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Bitcoin & Cryptocurrency Risk Warning – Please Read

Last updated: 21st January 2020 While Bitcoin and other cryptocurrencies are unregulated at present, it’s ability to be spent on goods and services like money, and be traded like a commodity makes it a curious thing. From personal experience with a small amount of bitcoin, it is very easy to make as well as lose your bitcoin in an instant, whether through a misunderstanding of how wallets work, sending bitcoin to the wrong address, losing it with a third party, or bad bad trading choices. So as is best practice around the advertising and promotion of financial products, Please read

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3. risk warning

Last updated: 21st January 2020

While Bitcoin and other cryptocurrencies are unregulated at present, it’s ability to be spent on goods and services like money, and be traded like a commodity makes it a curious thing. From personal experience with a small amount of bitcoin, it is very easy to make as well as lose your bitcoin in an instant, whether through a misunderstanding of how wallets work, sending bitcoin to the wrong address, losing it with a third party, or bad bad trading choices. So as is best practice around the advertising and promotion of financial products, Please read this this plain English risk warning.

Before you start, read the official consumer warning from the European Central Bank about Bitcoin (from 2013).

Risk warning for normal bitcoin users/consumers
Bitcoin is a relatively anonymous electronic currency-like thingie which is bedding into the internet as a way to send an equivalent value of money, anywhere in the world to another bitcoin user, without going through the financial system. If you have bitcoin, the euro equivalent (fiat) value will fluctuate all over the place. When purchasing through a website, it will usually “lock down” a price and give you some time to send a transaction. While the transaction flashes across the internet quickly, the bitcoin network will need to confirm it several times before the payment at the other end is released to the merchant. So unlike money, there is a bit of a time lag, but this is normal enough. It can vary from less than an hour to several hours, depending on how quickly blocks are being mined. While most companies offering bitcoin are normal trading companies, and their goods and services covered by normal consumer law, it is a wild west out there on the internet, so remember Caveat Emptor and use your head. If it seems dodgy and feels dodgy, it probably is. So a little research about any product or service you choose is essential before spending for reviews can help you. Do they have contact details or are they completely anonymous? Are they offering ridiculous things to you, in return for you sending them some of your hard earned bitcoin? But once informed and armed with your bitcoins, you can shop at an increasing number of online stores, with no sign of it slowing down.

Risk warning for bitcoin gamblers
There are many unregulated or unlicensed bitcoin gambling operations online, based in far flung places. If you do choose to gamble, only gamble what you can afford to lose completely. Remember the house always wins, and while many sites are or claim to be “provably fair”, you’ll still probably lose it to the house. Bitcoin’s anonymous nature also can be a way to hide a gambling problem showing up on a credit card, so if you feel like you are having a problem, please pause, ask yourself if it’s getting out of hand, or visit http://gambleaware.ie/ to find out how to deal with problem gambling. Any credible operator should honour a request asking them to close your account if it is in relation to this. Bitcoin gambling is a bit of fun, but it’s still monopoly money, not real cash in the Irish law, and you can’t buy a pint of milk with it, and it’s definitely not worth losing your house, job or relationship over.

Risk warning for bitcoin sellers
If you are selling bitcoins to a third party or exchange, be very careful about what payment methods you accept. Any transaction done with paypal, credit cards, debit cards or other reversible payment systems carry huge risk, unless you trust the person and/or they are personally known to you. There are many cases of people who have entered into an agreement to sell bitcoin to someone online, who has sent the payment by paypal first, receive the bitcoins, and then chargeback the payment. This can leave you out of pocket of your bitcoins and money. So do your homework when selling, and don’t leave yourself open to this. Also do your own research on any exchanges or trading software you choose to use.

Risk warning for bitcoin investors
The exact same risk with any regulated financial instrument such as shares or derivatives. Bitcoin trading comes with highrisk of losing your invested capital, up to and including a total loss. Bitcoin values can fluctuate all over the place, and it’s not uncommon for the value to swing by 25% in response to macro-economic factors. You have none of the fallback options that other products have, so trade carefully with a fund that you can afford to lose completely, if all goes to hell. Bitcoins are not suitable for all investors. Make sure that you fully understand the risks, capital gains tax liabilities and other concerns about working with Bitcoin. Also, unlike other things which have can fluctuate in some sort of coherent pattern, previous history has completely no impact on what’s going to happen next. A huge amount of bots and humans are making decisions across the world, and a price fluctuation to one exchange can rapidly cause others to follow suit. Arbitrage is also difficult unless you have money on several exchanges, as the network transmission speed can mean lodging funds into or out of exchanges can let you miss the boat. Finally, security around your bitcoin keys is very important. Be wary of online services, and with wallets that don’t let you control your keys. We recommend using a suitable hardware, physical or paper wallet backup, and if doing a paper backup make sure to laminate it to ensure that it stands the test of time.

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Source: https://bitcoinsinireland.com/bitcoin-risk-warning-please-read/

Blockchain

TA: Ethereum Steadies Above $1,280, Why ETH Could Restart Its Rally

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Ethereum corrected lower and tested the $1,250 support zone against the US Dollar. ETH price is consolidating above $1,280 and it looks set for a fresh increase in the near term.

  • Ethereum is holding gains above the $1,250 and $1,280 support levels.
  • The price is currently correcting lower from $1,385, but it is above the 100 hourly simple moving average.
  • There is a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct again, but it is likely to remain well bid above the $1,250 and $1,275 support levels.

Ethereum Price is Holding Key Support

Yesterday, we saw a downside correction in Ethereum below the $1,350 and $1,300 support levels. ETH price even spiked below the $1,280 support level and the 100 hourly simple moving average.

It tested the $1,250 support zone and recovered steadily above $1,300. There was a break above the $1,350 resistance and a close above the 100 hourly simple moving average. However, ether price failed to surpass the $1,400 resistance zone.

A high was formed near $1,388 and the price is currently correcting lower. It is testing the 50% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. There is also a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The triangle support is close to the 76.4% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. On the upside, the triangle resistance is near the $1,360 and $1,365 levels.

The main resistance is near the $1,385 and $1,400 levels. A successful close above the $1,400 resistance could open the doors for a fresh surge towards the $1,450 and $1,480 levels.

Dips Supported in ETH?

If ethereum struggles to remains stable above $1,300, it could correct further. An initial support on the downside is near the $1,280 level and the triangle trend line.

The main support is now forming near the $1,250 level. If ether fails to stay above the $1,250 support, it could decline further towards the $1,180 and $1,165 support levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,380

Source: https://www.newsbtc.com/analysis/eth/ethereum-steadies-above-1280/

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Blockchain

Kraken Daily Market Report for January 20 2021

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Overview


  • Total spot trading volume at $1.68 billion, 8% higher than the 30-day average of $1.55 billion.
  • Total futures notional at $750.6 million.
  • The top 5 traded coins were, respectively, Bitcoin, Ethereum, Tether, Polkadot, and Cardano.
  • Strong returns today from Curve Dao (+17%) and Mana (+8.9%).

January 20, 2021 
 $1684.5M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$34827. 
↓2.8% 
$693.8M
ETH 
$1320.9 
↓3.3% 
$547.8M
USDT 
$1.0004 
↓0.01% 
$168.2M
DOT 
$17.561 
↑7.3% 
$98.1M
ADA 
$0.3645 
↓0.6% 
$37.9M
XRP 
$0.2925 
↓0.7% 
$30.6M
LINK 
$21.131 
↑2.8% 
$30.5M
USDC 
$0.9999 
↑0.0% 
$24.9M
LTC 
$147.10 
↓3.0% 
$23.5M
XLM 
$0.2894 
↓2.8% 
$11.8M
BCH 
$493.17 
↓2.5% 
$11.0M
XTZ 
$2.8637 
↓0.24% 
$6.62M
ATOM 
$8.6476 
↓2.4% 
$5.85M
GRT 
$0.5118 
↓4.9% 
$5.32M
REP 
$23.266 
↑5.5% 
$5.13M
DAI 
$0.9998 
↓0.02% 
$4.99M
FIL 
$22.405 
↓1.2% 
$4.5M
UNI 
$8.7212 
↑1.8% 
$4.4M
YFI 
$33270. 
↓3.3% 
$4.4M
KSM 
$106.22 
↑4.3% 
$4.38M
XMR 
$151.54 
↓3.6% 
$3.86M
AAVE 
$189.44 
↑1.6% 
$3.78M
WAVES 
$7.0911 
↑0.08% 
$3.46M
CRV 
$1.5485 
↑17% 
$3.39M
EOS 
$2.7554 
↓1.1% 
$3.25M
DASH 
$120.02 
↓3.4% 
$3.11M
ALGO 
$0.5353 
↑2.8% 
$2.49M
ZEC 
$98.494 
↓3.6% 
$2.29M
NANO 
$3.3128 
↓5.5% 
$2.28M
OMG 
$3.7666 
↓2.3% 
$2.21M
SNX 
$15.334 
↑1.2% 
$1.92M
TRX 
$0.0302 
↓1.3% 
$1.89M
KAVA 
$2.1977 
↓1.1% 
$1.54M
QTUM 
$3.1710 
↑0.12% 
$1.25M
ICX 
$0.7395 
↑6.3% 
$1.13M
COMP 
$208.88 
↓1.3% 
$1.11M
BAT 
$0.2737 
↑1.8% 
$1.11M
XDG 
$0.0089 
↓0.8% 
$1.07M
MANA 
$0.1321 
↑8.9% 
$1.02M
KEEP 
$0.3149 
↓2.9% 
$863K
SC 
$0.0050 
↑1.5% 
$812K
ETC 
$7.7530 
↓0.4% 
$695K
KNC 
$1.2653 
↑0.16% 
$684K
MLN 
$40.959 
↓4.8% 
$649K
LSK 
$1.4740 
↑6.9% 
$536K
REPV2 
$21.115 
↓2.8% 
$521K
OXT 
$0.2914 
↓0.23% 
$483K
PAXG 
$1880.9 
↑1.6% 
$406K
BAL 
$21.470 
↓2.7% 
$244K
GNO 
$115.89 
↓4.0% 
$223K
ANT 
$3.9536 
↓1.3% 
$217K
STORJ 
$0.3956 
↓3.5% 
$191K
TBTC 
$36825. 
↑1.6% 
$76.9K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (January 20 2021)



Figure 2: Mid-size trading assets: (measured in USD) (January 20 2021)



Figure 3: Smallest trading assets: (measured in USD) (January 20 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (January 20 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (January 20 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (January 20 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (January 20 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/7516/kraken-daily-market-report-for-january-20-2021/

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Blockchain

83% of cryptocurrencies that peaked in 2018 are still down by 90%

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Data published by crypto market data aggregator Messari shows that 83% of crypto assets that tagged all-time highs in January 2018 are still down by at least 90%.

The data was spotted by CMT Digital analyst Matt Casto, who tweeted data showing the average return-on-investment, or ROI, of crypto assets sorted by the year in which they posted record price highs.

The data set included 410 assets that posted record prices during 2017 or later, with 2018’s 157 star coins performing the worst with an average of -90.71% since the previous ATH. 

2017’s top crypto’s have since crashed by 82% on average, while 2019’s crop is down 72%, and 2020’s standouts have shed 53%.

The data may help support the ‘great repricing’ concept, that the capital that once flowed into the “ghost-chain” layer-one blockchains that dominated the sector in 2017 and 2018 is now being redirected towards the nascent DeFi sector.

The concept is even a trading strategy for some, with dHedge pool manager Wangarian describing his strategy as longing “tokens that obtain direct value accrual (DeFi)” while shorting “dogs**t L1s that have no value accrual whatsoever.”

However, despite the poor performances of many altcoins from yesteryear when compared to their record highs, many older altcoins have still produced enormous percentage gains since bottoming out.

Since finding local lows during the “Black Thursday” crash of March 2020, Cardano (ADA) has increased nearly 1,700%, Zilliqa (ZIL) is up 2,670%, and Decred (DCR) has gained 14,130% from their respective price floors.

Source: https://cointelegraph.com/news/83-of-cryptocurrencies-that-peaked-in-2018-are-still-down-by-90

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