Tuesday, June 28, 2022

What’s Happening With Cryptocurrencies

Current & Future Uses Of Blockchain Technology & Cryptocurrency

WHATS HAPPENING WITH BITCOIN TODAY?

Since its inception, Bitcoin has been rather volatile. But based on its recent boom â and a forecast by Snapchat’s first investor, Jeremy Liew, that it would hit $500,000 by 2030 â and the prospect of grabbing a slice of the Bitcoin pie becomes far more attractive.

Bitcoin users expect 94% of all bitcoins to be released by 2024. As the number moves toward the ceiling of 21 million, many expect the profits miners once made from the creation of new blocks to become so low that they will become negligible. But as more bitcoins enter circulation, transaction fees could rise and offset this.

As for blockchain technology itself, it has numerous applications, from banking to the Internet of Things. It is expected that companies will flesh out their blockchain IoT solutions. Blockchain is a promising tool that will transform parts of the IoT and enable solutions that provide greater insight into assets, operations, and supply chains. It will also transform how health records and connected medical devices store and transmit data.

Blockchain wonât be usable everywhere, but in many cases, it will be a part of the solution that makes the best use of the tools in the IoT arsenal. Blockchain can help to address particular problems, improve workflows, and reduce costs, which are the ultimate goals of any IoT project.

Investors Stick With Bitcoin Etfs Despite Cryptos Slump

— Bitcoin is on pace for its worst monthly performance since May, but exchange-traded fund investors are still plowing money toward products that track the cryptocurrencys futures. The ProShares Bitcoin Strategy ETF has taken in more than $40 million so far in December, its third straight monthly infusion, according to data compiled by Bloomberg. Similarly, investors have added $6.5 million to the Valkyrie Bitcoin Strategy ETF since the end of November, also its

Bitcoin Price At Most Oversold Since Pandemic Crash

Weve heard from Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, who claims certain market indicators could actually signal a good buying opportunity.

Bitcoin has reached its lowest level on the daily RSI technical indicator since March 2020, which was the time of the Covid crash, he says.

Also, the weekly RSI currently sits at 37, which is usually considered as indicating the price is oversold. The fact that every bear market bottom for bitcoin has ranged between 29-35 on the weekly RSI suggests that the risk/reward is advantageous for buying in this area if you believe in the long-term value of this asset class.

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Telegram Presented The Rules For Using Its Cryptocoulet

The Company reserves the right to disable or freeze the users account. It can deny access to all services at any time and for any reason. Also, Telegram is not responsible for the use of third-party services. Same as loss of personal data and direct, special, incidental or consequential damages of any kind. The use of the wallet is possible only after the age of 18 and only for legitimate purposes.

The development of TON is now in its final stages. They plan to release it by October 31, 2019. In case of failure to meet the deadlines, the company will have to return all their funds to investors in full.

Big Finance And Billionaires Buying Into Cryptocurrency

Pin on Cryptocurrencies

Regulation of some kind was always inevitable given the political and economic nature of society. But we need not be worried that cryptocurrencies will fail.

Consider, for instance, that Tesla head, Elon Musk, has stepped away from Tesla to pursue the research and development of fintech to

Cryptocurrencies have also been punted by other famous people around the globe, including Bjork, Bill Gates, Ashton Kutcher, 50 Cent, Richard Branson, Paris Hilton, Luis Suarez, Jamie Foxx and Floyd Mayweather.

Alright, so celebrity endorsement may not sway banks and financial institutions towards cryptocurrencies but what if these institutions moved to crypto on their own? This is exactly what is happening.

And what of international retailers, franchises and service providers? Well, among the big shots to now accept cryptocurrencies for transactions include:

  • KFC Canada

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Crypto Crash: Sudden Cryptocurrency Collapse Whats Happening

Major cryptocurrencies fell more than 10% today amid a bearish week for the S& P 500 and a debt crisis from Chinese real estate giant Evergrande.

The flagship asset of cryptocurrencies, the bitcoin, largely avoided a decline over the past week, falling only 2.6% in the past seven days.

In the past 24 hours, however, it has fallen 6.9% to a price tag of $ 45,000. El Salvador President Nayib Bukele took the opportunity to suggest dbuy the bottom of the wave as the price of bitcoin continues to decline. Since El Salvador adopted bitcoin as legal tender on September 7, 2021, the price of the main cryptocurrency has fallen by almost 14%.

Other cryptocurrencies have seen much more dramatic price drops over the past week, as well as over the past 24 hours.

One of those cryptocurrencies is Solana, which has fallen 19.6% in the last week and 13.5% in the last 24 hours. Solanas bad week is largely due to a 5-hour outage, which the founder of Solana, Anatoly Yakovenko, explained as being due to bots flooding the network.

LEthereum also fell significantly by about 8.3% during the week and over 9% in the last 24 hours. It is not immediately clear why Ethereum has fallen in value in recent days, given that it recently crossed the $ 3,600 mark and Vitalik Buterin was named to Times 100 most influential people list.

However, Avalanche made waves, reaching a historic high of 65 dollars and increasing by 400% since the beginning of August.

A Brief Cryptocurrency Primer

The word cryptocurrency is used to describe a variety of different digital assets. However, the thing all cryptocurrencies have in common is their existence in the digital world issued by a decentralized network without any controlling authority. A cryptocurrency is used as an economic incentive model to maintain security on a distributed ledger by means of cryptography.

Because cryptocurrency is not owned or operated by any one entity, and runs only on the laws of code which it is built from, users can always be assured of the properties of a cryptocurrency by examining its underlying code base. This differs from central banks which can take monetary action to control fiat currency on their own without warning or approval from other economic stakeholders.

The first use case for cryptocurrency was for a means of payment and a store of value, similar to fiat currency. There were several initial cryptocurrencies which arose and faded without much notoriety, however, they all culminated in the eventual birth of Bitcoin, the industrys most prominent and well-known cryptocurrency. Bitcoin is becoming more popular by the day, and already being accepted as a form of payment at major businesses around the world.

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The Crypto Market Will Remain Volatile And Exciting

Generally, cryptocurrency is an explosive and exciting market area. Basically, no one can predict its future with any confidence. If you compare it with the stock exchange marketwhich no one can forecast with any comfortable degree of certainty even though it relies more on earnings trends and predictable cash flowsyoull realize that the crypto market still remains the Wild West. However, the fact remains that crypto keeps gaining in popularity and size, and this trend is likely to pick up this year.

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Whats Happening With The Crypto Crash

Crypto investors are being caught up in the wider selloff of risk assets.

The selloff is largely being driven by increased certainty that major central banks around the world will be raising interest rates sooner, and more aggressively, than most analysts had forecast last year.

Crypto assets are also facing new headwinds from looming government regulations in the United States and a potential ban in Russia.

Its even more of a risk asset now that most of the crypto market cap is Ethereum, Solana and all sorts of other stuff that is just basically technology where were pulling forward massive assumptions of global growth into the present.

Stephane Ouellette, CEO of crypto-platform FRNT Financial, points to the strong correlation between Bitcoin and altcoin prices and risk assets being hammered across the world:

Crypto is reacting to the same kind of dynamics that are weighing on risk assets globally. Unfortunately for some of the mature projects like BTC, there is so much cross-correlation within the crypto asset class its almost a certainty that it falls, at least temporarily in a broader alt-coin valuation contraction.

Hayden Hughes, CEO at Alpha Impact, explained why crypto is facing additional pressure in the current market selloff:

Zillions Of Digital Coins

Cryptocurrency is a digital, alternative payment method that is usually decentralized. Meaning it isnt under the control of one central bank or authority. The pioneering and most popular cryptocurrency, is Bitcoin, with a market share of around 60-65%. Thats around five times more than the worlds second most-popular cryptocurrency, Ethereum.

But nowadays, there are many Bitcoin alternatives known as altcoins. According to CoinMarketCap, there are currently 5,268 digital currencies in existence. The top five represent about 80% of the sectors market value.

There are also thousands of dead coins. Dead coins are cryptocurrencies that no longer exist. Some of these digital coins were outed as scams, others just collapsed, suffered devastating hacks, or simply fell of the radar as no one uses them anymore.

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What Is Blockchain Technology

You’ve likely heard some of the following terms if you’ve paid attention to the world of finance: Cryptocurrency, Blockchain, Bitcoin, Bitcoin Cash, and Ethereum. But what do they mean? And why is cryptocurrency suddenly so hot?

First, we’ll explain the blockchain basics.

As society become increasingly digital, financial services providers are looking to offer customers the same services to which they’re accustomed, but in a more efficient, secure, and cost effective way.

Enter blockchain technology.

The origins of blockchain are a bit nebulous. A person or group of people known by the pseudonym Satoshi Nakomoto invented and released the tech in 2009 as a way to digitally and anonymously send payments between two parties without needing a third party to verify the transaction. It was initially designed to facilitate, authorize, and log the transfer of bitcoins and other cryptocurrencies.

When Local Currency Fails

5 Most Popular Cryptocurrencies after Bitcoin

Most individuals around the world dont have the fear their local currency will one day become worthless. Yet, this is exactly what has happened in countries such as Venezuela and Turkey where citizens are left wondering what to make of their countrys financial situation.

Hyperinflation has seen the Venezuelan Bolivar devalued to almost nothing almost overnight. At one point its price was devalued so heavily that 1 US Dollar was worth 68,915 Bolivar. Turkey has experienced an 18% inflation rate, causing its local currency, the Lira, to lose close to 40% of its value. Local citizens do not have enough money to pay for anything but the bare essentials.

Without the trust of local currencies, citizens of these countries have turned to Bitcoin and other cryptocurrencies to store their assets outside of government control. Local businesses have started accepting Bitcoin as payment as it offers a more stable form of currency that businesses trust. Not only that, cryptocurrencies offer lower fees than their credit card counterparts, allowing businesses to keep more of their money.

The initial success of Bitcoin got developers and entrepreneurs thinking about how decentralized networks could be used for other cases besides currency. Through this innovation process, a variety of new cryptocurrencies have been brought to the market, each with their own use case and design.

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Cardano, XRP, and Shiba Inu are also down. Dogecoin is soaring in contrast to the rest of the market though, up nearly 33% in the past day.

The latest plunge comes after it was revealed that 90% of all bitcoins have been mined.

New research shows that 18.89million coins have been mined out of 21million, which is the maximum.

Meanwhile one of the biggest crypto exchanges, Binance, said it will close its trading platform in Singapore after clashing with regulators.

Dogecoin’s rise came after billionaire Tesla entrepreneur Elon Musk said the cryptocurrnecy will be accepted as payment.

He tweeted: “Tesla will make some merch buyable with Doge & see how it goes”.

Early December’s crash was thought to be driven by mounting fears that global governments could crackdown on crypto regulation.

Should You Invest In Cryptocurrency

Experts hold mixed opinions about investing in cryptocurrency. Because crypto is a highly speculative investment, with the potential for intense price swings, some financial advisors dont recommend people invest at all.

For example, while Bitcoin has nearly doubled in value over the last year, reaching a price of over $18,000 in November 2020, its also drastically lost value in the same year, like when it bottomed out at under $5,000 per Bitcoin. Even Bitcoins recent highs, however, are still lower than its 2017 peak of about $20,000 per Bitcoin. All of this is to say, cryptocurrencies, unlike most established currencies, can be very volatile and change value frequently.

Thats why Peter Palion, a certified financial planner in East Norwich, N.Y., thinks its safer to stick to currency thats backed by a government, like the U.S. dollar.

If you have the U.S. dollar in your cash reserves, you know you can pay your mortgage, you can pay your electricity bill, Palion says. When you look at the last 12 months, Bitcoin looks basically like my last EKG, and the U.S. dollar index is more or less a flat line. Something that drops by 50% is not suitable for anything but speculation.

That said, for clients who are specifically interested in cryptocurrency, CFP Ian Harvey helps them put some money into it. The weight in a clients portfolio should be large enough to feel meaningful while not derailing their long-term plan should the investment go to zero, says Harvey.

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Tether And Bitfinex Have A $14 Trillion Class

A class-action lawsuit is pending in the U.S. District Court for the Southern District of New York. This all is against Bitfinex, Tether and the parent company iFinex Inc. The amount of investor damage from the companies actions reached $1.4 trillion.

Furthermore, according to the lawyers, Bitfinex and Tether violate the antitrust and commodity exchange laws. Tether controls more than 80% of the U.S. and global steyblock market. The plaintiffs claim that the companies organized a certain scheme. This scheme used to deceive investors, manipulate the cryptorchain and hide illegal income.

Crypto Broker Voyager Faces Proposed Class

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    Oil prices were higher ahead of U.S. crude inventory data and Bitcoin was lower, trading at its lowest level since early last week.

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    Gems mining power now accounts for about 1% of the Bitcoin networks total.

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    Are Cryptocurrencies A Good Investment

    Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.

    Thats whats called the greater fool theory of investment. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation.

    For those who see cryptocurrencies such as bitcoin as the currency of the future, it should be noted that a currency needs stability.

    Some notable voices in the investment community have advised would-be investors to steer clear of them. Of particular note, legendary investor Warren Buffett compared bitcoin to paper checks: It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?”

    » Learn more: Is bitcoin safe?

    This price volatility creates a conundrum. If bitcoins might be worth a lot more in the future, people are less likely to spend and circulate them today, making them less viable as a currency. Why spend a bitcoin when it could be worth three times the value next year?

    Bitcoin Will Remain The Benchmark

    One thing that will remain unchanged during 2022, Kamerman stresses, is that Bitcoin will only solidify as the flagship cryptocurrency.

    When discussing cryptocurrencies, Bitcoin is generally the first one that comes to mind. Given its popularity, it has struggled to maintain momentum, especially against newer coins riding the wave of social media hype, he says.

    However, Bitcoin has grown to be as popular as gold. Its used as a safe hedging instrument and is one of the most stable cryptocurrencies.

    Bitcoin isnt going anywhere, and the fact it is so established will maintain its popularity with traders, traditional finance institutions and blue-chip companies.

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