Thursday, June 23, 2022

What Is Up With The Crypto Market

Digital Identifiers To Help Crypto Market Go Mainstream

WHAT IS GOING ON WITH THE CRYPTO MARKET – WHY IS IT DOWN?

A representations of cryptocurrency Bitcoin and Binance is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

LONDON, Aug 25 – Tags for identifying bitcoin, ethereum and other crypto assets will be launched in September in the latest sign of how the fast growing, unregulated market is adopting the hallmarks of mainstream investing.

The ability to monitor cryptocurrencies has become a major worry for regulators as the ballooning market, which reached a record $2 trillion capitalization in April, has experienced wild volatility and central bank warnings that investors could lose their shirts.

Individual stock and derivatives are already assigned a unique identification number to allow regulators and market participants to identify, track and quantify risks from trades.

The new digital token identifiers or DTIs will be registered at the DTI Foundation, a not-for-profit unit of Etrading Software, a fintech company that provides market infrastructure.

As the crypto assets sector grows in size, regulators and the market will need identifiers to track it better, Sassan Danesh, managing partner at Etrading Software, told Reuters.

DTIs will create a bridge between traditional securities and the new tokenised world, using norms from the global International Organization for Standardization that are set to be finalised by the end of September.

“That is where the DTI fits in, it’s part of the same family of ISO standards.”

Correction Of The Crypto Market As A Change Of Seasons

The current correction in the cryptocurrency market is not something extraordinary or exceptional. Moreover, it is necessary to see the picture of the market as a whole in order to judge the future. According to experts, a hypothetical correction and the loss of even 80% of the value by bitcoin will not be a fatal blow to the crypto market, but for a long time, it can consolidate the latter as a niche market.

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Estimate Of Overall Cryptocurrency Market Cap Per Week From July 2010 To October 2021

Characteristic

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Bitcoin Climbs Above $60k After Report That Sec Wont Block Futures Etf

Bitcoin jumped above $60,000 for the first time in almost six months following a report that a bitcoin futures exchange-traded fund will clear the U.S. Securities and Exchange Commission . The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.

  • Coin Rivet

    The US Treasury has told members of the crypto community they are responsible for making sure they do not directly or indirectly help facilitate deals prohibited by the US sanctions.

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    FISHERS, Ind. October 15, 2021 /3BL Media/ – Land Betterment Corporation , an environmental solutions company fostering positive impact through upcycling former …

  • Remember To Stay Safe

    The Latest News on the Crypto Market

    Buying the best cryptocurrencies is not enough to be a successful crypto investor.

    Countless promising investors saw their crypto journey end brutally because they did not pay attention to security.

    If youre serious about investing in cryptocurrencies, put some effort into reinforcing your security.

    Read Also: Should I Invest In Blockchain Technology

    Are You Looking For More Great Cryptocurrencies To Buy

    You made it to the end of my list! I hope you enjoyed my top 11 cryptocurrencies to buy for 2021, and that you found the information I provided useful.

    If youre looking for more great cryptocurrencies to invest in, or to find out which coin is going to be the next big cryptocurrency, here is what you can do:

    What Is Happening With Cryptocurrency Today

    Fundamentally, the outlook for the cryptocurrency market looks optimistic. The recognition of the regulators of the worlds leading economies indicates the interest in embedding a new market in the already existing infrastructure of the international finance space.

    Regulators and supervisory authorities in countries such as the USA, Japan, UK, Germany have taken notice of this market. Its first regulation appeared, which caused another surge in the popularity and growth of cryptocurrencies. If regulators took up arms against this market, it would be a signal that it has no right to life. Now we see the opposite process: the cryptocurrency market is being integrated into the financial system.

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    Are Cryptos Right For You

    First-time investors should proceed with caution. Piling all of your nest egg into something as volatile as cryptocurrencies poses big risks to your retirement, experts say. Wealth managers and finance experts have long been skeptical of these speculative investments for amateur investors due to their extreme swings.

    In 2013, bitcoin began trading around $13 and spiked to more than $1,000 by December. In late 2017, the digital token surged to nearly $20,000, before crashing to almost $3,000 the following year. What followed was a dizzying rise to above $64,000 in April 2021.

    Dogecoin has seen similar booms and swoons. It has ridden a similar Reddit-driven wave as stocks like GameStop and AMC in recent months, accelerated by a series of tweets by Musk, who was pumping the cryptocurrency.

    Cryptos are now in 401s:Are they the right investment for your nest egg?

    Even with the latest declines, the sharp rise in the value of bitcoin earlier this year has some analysts worried about a potential bubble in the cryptocurrency market, with bitcoin’s price at one point more than doubling since the start of 2021.

    About 81% of fund managers polled in a recent Bank of America survey in June said bitcoin was still a bubble. Thats up from about 75% of managers who said so in May.

    “Cryptocurrency traders, especially individuals, need to know the risks of what they own,” Royal added. “In some cases, the risks could be a complete loss of their investment.

    How Much Have Bitcoin Ethereum And Dogecoin Lost In Value

    CRYPTO MARKET CRASH (What’s Next?)

    With Tuesdays losses, bitcoin has slid more than 50% from its all-time high above $64,000 in mid-April. To be sure, bitcoin is still up more than 200% over the past 12 months.

    Ethereum has shed nearly 57% from its all time high of $4,356.99 in May while Dogecoin has shed more than 70% since it touched a record of about 73 cents last month, according to CoinGecko.

    Read Also: How To Scan Bitcoin Qr Code Coinbase

    Origintrail Makes A Move

    OriginTrail is a protocol that operates on the Ethereum network and specializes in harnessing blockchain technology to improve logistics and supply chain management.

    According to data from Cointelegraph Markets Pro, market conditions for TRAC have been favorable for some time.

    The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS Score vs. TRAC price. Source:

    As seen in the chart above, the VORTECS Score for TRAC began to pick up on Oct. 19 and reached a score of 72 around one hour before the price increased 48% over the next day.

    The spike in price for TRAC comes as the project is in the process of rebranding its image as the worlds first decentralized knowledge graph and has been collaborating with Dr. Bob Metcalfe as part of its advisory board.

    Why Did The Crypto Market Crash

    On Wednesday, 19 May, People’s Bank of China told financial institutions that they should ‘resolutely refrain’ from providing services to digital currencies because of their volatility.

    As this news surfaced, the crypto market crashed. However, it is not unusual for the value of Bitcoin to change in such a short time period. Earlier, in December, Bitcoin closed under $30,000 but only after 3 months the prices rose to $65,000.

    Speaking to The Quint, Ashish Mehta, Co-Founder, DigitX explains the panic in the market which may have been triggered by about three major rumours which may have impacted the decision of the sellers:

  • Tesla-Musk conundrum:Tesla recently announced that it wouldnt favour Bitcoin on ‘environmental’ concerns because Bitcoin mining requires electricity which is mostly generated using fossil fuels and therefore has a huge carbon footprint on the environment.

    However, this seems to be motivated and raises a few questions like didn’t the Tesla management already know about the Bitcoin mining before diversifying into it? Doesn’t Tesla cars run on the same electricity generated using fossil fuels?

  • The reiteration of a previously imposed Chinese restriction of 2017 did some good amount of damage as a fresh imposition of prevention of participation by financial institutions into the crypto space by the Government of China.

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    Does Coinmarketcapcom List All Cryptocurrencies

    No, we do not list all cryptocurrencies at CoinMarketCap. As a company and team, we are very aware that not all coins and projects have good intentions. While we cannot guarantee to exclude them all, we have a vetting process that each coin goes through before it is listed on the site. If we suspect that a coin or project is a scam, it does not get listed.

    How To Buy Crypto

    What The Last Leg Up In The Crypto Bull Market Could Look ...

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    The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.

    Also Check: How To Earn Crypto On Coinbase

    Elon Musk Confirms Bitcoin Ethereum And Dogecoin Holdings

    Elon Musk has confirmed his personal crypto portfolio includes bitcoin, Ethereum and dogecoin but no Shiba Inu or Floki Inu.

    Out of curiosity, I acquired some ascii hash strings called Bitcoin, Ethereum and Doge. Thats it, he tweeted. As Ive said before, dont bet the farm on crypto! True value is building products and providing services to your fellow human beings, not money in any form.

    As the CEO of Tesla, Musk became the most high-profile executive to invest company cash reserves into BTC earlier this year, buying $1.5 billion worth of the cryptocurrency. The electric car maker has benefitted massively from the price rally, with its investment nearly doubling over the last few months.

    The global crypto market has almost remained unmoved in the last 24 hours, currently valued at about $2.58 trillion. Bitcoin has risen in value by about 1 per cent over the last day while Ethereum remains unmoved.

    Other cryptocurrencies, including Dogecoin and Solana have also grown compared to their prices a day earlier while Cardano has marginally slipped in value during this period.

    Solana Was The Fastest Growing Investment Of 2021

    Rank
    563%

    Apart from ASML, the top 10 fastest growing assets this year have all been cryptocurrencies:

    • Solana has been the strongest performing investment option of 2021 so far, with its market cap growing by 3,476% since January to over $41 billion by the end of September. Many investors are optimistic about Solana thanks to the incredible speed and efficiency of its blockchain technology.
    • The second biggest winner of 2021 is Polygon, with the market cap increasing by 2,859% this year, bringing the total value to just over $5.6 billion. Polygon is a platform for development and scaling on the Ethereum blockchain, and can therefore benefit from increased interest in Ethereum, and vice-versa.
    • In third place is the cryptocurrency Terra, which has seen its market cap grow by 1,956% in 2021. Terra uses stable coins, pegged to fiat currencies, to carry out cross-border payments efficiently and with low fees.

    Read Also: What Time Is Best To Buy Cryptocurrency

    Kadena Undergoes A Revamp

    Kadena, an enterprise-focused blockchain project, has seen a healthy price breakout over the past 24 hours as momentum across the market increased.

    Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low at $2.60 on Oct. 19, the price of KDA reversed course and surged 33.65% to an intraday high at $3.47 on Oct. 20 following a spike it is its 24-hour trading volume.

    KDA/USDT 4-hour chart. Source: TradingView

    The rise in the price of KDA comes following a revamp of the projects website and partnership with Immutable Records that aims to bring a fully functioning nonfungible token marketplace to the Kadena network.

    The Top 10 Investments In 2024 According To Projections

    OCTOBER MIGHT BLAST OFF THE CRYPTO MARKET BUT WHAT IF

    These are projections of what the market cap of assets could look like by 2024 when analysing average annual growth rates from 2018 to 2021 thus far.

    Rank
    $ 2.5T

    This only includes assets with data stretching back to 2018 for sufficient analysis

    • Bitcoin is projected to be the 5th strongest performing asset by 2024 with an estimated market value of over $5 trillion thanks to its 103.5% average annual growth rate. It would surpass long-standing giants including Microsoft, Amazon and Google by over $1 trillion. Bitcoin is currently dipping in and out of the top 10 highest value assets, but in just a few short years it could solidify its place.
    • Ethereum sits just behind with an even higher average annual growth rate of 198%, set to be the 6th strongest asset in 2024. With a projected $5.1 trillion valuation, it would equally outperform the current top dogs like and silver, and the recent NFT boom can only strengthen its growth.
    • The coin with the third highest projected market cap is Dai, which could have a total value of $2.5 trillion. Because of its non-volatile nature, this stablecoin has grown at an astonishing rate – 1040.38% on average every year since 2018. But, it is pegged 1:1 with the US dollar so it is not necessarily seen as an investment choice.

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    Microstrategys Bitcoin Bet Doubles To $6 Billion As Price Soars

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    Risks Of Crypto Investments

    THE Financial Conduct Authority has warned people about the risks of investing in cryptocurrencies.

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
    • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
    • : Firms may overstate the returns of products or understate the risks involved.

    Cryptocurrency firms are not regulated in the way that other financial services and investment firms are. This means that you won’t have any protection if things go wrong.

    You wont be able to take a complaint to the Financial Ombudsman Service and there aren’t any protections if the companies go bust, for example.

    UK Crypto businesses must register with the Financial Conduct Authority on the Financial Services Register – but the watchdog doesn’t have any powers over how they carry out their business.

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    Good News And Bad News

    For years, Ive said bitcoin would hit over $1 trillion in market cap once its adoption exploded. And were seeing it play out exactly as I predicted.

    Just this March, Morgan Stanley which has $4 trillion in client assets became the first big U.S. bank to offer its wealthy clients access to bitcoin funds. It did this after its clients demanded exposure to bitcoin.

    To me, its no surprise those wealthy clients forced Morgan Stanleys hand. Bitcoins 2021 returns are crushing everything on Wall Street.

    Dont just take my word for it.

    Goldman Sachs, the storied Wall Street firm, started including bitcoin in its weekly ranking of global asset classes in January.

    And since then, bitcoins lead has widened over assets like bonds, oil, banks, gold and tech stocks, and the euro.

    Based on the most recent numbers, bitcoins roughly 65% year-to-date return is more than double its next-closest competitor the financial sector, which has had a year-to-date return of about 28%.

    But as much as I love bitcoin as much as its been a gift to me and the readers whove stuck with me since 2016 Ive got bad news.

    The type of wealth those readers had the chance to accumulate in the past is over.

    Unless youve already got hundreds of thousands of dollars to invest youre not going to grow rich investing in bitcoin now. Its too late.

    But if you want the opportunity to see truly incredible gains youre going to have to go beyond bitcoin.

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