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What You Should Know Now That the Cryptocurrency Market Is Booming

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Photo by André François McKenzie on Unsplash

There has been a lot of frenzy around the surge in the prices of cryptocurrency. While some are rejoicing in the gains, some others are moving their money from safer investment to the crypto market without good knowledge in investing or familiarity with the crypto space. FOMO (Fear Of Missing Out) is setting in, and people are jumping in with no concrete plans to drive their investment decisions.

I have learned my fair share-the hard way- during the last crypto bull run in 2017. And I can tell you for free, it is better and easier to learn from other people’s experiences than to learn from yours.

With all that’s going on with the hype, I thought I should let you in on some open secrets on the crypto market and investment in general. These are all-around investment checklists and especially useful for beginner investors. Perhaps it might save you a few dollars and some sleepless nights.

As simple as this investment advice may sound, it is as hard to follow as it can get. Greed motivates us. When we see an opportunity to make some cool money, we jump in. Most times, we go all in even though we may not know how to handle the tides. In an earlier article, I talked about how I lost all of my savings in the FOREX market. Like I said in that article, I was well aware of this basic advice too. But I failed to put on my life jacket before diving into the sea, and I paid for it.

Investing what you are willing to lose simply means if you lose all of your investment today, you will still be able to take care of your basic needs. You don’t want to get depressed because the crypto market plummeted just after you invested.

Keep it at the back of your mind (perhaps in front) that crypto assets fall under high-risk investments. Therefore, your investment is at high risk; From a crash in price to the safety of your wallets.

while everyone is talking about the sharp rise in the prices of bitcoin and other cryptocurrencies, we might also want to remember that bitcoin, before now, has dropped almost 50% in a single day. And it can do the same anytime. The point here is the crypto market is very volatile. There are usually heavy swings in prices so, don’t be fooled when the prices are going up because it can dive in a blink of an eye.

YouTubers who have disappeared since the last bull market are resurrecting. And as usual, there are out giving ridiculous advice on investing in the cryptocurrency market. Remember, they, like myself, are just content creators and will say just any BS just to put out content. So, you shouldn’t take all we say seriously. When the crypto market was in the red, they had nothing to say, but suddenly they are experts in a bull market.

It still follows the earlier advice on not listening to charlatans who claim to be experts. Just yesterday, I saw a random YouTube thumbnail on my YouTube feed. Apparently, the YouTuber is predicting the price of bitcoin for $100,000 and litecoin for $1,000 in 2021. I didn’t bother to watch the video because I am sure it isn’t worth my time. Whenever cryptocurrencies are in a bull market, we see predictions flying here and there online. People try to feel smart, or stupid, if I may. They make random calls and when, by happenstance, they hit, they scream “I said it” at the top of their lungs.

Moreso, no matter how fast and consistently bitcoin rises, you do hot know when it will crash. In the book fooled by randomness, the author tells a story of a chicken that has been well-fed for years by its owner and didn’t know it was only being fed well because the owner wants it to get big so as to be eaten. Past events do not guarantee further events. Do not be fooled by randomness.

Yes. And It is not just dangerous for your financial goals. It is also dangerous for your mental health. When I was day trading, I had sleepless nights, anxiety, and poor concentration — to say the least. This is not just my story, it is the same for thousands of people who gamble daily, in the name of day-trading, and hope to win.

Only 1% of day traders are profitable. The rest find who to scam to make money. Ignore all WhatsApp or telegram groups claiming to give accurate signals. They are fraudsters.

If you are new to investing, you don’t have to rush just because a market or company share is on the rise. There is always and would always be opportunities to invest in any market. Avoid FOMO. Take your time to learn and fully understand what you are investing in to avoid unnecessary losses. The crypto space is like the wild west. If you take nothing from this article, remember not to play with more than you are willing to lose.

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Source: https://medium.com/datadriveninvestor/what-you-should-know-now-that-the-cryptocurrency-market-is-booming-78d3604c540d?source=rss——-8—————–cryptocurrency

Blockchain

Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading

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The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. 

  • Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release
  • The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.” 
  • Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses. 
  • Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA). 
  • CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).  
  • At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding. 
  • Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision. 
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Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/

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PAID Crashes 70% In Minutes as Network Purportedly Exploited

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PAID Network, one of the most popular Initial DEX Offerings (IDOs) that took place on Polkastarter’s platform a while ago and brought tremendous returns to private sale investors, is going through what seems as a massive attack.

  • PAID Network, one of the most popular and heavily promoted IDOs that brought massive returns to private sale investors, seems to have been exploited.
  • Multiple reports on social media point towards the exploit.
  • It appears that over 59 million PAID tokens were minted and sold through Uniswap.
  • This resulted in the price of the token taking a nosedive and decreasing by more than 80% in minutes.
paidchart
PAID/USD. Source: Dextools
  • At the time of this writing, the team hasn’t come up with an official statement.
  • Many in the cryptocurrency community speculate that this is a rug pull as the owner of the contract had the capability to mint new tokens.
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Source: https://cryptopotato.com/paid-crashes-70-in-minutes-as-network-purportedly-exploited/

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Bitcoin Losing the $50K Mark, Entering Bearish March: The Weekly Crypto Recap

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This week was tough across the board, not just in the cryptocurrency market. It was marked by a serious correlation between Bitcoin and the S&P 500, as well as the entire legacy market, in general.

As CryptoPotato reported, the abovementioned correlation reached a 5-month high. While this seems to be bearish in the short term, given that the stock market slumped following government bond yield that gave the market a jolt, there’s also a bullish argument to be made.

Last weekend, the US House of Representatives passed President Biden’s $1.9 trillion COVID-19 Relief Package, which also got a 51-50 approval vote in the senate. Should the legislation become effective, it could be the case that markets will recover. Given the high correlation, this might also play out positively for Bitcoin and the cryptocurrency market as well.

Nevertheless, the week wasn’t favorable for the market as the primary cryptocurrency, as well as the majority of large-cap altcoins, remained indecisive and failed to regain the momentum they previously had. Presently, Bitcoin is trading at around $49,000. Historically, March has been one of the two most bearish months for Bitcoin, on par only with September. After all, we did see Bitcoin drop by 50% in 2 days last March upon the announcement of the coronavirus pandemic.

Elsewhere, major news took place all over. Binance Smart Chain saw its first major rug pull as Meerkat Finance saw its protocol drained of over $30 million in both Binance Coin and BUSD.

We saw developments in regard to the BitMEX – CFTC fiasco. In a recent filing, it was revealed that the former CEO of the derivatives exchange, Arthur Hayes, could surrender to US authorities in Hawaii this April.

On the more positive and funny side, Mark Cuban’s Dallas Mavericks announced that they would start accepting Dogecoin as a means of payment for tickets and merchandise. The billionaire celebrity gave the most earth-shattering explanation for the move, saying they did it “because we can.”

It’s certainly interesting to see how the global macroeconomic outlook will pan out in the coming days. Will the markets start to recover, or is there more pain ahead? Only time will tell.

Market Data

Market Cap: $1,444B | 24H Vol: 130B | BTC Dominance: 60.7%

BTC: $48,959 (+2.94%) | ETH: $1,531 (+0.38%) | XRP: $0.462 (+3.89%)

Bitcoin Correlation With S&P 500 at 5-Month High: Is This Bearish for BTC? Data reveals that the correlation between the S&P 500 and Bitcoin’s price has hit a 5-month high. This was clearly confirmed over the past week as the cryptocurrency is following the traditional stock market very closely.

US House Passes $1.9 Trillion COVID-19 Relief Package, $1,400 Direct Check Provisions Included. The US House of Representatives has passed President Biden’s $1.9 trillion stimulus bill the past weekend. The Senate also voted 51-50 to proceed with the regulation. If successful, this will see another financial injection into the US economy.

First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained. Meerkat Finance might have been the very first major rug pull on the novel Binance Smart Chain. The protocol saw over $30 million drained from it in what appears to be a rug pull. The community was taken ablaze as many people lost a lot of money.

Former BitMEX CEO Arthur Hayes Could Surrender in Hawaii in April. The former CEO of BitMEX and one of the most influential figures in the cryptocurrency industry, Arthur Hayes, could surrender to US authorities in April in Hawai. This became clear after new court documents were filed.

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments. The Dallas Mavericks – an NBA team owned by famous billionaire and Shark Tank star Mark Cuban, will be accepting Dogecoin payments for tickets and merchandise. This became clear after a recent announcement where Cuban gave an astonishing reason for the move – “Because we can!.”

Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin. According to one of the most popular venture capitalists in the cryptocurrency field, Tim Draper, the next major company to buy Bitcoin might be the streaming giant Netflix. He believes that the company’s co-CEO is the guy in control, and he thinks he’s an “innovative guy.”

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/107410-2/

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