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How I preserve my wealth with Bitcoin

Horacio — Mon, 29 May 2023 05:05:44 +0000

“I will explain why I allocate a share of my wealth to bitcoin and how I see it as ideal for preserving the value of my net worth.”

By Konstantin Rabin

Good ol’ bitcoin, the granddaddy of cryptocurrency, is increasingly being used as a reliable store of value for those looking to move away from the more established asset classes as it is continually proving itself as a solid hedge against inflation.

In fact, this is something I have been doing for some time now and, in this article, I will explain why I allocate a share of my wealth to bitcoin and how I see it as ideal for preserving the value of my net worth.

Despite the volatility and fear-mongering that is prevalently posterized when talking about bitcoin as a revolutionary investment vehicle, there is plenty to be said about why it is a valid contender in this market. It should be noted that no investor worth their salt would tell you to put your life savings into crypto, but there is plenty of upside potential for those looking to make long-term returns or preserve a portion of their wealth this way.

Let me just mention a few of these advantages that make this investment in bitcoin worth looking more deeply into:

Alternative store of value: Bitcoin is as good as it gets when looking for a store of value outside of third-party manipulation. Being decentralized means that it circumvents many of the red-tape aspects and fees that come with leaving your money in the hands of financial institutions. As a result, it is not subject to the same inflationary pressures that are so prevalent with companies operating in the government-controlled fiat currency system.
Potential for long-term growth: There is no doubt that bitcoin’s value is extremely volatile in the short term, but its long-term trend has historically been a fairly bullish affair. The idea of HODLing comes into play here, as you will really only be able to see the true value of your investment when ignoring the spikes and holding on for dear life.
Diversification: As I said before, investing in bitcoin does not mean that you dump all of your hard-earned eggs into the chaotic basket that is crypto, but you can provide some much-needed, future-oriented diversification for your investment portfolio. As bitcoin’s price is increasingly uncorrelated to those of traditional assets, such as stocks and bonds, adding some of these digital coins to your portfolio can help spread out the overall risks that your investments might face from the old guard. In fact, what we have seen over the past few years is that bitcoin has become a new sort of semi-safe-haven asset class which many investors flock to the moment that old-school investment vehicles and fiat currencies come under pressure.
Accessibility: This goes down two lanes. On the one side, investing in bitcoin is becoming easier to do, with many platforms and exchanges now offering a simple and secure way to buy and hold your BTC; while at the same time, it has never been easier to liquidate this asset and get fiat cash in hand when the need arises. This scores a massive point over the stock, bond or real estate markets, which are forever plagued by liquidity issues; especially in times of large-scale financial instability.

In the long run, spending a share of your income on BTC is unlikely to make you poor. On the flip side, not allocating anything to BTC might ruin your prosperity, especially in these uncertain times when banks can go bust without warning, inflation seems to be ever on the rise and several countries witness their fiat currencies turn into toilet paper.

Why I Don’t Buy Or Mine BTC

In the pursuit of acquiring bitcoin, there are always the obvious channels of hitting up some form of cryptocurrency exchange or peer-to-peer marketplace and just exchanging fiat for BTC. While there is nothing wrong with this approach, and it might be the easiest and perhaps the only option for many people out there, it is, in my humble opinion, not the best way to get your coins for wealth preservation.

You could instead go the route of the miner and spend a large fortune on buying all the equipment needed to try and get some BTC that way, but in this day and age with the average mining cost per coin being over $30,000 in many countries, it is more likely that you will end up with zilch long before you ever mine your first coin.

So, what would I suggest? Earn it.

Sure, not everyone can convince their boss to pay them in bitcoin, but these days, many people have a side hustle that can easily be employed in generating some digital dosh. Five years ago, offering your clients the ability to pay in crypto for your services was a nonexistent concept, but today, it is a no-brainer. Right now, a large number of my clients, especially those operating in the online world, are really into paying for services via crypto. While most of them like to use stablecoins such as USDT, you can easily flip these over to BTC and keep padding your Bitcoin wallet.

One more notable online activity that I partake in to stack some BTC is for the over-18-year-olds only. No, I don’t mean OnlyFans. I do some work in and around the gambling industry and also enjoy a bit of a gamble myself from time to time, but I solely gamble for BTC.

Bitcoin betting sites have been gaining traction lately, thanks to their ability to protect privacy, offer deals (e.g., bonuses, commissions, etc.) and general improvements over the annoying bureaucracy inherent in fiat betting sites. Obviously, I don’t recommend gambling to anyone, but this is something I enjoy occasionally, such as when my favorite UFC fighter jumps into the octagon, as it adds a bit of excitement while watching the fights, and obviously, the winnings are added to my wealth-preservation BTC fund.

My BTC Wealth Preservation Strategy

You might be wondering why I am hammering on bitcoin and not paying much heed to the rest of the crypto pack. Frankly, as most of the top tokens are following the bitcoin price like a donkey chasing a carrot, I don’t typically diversify things or allocate a share of my crypto investments into other major coins and tokens. Don’t get me wrong, I believe that some of the cryptocurrencies out there are useful, but, as bitcoin is what determines the value of many of the top dogs on the list, sticking with BTC as my investment coin just makes sense. (For those keen on diversifying into other crypto projects, I do have one bit of advice; stay away from meme and shitcoins.)

Now, let’s get down to business. Here is my advice for preserving wealth via bitcoin based on my own strategy:

Plan: Whether you are investing with fiat currencies that you get from working a day job or getting paid directly in crypto via your own projects, make sure to have a well-defined goal. Set certain annual or even quarterly amounts that you would like to reach and try your best to make it happen.
Don’t panic: Always work on increasing your BTC holdings and be ready to HODL until kingdom comes. Don’t pay much attention to the fiat value and don’t panic sell just because you see some of those crazy price swings that bitcoin is so famous for. It is all good and well to compare exchanges and cryptocurrencies, but do not sit there stressing about where the price of BTC is sitting. Short-term dips are bound to come and go, but if you believe in BTC as much as I do, then you can rest assured that your wealth is being preserved. Keep in mind that there are only 21M BTC available, ever. As this is a finite supply and the world’s population is close to eight billion, with more people being added every day, the value of this asset is sure to increase over time as more governments and people take hold of this new shift in finance. If and when fiat finally goes completely bust and bitcoin takes over as the major currency, an average BTC per capita in the world is going to be around 0.0025, and you most certainly want to be in the top 5% of those holding it.
Keep it secure: Bitcoin is digital, and hackers are always on the lookout for those who are not keeping a watchful eye on their money. So, to preserve my wealth safely, I keep all of my bitcoin holdings in hardware wallets stashed in a safe place. There are plenty of good exchanges and hot wallets to choose from, but if you are serious about preserving your wealth, keep it cold, keep it offline.

Why You Shouldn’t Wait To Diversify

Allocating a portion of your wealth to bitcoin can be an effective way to preserve it, and even grow it, but as the saying goes, “the best time to start is yesterday, the second best time is now.”

Don’t wait for BTC to hit $50,000 before you suddenly wake up and start buying in. Set up a plan today and start diversifying your portfolio in this future-proof asset class, so you know your wealth is safe, no matter how bad your government might be.

Link: https://bitcoinmagazine.com/culture/how-i-preserve-my-wealth-with-bitcoin

Source: https://bitcoinmagazine.com

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Brace for impact: the market could explode if China lifts its Crypto ban

Horacio — Sun, 28 May 2023 05:11:11 +0000

By Bary Rahma

China’s historical relationship with cryptocurrencies is complex, marked by recurrent bans and their impact on the crypto market.
Recent signs suggest a potential shift in China’s hardline stance on cryptos, a development attracting significant international attention.
Lifting the ban on cryptos in China could have profound implications for the crypto market, potentially driving demand and boosting prices.

Beijing has issued a white paper titled “Web3 Innovation and Development White Paper (2023)”, advocating for web3 technology as a crucial component of future internet growth. The Beijing Municipal Science & Technology Commission, which released the document, aims to position Beijing as a global innovation hub for the digital economy. As part of this plan, the Chaoyang district will invest around $14 million annually until 2025. The white paper underscores Beijing’s commitment to bolster policy support and accelerate tech advancements to propel the web3 industry.

China’s History of Banning Crypto

China has a long history of imposing restrictions on cryptos, with the first attempt taking place in 2013 when the People’s Bank of China (PBC) issued rules that prohibited financial institutions from transacting in virtual currencies like Bitcoin.

However, this did not make it illegal for Chinese citizens to buy, store, or send cryptos. It simply made accessing cryptos from exchanges more challenging.

This first ban was aimed at slowing down Bitcoin trading, as it had become so widespread that many businesses, including the country’s largest search engine Baidu, began accepting it as payment.

Investment in Blockchain Industry in China. Source: Statista

In 2017, during the crypto bull market, Chinese officials imposed increased sanctions on crypto trading, focusing particularly on Initial Coin Offerings (ICOs). ICOs, digital tokens meant to represent an ownership stake in a new crypto project, have seen a significant increase in trading.

Nonetheless, many of these ICOs became scams due to the lack of regulation. To curb the ICO craze, China banned all platforms offering ICOs. If an exchange sold ICOs, they had to return the money to investors.

Number of Cryptos Worldwide. Source: Statista

In 2021, China took the most severe measures in its history against cryptos. As Bitcoin hovers around $55,000, China’s State Council announced a formal ban on crypto mining.

Shortly after, the hash rate on Bitcoin’s network dropped 50%, with Bitcoin’s price plunging to about $30,000 in the ensuing months.

Bitcoin US Dollar Price. Source: Statista

Along with the Bitcoin mining ban, China’s regulatory bodies outlawed all crypto trading and transactions. It is also illegal for residents to send crypto and for businesses and banks to accept coins like Bitcoin and Ethereum.

Despite the ban, there are no specific policies against holding digital assets, so Chinese residents who already have crypto in a wallet are not violating any current laws.

Why China Banned Cryptos

Several factors drove China’s decision to ban cryptos. These include:

Concerns about consumer protection due to the association of cryptos with scams and money laundering.
The unclear legal status of digital currencies.
The potential for capital flight.
The devaluation of the yuan.
Environmental concerns due to Bitcoin’s high energy requirements.
A desire to control Central Bank Digital Currencies (CBDCs) and metaverse projects.

Indeed, China is actively working on an official CBDC known as the “digital yuan,” and cities like Shanghai have pledged billions to develop national metaverse projects.

The ban had significant aftereffects on the global crypto industry. China’s Bitcoin mining ban caused a significant decrease in the hash power on the Bitcoin blockchain. Many of China’s Bitcoin miners fled to nations that were more friendly to the crypto industry.

However, Bitcoin’s total hash rate continued to increase in the months following the ban, and by January 2022, it was significantly higher than before China’s Bitcoin ban.

It was also observed that mining activity in China appeared on Bitcoin’s network in September 2021, suggesting that many Chinese mining pools still operate underground.

Is China Lifting the Crypto Ban?

Despite the stringent restrictions, China’s ban on cryptos has not completely halted activity in the sector. Underground crypto markets have sprouted up as crypto enthusiasts in the country continue to find ways around the restrictions.

More recently, however, signs have suggested a possible shift in China’s stance towards cryptos.

In the latest development, there are indications that China might be easing its hardline stance on cryptos. This news is substantial given that one of the most significant shocks to the crypto market in the past couple of years came in 2021 when China issued its most significant crackdown yet on digital assets.

This crackdown was part of a wider effort to regulate the financial technology sector. It was also in line with China’s ambition to introduce its own digital currency, the digital yuan.

The global crypto community is closely watching signs of a potential shift in China’s stance towards cryptos. However, the specifics of this shift are not yet clear, and how these developments will pan out remains to be seen.

It should be noted that even if China were to ease its restrictions, it would likely continue to exercise tight control over the sector to ensure consumer protection, prevent potential financial risks, and maintain control over its own digital currency initiatives.

What Will Happen If China Lifts Ban on Cypto?

If China were to lift its ban on cryptos, it would likely significantly impact the global crypto market.

As the world’s most populous country and one of the largest economies, China’s acceptance of cryptos could stimulate global demand, boost prices, and potentially lead to wider acceptance of digital currencies. It could also pave the way for the return of crypto mining activities to the country, which was once the world’s largest Bitcoin mining hub.

Binance CEO Changpeng Zhao maintains that lifting China’s crypto ban is a “big deal.” The fact that CCTV (China Central Television) recently broadcasted a news segment about crypto has sent waves in the Chinese-speaking communities.

Still, unbanning crypto could also pose challenges. For instance, it could lead to increased volatility in the crypto market. Additionally, it could bring about regulatory challenges as authorities grapple with consumer protection, money laundering, and financial stability issues.

The potential lifting of China’s ban on cryptos is a development with significant implications for the global crypto market. But until more concrete information becomes available, the true impact of this development remains to be seen.

Link: https://beincrypto.com/what-happens-if-china-lifts-crypto-ban/?utm_source=pocket_saves

Source: https://beincrypto.com

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Online Privacy And Crypto: Is It Really Solving The Issue?

moccia — Fri, 26 May 2023 05:50:31 +0000

One of the biggest questions that has dominated the rise of Web2 is the collection of our data and how exactly it is used. Even towards the end of Web2 and the incoming dawn of Web3, this question has not been resolved.

As of 2023, any search and any click that a user makes is traced and utilised by data collectors. Even Google itself knows exactly who you are, your name, your age, your gender, your history, your marital status, the list just goes on and on.

While there are ways to fix the problem, such as removing your private info from Google search or opting out of data brokers entirely, it has been an issue that has garnered a lot of attention.

The Incoming World Of Web3

But this is because the world of Web2 is centralised, with intermediaries who can benefit from collecting our data and utilising it for their own purposes and profit. With Web3 as an alternative, however, the internet could be decentralised, which means there would be no intermediaries and no middlemen to harness the data in the first place.

While this sounds good, it also sounds like a bit of wishful thinking. According to experts, Web3 is only going to be properly implemented somewhere in the 2030s, and even this seems like it could be jumping the gun when it comes to predictions. Surely, then, we have no real knowledge about whether Web3 might solve the issue of data privacy.

The Implications Of Cryptocurrency

Well, this is where cryptocurrency comes into the picture. One of the benefits of cryptocurrency – according to users with experience of blockchain – is the security and privacy that comes from its decentralised nature. Indeed, cryptocurrency has been running off an early vision of Web3 for around a decade, with blockchain networks, dApps and even blockchain privacy projects that are made to be secure and trustworthy.

With this in mind, can we say that crypto is showing how the issue might be solved when blockchain spreads to embody the internet?

Well, yes and no. Because blockchain is decentralised, there is no central control point that can take advantage of data and utilise it for its own purposes. That is to say, instead of a single authority interacting with users, there are a number of consensus methods, each of which are distributed to nodes that authenticate and preserve the data to ensure it cannot be corrupted. As well as this, dApps like DTSocialise Holding are creating an ecosystem that allows users to choose between anonymity – keeping their data private and secure – and sharing their data in exchange for compensation.

The Answer To Online Privacy

With that being said, cryptocurrency is still in its infancy stages, which makes it almost impossible to tell whether these benefits will go unchallenged in the coming years. It can also be said that technologies like blockchain do not guarantee anonymity and can only ensure it if users have an understanding of how to provide security, privacy and freedom for themselves – much in the same way that users can now, in the world of Web2.

That being said, it can’t be argued that decentralised ventures are not heading in the right direction. For now, however, we have to focus on how to protect our privacy in the present while also staying aware of crypto and the steps it is taking to ensure a secure and private future.

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The next Bitcoin: could ApeMax, Ethereum, or Solana rival Bitcoin?

Horacio — Fri, 26 May 2023 00:03:27 +0000

In recent times, the cryptocurrency market has witnessed a tremendous surge, attracting buyers and investors in search of the next Bitcoin and lucrative crypto opportunities. Bitcoin, the trailblazing decentralized currency, has played a pivotal role in enabling this remarkable growth.

This article investigates the potential of ApeMax, Ethereum, and Solana, and whether these cryptocurrencies have what it takes to become the next Bitcoin. This article will explore each of these coins and their unique attributes which may help them dethrone Bitcoin from the number one spot. This article will place special emphasis on the new coin ApeMax, which offers significant earning potential through its transformative boost staking system.

Bitcoin, since its inception, has experienced an astronomical price surge, soaring from a few cents per BTC to reaching an all-time high of $68,789.63 per Bitcoin. Several early investors in Bitcoin have amassed substantial wealth from their initial investments. Consequently, it comes as no surprise that everyone from investors to experts are constantly seeking out the next Bitcoin. Everyone is on the lookout for a game-changing crypto coin with immense growth potential and the capability to bring about transformative change to the crypto market.

What is Bitcoin and what makes it so special?

Bitcoin was born in 2008 and launched by an individual or group of individuals who go by the pseudonym Satoshi Nakamoto. The world has never been the same since.

Bitcoin is widely regarded as a revolutionary and pioneering force due to several significant factors. Firstly, it introduced the groundbreaking concept of a decentralized digital currency, challenging the conventional financial system that heavily relies on centralized entities such as banks.

Bitcoin’s underlying technology, known as blockchain, is also a game changer. It brought forth a transparent, immutable, and secure ledger system for recording transactions. This innovation has unlocked numerous possibilities beyond mere currency.

Finally, Bitcoin’s finite supply and decentralized nature have positioned it as an alternative store of value and a potential safeguard against a problem that plagues traditional fiat currencies: inflation. These attributes have captured the attention of people around the world, leading to exceptionally high demand and price as evidenced by data from CoinMarketCap.

Is ApeMax the Next Bitcoin?

The presale for ApeMax is currently open, providing an exceptional opportunity to get your hands on ApeMax coins at highly affordable prices.

ApeMax is a groundbreaking Boost to Earn coin, introducing innovative tokenomics that enable users to generate earnings by staking their coins in entities ranging from creators and influencers, to charities or even Web3 projects. ApeMax stands out by offering immediate engagement in staking and growth, setting it apart from other alternatives in the market.

Similar to Bitcoin, ApeMax coin possesses deflationary properties as it has a fixed supply. Deflationary coins like ApeMax and Bitcoin can serve as attractive options as they can act as hedges against inflation if their demand increases.

The boosting-based staking model of ApeMax has the potential to create a completely new economic model where creators and their supporters can both earn through the act of boosting. This has the potential to disrupt the existing economic model reliant on traditional ad-based and subscription revenue streams.

Experts in the industry have identified ApeMax as one of the best crypto presales to keep an eye on. To secure the lowest presale price, it is advisable not to wait and to participate in the ApeMax coin presale now. Early adopters often enjoy the best return in the world of cryptocurrency when a new coin strikes gold down the line.

Is Ethereum the Next Bitcoin?

Ethereum has the potential to rival Bitcoin for several reasons. Ethereum introduced the concept of smart contracts, and through this groundbreaking feature has enabled the creation of decentralized applications and a world of possibilities beyond peer-to-peer transactions.

Secondly, Ethereum’s platform allows developers to build and deploy decentralized applications using its native programming language, Solidity. This programmability makes Ethereum flexible and adaptable to various use cases.

Another factor that helps Ethereum outshine Bitcoin is the EVM, a runtime environment that executes smart contracts on the Ethereum network. This enables the execution of complex computations and facilitates interoperability between decentralized applications. Bitcoin lacks such a comparable virtual machine for executing advanced smart contracts.

Finally, Ethereum has become the leading platform for token creation and hosts many tokens beyond its native cryptocurrency. Additionally, Ethereum’s blockchain has become the foundation for the growth of decentralized finance, enabling various financial services such as lending, borrowing, and decentralized exchanges.

Is Solana the Next Bitcoin?

Solana is designed to be highly scalable, capable of processing thousands of transactions per second. In contrast, Bitcoin’s network has limited scalability, leading to higher fees and slower transaction times. Solana’s scalability makes it more suitable for mainstream adoption and handling large-scale applications.

Solana’s innovative architecture and consensus algorithm also allow for faster transaction confirmations and reduced latency. This efficiency enhances user experience and enables Solana to compete with Bitcoin in terms of transaction speed and responsiveness.

Finally, Solana’s network fees are generally lower compared to Bitcoin. The lower transaction costs make Solana more attractive for everyday transactions and encourage wider adoption across various industries.

The Next Bitcoin – Conclusion

In summary, this article looks at Ethereum, ApeMax, and Solana and whether these coins have what it takes to become the next Bitcoin and why. Undoubtedly, Bitcoin has left an enduring legacy on the world and decentralized finance. Although Ethereum and Solana possess several characteristics which make them stronger than Bitcoin in certain respects, they also have something in common, namely that their prices are already quite high.

ApeMax distinguishes itself with its unique tokenomics that offer opportunities for earning. The ApeMax presale has recently kicked off, providing a limited-time chance to buy ApeMax coins at desirable and affordable prices. Whether you have prior experience with cryptocurrencies or are new to this realm, venturing into ApeMax could be a potentially rewarding adventure worth looking into.

Link: https://www.analyticsinsight.net/the-next-bitcoin-could-apemax-ethereum-or-solana-rival-bitcoin/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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Bitcoin to explode by over 75% once it overcomes critical level, predicts Jason Pizzino – here’s the timeline

Horacio — Thu, 25 May 2023 13:37:55 +0000

Crypto analyst Jason Pizzino claims that Bitcoin (BTC) could surge by double-digit percentage points once it rises above a key resistance zone.

In an interview on the David Lin Report, Pizzino says that Bitcoin is facing major resistance at between the $28,000 to $32,000 level.

According to Pizzino, the flagship crypto asset could surge by nearly 80% from the current price when it breaches the major resistance zone.

“So $28,500 to around $32,000 is going to be a key level for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls.

Basically comments from people saying that this thing has to go lower and we’re going to see new cycle lows… That will become less and less once we overcome this key, you know, crossing here between $28,000 and $32,000.

There’s just nothing left for them once it overcomes this level. They will be then looking towards $48,000 as the next level. And of course the all-time highs.”

Bitcoin is trading at $26,798 at time of writing.

The crypto analyst says that going forward, Bitcoin would have a more sustainable rally if it appreciates in price by small incremental steps rather than huge sudden surges.

“The more we go up in these little stair-stepping movements, the better that is for Bitcoin because there’s more stability in price at lower levels.

So we get this nice stair-stepping move up rather than this ridiculous FOMO (fear of missing out) pump that we see in those patterns. These are unsustainable.”

Link: https://dailyhodl.com/2023/05/25/bitcoin-to-explode-by-over-75-once-it-overcomes-critical-level-predicts-jason-pizzino-heres-the-timeline/

Source: https://dailyhodl.com

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Bitcoin’s declining correlation with stocks revives its appeal for investors: K33 Research

Horacio — Wed, 24 May 2023 21:13:52 +0000

BTC’s 30-day price correlation with the tech-heavy NASDAQ index fell to 0.26, its lowest level since December 2021, according to K33 data. BTC’s correlation with the S&P 500 index also plummeted last month to levels not seen since late 2021.

Bitcoin, the largest cryptocurrency by market capitalization, has lured investors over the years as an asset whose price moves independently from other investment classes, most prominently from equities, making it convenient as part of a diversified portfolio.

The narrative, however, changed last year, as the digital asset market nosedived from all-time highs in tandem with stock markets. Crypto’s correlation with traditional markets rose to new highs as central banks globally jacked up interest rates at the fastest pace in decades to combat rampant inflation. The monetary hawkishness knocked down the price of rate-sensitive, risky assets such as stocks and cryptocurrencies.

(K33 Research)

“A perverse focus on growth and wide mania across the financial markets enabled the high correlations,” K33 wrote in the report. “Now conditions have calmed. Hence, BTC may again resume acting as a solid diversifier.”

BTC as portfolio diversifier

K33 found that a small allocation to BTC improves the performance of a traditional investment portfolio.

A portfolio with 3% weight in BTC, 58.5% in stocks and 38.5% in bonds has outperformed the classic 60% equities, 40% bonds investment over the years. Even when it’s measured from January 2018, near when cryptocurrency prices entered a two-year bear market, the portfolio that included BTC would have outperformed by 6.9%, according to K33.

(K33 Research)

“While the considerable price fluctuations may disincentivize investors, a time-tested strategy of active disciplined rebalancing and a minor allocation to BTC has proven to improve the overall risk profile of a traditional portfolio,” K33 wrote.

Link: https://www.coindesk.com/markets/2023/05/24/bitcoins-declining-correlation-with-stocks-revives-its-appeal-for-investors-k33-research/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

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U.S. Is ‘losing’ the Bitcoin movement: Cathie Wood

Horacio — Wed, 24 May 2023 12:01:31 +0000

Speaking at Fortune’s Most Powerful Next Gen conference last week, Wood described how the center of gravity of cryptocurrency is moving away from the U.S, using the example of crypto exchange Coinbase (COIN) receiving licensing to operate in Bermuda while also looking to expand its presence in Singapore.

In the crypto world, ARK Invest is best known for its regular sizeable orders of COIN stock.

“It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system,” Wood said.

Frustration over the regulatory picture for crypto in the U.S. is largely directed at the Securities and Exchange Commission (SEC) over its insistence that the industry does not require any bespoke framework beyond existing securities laws, not to mention ongoing disputes with Coinbase and Ripple.

Cathie Wood also referenced last year’s dramatic collapse of crypto exchange FTX, saying it “proved the concept” of bitcoin, as did this year’s banking crisis in which Silicon Valley Bank, Silvergate and Signature all went to the wall. Wood believes these crises underlined the dangers of centralization in financial systems, something to which bitcoin runs counter.

“The reason it’s adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis, when people just lost all trust in financial services,” she said.

“And, very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable.”

Link: https://www.coindesk.com/policy/2023/05/23/us-is-losing-the-bitcoin-movement-cathie-wood/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

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Why is the NFT market down?

moccia — Wed, 24 May 2023 09:36:26 +0000

The entire crypto industry was affected by a series of unfortunate events during 2022 and the repercussions are still visible in 2023 as well. While crypto investments are recovering steadily, the ownership of non-fungible tokens was even more seriously impacted. Once you understood that coins and tokens are corelated, but certainly different, you are on the path to acknowledging why the NFT market went and still seems to be down. More on the differences between crypto coins and crypto tokens here.

While the crypto market crash is one of the main reasons for the collapse of the NFT market, it is not the only reason that led to the decline, there are various reasons for it.

How did the Crypto crash influenced the NFTs?

The decline of cryptocurrencies is one of the main reasons for the decline in investor confidence and interest. There is a strong correlation between cryptocurrencies and non-fungible tokens which makes NFTs dependent on Crypto. Due to the falling prices of cryptocurrencies and non-fungible tokens, volatility and all these declining values have affected several large organizations which announced massive layoffs. After such events, people, evidently, got sceptical when it came to investments. Although experts mention that this could simply be an economic cycle issue as well, as all types of economy suffer recessions and the NFT market is no exception, it does not seem to recover well.

Other 2 main reasons for the NFT collapse

1. Mistrust in cyber security

One of the main reasons why non-fungible tokens have always plagued people is the general mistrust of the security of non-fungible tokens. Although NFTs are usually considered safe, some cases have raised questions about their safety. One such case occurred last year, in the midst of an already existent crypto crisis, when $100 million worth of non-fungible tokens were stolen.

2. Inflation

An overvalued or inflated market for non-fungible tokens is also partly responsible for the decline in NFTs trading volumes. Looking at the development of the market over the past three years and by simply watching the news, it’s easy to understand that NFT interest grew based on a hype. A very good example that stands for this reason is the Bored Ape Yacht Club. NFTs in this collection were individually sold for millions of dollars. And there are several similar cases.

Current situation and predictions

The decline of the NFT market has impacted various sectors. Before this collapse, non-fungible tokens were considered an exciting new thing to invest into around the world and were especially popular with celebrities, thus greatly influencing the masses. Although the NFT industry is working to restore consumer confidence following the demise of cryptocurrencies and the FTX failure, the market downturn has severely affected investor confidence and rebuilding this kind of confidence may take time.

Aside from investors and collectors, the NFT crash has also badly influenced the prospects of NFT creators. Blockchain technology and non-fungible tokens have paved the way for artists to display their talents and work across a wide range of platforms and helped them receiving significant financial benefits and recognition. But trust in such a financial resource have taken a big hit with the collapse of the whole market.

Non-fungible tokens have retreated, but recent reports suggest the market is recovering. It’s still too early to predict whether the market will return to its former glory, which is doubtful, but experts say such setback may simply be temporary, insisting on having patience while the market recovers, shining a light on the picture of the NFT market.

Trading volume for non-fungible tokens grew 38% from January to February 2023, reaching $946 million, while Ethereum blockchain transaction volume grew 37.29% from January up to $659 million. Up to this month, NFT sales increased 42%, to reach 9.2 million units.

The post Why is the NFT market down? appeared first on Fintech News.

Crypto whales are loading up on these Altcoins for the week

Horacio — Tue, 23 May 2023 12:19:02 +0000

The crypto market has witnessed incredible momentum since the start of the year. It became evident when Bitcoin crossed the $30,000 price mark. Many believe that Bitcoin’s recent momentum means one thing – the start of the altcoin season. Not only are altcoins set to offer better gains, but new ones are also ready to provide massive price rallies.

This news certainly delights the crypto whales who are eager to invest massively in these tokens. They have hinted at investing in AiDoge, Copium, SpongeBob, EcoTerra, yPredict, DeeLance, and Launchpad XYZ, among other tokens. Without further ado, let’s take a deeper look into the coins that the crypto whales are loading up for the week as well as their unique features and use cases.

AiDoge (AI): An Incredible Crypto Platform That Combines AI and Meme

AiDoge has made an early impression in the meme community thanks to its adoption of AI technology and meme. This integration allows users to create quality memes based on text prompts that align with current crypto trends.

With its presale event recording over $11 million in capital, the meme platform is powered by its native token, $AI, which incentivizes meme creators and provides access to its AI meme-generating ecosystem. Its presale stage continues to sell out rapidly, and you should take your positions early on before further rallies occur.

Copium (COPIUM): A New Meme Coin With Early Success In The Market

Copium is a new crypto project that made a strong entry into the market. Within its first 24 hours on Uniswap, Copium has achieved a trading volume of $45 million and experienced a massive rally of over 1,000%. With its market cap at around $10 million, Copium has the potential for further growth.

More evident is its NFT collection and airdrop, which has garnered investors’ attention. Also, it has secure listings with top CEXs, namely MEXC, LBank, and Poloniex. Despite being a new project, Copium boasts over 16,000 followers on Twitter and has received significant engagement demonstrating the enthusiasm surrounding its launch and prospects. These reasons make Copium an altcoin on crypto whales’ radar for the week.

SpongeBob (SPONGE): An Oustanding Meme Platform

SpongeBob has become a delightful project that has gained several investors’ attention. Stepping into the spotlight with no presale stages, SpongeBob became a massive hit in its first few days of the market, recording over $10 million in market cap.

While SpongeBob’s trading activity and rally have slowed, top analysts point to a potential rally that could further surge its native token, $SPONGE, into newer highs. As such, it becomes imperative to consider investing in this project before the next rally.

EcoTerra (ECOTERRA): A Revolutionary Eco-friendly Platform With Crypto Incentives

EcoTerra is an eco-friendly platform allowing users to recycle items easily and be rewarded for actively doing so. With its mobile app, you can scan items, dispose of them, and receive ECOTERRA tokens instantly, which you can trade for cash.

It continues to be a leading green platform, and its partnership with top brands will ensure its success in sustaining the environment and providing better gains. EcoTerra also features a carbon offset marketplace where you can engage in green projects and earn better incentives. The amazing initiatives of this green platform place it high among the altcoins on crypto whales’ watchlist.

yPredict (YPRED): A Decentralized Ecosystem For Traders and Developers Seeking To Edge The Crypto Market

yPredict creates a perfect ecosystem where traders and developers can get the best predictive tools to analyze the market effectively. This decentralized platform allows users to develop AI tools to predict crypto market trends, providing a trading edge.

Thanks to its native utility, $YPRED, yPredict allows users full access to top-notch AI prediction tools. Thus, it will enable them to enjoy passive income and help them become effective traders. Indeed, this platform provides a compelling utility highly demanded in the crypto space, and its presale event attests to that.

DeeLance (DLANCE): A Prominent Web 3.0 Freelancing Platform

DeeLance is an incredible web 3.0 platform ready to revolutionize the freelance sector. This platform aims to resolve the ills of traditional platforms like Fiverr and Upwork by providing better employment, speedy payouts, and less use of intermediaries.

Interestingly, it uses NFT technology, which allows recruiters to tokenize their projects without copyright issues. Also, this freelance platform eases the barrier to entry by ensuring freelancers around the world engage in its platform and earn passive income. Consequently, it remains a major altcoin that crypto whales are gunning for this week.

Launchpad (LPX): A Crypto Platform Ready To Usher Users Into Web 3.0

Launchpad is a crypto platform providing early access to Web 3.0 investments. This platform allows you to invest in the early stages of utility tokens, play-to-earn platforms, and NFTs while providing a decentralized exchange for you to trade their tokens instantly.

Furthermore, Launchpad’s native token, LPX, allows you to access these early features and not miss out on its investment opportunities. Its presale event waxes stronger at each subsequent stage, with investors stacking up its native token. This project’s entry into Web 3.0 will ensure more users are streamlined into this sector.

Chimpzee (CHMPZ): A Revolutionary Green Platform

Chimpzee is a green cryptocurrency project dedicated to wildlife conservation and climate action. It addresses the urgent need to regenerate forests and prevent the extinction of around one million animal and plant species.

Chimpzee believes traditional initiatives aren’t enough and aims to increase engagement and incentivization using blockchain, cryptocurrencies, and NFTs. While its NFTs launch hasn’t started, CHMPZ tokens are available for purchase during the presale, providing advantages in the upcoming NFT launch and other perks.

Final Thoughts: Invest In These Eight Quality Crypto Picks Of Crypto Whales for The Week

As the crypto market gains bullish momentum, there is no better time than now to stack new and existing altcoins in your digital wallets. Proven by their track records, crypto whales are usually very objective in their investments. As such, endeavor to invest in the tokens we discussed in this article to enjoy massive price rallies when the altcoin run commences. Hurry now, and don’t miss out on future gains.

Link: https://www.analyticsinsight.net/crypto-whales-are-loading-up-on-these-altcoins-for-the-week/