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Don’t Prepare for a Repeat of 2017 in the Crypto Markets

Remember December 2017? It was special time with a special feeling: money falling from the sky. In the last few months, the feeling has returned, the most recent declines notwithstanding. The reason is that speculation on crypto markets is out of control. Now we have “worthless” tokens with market caps worth hundreds of millions of […]

The post Don’t Prepare for a Repeat of 2017 in the Crypto Markets appeared first on BeInCrypto.

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Remember December 2017? It was special time with a special feeling: money falling from the sky.

In the last few months, the feeling has returned, the most recent declines notwithstanding. The reason is that speculation on crypto markets is out of control. Now we have “worthless” tokens with market caps worth hundreds of millions of dollars. There’s money to be made.

Is all this because of a deadly virus? Or is this just a repeat of the 2017 bull run? The things driving this year’s craze are different, and so will be the aftermath.

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Weighing risks | Source: Pixabay

Bored at Home

Unlike in 2017, people are bored and they are stuck at home. Whether unemployed or tethered to a computer in their new bathroom/office, people across the world have nothing better to do than obsess over price charts and dream of insane gains.

Inflation Fears

In 2017, the dollar looked great. This was a year after Britain decided to Brexit, which hurt the pound and the euro. Now, the dollar is being printed at an alarming rate and the US Federal Reserve has modified its policy to maintain an inflation rate.  Companies can use bitcoin as an asset to hedge against inflation.

Institutional Investment

Aside from products that bring cryptocurrencies to traditional markets (like the Grayscale trusts), real publicly traded companies are buying bitcoin. Wall Street firm Microstrategy bought $250 million of bitcoin to fill its treasuries. With big companies seriously considering bitcoin as part of their financial strategies, crypto is likely to see more, long-term bitcoin holders.

More Friendly Banks

Banks were skeptical about bitcoin. In 2017 and 2018, crypto lovers loved to hate JPMorgan chief Jamie Dimon. Since then, JP Morgan has been working with blockchain technology and creating its own coins. In fact, they’ve changed their tune, and so have many other banks. With the banks connecting clients with exchanges, it is easier than ever to get into crypto.

And Even More Friendly DeFi

But who even needs banks when you’ve got DeFi?

Bitcoiners in 2017 loved to talk about overcoming fiat currencies. Now, that change is starting to happen.

The DeFi craze has sent Ethereum’s price, along of course with governance tokens, skyrocketing. Plus, DeFi is really remarkable. Websites like Compound.Finance let users lend and borrow in a totally trustless environment. There is now a way to store your money, earn interest, or take out loans without using a bank. That is a big deal.

Decentralized Exchanges

The massive trading volume on decentralized exchanges has shown the power DEXs can have. Now anyone can launch any token at any time… and at any price. In 2017, the big exchanges were king. Binance became a billion dollar company. Now, all you need is to know how to write a smart contract. Plus, there’s reward for liquidity on and off DEXs.

Finally, More Professionals

Since 2017, engineers, marketers and journalists have all had time to educate themselves about blockchain technology. This makes it easier for companies to reach mainstream consumers. Perhaps more importantly, computer engineers have had time to dive into the blockchain space and start to come up with innovation.

Good for Business, Bad for Survival

Overall, we see a lot of fundamental reasons for the blockchain’s success. Now that banks have caught on, it is only a matter of time before more industries follow suit.

On the other hand, some of the above-mentioned factors are short term. What happens when the DeFi/yield-farming craze settles down? What if the US dollar stabilizes? When will scaling allow for instant, practically free payments again?

Even the bullish signs don’t mean that bitcoin will just go up. Another currency or virtual machine or smart contract maker could suddenly swoop up all our digital money. The Polkdot team had been working for years to create a product, only to rocket to the sixth highest crypto by market cap in just a few weeks.

The drivers of this bull run are both long-term adoption and short-term DeFi speculation. This is very different from 2017’s bull run. It is important to keep in mind that what’s good for the blockchain is not always good for the price of bitcoin (or any altcoins). In 2020, the mantra still holds true: only risk what you are willing to lose.

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Source: https://beincrypto.com/dont-prepare-for-a-repeat-of-2017-in-the-crypto-markets/

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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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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