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Beware of this when trading Bitcoin

Looking back in retrospect, we see that bitcoin hit the markets in 2017 by reaching an unforeseen and unexpected peak of more than $19,000. This milestone made amateurs and professionals start paying attention to bitcoin and taking cryptocurrencies seriously. The last year of 2020 has equally been a wild ride for anyone watching or invested […]

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Looking back in retrospect, we see that bitcoin hit the markets in 2017 by reaching an unforeseen and unexpected peak of more than $19,000. This milestone made amateurs and professionals start paying attention to bitcoin and taking cryptocurrencies seriously. The last year of 2020 has equally been a wild ride for anyone watching or invested in the bitcoin market. Anyone watching the markets knows that Bitcoin traded more than 2021 by going above and beyond $23,000.

These statistics come as a shocker for anyone who saw Bitcoin drop as low as $4,000 back in early March 2020 when the pandemic (COVID-19) was at the earliest stages. Despite the tremendous price fluctuation, Bitcoin has traveled in an upward direction, which is quite a success for a currency that has been launched in the markets for only one decade. With that said, there are some exciting predictions made by fintech experts about the future of this cryptocurrency in 2021. Read on to learn more.  

Source: Jamshed

More Acceptance

It has been speculated that bitcoin will find its way into the mainstream this year, 2021, to gain more acceptance with the general public. The use of bitcoin in everyday life has always been linked to the chicken-egg problem. The thing is that very few accept and use it because of very few use and accept it. With that said, despite all odds, 2020 has witnessed massive evolution in the adaptation of bitcoin. If we analyze different markets and fintech companies, we see that even Paypal has granted its users permission to buy and sell with bitcoin.

With many fintech companies giving their users the stamp of approval, we ought to embrace the possibility that the mainstream will see bitcoin as a vital extension to buy and sell. At least one American or European bank is expected to establish a system where bitcoin purchases are enabled. Or if one of the banks allows clients to hold their digital assets in the form of bitcoins. Let us see how things turn out in the long run in 2021.

 Bitcoin will stir massive Competition

For the year 2021, bitcoin is to expect quite a competition from big tech. Irrespective of whatever bitcoin achieved in a decade of its launch, it sure has compelled many global technological entities to think about offering their clients global digital currency. People around the globe realize the importance of bitcoin and how it has changed the financial structure.

Therefore, more people are stepping forward to invest in bitcoin. Every company that deals with the international payment space acknowledges that the market for digital payments is growing massively. And that said, they understand the most significant potential lies with the different categories of currency markets.

Bitcoin has successfully demonstrated that it can quickly and quite dramatically streamline the transaction process as a global digital currency. Therefore, the more prominent companies with massive international reach will implement digital currency plans to compete with bitcoin.

 Competitive Stance of Central Banks

This might come off as a shocker to many, but more than 70% of the world’s central banks are reportedly working on launching their digital currency. If we look at the globe, we see that China has left behind all other nations with its digital currency stance. For instance, in 2020, a lottery was held in Suzhou’s Chinese city, where all 100,000 residents of the town received the win sum of $30 in their digital wallets.

With this competitive stance, the winners were encouraged to connect their digital wallets to their bank accounts. For intensifying the experiment, the winners were asked to spend their digital cash within a few weeks, or it would disappear. With that said, China is explicitly moving towards the adaptation of digital currency (digital yuan), and it is predicted to undercut the global demand for bitcoin and suitable cryptocurrencies. We can expect similar experiments on the effectiveness of digital currency to occur in other countries in 2021.  

 Continued Instability

We know that bitcoin is not associated with a real-world fiscal policy. Therefore, continued volatility will exist in 2021. In simple words, we can expect to face losses or gain profits with bitcoin as they can appreciate and depreciate in unpredictable ways as it has in the last decade. The only thing sure for bitcoin is that its wild ride of 2017 and 2020 will continue and more likely be repeated, so buckle up and keep watching out.

Disclaimer: This is a paid article and must not be considered as news/advice. 

Source: https://ambcrypto.com/beware-of-this-when-trading-bitcoin/

Blockchain

Tether Gets 500 BTC Ransom: Sender Threats to Leak Harmful Documents

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Tether, the company issuing the most widely-used stablecoin, USDT, has revealed that it got a ransom demand for 500 BTC. The sender has threatened the company to leak documents to the public that would “harm the bitcoin ecosystem.”

Tether Gets a 500 BTC Ransom Demand

Tether, the issuer of the popular USDT stablecoin, took it to Twitter to reveal that someone had threatened to leak documents to the public in an attempt to “harm the bitcoin ecosystem.”

The company explained that “forged documents are circulating online purporting to be between Tether personnel and reps of Deltec Bank & Trust and others. The documents are bogus.”

Furthermore, Tether explained that they’ve also received a ransom demanding 500 BTC, which is currently worth around $23.6 million. They also revealed that unless the ransom is paid, the sender would “leak documents to the public in an effort to harm the bitcoin ecosystem.” Also, Tether has no intention of paying the money.

What Now?

At the time of this writing, there’s no further information on what’s going to happen next.

It is unclear whether this is a basic extortion scheme like those directed at other crypto companies or people looking to undermine Tether and the crypto community as a whole. Either way, those seeking to harm Tether are getting increasingly desperate.

The company also said that the “forged communications and the associated ransom demand” were reported to law enforcement.

Interestingly enough, all of this comes about a week after Tether and Bitfinex reached a settlement with the office of the New York Attorney General, putting an end to a year-long lawsuit that many thought could really harm the ecosystem. Nevertheless, the company admitted to no wrongdoings and agreed to pay an $18.5 million fine.

However, as part of the settlement deal, the company has also agreed to no longer be able to deal with customers from New York.

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Source: https://cryptopotato.com/tether-gets-500-btc-ransom-sender-threats-to-leak-harmful-documents/

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Blockchain

Litecoin Price Analysis: 01 March

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The cryptocurrency market has been moving in a wave-like fashion with continuous crests and troughs. The market has been seeing spurts of growth in the price, but it did not trigger a price swing. Litecoin [LTC], also witnessed such a push in its price recently, but at the time of writing, the coin continued to move within a tight range.

The digital asset has a market capitalization of $10.99 billion and was being traded at $163.94.

Litecoin 1-hour chart

Source: LTCUSD on TradingView

The above chart of Litecoin has been noting the price consolidation between $155 and $181. Before the drop to this level, LTC was trading between $169 and $181 for a while. However, sudden selling pressure pushed it to this new price level.

This could mean that the LTC market may further this phase of consolidation as momentum in the Bitcoin market also noted a similar trend.

Reasoning

The Bitcoin market has been pushing the price of most altcoins in the market. Now that, the digital asset moves sideways after a little pump, the alts are also showing signs of consolidation.

Litecoin has shown that the volatility in its market has comparatively decreased as the Bollinger Bands converged. Meanwhile, the 50 moving average and signal line were beginning to witness a bearish crossover, which could be just a sign for the price to retrace within the above-mentioned range.

The Relative Strength Index has climbed to equilibrium due to the boost in price. This meant that the buyers and sellers were equal in the market, and hinted towards yet another spell of sideways movement for LTC. Meanwhile, the awesome oscillator noted the lack of momentum in the market.

Conclusion

The current trend prominent in the LTC market was of consolidation between $155 and $169. There has been bearishness evolving in the market, but the price swing may not be visible in the short-term.


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Source: https://ambcrypto.com/litecoin-price-analysis-01-march

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LetsExchange Launches Crypto Trading Service With Smart Exchange Rates

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LetsExchange Launches Crypto Trading Service With Smart Exchange Rates

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For each trade, LetsExchange instantly selects the best rate across the world’s leading crypto exchanges and lets the trader secure this rate at the beginning of the transaction. 

Cryptocurrency trading can be a very lucrative activity. Because of the price volatility of many coins, the possibilities to make gains through short-term trading are big. Two factors influence the outcome of a trade. First, the trader must buy crypto at the best possible rate. And second, the trader must be able to buy or sell the crypto assets without delays.

The LetsExchange platform has been designed to maximize traders’ gains by facilitating the two factors mentioned above. With the use of this service, traders can get the most profitable exchange rate available on the market at a given moment. What’s more, the platform ensures that the said rate remains unchanged until the trade is completed.

This newly launched service also eliminates delays in the processing of transactions by waiving registration, KYC screening, and other authentication and authorization procedures. The platform’s founders elaborate on these features that allow traders to maximize their gains:

  • The registration process and KYC authentication are time-consuming. Traders usually cannot afford to waste much time in such procedures as the cryptocurrency market is volatile, and exchange rates may change significantly within a few minutes. With LetsExchange, traders can benefit from these fluctuations by buying and selling cryptocurrencies as soon as they decide, without hassle and delays.
  • LetsExchange works with the world’s top crypto exchanges including Binance, Okex, KuCoin, Gate, Huobi, and more. By using its SmartRate technology, the platform always offers the most profitable rate across all the exchanges. In this way, traders won’t waste time in comparing rates and researching the market status at a given moment.
  • This platform offers the possibility to secure the most profitable exchange rate by selecting the Fixed Rates option. This feature will maintain the said rate unchanged until the completion of the trade. But if a trader prefers to forecast the rate fluctuations in a bid to maximize their gain, the floating rates option allows doing it. Each trader has the freedom to choose the most convenient strategy.
  • Thanks to the use of fully automated exchange algorithms, the only delay in the processing time of a transaction depends on the network speed of the selected cryptocurrency. During Beta testing of the platform, the average transaction time was 25 seconds.

The LetsExhange platform at https://letsexchange.io is now ready to help traders maximize their gains by guaranteeing the best rates and eliminating unnecessary delays.

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About LetsExchange

LetsExchange is a one-stop multicurrency exchange service free of registration, limits, and complications. It supports 210+ coins, about 45,000 currency pairs and automatically selects the best rate across all major crypto exchanges for each trade. Built by a team of crypto visionaries with 10+ years of experience in the blockchain space and fintech, LetsExchange saves your time at each step of a crypto swap and amplifies your trading revenue.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/letsexchange-launches-crypto-trading-service-with-smart-exchange-rates/

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