end of the third quarter, and the assets included $82.4 million in passive Bitcoin and index funds, as well as $325 million in the Galaxy EOS (read it as one word, eos, rather than spelling it) VC Fund. The latter represents a partnership with Block.one, a blockchain merchant bank and EOS founder.

Galaxy’s Bitcoin funds under management increased by 17.3% in the third quarter. While its large-cap Crypto Index Fund made a 32.3% return, the company still wasn’t able to turn a profit. Its Q3 net loss amounted to $44.6 million for the quarter ending Sept 30.

Galaxy Digital was founded in 2018 by a well-known billionaire and crypto evangelist Mike Novogratz. The company was founded in an effort to bring more institutional investors to cryptocurrencies. Novogratz said in an official press release that Galaxy Digital is in the process of preparing itself for the “incoming wave of institutional adoption ahead of digital assets as well as blockchain solutions by investors, corporates, and governments.”

When comparing the 2017 bull market to the current one, we can clearly see that the earlier bull run was largely driven by retail fear of missing out, while the euphoria surrounding Bitcoin in 2020 is quite different, as it is largely tied to institutional uptake.

All the evidence shows that institutional investors are flocking to Bitcoin in far greater numbers in the fourth quarter. Grayscale’s Bitcoin Trust experienced record inflows at the start of Nov, putting it on track to reach an astonishing 500,000 BTC by the end of 2020. That number would amount to roughly 2.7% of Bitcoin’s current circulating supply.


On top of that, institutional investors such as Paul Tudor Jones and Stanley Druckenmiller also not only own Bitcoin but openly talk about its potential benefits. They have both touted the cryptocurrency’s growth potential in the current environment.

Bitcoin’s price peaked at $16,500 in the past week, while it is currently fighting for $16,000, according to TradingView data. Whether the fight for this psychological level is won or lost, Bitcoin’s long-term potential is extremely bullish.

 

Categories
Crypto Videos

Ex Goldman Sachs VP Seeking SEC’s Approval to get into Crypto With His Company Skybridge!

https://youtu.be/JbnlqNJk5gc

https://youtu.be/JbnlqNJk5gc


Another Mainstream Company Seeking SEC’s Approval to get into Crypto

Investment firm SkyBridge, founded by Anthony Scaramucci, a former Goldman Sachs” vice president, is one of the latest companies trying to step into the world of cryptocurrencies.

The company is trying to put together a hedge fund that would include Bitcoin investment, according to a United States SEC filing from Oct 14. The prospectus states: “The Company may seek to gain exposure to Investment Funds or Investment Managers that may enter into derivative transactions. These can include total return swaps, futures, and options. Investments by the Company may also be made in companies that are providing technologies related to digital assets and cryptocurrencies, or other emerging technologies.”

After more than 10 years of progress, the cryptocurrency sector is starting to gain traction on an institutional level. Several mainstream companies as well as individuals have kicked off a notable trend of entering and promoting cryptocurrencies, and most notably Bitcoin.

Billionaire investor Paul Tudor Jones stepped into Bitcoin heavily earlier this year. He also recently stated how early he feels that the investment opportunity still is.

Despite SkyBridge’s interest in investing in Bitcoin, the company still requires approval from the Securities and Exchange Commission before moving forward with the investment. The prospectus includes: “Neither the Securities and Exchange Commission, Commodity Futures Trading Commission nor any other US federal or state governmental agency or regulatory body has approved or disapproved the merits of investing in these securities.”

The prospectus included a section that described” “digital assets” in which it touched on and explained their uses, risks, as well as other points of consideration. The document stated that “Digital assets have no intrinsic value other than being a method of exchange. They are not based on tangible security, commodity, contractual right, or legal obligation” The values of digital assets shouldn’t be expected to be connected or correlated to other traditional economic or market forces, as the value of the investments in digital assets could decline rapidly, and even reach zero” the prospectus says after pointing out the crypto sector’s “tremendous price volatility” seen since its inception. They also added that this kind of volatility goes against the norms shown in other mainstream investments.

Bitcoin has, on the other hand, risen to significant heights in recent weeks and is currently inches away from its all-time high of $20,000.

 

Categories
Crypto Daily Topic

8 Great Tricks to Maximize Your Mining Profits: Number 7 will Amaze you!

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Making money via crypto mining takes more than buying hardware and starting to mine right away. You want your investment in hardware, electricity, and time to count. These 8 tricks will show you how to maximize your crypto mining profit to get the best returns on investment. 

#1. Do your homework

Doing background research is one of the first things you should do before you engage with crypto mining in any capacity. Crypto mining is already complicated, and the same way you can gain lucratively is the same way you can lose.

Start with mining equipment. Check whether the type of equipment you intend to acquire and deploy is outdated. Study whether the market is currently favorable – you may find that it’s more profitable to buy the crypto rather than invest to mine it.

#2. Check whether it’s a good time to enter 

Just like with everything, there are good and bad times to jump into crypto mining. For instance, during the crypto market’s incredible bull run in 2017, crypto mining hardware from manufacturers was pretty much sold out. Most of the profitable equipment could only be found in second-hand marketplaces selling it at exorbitant prices. These hiked prices virtually made any projected profits not worth it. 

This time may have seemed a good time to start mining, but with hardware speculators milking the market as much as possible, the conditions were not the most favorable. 

On the other hand, when cryptos are trading at a much-reduced rate, you may get mining hardware at much better prices both from the manufacturer and second-hand marketplaces. This way, you stand actually to profit from the equipment rebounds. 

#3. Switch to low hash rate cryptocurrencies

This is one of the best-kept secrets of the crypto mining world. Unlike popular belief, it’s possible to find a smaller cryptocurrency with a higher return on investment than a ‘mainstream’ cryptocurrency. Smaller currencies also usually have a lower hash rate, meaning you can contribute a larger hash rate and reap a bigger mining reward. 

This means keeping an eye out on all the other markets, not just the ones you’re currently mining. If you’re using a GPU, you have even better chances. GPUs, unlike ASICs, have the flexibility of being able to mine different cryptocurrencies. 

#4. Mine brand new cryptocurrencies

Mining a new cryptocurrency can be very profitable – sometimes. When a new crypto enters the market, there’s a phase of euphoria as the creators crank up the hype, creating interest in the currency. As a result, the currency in question might have considerable value in the first few days, weeks, or even months. 

What you need to do is be there at the very start. Depending on the currency, you can mine with GPUs, as ASIC manufacturers have not yet had time to develop an algorithm for the particular currency. Due to the unpredictable nature of cryptocurrencies and especially brand new ones, you want to quickly exchange the earnings for more reliant cryptos or Fiat. 

#5. Start small

This is universal wisdom for getting into any kind of business endeavor. It’s much truer for a market as volatile as cryptocurrency, isn’t it? When you’re new in the space, there’s so much you need to learn, and any rushed moves are highly discouraged. 

When you start small, any losses are also less painful. You also build the right skill set as you learn what works and what doesn’t. After you’ve figured out how crypto mining works, you can scale up. 

#6. Explore various scaling choices 

There are so many ways you can scale your crypto mining operation. This can be replacing aging equipment – which will lead to an increased heart rate while maintaining low expenditures and increasing your return on investment (ROI). 

You can also scale by buying mining capability from hash rate marketplaces. There’s also the option of cloud mining, where you purchase high amounts of hash rate for your favorite crypto or algorithm from companies that specialize in such. Whichever scaling method you choose, be sure to avoid third-party risk by doing appropriate research beforehand. 

#7. Find cheap energy

We can’t overemphasize the importance of inexpensive energy when it comes to crypto mining. Electricity is usually the largest expenditure involved in crypto mining. So when you save on energy costs, that’s more money for your bottom line. 

Also, depending on the region and electricity cost, your equipment may be profitable or not. In some parts of the world, energy prices tend to fluctuate instead of being constant. Some professional miners actually migrate in pursuit of cheap energy. 

The point is, you can increase your ROI if you find cheaper energy. You can even talk to your utility provider and see what’s the best rates they can provide. Again, this depends on your locale. 

#8. Join a mining pool

Now, we’d be remiss if we didn’t include joining a mining pool in this list. A mining pool is a group of miners who combine their computational power so as to discover new blocks faster. If the pool succeeds in finding a blog, the block reward is shared proportionally to each contributor’s processing power.

Why should you join a mining pool? Because the more the computational power, the more the likelihood for discovering and processing new blocks. As you can see, an individual miner would have a big challenge – financially and otherwise, assembling that kind of power. While going it alone doesn’t mean you’ll never see profits, it means they will be few and very far between. On the other hand, you stand a better chance to earn smaller but more frequent rewards with a mining pool. 

Final Thoughts 

Crypto mining is a great way to make money. Whether you’re a veteran in the scene or just getting started, these tips will help you make the best of your mining endeavor. Good luck! 

Categories
Cryptocurrencies

BitBox02 Hardware wallet Review: How Safe Is The Bitbox Hardware Wallet?

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Some of this wallet’s key features include an OLED display and invisible touch sensors for ease of navigation and a secure element, multi-signature support, and enterprise-grade encryption. In this review, we will be vetting BitBox02’s safety and ease of use by detailing its key security features, its step-by-step activation guide, number of supported currencies, and its pros and cons:

Key features:

Solid architecture: BitBox02 is ultralight, weighing only 12g. It is also made from a highly durable polycarbonate that can resist such elements as heat and water.

OLED display: BitBox02 features a white and 128*64 pixels OLED display. It plays a key role in easing in-wallet navigation and is large enough to fit a wallet address.

Invisible touch sensors: In addition to the OLED display is a range of invisible touch sensors that line up the sides of the wallet device. These also play a key role in navigating the wallet and approving outbound crypto transactions.

Desktop and mobile app compatible: BitBox02 is a cross-platform hardware wallet. It has a compatible desktop app for all the popular desktop operating systems like Windows, macOS, and Linux. Their website also hints at an upcoming mobile crypto wallet.

Multi-wallet: The wallet’s software is available in two downloadable data sheets; the BitBox02 multi and BitBox02 BTC. BitBox02 BTC ensures that the wallet will only support Bitcoin Cryptocurrency, while BitBox02 Multi supports popular cryptos.

Security features:

Password: Both the BitBox02 hardware wallet and compatible BitBox02 apps have a password as their primary deterrence against unauthorized access. You get to set both when activating the wallet and creating a user account.

Open-sourced: BitBox02 hardware wallet is highly transparent in that it is built on a fully open-sourced technology. This implies that both the app and the wallet firmware are open for viewing and auditing by wallet users and crypto security experts.

Secure element: BitBox02 wallet’s secure element is made up of dual chips that are used to store your encrypted private keys. The dual-chip architecture is designed using proprietary technology. They are also reinforced with a monotonic counter technology that limits the number of login attempts and a password stretcher that extends the amount of time required between login attempts while erasing the wallet contents after 15 unsuccessful attempts.

Instant backup: The BitBox02 hardware wallet comes with an SD card that you can use to back up your private keys. Unlike most other hardware wallets that provide you with an easy-to-forget recovery seed, the BitBox02 hardware wallet presents you with an SD card that you can use to back up your recovery seed instantaneously.

Enterprise-grade encryption: Your private keys, passwords, personal data held in your BitBox02 wallet is highly encrypted using the AES-256-CBC technology. Your wallet’s communications with other third party websites and systems are also subjected to end-to-end encryption.

Two-factor authentication: Outbound crypto transfers must also be subjected to two-factor verification processes.

Cold storage: Your private keys and any other personal data held in the wallet is held in offline cold storage. This gives you absolute control over your private keys and their backup.

FIDO-certified: BitBox02 wallet is FIDO certified as a Universal two-factor authenticator.

How to set and activate the BitBox Hardware wallet

Step 1: Start by ordering your BitBox hardware wallet on the Shift Crypto website.

Step 2: Download the BitBox02 desktop wallet app that’s compatible with your computer operating system.

Step 3: Plugin the hardware device (ensure the SD card is inserted)

Step 4: Chose a name for the wallet and create a unique wallet password.

Step 5: You will now have access to the BitBox02 wallet dashboard. Start by agreeing to the security information displayed to proceed.

Step 6:  On the ‘create a new wallet’ tab, enter your preferred wallet name, and create a password

Step 7: Remove the SD Card and keep it safe.

Step 8: The wallet is now active and ready to use

How to add/ receive crypto into your BitBox Hardware wallet

Step 1: Start by logging in to the BitBox02 wallet.

Step 2: If you are operating the multi-crypto wallet, select the coin you would like to receive

Step 3: Copy the wallet address or QR code and forward it to the party sending you crypto.

Step 4: Wait for the funds to reflect in your account.

How to send Crypto from your BitBox Hardware wallet

Step 1: Log in to your BitBox02 wallet

Step 2: If you are operating a multi-cryptocurrency wallet, select the coin you wish to send

Step 3: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 4: Insert the BitBox0 hardware wallet

Step 5: Confirm the transaction details on the hardware device and authorize the transfer by pressing the invisible touch sensors on the device.

BitBox Hardware wallet ease of use

The BitBox02 hardware wallet package doesn’t give you a manual/user guide, just a link to their website printed on the packaging box’s underside. It, however, is quite easy to use. Setting up the wallet, linking it with the desktop app, and creating a user account is quite straightforward.

Interacting with the app by sending or receiving crypto into the wallet or backing up your digital assets is also quite easy. And all these play a key role in making BitBox02 the most user-friendly hardware wallet.

BitBox Hardware wallet supported currencies and countries.

The number of cryptocurrencies supported by the BitBox02 hardware wallet depends on the firmware installed. You can choose BitBox02 BTC that will only support Bitcoin and Litecoin or BitBox02 multi that supports a wider range of cryptocurrencies.

You can also integrate the app with MyEtherWallet that makes it possible for you to support BTC, LTC, ETH, and 1000+ tokens.

BitBox02 wallet can be shipped to virtually every crypto-friendly country in the world.

BitBox Hardware wallet cost and fees

BitBox02 hardware wallet retails at €99.

You will only have to pay the variable crypto transaction fee when sending cryptocurrencies and tokens to another wallet or exchange.

BitBox Hardware wallet customer support

BitBox02 hardware wallet distributors have a highly responsive customer support team accessible via email or such Shift Crypto official social media pages on Facebook, Twitter, Instagram, Telegram, and follow their blogs on Medium.

What are the pros and cons of using the BitBox Hardware Wallet?

Pros:

  • BitBox02 hardware wallet has a strong emphasis on security.
  • It is easy to backup and recover your wallet using the SD card.
  • It is compatible with both desktop and mobile apps for easy navigation.
  • You can integrate MyEtherWallet that expands the number of supported currencies.
  • It is easy to use.

Cons:

  • Will only support a limited number of coins and tokens.
  • The screen is really small.
  • One may consider their €99 price tag restrictive.

Comparing BitBox Hardware wallet with other hardware wallets

BitBox Hardware wallet vs. Ledger Nano S wallet

Bitbox02 and Ledger Nano are both crypto hardware wallets that take pride in the number and effectiveness of integrated security features. Some of their similarities include integrating two-factor authentication, sleek design, and the fact that they both store your private keys in offline cold storage.

But unlike Ledger Nano S that supports 1000+ cryptocurrencies and tokens, the BitBox02 hardware wallet will only support a handful of crypto assets. Plus, while Ledger Nano S presents you with a set or recovery seed that you can use to backup your private keys. Unlike Ledger Nano S, however, BitBox02 has a simpler setup guide and supports multi-signature functionality.

Verdict: Is the BitBox02 Hardware Wallet safe?

Yes, BitBox02 hardware wallet embraces some of the most effective security measures. These include the fact that the wallet is open-sourced, is FIDO certified to serve as a Universal two-factor authenticator, two-step verification for outbound transfers, and backing up your wallet in an SD card. But these aren’t the only factors endearing BitBox02 to its users. Others include its rather straightforward setup process and its intuitive user interface.

Categories
Crypto Market Analysis

BTC/USD Weekly Chart Analysis + Possible Outcomes

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes.

Overview

Bitcoin has spent the week constantly pushing towards the upside, with its price moving from around $16,500 on Monday all the way up to $19,000 at one point on Saturday. This left Bitcoin holders in a dilemma: should they hold or hedge their investments. Most holders are already satisfied with the BTC movement and don’t want to invest at such a high price, while some are hedging or even selling their funds to take a profit. On the other hand, such a large rally has “invited” the retail market to join in, and they are the majority of the buy force, alongside institutional investors that do not care about the current price and just want to invest every time they have funds available.

While many analysts called for a stronger pullback long before the most recent push, all significant bear-related signals were false.

Technical factors



Bitcoin has continued moving up, supported by the 50-period MA, which has proven as great support, as well as by the ascending (pink dotted) line. On top of that, the largest cryptocurrency by market cap has done a great job pushing through its previous highs and making higher highs/higher lows. If we consider the year-to-date Bitcoin balance on exchanges dropping 18% and institutions being more and more involved, we can almost certainly expect a long-term price increase.

The hash ribbons indicator is showing miner capitulation (ever since Oct 29), sending out a major buy/accumulation signal.

Likely Outcomes

Bitcoin has one main scenario, as well as one supporting scenario that is likely to play out.

1: If Bitcoin manages to hold the so-called pivot zone (18,250-$18,450), it is almost certain to bounce and reach the all-time high level, and possibly even pass it. In that case, longing Bitcoin after it confirms its position above the pivot zone is a great trade, as it has defined targets (target 1 = Bitcoin’s ATH; target 2 = ride the bull wave and continuously take profit until volume dies out) as well as a defined stop-loss target (right below the pivot zone).

If the first scenario plays out, it will most likely play out on the Nov 23rd, as this is when the pivot zone is meeting the ascending support line and (most likely) the 50-period moving average.

2: The second (and a bit less likely) scenario happens when Bitcoin fails to hold the pivot zone, in which case we can expect a price drop to $17,260.

A move that will end up below $17,260 is highly unlikely, simply due to the overall sentiment currently surrounding Bitcoin.

Categories
Crypto Daily Topic Cryptocurrencies

What’s Injective Protocol All About? 

In this age of DeFi, project after project is competing to provide users all over the world with the most innovative products. Injective Protocol, a layer 2 decentralized exchange, is one of them. Injective wants to unleash the potential of crypto derivatives and borderless decentralized finance. 

In this age of DeFi, project after project is competing to provide users all over the world with the most innovative products. Injective Protocol, a layer 2 decentralized exchange, is one of them. Injective wants to unleash the potential of crypto derivatives and borderless decentralized finance. 

In this age of DeFi, project after project is competing to provide users all over the world with the most innovative products. Injective Protocol, a layer 2 decentralized exchange, is one of them. Injective wants to unleash the potential of crypto derivatives and borderless decentralized finance. 

The protocol supports cross-chain derivatives trading for multiple crypto products such as perpetual swaps, futures, CDFs, and more. In 2018, the protocol made it to the winner’s list of projects selected for incubation by Binance Labs. Injective wants to solve high latency, inefficiencies, and poor liquidity encountered by most exchanges today. 

Understanding the Injective Protocol

Launched in 2018, the Injective Protocol is a DeFi project that wants to enable decentralized and cross-chain spot trading and derivative trading of financial products, from perpetual swaps to CDFs, to futures and more. The platform utilizes ‘peg zones’ to realize a cross-chain trading infrastructure. This environment is also trustless, censorship-resistant, transparent, and with low fees. 

Highlights of the Injective Protocol

The Injective Protocol features the following highlights: 

#1 Layer 2 decentralized derivatives trading: Injective can support fast, autonomous and transparent trading 

#2. Trading opportunities: On Injective, anyone can create and trade on a derivative market of their choice by utilizing only a price feed. This increases opportunities for trading that are not found on other exchanges.

#3. Cross-chain trading: Injective supports a wide range of trading and yield generation activities across a variety of networks

#4. Community governance: The Injective Protocol will be governed by the community – in a true decentralization fashion. Any changes or updates to the protocol will be determined through a vote based on a decentralized autonomous organization (DAO) structure.

#5. Liquidity mining incentives: Injective users will have the ability to earn value through a variety of liquidity mining pools

Injective: Products and Technical Infrastructure

The Injective protocol is made of four key components: 

  • Injective Chain
  • Smart Contracts on Ethereum
  • API nodes
  • Front-end interface

Let’s take a close look at each: 

#1. Injective Chain

This is a decentralized sidechain solution that powers derivatives trading and supports a Trade Execution Coordinator (TEC) and a decentralized order book. The Injective Chain utilizes a Tendermint consensus mechanism to confirm and validate transactions. 

On the Chain, users can build derivatives through two ways: the Injective Futures Protocol and smart contracts. The Injective Futures Protocol allows traders to create, enter into, and execute decentralized perpetual swaps and CFDs. 

#2. Smart Contracts on Ethereum

As a token-based protocol, Injective is intricately linked with INJ, its native token. For that reason, major protocol interactions and token economics are implemented through various smart contracts, which are as follows: 

  • Injective Coordinator Contract: Implements orders and Injective’s derivative transactions both on Ethereum and the Injective Chain
  • Staking Contract: Manages core functions like token rewards, choosing delegates, and governance
  • Injective Futures Contracts: Smart contracts that allow traders to create and trade perpetual swap contracts on the market
  • Injective Bridge Contracts: A suite of smart contracts that manage the flow of info between the Injective Chain and the Ethereum network
  • Injective Token Contract: An ERC-20 contract for INJ token

#3. Injective API Nodes

Injective’s API nodes are responsible for two things: supporting transaction relay services and being the data layer of the protocol. 

  • Transaction Relay Service – This is a tool that formulates transactions and relays them to the Injective Chain. It also simplifies functionalities such as staking, voting, and governance.
  • Data layer – The API nodes also act as a data layer through which external clients can interact with the protocol. 

#4. Front-end interface

The Injective protocol is fully decentralized, meaning individuals and companies can use it in a permissionless manner. Injective has enabled a friendly front-end interface through which they can do so. 

The INJ Token

INJ is the native token for the Injective network. It plays several roles, which include the following: 

  • Protocol governance: The INJ token will be used as a governance mechanism. Token holders will be able to vote on the future of the project, network parameters, and protocol upgrades through a DAO structure.
  • Deflationary mechanism: The INJ token will be periodically bought back and burned so that it doesn’t flood the market – as a deflationary measure
  • Collateral backing: INJ can be used as an alternative to stablecoins in the protocol’s derivatives trading, as well as a collateral backing when users lock up tokens so as to earn interest
  • Incentive mechanism: The INJ token is used to reward participants for taking part in the network’s consensus
  • Proof of Security (PoS): When nodes stake in INJ and get the right to take part in the network consensus, which secures the network, they will be rewarded with block rewards

INJ Token Distribution

The INJ token was distributed in the following fashion: 

  • Binance launchpad sale tokens: 9%
  • Seed sale tokens: 6%
  • Private sale tokens: 16.67%
  • Team tokens: 20%
  • Advisors’ tokens: 2%
  • Ecosystem development tokens: 36.33%
  • Community growth tokens: 10%

INJ: Tokenomics

As of Oct 31st, 2020, the INJ token traded at $0.776922, with a market cap of $10,456,039, which places it at #470 per Coinmarketcap. The token’s 24-hour volume is $2,431,311, with a circulating and total supply of 13,458,281 and 100 million, respectively. INJ’s all-time high was $1.22 (Oct 23, 2020), while its all-time low is $0.662174 (Oct 29, 2020). 

Buy and Storing INJ

You can find the INJ token listed on several exchanges, including but not limited to Binance, HotBit, Poloniex, DCoin, Uniswap (V2), VCC Exchange, and Pancake Swap. The token is listed as a market pair with USDT, BTC, BNB, BUSD, and WBNB. 

Categories
Cryptocurrencies

MyStar wallet Review: How Safe Is This Multi-Blockchain Crypto Wallet?

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

Though MyStarWallet is still relatively new to the crypto world, it stacks a host of operational and security features that set it apart from the competition. For instance, it is built on the Ethereum Network, which means that it provides users with access to the decentralized network and such amenities as the Dapp browser and the app builder tools.

In this MyStarWallet review, we will be vetting these features by looking at its commitment to safety, outlining the setup by step guide on using the wallet app, and telling you its pros and cons.

MyStar Wallet Key features:

Mobile app: MyStarWallet is a mobile-based app vault. It can be downloaded from either the Google Play Store or Apple App Store.

Multi-asset: My Start Wallet is also a multi-asset app vault. It hosts a significant number of cryptocurrencies and tokens, and that there is no limit to the number of private keys that you can store within the wallet.

Inbuilt exchange: MyStarwallet features an inbuilt crypto exchange where users can buy, sell, or exchange cryptocurrencies and tokens. The exchange is relatively secure, and transaction processing reliably fast.

Blockchain explorer: MyStarwallet also features the blockchain explorer that lets you keep tabs on the Ethereum network. It helps you monitor network events, news, important announcements like upcoming ICOs, and political and economic events or changes that may impact the crypto world.

Portfolio Tracker: Within the MyStarwallet app’s dashboard is the balance and transaction history tabs that help monitor your crypto activity. For instance, the history tab outlines your crypto inflows and outflows, and these go a long way in helping you create a crypto budget.

Address book: MyStarwallet also features an address book that integrates your phone’s contact list that simplifies how you send and receive Crypto. This effectively means that you can simply send Crypto to a contact address on your phone regardless of whether they have Mystarwallet installed or not.

Send Crypto via messenger: MyStar wallet also features a proprietary messaging platform, the Startalk Messenger platform that you can use to “Instantly send money while you talk.” This features messaging and video chatting and the remittance functionality that allows you to transfer cryptocurrencies and tokens via StarTalk.

Dapp browser: MyStarWallet integrates a Dapp browser, a decentralized browser that allows you to surf the web anonymously.

Create Tokens: In addition to the Dapp browser, MyStarWallet users now have access to the app builder tools that make it possible for them to create and successfully launch both decentralized token and ERC-20 tokens.

Mystarwallet security features

Password: Like most other mobile phone-based crypto wallet apps, MyStarWallet is password secured. The password deters unauthorized access to your private keys and serves as the crypto app encryption tool.

Recovery seed: When creating a user account on your MyStarWallet app, you will be presented with a 12-word backup seed. You will need this seed to recover lost private keys or restore the MyStarWallet on another device.

Two-factor authentication: Outbound transfers from the MyStarWallet app must be subjected to two-factor authentication. You have the option of adding your phone number when creating a user account for MyStarWallet that you can use to authorize outbound transfers or use the Authenticator apps.

How to set and activate the MyStar wallet

Step 1: Start by downloading the MystartWallet crypto app for your Android or iOS smartphone.

Step 2: Install and upon launching the app, click on the ‘Create a new wallet” icon

Step 3: Create a password for the wallet

Step 4: You will now receive the 12-word backup/recovery seed for the crypto wallet. Write it down on a piece of paper and keep it safe offline.

Step 5: Your wallet is now active and ready for use

How to add/receive Crypto into your MyStar wallet 

Step 1: Log in to your MyStarWallet app, and on the user dashboard, click on the ‘Receive’ tab.

Step 2: On the deposit window that pops up, copy your wallet address or the QR Code and forward it to the party sending you cryptos

Step 3: Wait for the deposit to reflect in your wallet.

How to send Crypto from your MyStar wallet

Step 1: Start by logging into the MyStarWallet app and clicking the “Send” icon on the user dashboard.

Step 2: If you have more than one types of cryptos stored in here, select the crypto coin you wish to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins/tokens you want to transfer

Step 4: Confirm the accuracy of the transaction details and authorize the transfer.

MyStar wallet ease of use

MyStarWallet is highly intuitive and very beginner-friendly. The processes of creating a user account are simple and quite straightforward. The user interface is very clean, with just a few carefully placed tabs that ensure you don’t need any expert help to teach you how to interact with the app. The processes of sending and receiving cryptos/tokens in and out of the wallet are also quite easy and straightforward.

MyStar wallet supported currencies and countries

MyStarWalet is eth-based and will only support Ethereum and such eth-network based tokens as the ERC-20 tokens.

MyStar wallet cost and fees

Downloading MyStar wallet, installing it on your phone, and storing cryptos and tokens therein is free. However, you will have to part with variable transaction processing fees (GAS) every time you wish to send cryptocurrencies and tokens from one wallet to another.

MyStar wallet customer support

You can always consult the MyStarWallet Blog or Wallet Guide sections of the wallet’s website to learn how to interact with the wallet app. This website also features an extensive range of video tutorials that outline everything related to MyStar, including the different troubleshooting techniques.

You may also want to reach out to the MyStarWallet customer support team by raising a support ticket, emailing them, or direct messaging them on social media platforms such as Facebook, Instagram, and Twitter.

What are the pros and cons of using MyStarWallet?

Pros:

  • It supports a wide range of eth-based cryptos and tokens
  • It is highly intuitive ad beginner-friendly
  • MyStarwallet is feature-rich and even integrates an inbuilt exchange
  • It makes it possible for users to send cryptos to a phone number or via Startalk messenger
  • It features a Dapp browser and Dapp builder that lets you create and launch ERC-20 tokens

Cons:

  • It only hosts basic security features
  • It will only support Eth-cryptos and tokens
  • It is not a regulated wallet

Comparing MyStar wallet with other multipurpose crypto wallets

MyStarWallet vs. eToro wallet 

Mystar and eToro are both multipurpose and multi-feature wallets that host a wide range of operational tools. And some of the common features hosted on both MyStar and eToro wallets include an inbuilt exchange and portfolio tracker. Both wallets are also beginner-friendly and feature highly intuitive user interfaces.

However, while eToro is a multi-blockchain wallet hosting cryptocurrencies built using different blockchains, MyStarWallet will only host eth-based altcoins. Further, eToro has a friendlier and highly responsive customer support team compared MyStarWallet. MyStarWallet nevertheless carries the day with the number of supported altcoins that include all ERC-20 tokens against eToro that will only support less than 20 popular cryptos. Moreover, they have made it possible for you to send Crypto to phone numbers and through messenger.

Verdict: Is MyStar wallet safe?

Well, the mobile crypto app has embraced several effective security and privacy measures around the vault aimed at keeping your private keys private and highly secure. These include securing the app with a password and enabling two-factor authentication, as well as providing you with a backup and recovery seed. However, we must mention that the online nature of the wallet plus the fact that it stores your keys in your phone, not cold storage, exposes it to such threats as hacking and malicious viruses.

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 20 – Bitcoin Conquering $18,000: What’s Next in Store?

The cryptocurrency sector has ended up with the majority of cryptos in the green as Bitcoin continued its rally past $18,000. The largest cryptocurrency by market cap is currently trading for $18,095, representing an increase of 1.31% on the day. Meanwhile, Ethereum gained 1.59% on the day, while XRP gained 2.42%.

The cryptocurrency sector has ended up with the majority of cryptos in the green as Bitcoin continued its rally past $18,000. The largest cryptocurrency by market cap is currently trading for $18,095, representing an increase of 1.31% on the day. Meanwhile, Ethereum gained 1.59% on the day, while XRP gained 2.42%.

The cryptocurrency sector has ended up with the majority of cryptos in the green as Bitcoin continued its rally past $18,000. The largest cryptocurrency by market cap is currently trading for $18,095, representing an increase of 1.31% on the day. Meanwhile, Ethereum gained 1.59% on the day, while XRP gained 2.42%.

 Daily Crypto Sector Heat Map

SushiSwap 31.66% in the past 24 hours, making it the most prominent daily gainer out of the top100 cryptos ranked by market capitalization yet again today. It is closely followed by Waves’ gain of 21.42% and CyberVein’s 17.06% gain. On the other hand, Blockstack lost 8.00%, making it the most prominent daily loser. NEM lost 7.73% while ABBC Coin lost 6.77%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has reduced slightly over the course of the day, with its value is currently staying at 66.1%. This value represents a 0.2% difference to the downside when compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased over the course of the day. Its current value is $507.23 billion, representing a $12.16 billion increase compared to our previous report.

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What happened in the past 24 hours?

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_______________________________________________________________________

Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has spent the past 24 hours pushing towards and past the $18,000 level after it has won the fight for $17,850. While the move was quite sudden at one point, it was actually not accompanied by a great increase in volume. This has ultimately caused BTC to end its move slightly above $18,200 and start its consolidation phase.

Due to many people taking profits and shorting to hedge their portfolios, Bitcoin has a hard time going up. However, trading pullbacks is equally as risky. Bitcoin traders would have the most chance of success if they traded only pushes to the upside, accompanied by a decent volume increase.

BTC/USD 1-hour Chart

Bitcoin’s technicals on the 4-hour, daily, and monthly time-frame are all bullish but show some signs of neutral presence. On the other hand, its weekly overview is tilted towards the buy-side and doesn’t show any bearishness.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above both its 50-period EMA and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is neutral (57)
  • Volume is slightly below average
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,130

Ethereum

Our yesterday’s call for Ethereum traders was that they should wait for the cryptocurrency to confirm its support level or fall under it, and then trade “with the wave.” Ethereum confirmed its position above the yellow dotted line (top line of the ascending channel) and pushed up instantly. The move brought Ether from $470 all the way to $488 before slowing down and starting to consolidate.

While Ethereum’s downside is quite defined, its upside isn’t. Traders should be wary of Ether’s future pushes to the upside, while they should trade any pullback from the retest of the yellow line.

ETH/USD 1-hour Chart

Ethereum’s 4-hour, daily and monthly time-frames are extremely bullish and show no signs of neutrality or bearishness. On the other hand, its weekly overview is still titled to the bull side but does show significant neutrality.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above both its 50-period and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is neutral after bouncing from almost being overbought(59.32)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $490                                     1: $470

2: $500                                     2: $451 

3: $510                                      3: $445

Ripple

The fourth-largest cryptocurrency by market cap has spent the day breaking out of its slow price descent and pushing towards the upside. XRP first changed its price direction at $0.284 and quickly pushed towards the upside, reaching as high as $0.306. However, that price did not hold up, and XRP started trading sideways around the $0.3 mark.

XRP traders should still be safe to trade within the range bound by $0.2855 and $0.31. However, since the range is quite large, traders would be even better if they could spot additional small buy/sell walls in the order books before blindly trading.

XRP/USD 1-hour Chart

XRP’s daily and weekly overviews are completely bullish and show no signs of neutrality, while its 4-hour and monthly overviews show slight neutrality.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and at its 21-period EMA
  • Price is near its middle Bollinger band
  • RSI is neutral (53.74)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.28 

2: $0.3244                                 2: $0.27

3: $0.3328                                3: $0.266

 

Categories
Cryptocurrencies

How to Take Advantage of PayPal’s Crypto Adoption

Cryptocurrencies are officially becoming mainstream. PayPal recently announced that its users would soon be able to send and receive Bitcoin and other cryptocurrencies on the platform, and the news created some frenzy among crypto enthusiasts. Considering the high volume of transactions that PayPal facilitates, the introduction of crypto capabilities will certainly change things significantly. Bitcoin […]

Cryptocurrencies are officially becoming mainstream. PayPal recently announced that its users would soon be able to send and receive Bitcoin and other cryptocurrencies on the platform, and the news created some frenzy among crypto enthusiasts. Considering the high volume of transactions that PayPal facilitates, the introduction of crypto capabilities will certainly change things significantly. Bitcoin […]

Cryptocurrencies are officially becoming mainstream. PayPal recently announced that its users would soon be able to send and receive Bitcoin and other cryptocurrencies on the platform, and the news created some frenzy among crypto enthusiasts. Considering the high volume of transactions that PayPal facilitates, the introduction of crypto capabilities will certainly change things significantly. Bitcoin investors are already speculating how this move will affect BTC prices and what new opportunities could be in the offing. 

This article will explain how PayPal’s crypto adoption is likely to affect Bitcoin and other cryptos. We will also look at what early-bird opportunities this move presents.

What Is It All About?

On 21 Oct 2020, PayPal announced that plans are in place to allow its users to buy, hold and sell cryptocurrencies straight from their account. ‘…it will enable cryptocurrency as a funding source for digital commerce for its 26 million merchants,’ read the statement in part. 

For a long time, cryptocurrencies have struggled to enter mainstream payment platforms with little success. Part of the slow adoption is due to crypto’s high volatility. Also, regulators have been slow and hesitant in providing the necessary approvals for mainstreaming cryptos. 

The New York State Department of Financial Services (NYDFS) has granted PayPal a BitLicense, which will essentially allow the company to conduct any virtual currency activities. Although this license applies only in limited jurisdictions, it’s likely to pave the way for other regulators to give companies approvals for conducting cryptocurrency activities.

That aside, PayPal’s new service will serve US residents for a start and feature only Bitcoin. Although no dates have been given on when users outside the US can expect the services or when altcoins will be supported, this could be pretty soon given the whole idea’s ingenuity. Even so, smart investors do not wait for opportunities; opportunities find them ready!

How the New Service Will Affect Bitcoin and other Cryptos

Before preparing to take advantage of this latest integration, it is important to know how Bitcoin and other cryptos might be affected. 

First, Bitcoin has been performing well, especially in the second half of 2020. Generally, there has been positive news about Bitcoin and most altcoins. The news about PayPal’s crypto integration can only add to the basket of favors Bitcoin is already enjoying, and this is likely to spur the growth of cryptocurrencies. Some of these impacts are already being felt way before the service is active. Within a few days of the announcement, Bitcoin’s prices shot up by 8% to reach $12,800. PayPal’s share prices also rose by 5.55 immediately following the announcement. These outcomes are a clear reflection of investors’ desire to see virtual currencies in the mainstream economy. So, the question is, what opportunities are these investors and speculators seeing? Let’s take a look at some of them.

#1. Merchants

Unquestionably, merchants will be the biggest beneficiaries of this move. The service will allow merchants to receive payments in Bitcoin. Serious traders know that this is a gate of opportunities only limited by their imagination. By accepting payments in crypto, merchants will encourage buyers to try their services. 

A merchant accepting crypto can give them an edge over their competitors – perhaps from the touch of sophistication that crypto will introduce or because users will have an extra payment option. In either case, it would be folly for a merchant to not accept crypto with such convenience in their way. As a bonus, PayPal will do the conversions for merchants who still want their payments to be settled in fiat money. 

If you are a merchant, this is the best time to learn how the service is expected to work and how you can align your business to leverage the full potential of the new service. Waiting to see how the market responds is not a clever idea as it will always leave you admiring trailblazers. 

#2. PayPal Users

There are many PayPal users who, hitherto, have never bothered to care how Bitcoin can change their lives. Part of this indifference is a result of the (perceived) complexity of cryptocurrencies. Many people have yet to try out cryptocurrencies because they simply don’t understand what this concept is all about. This is about to change. 

PayPal’s crypto integration means that PayPal users, even those with only scant knowledge of crypto, will be able to buy, hold, sell or pay with cryptocurrencies on the first day, and without having to learn anything new. PayPal said that users would not need new wallets. So, in essence, it’s like PayPal users will have their wallets upgraded to hold crypto.

Even more interesting is that PayPal users will have a “mini forex market” due to the new capabilities that will allow them to buy and sell crypto within the platform. Considering how easy it will be to move crypto around, PayPal users should already be learning how to trade crypto, as crypto-trading will become easier and more accessible than ever before. 

#3. Bitcoin Users

Bitcoin users will enjoy advantages never seen before. The currency will now seem like a medium of value exchange more than ever before. Currently, only about 1% of the top 500 retailers accept crypto. People have been treating Bitcoin more like an asset than a currency. Ironically, the coin was developed to facilitate payments. Low online acceptance and perceived complexity of use have ensured this irony remains the reality. However, this integration will force merchants to embrace crypto or face the inevitable – extinction. In the end, Bitcoin users will discover new and exciting possibilities for using their coins. 

#4. Expanded Crypto Acceptance

Expanded crypto acceptance is a win for the entire crypto community and beyond. Cryptocurrencies will become a reality for laypersons as they are bound to experience crypto like never before. International trade, remittances – you name it, it’s all bound to change. 

Peer-to-peer trade is one of the areas of commerce that’s likely to experience tremendous transformation due to PayPal’s latest offering. Global peer-to-peer markets are bound to grow partly due to the extra payment alternative and the hype that PayPal’s integration will generate. 

If you consider yourself a layperson when it comes to cryptocurrencies, it’s about time you paid some attention to them. PayPal’s crypto integration is not the first, but it will inevitably change how we make and receive payments, given the platform’s global acceptance and penetration.

Final Thoughts

PayPal’s integration with cryptocurrencies is a long-overdue solution to an age-old problem. This feature will introduce new possibilities for end-users and merchants alike. Laypersons will also have a chance to take part in crypto without the hassle of learning its intricacies. As early-bird investors always enjoy the pioneer advantage, this is the best time to explore the possibilities that will arise from PayPal’s integration with cryptocurrencies.

Categories
Crypto Videos

Bank Of England Deputy Governor Jon Cunliffe Says Banks Must Keep Up With Crypto! The Race For CBDC!

https://youtu.be/cvBIcHMBxAA

https://youtu.be/cvBIcHMBxAA

Banks Will Need to Adjust to Crypto – Bank of England Deputy Governor Speaks Up

Jon Cunliffe has, as one of the leaders of England’s central bank, talked about crypto and digital assets as well as how banks will have to adapt to the changes brought by the crypto sector. His public statement is a testament to how blockchain technology and cryptocurrencies are changing the world as we speak.

Blockchain and digital assets offer their users the ability to store their own assets. By providing this service, they are possibly threatening the solutions that banks offer. Making sure that banks remain relevant on the playfield is not on the to-do list of England’s, or any country’s, central bank. Bank of England deputy governor Jon Cunliffe said that their job does include protecting various bank’s business models, but that banks will have to adjust. “Our job is to make sure that if bank business models change, the central bank manages the financial and macro-economic consequences of that” – Cunliffe said.

Cunliffe also spoke about central bank digital currencies, or CBDCs, and the “race” to be the first country to digitize its currency. He said that CBDCs also pose a threat to the solutions that commercial banks provide, as they are essentially cutting them out as middlemen. Crypto, on the other hand, is much broader and presents users with the option of self-custody, which presents a challenge to banks. However, in the case of crypto, banks will still function as fiat currency on-ramps as no cryptocurrency is even close to becoming a unit of account.

China seemingly leads the race to roll out its own CBDC, as it is already testing its digital yuan in some parts of the country. CBDCs hold far-reaching implications. Cunliffe said that “They need to go up the political agenda very fast before the political side starts to discover that there are developments in the private sector that don’t fit with policy.” This was said with an implication that governments across the globe have to prioritize conversations around digital assets due to the changes they may bring.
In contrast to many nations sprinting toward the CBDC finish line, United States financial regulators came out with a statement that they do not need or want to be the first to come out with their own CBDC, but that they rather want to do it right.

Categories
Cryptocurrencies

Is This a Good Time to Invest in Ripple?

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

Ripple’s (XRP) 2020 performance has shown fluctuations similar to Bitcoin and Ethereum. While part of this performance trend may be attributed to Bitcoin’s overall influence on the crypto market, there are XRP-specific forces attributed to the trend. As an investor, it is worth looking at these forces and XRP’s overall outlook to establish whether this is a good time to buy Ripple. 

This article will look at how XRP has been performing over the last 12 months and the factors that might shape its outcomes in the next several months. 

A Brief Background on Ripple

Ripple was introduced in 2012 as a real-time gross settlement (RTGS) solution. It enables financial institutions to send money instantly in a secure manner across the globe and at cheaper rates than previously possible. Besides the payment infrastructure, Ripple has the XRP currency, which can be used for trading and investment. 

2020’s Performance

XRP started the year at $0.92, and within two months, it had gone to a low of $0.34. In the next month of March, the currency fell to its lowest, exchanging at $0.14. During this period, both Bitcoin and Ethereum were also struggling to fetch competitive rates against the dollar. As such, it is safe to assume that XRP’s performance up to this point was largely a reflection of the economic outlook of the cryptocurrency economy.

From mid-March, XRP grew slightly and seemed to avoid fluctuations until August, when it shot up to $0.31. Again, this spike closely resembles trends observed on Bitcoin and Ethereum, where the two showed some of the highest figures in 2020. From August onwards, XRP has maintained an average of $0.25. 

From XRP’s 2020 financial performance, we can conclude that external forces heavily influence the currency’s outlook in the cryptocurrency economy. Nonetheless, there are unique aspects that either make XRP a good choice for investment or make it a matter that should be put on the shelf in the meantime.

Partnerships and Approvals

Besides the fair financial performance, Ripple has had a lot else going on – 2020 is the year RippleNet made numerous partnerships with banks and other financial institutions. The aim was to help these organizations achieve cheaper, faster, and more secure money transfers worldwide. Notable industry players such as Bank of America, HSBC, and Western Union have tested the solution giving it their vote of confidence. 

Ripple is also increasingly being loved by regulators. The UK Financial Conduct Authority acknowledges XRP as a utility token – a privilege only previously granted to Bitcoin and Ethereum. In the US, Ripple is in good standing with the Securities and Exchange Commission. The currency is also available on all major exchanges, which further strengthens its brand. Positive news about Ripple has also contributed to an increase in the crypto’s appeal among the investor community. 

2021 Outlook

2020 has been quite eventful for Ripple. 2021 might see an increase in activity considering that many of the partnerships the company announced will be maturing in 2021. When these partnerships finally take shape, we’re likely to see FOMO buying due to increased positive news about the currency. In such a case, prices will certainly surge, and predictions of XRP/US exchanges at $1 are not far-fetched.

We have also seen how Ripple’s performance follows Bitcoin’s trend. At the moment, Bitcoin is on the upward projectile, and this growth is likely to continue for several months. There have been substantial fluctuations between resistance and support, but each cycle since July sets a new high. Based on this history, it might take some time before Bitcoin reaches its ultimate resistance and prices start to crash. Since XRP trails Bitcoin’s performance, its investors might have even more time to decide if they need to jump out. 

Advantages of Buying Ripple

#1: It Solves Real-World Problems – Financial institutions have long struggled with transferring money fast and cheaply across the world. Currently, most cross-border money transfers are powered by SWIFT. But this messaging technology is slow and expensive. Ripple’s alternative solves these two age-old problems and thus, makes for a good competitor. The best way to create value, they say, is by solving people’s problems. As Ripple continues to address these challenges, we can only expect its value to grow. 

#2: It Is Currently Affordable – Well, it’s not really affordable considering that it is not a commodity. However, the idea that you can get several hundred XPRs for just $100 is refreshing. As an investor, high volumes are usually satisfying. While XRP currently seems affordable, this might not be the case in the next year or so. Based on the analysis in this article, XRP prices are likely to shoot next year. Come 2022, and your $100 might only afford you 100 XRP.

#3: It’s Got a Huge Market Capitalization – So what does it matter? Market cap is a good indicator of the stability of a company. It does not guarantee anything, but a huge market cap suggests that the market is conservative. This is a good thing for investors with a low-risk appetite because they fancy markets that seem stable, albeit this comes with the promise to oneself that they will not expect anything more than modest returns. Ripple has the third-largest market cap (after Bitcoin and Ethereum). 

#4: Ripple Has Professional Support – While hardcore crypto-enthusiasts think this is undesirable interference, it actually has many benefits. For instance, Ripple’s engineers always ensure the platform is stable. But perhaps, the greatest benefit of this “interference” is that Ripple Labs Inc. can promote the product to financial organizations. These marketing efforts will certainly promote the adoption of Ripple among financial organizations. The result will be a steady growth of the platform, including the XRP currency.

Ripple’s Challenges

There are many sweet things we can say about Ripple. On the flip side, Ripple has some challenges that are worth highlighting. 

  • No new XRPs are being mined, and nearly half of the existing ones are in the hands of, well, the wallets of the company’s directors. If they decide to dump their share, XRP might be badly devalued. This is just a hypothetical situation, and willing investors must assume the company has a future such that the directors will see no need to dump their coins. 
  • Financial institutions are conservative. This means that, despite the promotion efforts the company is making, it may take a long time for the platform to be fully adopted. 

Final Thoughts

Ripple has had a fairly impressive outlook so far. It has shown slow but steady growth in 2020. Although its price remains low compared to previous performance, there are all indications that the currency will become stronger in the coming year. There are several projects in the pipeline, as well as promote efforts to boost the platform’s adoption. It might take long before these results are realized. But all factors considered, there is good reason to believe that this is a good time to invest in Ripple.

Categories
Cryptocurrencies

Dharma Smart Wallet Review: How Smart Is The Defi-Focused Dharma Wallet?

Dharma smart wallet website refers to this crypto vault as ‘Your portal to DeFi’ and the ‘easiest and most secure way to invest and manage your money in DeFi.’ This mobile-based crypto wallet was created by Dharma Labs, a San Francisco based crypto technology company, and launched in April 2017. At the time of going public, Dharma was not a fully-fledged crypto wallet but an income-generating platform created on the compound protocol that individuals used to borrow and lend crypto.

Dharma smart wallet website refers to this crypto vault as ‘Your portal to DeFi’ and the ‘easiest and most secure way to invest and manage your money in DeFi.’ This mobile-based crypto wallet was created by Dharma Labs, a San Francisco based crypto technology company, and launched in April 2017. At the time of going public, Dharma was not a fully-fledged crypto wallet but an income-generating platform created on the compound protocol that individuals used to borrow and lend crypto.

Dharma smart wallet website refers to this crypto vault as ‘Your portal to DeFi’ and the ‘easiest and most secure way to invest and manage your money in DeFi.’ This mobile-based crypto wallet was created by Dharma Labs, a San Francisco based crypto technology company, and launched in April 2017. At the time of going public, Dharma was not a fully-fledged crypto wallet but an income-generating platform created on the compound protocol that individuals used to borrow and lend crypto.

In the months that followed, the protocol was subjected to numerous upgrades that saw it grow into a mobile crypto wallet that integrates such additional features as a Dapp browser. Similarly, this period saw the wallet onboard more DeFi programs, increase the number of supported tokens, and integrate advanced security measures.

This Dharma smart wallet review will help you understand how this mobile crypto vault works by detailing its key operational and security features, the step-by-step guide on how to activate the wallet, and highlighting its pros and cons. We also compare it with other mobile crypto wallets before telling you if Dharma is the safest DeFi wallet.

Key features

Mobile wallet: Dharma smart wallet is mobile-based and available in Android and iOS versions. Both have a highly intuitive and beginner-friendly user interface.

Auto upgrades: Unlike most other crypto wallets that require you to download and install their software or firmware upgrades manually, Dharma smart wallet upgrades are automatic and instantaneous. This ensures that a bug or vulnerability is patched at the same time for all wallet users.

Integrates DeFi apps: Note that Dharma smart wallet started as a Compound (a DeFi app) protocol before its eventual upgrade into a smart wallet app. During the upgrade, Dharma labs increased the number of supported DeFi apps, which effectively increased the revenue-generating screams.

Earn interest: The integration of numerous DeFi apps within the wallet makes Dharma an income-generating wallet. You start earning fixed interest as soon as you deposit your fiat or cryptocurrencies into the Dharma wallet. And the longer you let your cash sit in there, the higher the earnings.

Inbuilt exchange: Dharma mobile wallet features an in-built crypto exchange – Uniswap – where users can exchange and trade 2000+tokens seamlessly.

Deposit FIAT: Dharma processes both crypto deposits and is one of the few wallets that accept debit card deposits. You can, however, only deposit a maximum of $1000 via a debit card. You nevertheless are free to set up an automated recurrent deposit scheme.

Integrated Dapp browser: In addition to the income-generating apps, Dharma wallet also integrates Dapp browsers. This comes in handy to wallet users as they can use it to search and explore the Ethereum blockchain.

Automated updates: Dharma allows you to automate wallet notifications. These include notifications for token price changes as well as blockchain news.

Security features

Password: When installing Dharma smart wallet app and creating a user account, you will be required to set a unique password. It deters unauthorized access to your mobile wallet vault and serves as its encryption tool.

Open source: Dharma smart wallet is built on an open-sourced technology. This makes Dharma highly transparent and auditable by both the wallet users and crypto security experts.

Non-custodial wallet: Dharma is a non-custodial wallet in that it doesn’t store your private keys in their servers. Instead, the encrypted private keys are stored within your device, giving you absolute control over your private keys.

Multisig: Dharma wallet has enabled multi-signature functionality that, in turn, gives it multi-user capabilities whereby a transaction has to be verified by several parties before it is executed.

How to set and activate the Dharma Smart wallet

Step 1: Start by downloading the Dharma Smart wallet from either Google play store or Apple App Store.

Step 2: Install the app and click on the ‘Create a new wallet’ tab.

Step 3: Create a unique password for the wallet

Step 4: The wallet will now present you with a 24-word backup and recovery seed. Write it down on a piece of paper and keep it safe offline.

Step 5: You will want to verify your identity if you hope to deposit fiat or buy crypto with a debit card

Step 6: Your Dharma smart wallet app is now active and ready for use

How to add/receive crypto into your Dharma Smart wallet 

Step 1: Log in to your Dharma smart wallet and click ‘Receive” in the user dashboard.

Step 2: On the deposit window, copy the wallet’s address or QR code and send it to the party sending you coins

Step 3: Wait for the coins to reflect in your wallet.

How to send crypto from your Dharma Smart wallet

Step 1: Log in to your Dharma smart wallet app and click ‘Send’ on the user dashboard.

Step 2: If you have multiple digital assets stored therein, select the coin or token you wish to send

Step 3: On the transfer window, enter the receiver’s wallet address or QR code and the number of coins/tokens you wish to send

Step 4: Confirm that the transaction details are okay and hit send.

How does Dharma Smart wallet work?

Dharma smart wallet is a DeFi focused crypto platform that allows you to earn interest on your crypto or FIAT deposits. You start by creating a user account on the Dharma smart wallet app and depositing either fiat or cryptocurrencies.

You can then choose to stake it all or a part of it in one of the income-generating DeFi protocols, such as Compound. In here, you will find numerous other DeFi apps that present you with numerous other ways of earning from your deposits, like lending your crypto to other Dharma wallet or compound protocol users.

Dharma smart wallet ease of use

Dharma Smart Wallet’s dashboard stands out because of its simplicity and ease of use. Creating a user account for Dharma smart wallet is easy and quite straightforward. The highly intuitive and relatively clean user interface makes in-app navigation easy for both experienced and beginner crypto traders.

The processes of depositing and sending cryptos or cash in and out of the wallet and moving crypto and accumulated interests in and out of the income-generating platforms are also easy and straightforward.

Dharma Smart wallet supported currencies and countries

According to Dharma labs, the Dharma Smart Wallet app can support Ethereum, Ethereum classic, and 2000+ eth-based tokens.

The mobile wallet app is also available to residents of 100+ crypto-friendly countries.

Dharma Smart wallet cost and fees

One of Dharma Smart Wallet’s most interesting features is the Zero-fee policy for in-app transactions. You will not be charged any fees to swap tokens, send or withdraw crypto in and out of the DeFi apps. You will only have to pay GAS fees when you send crypto tokens to another wallet or exchange.

Dharma Smart wallet customer support

You can contact Dharma Smart wallet’s customer support team via the Live Chat button on the website and mobile app. Alternatively, send them an email or engage them on such social media platforms as Twitter or Discord.

What are the pros and cons of using the Dharma Smart Wallet?

Pros:

  • It provides you with multiple income-generating opportunities
  • It supports both fiat and crypto deposits
  • Dharma smart wallet is quite beginner-friendly
  • Dharma is highly secure as it embraces some highly effective security features
  • It is open-sourced and beginner-friendly

Cons:

  • Dharma will only support Eth-based cryptos and tokens
  • It is not immune to the inherent limitation facing online-based crypto wallets

Verdict: Is Dharma Smart wallet safe?

The smart wallet app has embraced several security measures to make the mobile crypto app the safest DeFi focused platform. Key among them is the password that locks and encrypts wallet contents, a recovery seed for backup, smart contracts that secure all crypto transactions, and the multi-signature functionality. However, we must mention that the fact that Dharma Smart wallet is online-based exposes you to inherent threats facing the mobile crypto apps like hacking and malicious virus.

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 19 – Ethereum 2.0 Most Likely Not Launching on Time; Crypto Sector Consolidating

The cryptocurrency sector has spent the day trying to consolidate after Bitcoin finished its rally. However, while most cryptocurrencies moved less than 1%, almost every one of them ended up in the red. The largest cryptocurrency by market cap is currently trading for $17,708, representing a decrease of 0.73% on the day. Meanwhile, Ethereum lost 0.49% on the day, while XRP lost 1.53%.

The cryptocurrency sector has spent the day trying to consolidate after Bitcoin finished its rally. However, while most cryptocurrencies moved less than 1%, almost every one of them ended up in the red. The largest cryptocurrency by market cap is currently trading for $17,708, representing a decrease of 0.73% on the day. Meanwhile, Ethereum lost 0.49% on the day, while XRP lost 1.53%.

The cryptocurrency sector has spent the day trying to consolidate after Bitcoin finished its rally. However, while most cryptocurrencies moved less than 1%, almost every one of them ended up in the red. The largest cryptocurrency by market cap is currently trading for $17,708, representing a decrease of 0.73% on the day. Meanwhile, Ethereum lost 0.49% on the day, while XRP lost 1.53%.

 Daily Crypto Sector Heat Map

OKB gained 17.77% in the past 24 hours, making it the most prominent daily gainer out of the top100 cryptos ranked by market capitalization yet again today. It is closely followed by yearn.finance’s gain of 12.48% and SushiSwap’s 11.73% gain. On the other hand, Band Protocol lost 10.00%, making it the most prominent daily loser. Ampleforth lost 9.81% while Aragon lost 7.26%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has stayed at exactly the same place over the course of the day, with its value is currently staying at 66.3%. This value represents no difference when compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has stayed at the same place over the course of the day. Its current value is $495.07 billion, representing a $3.01 billion decrease compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

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Technical analysis

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Bitcoin

While it may seem that Bitcoin has had a pretty slow and uneventful day, that is certainly not the case. The largest cryptocurrency by market cap has spent the past 24 hours fighting for the $17,850 level and constantly going over and under it. However, the battle is finished, and BTC remains below $17,850 for the time being.

Many traders and analysts are warning BTC traders of a potential triangle formation forming. They also advise traders to refrain from trading until BTC chooses a clear direction.

BTC/USD 1-hour Chart

Bitcoin’s technicals on the daily, weekly, and monthly time-frame are all bullish but show signs of neutral presence. On the other hand, its 4-hour overview is tilted towards the buy-side and doesn’t show any bearishness.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is slightly above its 50-period EMA and below its 21-period EMA
  • Price is slightly below its middle Bollinger band
  • RSI is neutral (44.71)
  • Volume is slightly below average
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,130

Ethereum

Ethereum has established itself above the top line of the ascending channel (yellow dotted line) and is now trading within a new range, bound by the yellow line as support and a new ascending trend line as resistance. Ethereum’s price seems to be in a correction phase at the moment, so we can expect a retest of the yellow line as well as a possible sharp move afterward.

Ethereum traders should wait for the cryptocurrency to confirm its support level or fall under it, and then trade “with the wave.”

ETH/USD 1-hour Chart

Ethereum’s time-frames are slightly tilted towards the buy-side, with its daily overview showing slight bear presence, while its 4-hour and weekly overviews are showing slight neutrality. On the other hand, its monthly overview is completely bullish.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is below both its 50-period and its 21-period EMA
  • Price is between its middle and bottom Bollinger band
  • RSI is neutral (41.77)
  • Volume is slightly below average
Key levels to the upside          Key levels to the downside

1: $490                                     1: $470

2: $500                                     2: $451 

3: $510                                      3: $445

Ripple

The fourth-largest cryptocurrency by market cap had another day of slowly marching towards the downside. However, the extremely low volume may be suggesting that the current price movement is a “calm before the storm,” and that a new big move is coming. Analysts are calling for another push towards the upside. Still, a move down is just as likely with the current state of the sector (the crypto sector is currently in a consolidation/correction phase).

XRP/USD 1-hour Chart

XRP’s daily and weekly overviews are completely bullish and show no signs of neutrality or bearishness. On the other hand, its 4-hour and monthly overviews show slight neutrality.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is below both its 50-period EMA and its 21-period EMA
  • Price is slightly below its middle Bollinger band
  • RSI is pushing towards being oversold (39.45)
  • Volume is below average
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.28 

2: $0.3244                                 2: $0.27

3: $0.3328                                3: $0.266

 

Categories
Crypto Daily Topic

Here is how to make a kill investing in Altcoins in 2021

As the bulls continue to run the Bitcoin market, investors have squarely focused their attention on this crypto. Meanwhile, many seem to not care about altcoins. 

As the bulls continue to run the Bitcoin market, investors have squarely focused their attention on this crypto. Meanwhile, many seem to not care about altcoins. 

As the bulls continue to run the Bitcoin market, investors have squarely focused their attention on this crypto. Meanwhile, many seem to not care about altcoins. 

Just like BTC, altcoins provide investors with a good opportunity to make money, both now and in the near future. Making money in the near future is the interest of this article. If you wonder why not just invest in BTC amid the current boom, your answer is right below. If you want to explore something different (from Bitcoin), your guide is down below as well. And for those who are curious to know how profitable altcoins can be, read on. 

This article will look at why investing in Bitcoin might be riskier than investing in altcoins, why you should consider altcoins, and what should be your next steps in that course. 

Why Not Bitcoin? It’s Currently the Talk of Investors 

Bitcoin is undoubtedly performing impressively. Since July, BTC investors have enjoyed a stable and significant growth of their assets. At the moment, it is the most enviable crypto. However, we cannot ignore the fact that the bulls will eventually run out of energy. Price falls after periods of booming growth are a natural part of market cycles. So, it is only logical to expect Bitcoin to start declining. 

What makes Bitcoin particularly risky at the moment is that there is a high chance that it will rapidly devalue when that descent begins. To be honest, $16K (which is still growing) is not a stable price for Bitcoin. While we might disagree on what is a good average for Bitcoin, historical figures show that BTC has an affinity for $10K. The point is when the hype dies down, speculations are confirmed as either true or false, and investor sentiment switches to pessimism, BTC will shed value until it finds some semblance of stability.

But altcoins go through the same cycle, so what’s the difference? Of course, all crypto inevitably cycle through the bear and bull markets. The difference is that Bitcoin is already in the bull market, and this favors those who jumped in about four months ago (that’s July). If you are not one of them, you may as well consider yourself late to the party and look in the direction of altcoins.

Can You Make Profits Investing in Altcoins?

The simple answer is, it’s complicated. Some altcoins are performing okay while others are struggling. But to be fair, altcoins are still profitable. 

Two things make crypto investments lucrative:

1. The margins you get through buying and selling coins, tokens, and other crypto-assets

— If you’re in the business of buying when prices are hiking and disposing of just before the descent begins, you can make profits trading any crypto. And if the price movements for an altcoin are significant enough and you get your timing right, you can make as much profit as you would with BTC. 

2. The gradual increase in the value of A crypto

— Some cryptos experience sustained growth against the dollar over the course of their lifetime. This growth is usually attributed to the usefulness of the project/idea on which the crypto is pegged. Gradual value growth makes sense, particularly to long-term investors. Just as Bitcoin solved the problem of having money controlled by central authorities, different altcoins solve different problems, which gives them the potential for gradual long-term growth. 

As you see, altcoins can be just as good as BTC. You only need to identify an investment ‘style’ that suits your needs and a good altcoin to match that.

Why You Should Consider Altcoins

#1: They are cheap

Actually, they’re not any cheaper than Bitcoin. Altcoins give you the chance to own more coins for the same amount of dollars. Whether this is any good is debatable, but the feeling you get by having a mind-boggling number of crypto coins to your name is satisfying. If you’re satisfied with your investment progress, you are likely to pursue the course further. That’s simply the logic. 

#2. The most profitable venture is not necessarily the most suitable for you

High margins can be irresistibly tempting. But on the flip side, the risks associated with high-margin investments are proportionately scary. 

We can safely assume that Bitcoin has had the highest growth in value within the last four months. However, we can also assume that the crypto will experience a slump when the bears come calling. Just because we don’t know when this will happen, we should not assume that it’s too far away. When choosing an investment, the amount of risk you’re willing to take matters a great deal. So, if you’re not into high-adrenaline crypto investments, you might want to consider altcoins for now.

#3. It would help if you diversified your investment

Investment wisdom dictates that one should never put all their investment capital into one asset. This is because no matter how lucrative an investment may appear, there is none without risk. 

There is no guarantee that Bitcoin will not face some unforeseeable calamity that would shatter its prices. Thus, in the interest of spreading your investment risk, it is worth considering altcoins. If you’re already a Bitcoin investor, that’s good. But what’s better is channeling some of your capital to altcoins to balance off the potential risks of a catastrophic BTC crash. 

Next Steps

If you are beginning to see altcoins as a good investment alternative in 2021, you are on the right path. Here are some steps to help steer you through that course.

#1. Research which altcoins are currently performing well 

All altcoins are not equal, and so are their investment prospects. Look at the price history of the coin, evaluate the concept’s soundness, and find out what experts are saying about the crypto. This information will help you eliminate investments that might not work for you and narrow down to a crypto that’s suitable for your needs. 

#2. Find out the altcoin’s growth potential 

You create value by solving people’s problems, and that’s the philosophy behind most successful cryptocurrencies. There are many altcoins for which crypto analysts are still struggling to find their usefulness. However, for the successful bunch, their ability to solve different financial problems has already been demonstrated. 

If you want to know that an altcoin will grow in the future, determine whether it has life-saving real-world use cases. Ethereum demonstrated the potential of smart contracts, and Ripple has shown how blockchain can disrupt real-time cross-border payments, and both have experienced sustained growth. As long as the crypto has a meaningful real-world utility, it is bound to grow, of course, unless something really wrong happens.

Final Thoughts

Altcoins are as good an investment as Bitcoin. Although BTC is currently booming, it is not the only worthy crypto investment. In fact, some investors may find altcoins a better alternative as some have yet to enter their bull markets. If you do your analysis properly and find a suitable altcoin, you can make reasonable profits when the market booms. Due to Bitcoin’s current hype and associated risk of entering the bear market, altcoins are a good option for spreading out the risk. Today is certainly a good day to think about altcoins. 

Categories
Crypto Videos

A Bitcoin Whale Shorted $100M BTC – Bitcoin Still Climbing!

https://youtu.be/J_7nj8GiCjc

https://youtu.be/J_7nj8GiCjc

A Bitcoin Whale Shorted $100M BTC: Why are Whales Selling at $16,000?

According to the pseudonyms trader CL, a Bitcoin whale has placed a short position worth $100 million on the Bybit exchange. This information came after various on-chain data pointed toward a whale-driven sell-off that occurred throughout the past week.
Even though the overall sentiment around Bitcoin remains strongly bullish, many reasons make $16,000 a very attractive area for sellers.

The $16,000 level provides significant liquidity, primarily due to it being a heavy resistance level. The level has seen quite a high buyer demand, as stablecoin inflows show. However, buyer demand is significantly lower at higher levels at the moment. Due to the clash of buyers and sellers at this level, this area of high liquidity makes it even more compelling for sellers.

Whales are taking profits

An unknown seller aggressively sold Bitcoin on Bybit on Nov 15. Order flows show that they sold approximately $100 million worth of Bitcoin in $3.5 million increments. These increments showed up in the order books on average consecutively over a couple of hours.

Based on the abrupt, though seemingly incremental, large-scale sell order, CL suggested that this could result in two possible scenarios.
The seller could get engulfed, thus causing a squeeze, which might cause the Bitcoin price to increase. The sell orders could continue to apply selling pressure on BTC even after the seller finishes selling his portion of Bitcoin.
“Someone aggressive sold almost $100 million on Bybit, a 3rd of the sell positions are open; personally, I’m pretty curious to see what happens if the seller does get engulfed, or if he will be let free,” – said CL.
Meanwhile, other major exchanges have spotted several large deposits during the time of the short-selling. United States-based crypto exchange Gemini saw a 9,000 Bitcoin deposit, according to the data coming from CryptoQuant.


Whales typically choose exchanges with strict compliance and strong regulatory measures, such as Coinbase and Gemini. Considering the large Bitcoin deposit to Gemini, which is worth around $143 million, a pseudonymous researcher better-known as “Blackbeard” said this is the time to be cautious.

Perhaps… Just Weekend Volatility?

As CL stated, Bitcoin’s current market structure is quite different from the previous cycle. As an example, when Bitcoin was at $16,000 in 2017, the market was more than just a bit overheated and experienced extreme volatility.

He said: “Back in 2017, when Bitcoin pumped from 10k, 15, into 20k, we had OKEx’s weekly futures trade in 1000$ contangos. Now we’re here with quarterly futures trading only 100$ above.”
This time around, the rally seems to be more sustainable and gradual. Bitcoin has continued to see, with a few minor setbacks, a staircase-like rally over the past six months. This kind of rally has allowed it to evolve into a prolonged uptrend. On top of that, rather than sudden spikes and no consolidation, Bitcoin has seen upside followed by consolidation, which is a much healthier way of gaining ground.

One thing to note is that, while it is true that institutions are getting into crypto at the moment, data such as Google Trends show that there is still little interest from retail investors, a complete opposite from late 2017.
There is a very strong argument to be made that the ongoing rally is fundamentally different from the one in 2017 despite the current market sentiment, which is reaching “extreme greed.” The available supply has decreased due to the 2020 halving, and the reserves on exchanges over the past year have reduced drastically.


The Bitcoin futures funding rates are also neutral, coming at around 0.01%, meaning that the market is not as overheated or overcrowded as it was in 2017. This trend could make the downside potential limited, especially in the medium term. Market maturity is certainly one thing that has changed since 2017, and whether Bitcoin goes up or down in the short-term, its upside potential, in the long run, is tremendous and very likely.

Categories
Crypto Videos

JP Morgan – Institutions Ditching Gold ETFs For Bitcoin!

https://youtu.be/9-8fri8XGl4

https://youtu.be/9-8fri8XGl4

Institutions Ditching Gold ETFs For Bitcoin – JP Morgan Opens Up

The demand for Grayscale’s Bitcoin Trust has increased so much lately that it has surpassed all gold ETFs combined, according to JPMorgan Chase, the largest bank in the US.
JPMorgan noted that Bitcoin is eating away at gold ETFs demand very quickly. The news came out in a report shared by Michael Sonnenshein, who is currently the managing director of Grayscale Investments.

More and more institutional investors, such as family offices, are now viewing the world’s largest cryptocurrency as an alternative to the yellow metal used to be a hedge and the go-to safe-haven.
The Grayscale’s Bitcoin Trust flow trajectory in October became significantly steeper, while all gold ETFs remained basically flat. “The contrast between gold ETFs and Grayscale Bitcoin Trust lends support to the idea that investors that invested in gold ETFs previously, such as family offices, maybe looking into Bitcoin and seeing it as an alternative to gold.”


Bloomberg’s report dating from September showed Grayscale’s Bitcoin Trust is outperforming 97% of all US ETFs. The bullish report regarding Bitcoin’s adoption caps off an amazing week for the crypto asset management firm. Sonnenshein stated that his company had recorded the largest raise across its suite of products, totaling $237 million.
While GBTC remains the most popular investment vehicle for Grayscale, the Ethereum Trust is also gaining a lot more traction lately, with a record-shattering $58 million.

Last month, Grayscale’s Ethereum Trust became an SEC-reporting company, which means that it now has to file quarterly as well as annual disclosures with the US securities regulator. The company had over $1 billion worth of inflows in its third quarter of 2020. Its inflows in 2020 are now nearing a whopping $3 billion. Overall, Grayscale has over $9.1 billion worth of assets under management.

All in all, the trend of crypto surpassing traditional asset classes in terms of performance is becoming a trend, which is certainly bringing more and more investments to the sector. With so many institutions joining the movement lately, cryptocurrency is poised to receive the attention of the broader masses in the short future.

Categories
Crypto Daily Topic Cryptocurrencies

Peach wallet Review: Is Peach The Safest Wallet For The Lightning Network?

Lightning Peach Wallet is an enterprise-focused crypto vault that’s specially designed to help you process micro-payments done on the lightning network. It is developed and maintained by the BitFury Lightning Network team and aims to help your business become crypto-ready. To this end, the wallet has incorporated several key features, including a fee-free payment processing service for all transactions carried on the lightning network and the integration of eCommerce plugins. The Lightning Peach wallet website also claims that the branded wallet is highly customizable, allowing you to scale up and feature more products and services for your business.

Lightning Peach Wallet is an enterprise-focused crypto vault that’s specially designed to help you process micro-payments done on the lightning network. It is developed and maintained by the BitFury Lightning Network team and aims to help your business become crypto-ready. To this end, the wallet has incorporated several key features, including a fee-free payment processing service for all transactions carried on the lightning network and the integration of eCommerce plugins. The Lightning Peach wallet website also claims that the branded wallet is highly customizable, allowing you to scale up and feature more products and services for your business.

Lightning Peach Wallet is an enterprise-focused crypto vault that’s specially designed to help you process micro-payments done on the lightning network. It is developed and maintained by the BitFury Lightning Network team and aims to help your business become crypto-ready. To this end, the wallet has incorporated several key features, including a fee-free payment processing service for all transactions carried on the lightning network and the integration of eCommerce plugins. The Lightning Peach wallet website also claims that the branded wallet is highly customizable, allowing you to scale up and feature more products and services for your business.

According to BitFury, Lightning Peach wallet was created to help any business increase user engagement and satisfaction, reach out to new audiences, and incentivize in-store spending. And achieve all this in a safe and cost-effective manner.

But does it live to these expectations? Is it safe for your business and your private keys? We answer these questions and more in this Lightning Peach Wallet review by looking at its key operational and security features, outlining the step-by-step guide on using the wallet, its pros, cons, and everything in between.

Key features

Cross-platform: Lightning Peach Wallet is a cross-platform wallet available in both desktop and mobile app versions. It is also available in both the standard and extended modes, whose only difference is the number of supported features.

Address book: Lightning peach wallet features an address book that integrates your phone’s contact list or allows you to save the wallet addresses for parties you interact with regularly. It simplifies back and forth crypto engagements by speeding up the time it takes to initiate a transaction while minimizing errors.

Pay with card: The wallet also integrates several payment processing options, including debit and credit card. Therefore, you can buy crypto from the lighting wallet or withdraw funds to a card or bank.

Integrates third party exchanges: Peach wallet also integrates such third party exchanges as Coinbase, Binance, and Bittrex, where users can buy, sell, and exchange cryptocurrencies and tokens.

Fee-free processing: Lightning peach wallet will not charge you a transaction-processing fee for all payments transacted on the Lightning network.

Full-node client: Peach Wallet is a full node client that requires you to download the Lightning Network. The node is inbuilt when you download the desktop client, but you will need to personalize one if you decide to use the mobile app. A recent upgrade to the Peach wallet has, however, made it possible for users to link their desktop wallet with the mobile app using a QR code.

Security features

Password: Lighting Peach wallet, like most other crypto vaults, is password secured to prevent and minimize cases of unauthorized access to your digital assets.

Recovery seed: Lightning Peach wallet will also provide you with a backup phrase that comes in handy when you need to recover lost private keys.

Open sourced: BitFury has also open-sourced the Lightning Peach Wallet design and availed it for viewing and auditing by both users and the entire crypto community. You can download this source code from the BitFury Peach website or GitHub.

Non-custodial: Peach Wallet is non-custodial and will, therefore, not store your private keys in the BitFury servers. Rather, it encrypts them and stores them within your mobile phone or computer.

Enterprise-grade encryption: BitFury has embraced end-to-end enterprise-grade encryption for all Peach Wallet communications. The wallet developer argues that not even their company servers can view the wallet’s communication with other wallets or third party software/systems.

Opt-in Improvements: One of Lightning Peach Wallet’s most controversial features is the opt-in service for data collection. The wallet developer claim that they will, by default, not collect any information from your wallet but adds that users can opt-in and allow BitFury to collect non-sensitive information anonymously to help improve wallet functions and user engagement. The crypto-security community has, however, expressed concerns with the fact that BitFury doesn’t explicitly state the type of data it collects for opt-in users or how the data is held and used.

How to set and activate the Peach wallet

Step 1: Start by downloading Lightning Peach Wallet on the BitFuryPeach.com website or GitHub

Step 2: Install the wallet and upon launching, click on the ‘Create a new wallet’ tab

Step 3: Read and agree to the wallet terms & conditions and privacy policy statements

Step 4: On the next window, click on the ‘Sign up’ tab

Step 5: Choose a unique username and create a password for the wallet

Step 6:  The wallet will now present you with a set of words that form the backup and recovery seed. Write them down, or choose to download them and save the copy offline.

Step 7: Verify that you have copied them right and click next

Step 8: Log in to your new wallet using the chosen username and password

Step 9: The wallet is now active and ready to use

How to add/ receive crypto into your Peach wallet

Step 1: Log in to the Peach wallet and click on the “receive” icon

Step 2: Copy the Wallet address or QR code displayed and forward to the person sending you Bitcoins

Step 3: Wait for the funds to reflect in your account

How to send Crypto from your Peach wallet

Step 1: Log in to the Peach wallet (extended) and click on the Lightning tab

Step 2: Choose the create payment option and specify if it is a one-time or recurrent payment

Step 3: Enter the transaction specifics like the name (optional), Recipient of the payment (enter their Lightning I.D, choose from the address book or their wallet address)

Step 4: Enter the amount of coins you want to send

Step 5: Confirm that the transaction details are correct and authorize the transfer

Peach wallet ease of use

Creating a Lightning Peach Wallet user account follows a fast and straightforward setup process. The wallet features a relatively clean user dashboard. The fact that it is also available in extended and standard modes for both mobile and desktop versions ensures that the lighting wallet caters for both experienced and beginner crypto traders/investors.  

Both the wallet and the BitFury website are also multi-lingual and available in several languages.

Peach wallet supported currencies

The lightning Peach wallet will only support Bitcoins. But you are free to send and receive such Bitcoin denominations as Bitcoin Satoshi.

Peach wallet cost and fees

Lightning network transactions are free. Regular Bitcoin network fees charged by miners will, however, apply when you send cryptos to other wallets or a crypto exchange.

Peach wallet customer support

There are three primary ways of contacting the Lightning Peach wallet support team. You can start by raising a support ticket on the BitFuryPeach.com website or engage them via the live chat features on both the website and wallet.

Alternatively, you can direct message this team directly on their official pages on such social media platforms as Instagram, Facebook, Twitter, or Telegram.

What are the pros and cons of using the Peach Wallet?

Pros:

  • Caters for both beginner and experienced Lightning Peach wallet users with their standard and Extended wallets
  • The wallet is feature-rich and hosts a wide range of operational features
  • The wallet is designed and maintained by BitFury, effectively minimizing your operational costs
  • The lightning Peach wallet features highly advanced security features
  • Sending Bitcoins within the Lightning network is free

Cons:

  • It will only support Bitcoin cryptocurrencies
  • Installing and running a full node business wallet eats up a lot of storage space

Verdict: Is Peach wallet safe?

Well, Lightning Peach Wallet has embraced several highly effective and advanced security measures. The developers are especially committed to transparency, as evidenced by the fact that they built the wallet on an open-sourced architecture. Other advanced security features integrated within the platform include enterprise-grade encryption, it is non-custodial, and the wallet’s anonymous data collection is optional. However, it would be great if BitFury were more forthcoming on how they collect and use this data. 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 18 – Bitcoin Encounters Heavy Resistance at $18,500: What Happens Next?

The cryptocurrency sector has spent the day mostly stable and looking at Bitcoin as it kept pushing towards highs unseen after the bull run of late 2017. The largest cryptocurrency by market cap is currently trading for $17.829, representing an increase of 6.64% on the day. Meanwhile, Ethereum gained 2.00% on the day, while XRP lost 1.90%.

The cryptocurrency sector has spent the day mostly stable and looking at Bitcoin as it kept pushing towards highs unseen after the bull run of late 2017. The largest cryptocurrency by market cap is currently trading for $17.829, representing an increase of 6.64% on the day. Meanwhile, Ethereum gained 2.00% on the day, while XRP lost 1.90%.

The cryptocurrency sector has spent the day mostly stable and looking at Bitcoin as it kept pushing towards highs unseen after the bull run of late 2017. The largest cryptocurrency by market cap is currently trading for $17.829, representing an increase of 6.64% on the day. Meanwhile, Ethereum gained 2.00% on the day, while XRP lost 1.90%.

 Daily Crypto Sector Heat Map

Nexo gained 14.37% in the past 24 hours, making it the most prominent daily gainer out of the top100 cryptos ranked by market capitalization yet again today. It is closely followed by Bitcoin Gold’s gain of 10.84% and DigiByte’s 9.52% gain. On the other hand, SushiSwap lost 12.92%, making it the most prominent daily loser. Curve DAO Token lost 10.74% while HedgeTrade lost 10.07%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has skyrocketed over the course of the day, with its value is currently staying at 66.3%. This value represents a 1.4% difference to the upside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up quite a bit over the course of the day. Its current value is $498.06 billion, representing a $20.84 billion increase compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin has had a parabolic run to the upside, reaching as high as $18,500 before dropping down. While the price gain was gradual at first, Bitcoin’s final push from $17,600 to $18,500 and then back to nearly $17,000 happened in just a couple of hours. This volatility came to be because BTC encountered heavy resistance at the now-confirmed $18,500 resistance level. Many traders call this move just a temporary pullback before a new high, while a minority is calling a short-term top.

Trading Bitcoin on a bull trend such as this one should only happen in one direction, and that is WITH the trend. Shorting Bitcoin and attempting to catch pullbacks will be far less lucrative due to the size of the move, as well as much riskier.

BTC/USD 1-hour Chart

Bitcoin’s technicals on the 4-hour, daily, and weekly time-frame are all completely bullish and show no signs of bear or neutral presence. On the other hand, its monthly overview is tilted towards the buy-side just slightly and does show some bearishness.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is far above its 50-period EMA and above its 21-period EMA
  • Price is between its middle and top Bollinger band
  • RSI is stabilizing after leaving the overbought territory (61.38)
  • Volume is descending
Key levels to the upside          Key levels to the downside

1: $18500                                  1: $17,850

2: $19000                                  2: $17,450

3: $19500                                   3: $17,130

Ethereum

Ethereum had had a turbulent 24 hour period, as its price went from fighting for and hovering over the top line of the ascending channel all the way to $495 and then back to $455 before it stabilized at around $475. This move has clearly shown the market another ascending line (red) formed on the ETH/USD chart, which has been tested a couple of times already. This line is Ethereum’s final resistance towards $500.

Ethereum should, as most cryptos at the moment, be traded only to the upside, as trading its pullbacks during a bull market is simply not worth it.

ETH/USD 2-hour Chart

Ethereum’s weekly time-frame shows some neutrality alongside its overall bullish stance, while the other time-frames show complete bullishness.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above both its 50-period and its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (55.77)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $490                                     1: $470

2: $500                                     2: $451 

3: $510                                      3: $445

Ripple

The fourth-largest cryptocurrency by market cap started off the day by pushing towards the upside and almost reaching its $0.31 resistance level. However, the bears have stepped in and brought XRP’s price down to $0.28 before consolidating in the middle of the range between the two aforementioned levels.

If Bitcoin doesn’t make another sharp move in the short-term, XRP is (yet again) sideways-action crypto. However, if BTC moves, it’s safest to watch Bitcoin and trade along with the bullish moves while discarding the bearish entries.

XRP/USD 4-hour Chart

XRP’s 4-hour, daily, and weekly technicals are tilted towards the buy-side, and while they aren’t showing signs of neutrality, the bullish sentiment isn’t as strong either. The monthly overview does, on the other hand, show clear signs of neutrality.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and at its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is neutral (54.33)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.28 

2: $0.3244                                 2: $0.27

3: $0.3328                                3: $0.266

 

Categories
Crypto Market Analysis

Daily Crypto Review, Nov 17 – Bitcoin Crushes $16,500; XRP Explodes to the Upside

The cryptocurrency sector has spent the day trying to reach past its recent highs as Bitcoin pushed past $16,500. The largest cryptocurrency by market cap is currently trading for $16,718, representing an increase of 2.97% on the day. Meanwhile, Ethereum gained 2.34% on the day, while XRP gained an astonishing 10.46%.

The cryptocurrency sector has spent the day trying to reach past its recent highs as Bitcoin pushed past $16,500. The largest cryptocurrency by market cap is currently trading for $16,718, representing an increase of 2.97% on the day. Meanwhile, Ethereum gained 2.34% on the day, while XRP gained an astonishing 10.46%.

The cryptocurrency sector has spent the day trying to reach past its recent highs as Bitcoin pushed past $16,500. The largest cryptocurrency by market cap is currently trading for $16,718, representing an increase of 2.97% on the day. Meanwhile, Ethereum gained 2.34% on the day, while XRP gained an astonishing 10.46%.

 Daily Crypto Sector Heat Map

Curve DAO Token gained 14.27% in the past 24 hours, making it the most prominent daily gainer out of the top100 cryptos ranked by market capitalization yet again today. It is closely followed by yearn.finance’s gain of 12.92% and Litecoin’s 10.99% gain. On the other hand, THORChain lost 7.28%, making it the most prominent daily loser. The Midas Touch Gold lost 6.16% while Uniswap lost 4.22%, making them the 2nd and 3rd most prominent daily losers.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance has decreased slightly over the course of the day, with its value is currently staying at 64.9%. This value represents a 0.1% difference to the downside compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up very slightly over the course of the day. Its current value is $477.28 billion, representing a $13.89 billion increase compared to our previous report.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After confirming its stance above $16,000 after fighting for it over the weekend, the largest cryptocurrency by market capitalization pushed towards $16,500 and attempted to reach new highs. The push was strong as there was no real sell pressure, so Bitcoin reached past $16,500 (and eventually past $16,700) without any real increase in volume. While the $16,500 position has been successfully tested once, the $16,700 level is still not completely won.

Trading Bitcoin on a bull trend such as this one should only happen in one direction: WITH the trend. Shorting Bitcoin and trying to catch pullbacks will be less lucrative due to the size of the move, as well as riskier due to the market sentiment.

BTC/USD 4-hour Chart

Bitcoin’s technicals are tilted towards the buy-side on all four time-frames (4-hour, daily, weekly, and monthly). However, all of them have some form of neutrality, implying that the bullish sentiment is not absolute.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is far above its 50-period EMA and its 21-period EMA
  • Price is near its top Bollinger band
  • RSI is approaching the overbought territory (65.02)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $17,000                                 1: $16,700

2: $18000                                  2: $16,500

3: $18500                                   3: $16,000

Ethereum

Ethereum has spent the past two days slowly moving towards the top line of the ascending channel after pulling back to $440. The move was gradual but saw some resistance when it reached the top line. However, Ethereum bulls endured and ultimately broke the level but got instantly stuck at the $470 resistance, which is another wall they have to jump over to remain above this channel.

If Ethereum’s struggles to break the $470 level continue, we may expect a pullback of some sort. With that being said, due to the overall sentiment towards Ethereum (and its 2.0 implementation) as well as the state of the crypto sector, shorting Ethereum should not be a proper trading strategy, even if ETH does pull back.

ETH/USD 4-hour Chart

Ethereum’s 1-day technicals are slightly bullish but are showing signs of neutrality. On the other hand, its 4-hour, weekly, and monthly overviews are completely tilted towards the buy-side.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above both its 50-period and its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (57.54)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $470                                     1: $451

2: $490                                     2: $445 

3: $500                                      3: $420

Ripple

The fourth-largest cryptocurrency by market cap had yet another incredible day, with its price pushing past the $0.27 and even $0.2855 resistance levels. An incredible bull wave brought XRP’s price to $0.3 before it started to pull back slightly. This move has pushed XRP further up towards being the best-performing asset over a 1-week period compared to BTC and ETH, with gains of 18% this week, compared to BTC’s gains of 2.95 and ETH’s gains of 0.76.

Traders can finally look at XRP as a cryptocurrency that isn’t just used for sideways trading, and look for opportunities near new highs.

XRP/USD 4-hour Chart

XRP’s 4-hour, daily, and monthly technicals are slightly tilted towards the buy-side, and all of them are showing more or less signs of neutrality. The weekly overview is, on the other hand, completely bullish.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA and its 21-period EMA
  • Price is at its top Bollinger band
  • RSI is heavily overbought (76.99)
  • Volume is above average
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.2855 

2: $0.3244                                 2: $0.27

3: $0.3328                                3: $0.266

 

Categories
Cryptocurrencies

Gnosis Safe Smart Wallet Review: Is Gnosis The Most Secure Smart Contract Wallet?

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

The Gnosis safe website refers to the wallet app as “The most trusted platform to manage digital assets on Ethereum for companies/investors/developers/hodlers and DAOs.” It also refers to it as a “Safe Multisig mobile” wallet that helps users monitor their crypto portfolio on the go. It is further described as a transparency and security-focused eth-wallet that seeks to provide wallet users with a balance between safety and ease of use. In this Gnosis Safe smart wallet review, we look at everything you need to know about the eth-based crypto vault while helping you determine if it indeed is the most secure smart contract wallet.

Gnosis safe key features:

Cross-platform: Gnosis Safe is a cross-platform wallet. It is available as a mobile app (for both Android and iOS), desktop app (for both Windows, macOS, and Linux), and an in-browser extension. 

Multi-user: Gnosis Safe smart wallet is also a multi-user wallet that provides multiple safes within the wallet. They have separate login credentials and work best for family members, acquaintances, or companies that want to maintain all their crypto assets in one vault.

DeFi focused: Gnosis also integrates some of the most popular decentralized finance apps and protocols maintained on the Ethereum Network.

Address book: Gnosis wallet also features an address book that allows you to either integrate the wallet with your phone’s contact list or save the contact information such as the wallet addresses of individuals you engage regularly.

Integrate Dapps: The fact that Gnosis Safe Smart wallet is built on the Ethereum ecosystem makes it possible to explore the blockchain and interact with different Dapps maintained here.

Gnosis safe security features:

Password: Like most other wallets, Gnosis Safe Smart wallet is password-secured, and you get to set this unique key when creating a user account.

Two-factor authentication: You can always use the Gnosis Safe Authenticator or the Status Keycard to activate the wallet’s 2-factor authentication feature for all outbound transfers.

Recovery seed: During the wallet activation and account creation process, you will be presented with a backup/recovery seed for the wallet. Write it down and keep it safe offline.

Open source: Gnosis Safe Smart wallet is fully open-sourced and users, as well as crypto security experts, are free to view and audit source code for vulnerabilities. Gnosis Labs has also continuously run a bug bounty program for the wallet, and no critical bug or vulnerability has ever been discovered.

Multi-signature: Gnosis Safe Smart wallet is a multi-signature crypto vault. You can activate this feature for the entire wallet if you only run one safe or any number of safes hosted by the wallet.

How to activate/setup the Gnosis Safe Smart Wallet?

Step 1: Start by downloading the Gnosis Safe Smart wallet from either the website or the app store

Step 2: Install and launch the app. Click on the “Create a new wallet” icon

Step 3: Read through and agree to the Gnosis privacy policy and terms of use

Step 4: Create a unique password for the Gnosis Safe wallet

Step 5: Proceed to create the first safe for the wallet. This requires you to deposit Eth or any of the supported tokens, and you will be charged a small fee (about 0.005 ETH) as the cost of deploying the wallet

Step 6: Confirm that you are ready to create a wallet on the pop-up window

Step 7: You will be required to download the web extension that serves as your wallet’s two-factor authenticator. It is also referred to as a Safe Authenticator.

Step 8: Install the browser extension app and upon launching, create a user password. This has to be different from the mobile app password.

Step 9: In the next window, click on the ‘Show QR Code’ icon and scan the QR code with your phone to connect the Safe Authenticator with Gnosis Safe Smart wallet

Step 10: Write down the recovery phrase provided and store it in a safe offline environment. Verify that you have copied it correctly.

Step 11: Pay the wallet deployment fees

Step 12: You will receive a notification via the in-browser app, informing you that the safe wallet has been successfully created and deployed.

Step 13: Your Gnosis Safe Smart wallet is now active and ready to use

How to add/ receive Crypto into Gnosis safe smart wallet:

Step 1: Log in to your Gnosis safe mobile app wallet and click on the ‘Receive” icon

Step 2:  If you have multiple safes created, select the safe into which you want to receive the crypto

Step 3:  Copy the wallet address or the QR code for the safe and forward it to parties ending you crypto

Step 4: Wait for the funds to reflect in your wallet

How to send crypto from Gnosis safe wallet:

Step 1: Log in to your Gnosis safe Mobile wallet app and click on the “Send” icon

Step 2: Select the safe from which you want to send crypto

Step 3: Select the digital asset you want to send

Step 4: Enter the recipient’s address and the number of coins you wish to send in the transfer window

Step 5: Check that the details of the transaction are correct and click the send button

Step 6: Log in to the Safe Authenticator (in-app browser) to review and authorize the transaction. Click the ‘Submit’ button if satisfied with the accuracy of the transaction details

Step 7: Return to the Gnosis safe smart mobile wallet to initiate the transfer.

Gnosis Safe smart wallet ease of use:

Though one may consider the setup and activation process for the Gnosis Safe Smart wallet app to be too lengthy, it is still quite straightforward. The setup guide is easy to follow, and you do not even need expert help to set up the mobile wallet or link it with the Safe authenticator. The Gnosis Safe wallet website features a wide range of guides that explain how to activate and interact with the Ethereum wallet.

Gnosis Safe smart wallet supported currencies:

Gnosis Safe is an Eth-focused wallet. It will, therefore, only feature Ethereum, Ethereum Classic, ERC-20 tokens, and such collectibles as the ERC-721 tokens.

Gnosis Safe smart wallet cost and fees:

Gnosis Safe wallet is free to download and install. However, you will be required to pay a small wallet deployment fee of ETH 0.005 when creating a wallet. Other fees include the transaction fees charged by the Ethereum network when you send cryptos/tokens to other wallets or exchanges.

What are the pros and cons of using Gnosis Safe smart wallet?

Pros:

  • It embraces highly advanced security features
  • It makes it possible for you to invest and earn digital assets
  • Gnosis wallet has a highly responsive customer support team
  • The wallet provides you with a demo version that you can use to test the vault

Cons:

  • It will only support Eth based cryptos and tokens
  • The wallet is exposed to inherent threats facing hot wallets
  • It imposes a ‘wallet deployment’ fee

Verdict: Is Gnosis Safe Wallet secure?

Well, Gnosis Safe Smart wallet embraces several highly effective security measures that its developers believe will play a key role in boosting the wallet’s safety and privacy. The wallet is password secured, outbound transfers from the Gnosis Safe smart wallet must be subjected to two-factor authentication, it is a multi-signature vault, and has also been formally verified by the Ethereum network. Our only concern with the Gnosis Safe Smart wallet is that both the Gnosis safe mobile app and Gnosis Safe Authenticator are online-based and, therefore, exposed to the inherent threats facing hot wallets.