Crypto Investing 101: 10 Steps to Success in the World of Digital Assets

Cryptocurrencies are digital assets that use cryptography to secure their transactions and to control the creation of new units. Over the past few years, cryptocurrencies have become increasingly popular among investors as their prices have significantly increased. If you’re interested in investing in cryptocurrencies, here is a ten-step guide to help you get started.

Research and learn about cryptocurrencies.

Before investing in cryptocurrencies, it’s important to understand what they are, how they work, and the risks involved. Start by researching different cryptocurrencies, their underlying technology, and the market trends and factors that influence their prices. Reading articles and books, following relevant blogs and social media accounts, and attending cryptocurrency events can help you gain knowledge and insights.

Choose a reliable cryptocurrency exchange.

Once you have some understanding of cryptocurrencies, the next step is to choose a reliable cryptocurrency exchange to buy and sell them. Many exchanges are available, but not all are trustworthy or secure. Look for a reputable exchange with a good security track record and offers a wide range of cryptocurrencies to trade. Some popular exchanges include Coinbase, Binance, Kraken, and Gemini.

Set up an account

After choosing an exchange, the next step is to create an account. This typically involves providing personal information and verifying your identity, which may require uploading a government-issued ID and a selfie. Once your account is verified, you can deposit funds into it using a bank transfer, debit or credit card, or other payment methods supported by the exchange.

Choose the cryptocurrencies to invest in

With funds in your account, you can now choose the cryptocurrencies to invest in. It’s important to do your own research and not just follow the crowd or hype. Look for cryptocurrencies with a strong use case and value proposition, a solid team and community, and a track record of innovation and adoption. Bitcoin, Ethereum, and Binance Coin are the most popular and widely traded cryptocurrencies.

Decide on a buying strategy.

Different strategies for buying cryptocurrencies depend on your goals, risk tolerance, and budget. You can buy a certain amount of cryptocurrency at a market price, the current price at which it is traded. Alternatively, you can set a limit order, which means you will buy a cryptocurrency only when it reaches a certain price that you specify. Dollar-cost averaging is another strategy in which a predetermined quantity of cryptocurrency is acquired at regular intervals, regardless of the price.

Store your cryptocurrencies securely.

Once you have bought cryptocurrencies, storing them securely is important to protect them from theft or loss. Cryptocurrencies can be stored in a wallet, a software or hardware device that stores the private keys needed to access and transfer them. Hardware wallets, such as Ledger and Trezor, are considered the most secure, as they store the private keys offline and require physical confirmation to access them.

Monitor the market and your portfolio.

As with any investment, regularly monitoring the market trends and your portfolio performance is important. Cryptocurrencies are known for their volatility, which means their prices can fluctuate significantly in a short period. Keeping an eye on the news, market sentiment, and technical analysis can help you decide when to buy, sell, or hold cryptocurrencies.

Diversify your portfolio

Diversification is key to minimizing the risks of investing in cryptocurrencies. Instead of putting all your eggs in one basket, consider spreading your investments across different cryptocurrencies, industries, and geographies. This can help you balance your risk and reward and avoid overexposure to any asset or market.

Be prepared for taxes

Depending on your country’s tax laws, investing in cryptocurrencies may have tax implications. It’s important to keep track of your transactions and report them accurately to avoid legal or financial consequences. Consult with a tax professional or accountant to understand your obligations and ensure you comply with the regulations.

Stay informed and adaptable.

Cryptocurrencies constantly evolve, with new technologies, regulations, and market trends emerging regularly. To stay ahead of the curve, it’s important to stay informed and adaptable. Keep learning about the latest developments and innovations, and be prepared to adjust your investment strategy accordingly. As with any investment, patience, discipline, and a long-term mindset can help you achieve your goals.

Conclusion

Investing in cryptocurrencies can be an exciting and potentially lucrative opportunity but it comes with risks and challenges. By following the ten steps outlined in this guide, you can increase your chances of success and minimize your risks. Remember to do your own research, choose a reliable exchange, store your cryptocurrencies securely, diversify your portfolio, and stay informed and adaptable. With patience, discipline, and a long-term perspective, you can potentially benefit from the growing world of cryptocurrencies.

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SEC, CFTC, IRS, DOJ – Here are the Ongoing Investigations Into Crypto Exchange Binance

The world’s biggest crypto exchange by volume, Binance, is no stranger to clashing with various regulators around the globe. However, things seem to be getting hot recently, as investigations that have lasted for years are now leading to formal charges.

Trouble With the CFTC

Earlier this week, the Commodity Futures Trading Commission (CFTC) charged the exchange with an alleged violation of trading and derivatives laws. In the lawsuit, the Commission also takes aim at Binance CEO Changpeng Zhao and Samuel Lim, the former chief compliance officer of the exchange.

CFTC claims that Binance has chosen to ignore compliance. The agency accuses the firm of offering derivatives to United States clients without proper registration. Additionally, CFTC alleges that Binance failed to ensure strict adherence to Know-your-customer and anti-money laundering policies.

On top of that, the agency further claims that the exchange helped American customers avoid regulators. It also calls out Zhao for allegedly using his firms to trade on Binance without disclosing this activity.

Bloomberg reports that CFTC first launched an investigation into Binance over illegal trading practices in the United States markets in February 2021. By September of that year, the agency had expanded the investigation to include insider trading allegations.

The regulator now wants the court to ban Binance from operating in the United States and pay several fines.

In response to the lawsuit, Zhao said the CFTC is only trying to spread FUD (fear, uncertainty, and doubt).

Long-Running Internal Revenue Service and Justice Department Cases

A Reuters report indicates that Justice Department has been probing Binance since 2018. The investigation, which also involves the Internal Revenue Service (IRS), focuses on the exchange’s compliance with anti-money laundering policies alongside potential tax-related offenses.

Reuters recently revealed that Binance’s attorneys held discussions with Justice Department officials to explore the possibility of settling the cases. The exchange argued that if the agency went ahead to prosecute the company, it would cause more damage to the crypto industry, already crushed by FTX’s collapse last year.

SEC Vs. Binance

The US Securities and Exchange Commission (SEC) has kept a close eye on Binance for quite some time. In 2022, Wall Street Journal disclosed that the regulator was probing the relationship between Binance US and Zhao’s two trading companies, Merit Peak ltd and Sigma Chain AG. These two firms have been mentioned in the CFTC’s lawsuit, which claims that the Binance CEO used them to trade on Binance but failed to register with the agency.

Following the charges, some crypto observers have drawn comparisons between Zhao’s trading companies and Binance and the improper relationship between Sam Bankman-Fried’s Alameda Research and FTX.

Bankman-Fried allegedly placed risky bets using customer funds without their knowledge, causing the downfall of FTX. However, CFTC did not accuse Zhao of misappropriating client money.

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How to Trade Cryptocurrencies Risk Free With An Advanced Platform?

Forex market offers unique opportunities to small as well as big investors all over the world. However, the biggest problem with Forex trading is time. There is always a currency exchange market that is open; but you only have limited hours in a day to trade without collapsing or making a poor decision. Here’s where forex software would come into play.

If you had a customizable program that could act the way that you would act in a given situation, then you remove Forex’s biggest limitation! Think about it, if you could execute trades, and good trades at that, continuously, how much larger would your portfolio be?

This reason alone should be enough to start searching for software now that can help you trade in virtual currencies or cryptocurrencies. There is a plethora of other reasons for you to invest in a good piece of crypto trading software, but they are only the secondary.

What works for many others may not work for you

You would agree on the fact that if one system works great for a trader, it may not necessarily work for you the same way. There are different ways of doing things by different types of people. Working without a suitable system is as good as getting into trading blindfolded.

And that is a sure shot way of losing your money in this risky trading market. On the other hand, developing a simple plan, having a system, carefully timing of trade and its monitoring would surely benefit you to venture and flourish into this trading market.

It pays to seek advice from your investment advisor or look for a firm that especially deals with Cryptocurrency market. So why not check out with this amazing part time business opportunity and join it now to get profitable income every month. You will surely love the profits rolling to your bank account daily.

Importance of choosing a reliable broker for trading

Monitoring of Cryptocurrency market is vital for being a successful trader. Many traders use automated software like Crypto Engine that can potentially raise profits when used right. Movements in the market are very fast and you have to strike when the iron is hot. Thankfully, there are enough tools available for the purpose. In fact, you get many Cryptocurrency trading software that greatly facilitate your trading best.

If you want to choose the Cryptocurrencies broker then it would require some research because only the research can give you the result that you expect from a perfect broker. ZuluTrade is one good platform where you can get more information on the strategies used to get success.

When employing automated Cryptocurrency trading software, it will do all the trading on your behalf, leaving you with enough of free time to carry on with your other activities. You simply need to feed the system with few essential parameters and it does all the rest. However, it is equally vital to remain calm while trading. If you allow emotions to get involved while trading, you are more likely to lose money, compared to a trader who won’t let anger or elation affect his trading moves.

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Justin Sun’s Controversial Strategy to Regain Market Share for Huobi in China

According to reports, Justin Sun, the cryptocurrency entrepreneur who founded the Tron blockchain DAO ecosystem and currently serves as an official advisor to the Huobi crypto exchange, has been focusing on serving Chinese customers, despite the Chinese government’s crypto ban remaining in place for the past two years.

On March 31st, Bloomberg tweeted that Justin Sun, a prominent figure in the cryptocurrency industry, has proposed a controversial strategy at Huobi Global to recapture lost market share. The tweet highlighted that Sun had suggested an approach to regain the market share that Huobi Global has lost.

Inside crypto mogul Justin Sun's controversial strategy for regaining lost market share at Huobi Global https://t.co/UTh56PFWJK

— Bloomberg (@business) March 31, 2023

Huobi’s Singapore shift

In 2021, Huobi moved a substantial section of its operations to Singapore in response to China’s prohibition on the cryptocurrency market. Due to this move, Huobi severed its relations with its Chinese clients.

Justin Sun is said to have indicated a significant interest in regaining control of Huobi’s cryptocurrency trading activities in China, according to sources who are acquainted with the situation and have shared this information. In addition, it has come to light that he has given around two hundred million dollars worth of his riches to the corporation.

According to Sun, the most important thing for the firm to do to get acceptability on a global scale is first to develop a global footprint and then recruit Chinese clients. He went on to say that the business is now suffering huge losses of about $10 million per month and that to reduce these losses, the firm would have to reduce the scope of its activities.

It was alleged that the adviser had recruited Chinese consumers during the previous two months; however, the persons acquainted with the subject refused to divulge their identities.

Huobi bans Chinese users

It is important to note that Huobi has declared its exit from the Chinese market and has barred Chinese users from enrolling on their site or accessing it using Chinese IP addresses. In addition, they highlighted that their new consumer base would come from regions other than China, namely the rest of the world.

Since the country’s prohibition, Chinese officials have not imposed fines on the country’s people who continue to participate in cryptocurrency activities. This is an important fact to note. Nonetheless, users can access other cryptocurrency trading sites by concealing their nationality while utilising virtual private networks (VPNs).

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Phishing Attack on Ethereum Staking Service: Millions in Losses and Regulatory Debate

A recent post on Twitter by Lookonchain revealed that a significant Ethereum (ETH) staking service known as Rocket Pool (RPL) had been the target of a phishing attack that resulted in the loss of multiple millions of dollars.

The attacker stole 85,898 $RPL ($3.83M) from @worthalter and dumped $RPL on the #DEX.

The price of $RPL is plummeting!https://t.co/hHjVAr7faS pic.twitter.com/N72PvGjgNo

— Lookonchain (@lookonchain) March 30, 2023

The attacker stole around 85,900 RPL tokens from the “poap.eth” website and subsequently sold them for ETH at a price equivalent to $3.8 million. Patricio Worthalter, the developer of the POAP protocol, owns the address in question.

RPL Token Value Plunges

According to the claims, the perpetrators of the assault cashed out their holdings by selling the RPL tokens that had been stolen on a decentralised exchange (DEX). This led to a significant decrease in the value of RPL, which resulted in the token losing more than 10% of its value in the space of only a few hours after the assault.

The growing prevalence of cryptocurrencies has brought an accompanying rise in phishing attacks within the industry. Hackers use various methods to access users’ wallets and misappropriate their digital assets. Regrettably, these attacks are becoming more frequent.

An investor lost about $4 million worth of ERC 20 tokens after falling victim to a permission phishing assault, according to a case reported on March 24 by Scam Sniffer. This website is dedicated to discovering instances of fraudulent activity involving cryptocurrencies.

someone lost $4m by ERC20 Permit phishing 10 minutes agohttps://t.co/siwJlGewBE pic.twitter.com/S1DdhzVqom

— Scam Sniffer (@realScamSniffer) March 24, 2023

Crypto security under scrutiny

The significance of putting in place robust security protocols in the cryptocurrency business has been brought home once again by the most recent incident. As cryptocurrencies and decentralised finance (DeFi) become more widespread, hackers increasingly focus on wallets and exchanges to make quick gains.

The occurrence has sparked discussions on the need to increase the amount of regulation in the cryptocurrency business. Although some experts believe that implementing more stringent laws may prevent assaults of this kind, some believe that excessive regulation could stifle innovation and growth in the business.

The price of the RPL token has witnessed a considerable dip due to the recent news regarding the phishing assault on Rocket Pool (RPL), with the price falling by 3.52% in the previous 24 hours. As a direct consequence, the value of the digital currency is now being traded at $43.07, and it has a market capitalization of $829,723,334, while its trading volume is $38,984,216.

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Will Polygon’s $1.15-1.31 Wall Prove Too High?

On-chain data reveals that over 28,500 addresses have gathered about 4.10 billion MATIC tokens within the price range of $0.99 to $1.08 per token. This accumulation, which, according to the sources, has reinforced the support level of the cryptocurrency, suggests that investors are enthusiastic about Polygon’s future. Even if there are around 45,300 addresses that contain a total of 1.50 billion MATIC, Polygon is still dealing with a significant supply constraint between $1.15 and $1.31.

Several participants in the business believe that breaking over this level of resistance might signal a significant shift in the direction that the cryptocurrency price will go. On-chain data suggests a significant demand for MATIC, and given Polygon’s solid fundamentals and growing use, the potential exists for further price rise in the foreseeable future.

A new surge in Polygon is imminent

Investors will be keeping a close eye on Polygon to see whether it can get through this challenge because if it can, it might kick off a new surge in the asset value. Other recent developments include the establishment of formal cooperation between Polygon and Wakweli, a Web3 infrastructure protocol that enables the authentication of nonfungible tokens (NFT) by issuing certificates of validity for the tokens.

The agreement between Polygon and Wakweli will result in all of Polygon’s digital assets being compliant with Wakweli’s certification system. This move is essential because it both increases the value of NFTs and encourages investors to utilize them by increasing investors’ confidence in the validity of the NFTs. This relationship is taking place at a time when NFTs are being used in the bitcoin business on a widespread scale.

MATIC is recently bearish

According to the data compiled by Coinmarketcap, the value of the native token of the Polygon network, known as MATIC, has declined by 3.45% to $1.08 in the previous 24 hours. Despite the recent drop, the MATIC/USD currency pair now has a market capitalization of $9.8 billion as of publishing.

Polygon has seen remarkable development and has already established itself as one of the top Layer 2 scaling solutions for Ethereum due to its low transaction fees and lightning-fast transaction rates. A considerable quantity of MATIC currency has been accumulated at a number of addresses as a direct result of the coin’s popularity among traders and investors.

Polygon’s credibility can only be bolstered by its strategic partnerships with well-established companies in the industry, such as Wakweli, which also provide additional advantages to the ecosystem Polygon operates in. As a result, Polygon is in an excellent position to continue down its current expansion path. Investors will pay careful attention to its progress over the coming several months.

 

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Daily Market Update – BTC Briefly Goes Above $29K

The total crypto market cap declined by 0.9% to $1.2 trillion after posting outflows of nearly $4.1 billion in the past day. Bitcoin’s market valuation declined from $548.8 billion to $543.9 billion, while the Ethereum market cap fell to $214 billion from $216 billion.

As of this writing, all top ten cryptocurrencies have recorded drops, with Polygon (MATIC) and Cardano (ADA) being the biggest losers after realizing losses of 2.7% and 1.8%, respectively.

Over the past day, USDC and BUSD have seen their market caps drop to $33.2 billion and $7.67 billion, respectively. Meanwhile, USDT’s market valuation has risen to $79.63 billion.

Bitcoin

On Thursday, the largest crypto by market cap set a new high for this year after crossing the $29,000 mark. But the surge was short-lived. Bitcoin is currently down by 0.8% to trade at $28,225, according to data from CoinGecko. Its market dominance dropped to 46.3%.

Ethereum

ETH has declined by 0.9% to $1,789. The second largest crypto has seen its market dominance plunge to 18.5%.

Top Five Gainers

Stratis: STRAX is up 31% in the last 24 hours to $0.72. It has a market cap of $106.08 million.

SaitaRealty: SRLTY surged by 22.5% in the past day to trade at $0.00057 as of this writing. The token has a market valuation of $17.5 million.

XEN Crypto: XEN has continued its exceptional rally today, increasing by 19.9% to change hands for $0.00000148. It has a market cap of $13.6 million.

Vaiot: VAI has seen gains of 16.4% in the past day and is now priced at $0.1. Its market cap stands at $24.9 million.

1 inch: 1INCH is up 12.2% in the last 24 hours to change hands for $0.57 at press time. Its market valuation is $480.1 million.

Top Five Losers

Vela Token: VELA is down 11.2% over the past 24 hours and is currently trading at $4.92. The token’s market cap is $40 million.

BABB: BAX shed 11.9% of its value in the past day. It is now trading at $0.00062, as per CoinGecko data. Moreover, it has a market cap of $20 million.

Core: CORE declined by 11.9% to $1.173. The token’s market cap plunged to $132.5 million.

Gifto: GFT posted losses of 9.9% to change hands for $0.048. Its market cap dropped to $48 million.

Celo: CELO plummeted by 7.4% in the past day. The token is now priced at $0.66, and its market cap stands at $323.5 million.

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Matt Damon Reveals Surprising Motivations Behind Controversial Crypto.com Ad

Recently, the well-known American actor, producer, and screenwriter Matt Damon gave an interview discussing his contentious participation in the Crypto.com advertisement. In response to the widespread mockery, Damon said that the purpose of the advertisement was to raise money for his charitable organization, Water.org, which works to improve access to clean water.

Matt Damon’s ad agenda

During the premiere of his latest film, AIR, on March 27, Matt Damon spoke with the Associated Press and shed light on his motives for joining the Crypto.com ad campaign, launched in October 2021 under the title “Fortune Favors the Brave.”

Importantly, Damon disclosed that as a direct result of the advertisement, the cryptocurrency exchange made a significant donation of about one million dollars to his charitable organization, which is known as Water.org. Moreover, he indicated that he would collaborate with the exchange to assist the organization’s activities if it needed more finances.

During his appearance at the premiere of his latest film, AIR, on March 27, Matt Damon expressed his gratitude towards Crypto.com. In his words: “I did the commercial to raise funds for water.org and donated my entire salary to the cause. When Crypto.com learned of this, they generously donated $1 million to water.org. I’m incredibly thankful for their support of our foundation.”

Controversy surrounds Damon’s ad

As the advertising was made public, both it and the actor were met with widespread criticism. One line of reasoning advanced was that Damon had used his reputation to lure many novice investors into a dangerous market.

For instance, the satirical television program South Park made a spectacle of Crypto.com and Damon by claiming that investors had lost their money because they believed the actor’s comments. Stephen Colbert, who hosts a late-night talk show, was also amused by the advertisement and made jokes and parodies directed at the actor.

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Seychelles OKX exposes $157M crypto embezzlement case

In a shocking turn, Seychelles-based virtual currency exchange OKX has recently unearthed $157 million in online holdings owned by prominent firms FTX and Alameda Research. As a result of the discovery, OKX has pledged to transfer the assets to the insolvency estates of the two companies, signaling a potential end to their financial woes. 

Although OKX’s revelation of $157 million worth of digital assets belonging to FTX and Alameda Research has caused a stir in the cryptocurrency industry, the specific type and origin have not yet been disclosed. Moreover, the lack of transparency surrounding the assets has left many puzzled and speculating about the possible reasons behind their concealment. 

OKX Launches Probe to Expose FTX Connection

In the aftermath of FTX’s downfall last year, OKX issued a press release claiming it had launched a comprehensive probe into its platform to pinpoint any transactions linked to FTX. As per the findings of this investigation, OKX unearthed accounts and assets linked to not only FTX but also Alameda Research.

Consequently, OKX acted swiftly to safeguard the digital assets and secure the associated accounts, guaranteeing their protection from potential theft or misuse. By taking prompt action, the company could prevent any further unauthorized access to the assets and maintain their integrity for eventual transfer to the bankruptcy estates of FTX and Alameda Research. 

Reports emerge indicating $600M of FTX hacked

Nevertheless, following the collapse of FTX, reports emerged of a massive hack that resulted in the theft of $600M from the exchange’s wallets. The news sent shockwaves through the cryptocurrency community, with fears that other exchanges and user accounts may have also been compromised. However, the extent of the breach and the hackers’ identity remain unclear, highlighting the pressing need for improved security measures in the industry. 

As if things weren’t bad enough for the struggling exchange, bankruptcy lawyers involved in the case have revealed a new setback. According to reports from early March, there is a significant shortage of assets, with only $694 million among the most volatile”Category A Assets” available. These include widely-used cryptocurrencies like bitcoin, ether, stablecoins, and fiat currency.

On the other hand, the discovery of $157 million worth of digital assets belonging to FTX and Alameda Research by OKX has instilled a sense of optimism among investors. Nonetheless, this revelation’s potential impact on the two companies’ ongoing bankruptcy proceedings remains uncertain.

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Damex.io’s Utility Token Initial Exchange Offering (IEO) Launch on April 19th

Damex.io, a company operating in the digital asset space and based in Gibraltar, has disclosed plans to initiate an Initial Exchange Offering (IEO) for its utility token. The IEO is set to take place on April 19, 2023, and will be hosted on the Damex app, as well as two yet-to-be-revealed launchpads. The app is designed to offer many features and incentives to those holding the $DAMEX native token, all of which can be accessed through the platform’s cutting-edge interface.

Breaking news

We are thrilled to announce #Damex Token will launch on the 19th of April

With #DamexToken, our users will have access to exclusive benefits, such as lower exchange fees, VIP Premium membership, higher cashback and more.#token #utilitytoken #launching pic.twitter.com/O9I5uxo2cY

— damex.io (@damex_io) February 22, 2023

$DAMEX: Premium token perks

With the $DAMEX utility token, users can enjoy exceptional benefits such as enhanced cashback, VIP premium memberships, and reduced exchange fees. In addition, the digital asset firm has introduced a staking mechanism for their native currency, which enables users to earn rewards for staking and participating in various activities.

Damex intends to introduce the Damex token on various platforms, with its initial availability being on Ethereum. The company then wants to connect the token to other networks, including Solana, BSC, and others. By utilizing the flexibility of its native token, Damex hopes to optimize its users’ investment possibilities.

Damex will conduct its Initial Exchange Offering (IEO) on April 19, 2023, via the Damex app, accessible in the UK and the European Economic Area (EEA). The Damex app provides several benefits, including cross-border remittance trading, OTC desk services, cold storage, a Visa Card program, and numerous step2earn features. Individuals worldwide can participate in the IEO by selecting one of the two upcoming launchpads, which Damex will reveal soon.

OTC services with gamification: Damex

Damex is a finance application for digital assets that integrates a gamification layer called “step2earn” and offers over-the-counter (OTC) services. It is worth noting that the company holds a DLT license from the Gibraltar Financial Services Commission, which aligns with the forthcoming EU regulations regarding distributed ledger technology (DLT) assets.

Damex is actively preparing for the increasing regulatory challenges within the cryptocurrency industry. The company has garnered a strong reputation, obtained a special Gibraltar DLT license, and adheres to the Guernsey Financial Services Commission (GFSC) regulation.

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Layer 2 Solutions: Driving Scalability for the Future of Crypto

As the adoption of blockchain technology continues to increase, scalability remains a critical concern for blockchain networks. Blockchain infrastructure has yet to be designed to handle the high volume of transactions required for mainstream adoption. This has resulted in slow transaction processing times, high fees, and scalability issues that have limited the potential of blockchain technology. However, Layer 2 solutions are changing the game, offering a more scalable future for blockchain networks.

Layer 2 solutions are protocols built on existing blockchain networks to enhance scalability. They work by handling some of the transaction processing off-chain, which reduces the load on the main blockchain network. This results in faster, more efficient transactions, lower fees, and increased transaction throughput. This article will explore some of the most significant Layer 2 solutions for a scalable crypto future, including Bitcoin’s Lightning Network, Ethereum’s Optimistic Rollups, L2 Impact, and Polygon.

Bitcoin’s Lightning Network

The Lightning Network is one of the most well-known Layer 2 solutions for Bitcoin. It is a decentralized network built on the Bitcoin blockchain that allows users to transact instantly and cheaply without going through the main blockchain network. The Lightning Network uses established payment channels between users, allowing them to transact without the need for confirmation from the main blockchain network. This enables almost instant transactions with very low fees.

The Lightning Network has had a significant impact on the scalability of the Bitcoin network. It has dramatically increased transaction throughput and reduced fees, making it a more accessible and appealing option for mainstream adoption. The Lightning Network has successfully improved the overall user experience of the Bitcoin network, and we can expect to see further developments in this space in the future.

Ethereum’s Optimistic Rollups

Optimistic Rollups is one of the Layer 2 solutions for Ethereum that has gained significant attention in recent years. Optimistic Rollups are designed to process many transactions off-chain and only record the final state of the transaction on the main Ethereum blockchain. This significantly reduces the load on the main blockchain network, resulting in faster and more efficient transactions.

Optimistic Rollups have been successful in improving the scalability of the Ethereum network. They have significantly increased transaction throughput and reduced transaction fees, making Ethereum more accessible and appealing to a wider audience. Optimistic Rollups are also highly secure, as a decentralized network of validators verifies the transactions.

L2 Impact

L2 Impact is another Layer 2 solution gaining popularity in the crypto community. L2 Impact is a decentralized Layer 2 scaling solution built on top of the Ethereum blockchain. It is designed to handle many transactions off-chain, reducing the load on the main Ethereum blockchain network.

L2 Impact has had a significant impact on the scalability of the Ethereum network. It has increased transaction throughput and reduced transaction fees, making Ethereum more accessible to a wider audience. L2 Impact is also highly secure, as it uses a decentralized network of validators to verify transactions.

Polygon

Polygon is a Layer 2 solution that is designed to address the scalability issues faced by the Ethereum network. It is a sidechain connected to the Ethereum network, allowing users to transact with each other on the Polygon network without going through the main Ethereum blockchain network.

Polygon has been successful in improving the scalability of the Ethereum network. It has increased transaction throughput and reduced transaction fees, making Ethereum more accessible to a wider audience. Polygon is also highly secure, as it uses a two-way pegging mechanism to ensure that transactions are recorded on both the Polygon and Ethereum networks.

In conclusion, Layer 2 solutions are revolutionizing the blockchain industry, providing a scalable future for crypto. From Lightning Network to Polygon, the possibilities for faster and cheaper transactions are endless.

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Daily Crypto Market Update – Bitcoin Breaks $28k Once Again

The crypto market has seen $70 million in inflows over the past day. The total market cap is up 5.4% to $1.22 trillion. Bitcoin’s market valuation rose by 5.78% to $547.89 billion, while that of Ethereum surged 5.6% to $221.56 billion.

All top ten cryptocurrencies posted substantial gains, with XRP seeing the most (8.9%) and Cardano coming in second with 7.9%. Others recorded gains of between 2% and 5.1%.

Meanwhile, it appears most investors have made USDT their stablecoin of choice. The coin’s market cap has increased to $79.53 billion. On the other hand, USDC and BUSD have continued to post drops, falling $33.31 billion and $7.74 billion, respectively.

Bitcoin

BTC has increased by 4.9% to $28,228. As a result, its market dominance also surged from 46.1% to 46.4%.

Ethereum

ETH surged 3.5% in the past day to trade at $1,799, data from CoinGecko shows. There is no significant movement in its market dominance, which currently stands at 18.71%.

The spike in ETH is fueled by the news about the network’s most awaited Shapella Upgrade slated for April 12.

Top Five Gainers

Kaspa: KAS has posted gains of 56% in the 24 hours to trade at $0.0355. Its market cap has risen to $627.8 million.

SXP: This token surged 50.2% to $0.0438 in the past day. It now has a market valuation of $242.8 million.

Nexa: NEXA has gone up by 36.9% to $0.00001429. The token has a market capitalization of $34.3 million.

Linear: LINA is trading at $0.0123 after posting gains of 34.3% in the past day. It has a market cap of $60.2 million.

Velo: VELO has increased by 32.6% in the past 24 hours. The crypto is now priced at $0.0082 and has a market valuation of $40.7 million.

Top Five Losers

LeisureMeta: LM has declined by 16.3% to $0.123. The token’s market valuation also decreased to $20.6 million.

SafeMoon: SFM dropped by 15.9% to $0.0002 in the past day. It has a market cap of $116 million.

XEN Crypto: XEN has plummeted by 11% to trade at $0.00000121 as of this writing. The token’s market cap dropped to $11.2 million.

Marblex: MBX posted losses of 9.8% to change hands for $2.67. It has a market capitalization of $117.2 million.

Flare: FLR is down 8.1% over the past 24 hours. The token is priced at $0.04, and its market cap is $487.7 million.

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Canada’s Pension Funds Forced to Reveal Crypto Holdings

As part of the 2023 budget proposal, the Canadian government has mandated that pension funds under federal regulation must report their crypto asset exposure to the Office of the Superintendent of Financial Institutions (OSFI).

High-profile bankruptcies spark reform

The report indicates that the Canadian government aims to safeguard the retirement benefits of its citizens in response to various well-known bankruptcies in the financial sector that have impacted pension funds. Among these failures are those of the FTX cryptocurrency exchange and the Celsius Network, which occurred recently.

On Twitter, Simon Dixon, the CEO of BnkToTheFuture, shared his thoughts on the new regulatory mandate and remarked that the Canadian Pension Funds are still feeling the effects of investing in the FTX exchange led by Sam Bankman-Fried, as they had experienced significant losses due to the collapse of Celsius and now have “Crypto PTSD” or post-traumatic stress disorder.

Canadian Pension Funds invested in both Sam Bankman-Fried #FTX & Alex Mashinsky #Celsius Equity – I think they have Crypto PTSD https://t.co/D2ECVONUA3

— Simon Dixon (@SimonDixonTwitt) March 28, 2023

Canadian funds’ investment woes

The Ontario Teachers’ Pension Plan took significant action by completely writing off its $95M investment in FTX, indicating that it was now valued at zero. Similarly, Caisse de dépôt et placement du Québec (CDPQ), another Canadian pension fund based in Quebec, had earlier written off a $150M investment in Celsius Network, indicating it did not anticipate any future returns from the investment.

Celsius has recently settled with the Custody Ad Hoc Group and the UCC following months of legal proceedings. As part of the settlement, eligible account holders can opt in and receive most of their digital assets in the Custody Program. It’s worth noting that those who choose to participate will gradually receive 72.5% of their digital assets over some time.

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Overhauling South Korea’s Market to Attract Investments

The Governor of South Korea’s Financial Supervisory Service (FSS), Lee Bokhyun, recently revealed that the country could lift its short-selling ban later this year, depending on market conditions. This policy change could significantly impact foreign investors’ interest in the South Korean market, which the ban has hampered.

Market volatility sparks restrictions

In response to the pandemic-induced market volatility, a short-selling ban was put in place and lifted in 2021, allowing trading for large-cap shares on the Kospi 200 and Kosdaq 150 indexes. Despite the partial lift, several South Korea’s prominent retail investors hesitate to obliterate the restrictions. Their concerns stem from the possibility of increased price fluctuations.

Removing the ban may aid South Korea in obtaining developed-market status in MSCI Inc.’s equity gauge, resulting in a more extensive range of foreign funds investing in the country’s stocks. Lee expressed a solid commitment to this goal and is optimistic about achieving it by next year.

Lee recognized that the South Korean property market slump could lead to defaults on certain project-financing loans, posing broader financial risks. Nevertheless, he reassured policymakers that measures were in place to manage this potential scenario, which had been put in place after an unforeseen credit crunch occurred last year.

Crypto crackdown gains momentum

In addition, Lee touched upon crypto regulation and emphasized the importance of holding Terraform Labs’ co-founder, Do Kwon, accountable for the collapse of TerraUSD and Luna. This would be a significant example for the market and the legal sector. Lee also highlighted South Korea’s commitment to achieving MSCI’s developed market index status, which involves the Financial Supervisory Service (FSS) prioritizing the safeguarding of minority shareholders and increasing the appeal of the market to foreign investors.

Lee’s objective in FX trading is to raise the trading frequency of the won in both onshore and offshore markets. Although there are prohibitions, the FSS will analyze the onshore interbank FX market first and then assess options for boosting offshore trading.

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DOGE’s Price Drops Amidst Market Uncertainty: Market Cap Remains Steady

Key Insights:

• The Dogecoin market shows neutral sentiment with a potential pullback.
• Bearish sentiment and lower trading volume contribute to the DOGE price drop.
• DOGE market capitalization remains steady, indicating long-term investor confidence.

The price of Dogecoin (DOGE) has fallen from an intraday high of $0.07511 to an intraday low of $0.07176 over the past 24 hours due to the dominance of the bears. The overall bearish sentiment in the cryptocurrency market may be to blame for the price decline.

At the time of writing,  the price had fallen by 0.27% to $0.07239. This slight price drop may be attributed to the recent market turbulence and unpredictability surrounding the world economy. Some analysts, however, continue to be upbeat about this asset’s long-term prospects.

While the 24-hour trading volume decreased by 40.66% to $259,325,197, the market capitalization increased by 0.65% to $9,702,481,472. The recent holiday season, which typically sees lower trading activity, may be to blame for the drop in trading volume. However, the rise in market capitalization suggests that investors are still upbeat about the market’s long-term prospects.

DOGE/USD Technical Analysis ( Bollinger bands, CMF, RSI)

On the Dogecoin market’s 4-hour price chart, the Bollinger Bands (BB) readings are 0.0751 up and 0.0718 down, indicating that there is little volatility in the market and that prices are likely to stay within the Bollinger Bands’ range. The 0.0033 difference between the upper and lower bands indicates that the dogecoin market is not currently experiencing notable price changes or market movements.

The Chaikin Money Flow (CMF) value of -0.13 on the 4-hour price chart of the Dogecoin market suggests that the selling pressure is slightly more significant than the buying pressure, implying a bearish sentiment in the market. The motion indicates that the market is oversold and may be due for a price pullback, but it should be used in connection with other technical indicators to assure a potential trend change.

The 4-hour price chart’s Relative Strength Index (RSI) values of 49.79 upward and 44.81 downward indicate that the market is currently neutral, with neither buyers nor sellers having a clear advantage. The neutral state of the market suggests that there will likely be a period of consolidation, during which prices will move within a small range until there is a significant change in the sentiment of either the buyers or the sellers.

DOGE/USD Technical Analysis (Aroon, MACD, BBP)

On the 4-hour price chart of the Dogecoin market, the Aroon up and down are at a standard level with a value of 42.86. This trend shows that there is currently no discernible trend in the market, and the price of Dogecoin may continue to fluctuate in the near future.

The MACD line just crossed bullishly, with the blue line reading -0.005 and above the signal line, indicating that DOGE bulls are gaining strength. This movement might signify a possible purchasing opportunity for new traders entering the market.

The Bull Bear Power is 0.0012, indicating that money flows into the market, which might even boost the bullish trend. This move strengthens the assumption that the market will continue to rise, and investors may wish to consider capitalizing on this trend by investing in the market.

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FLR Market Rockets by 20+% to 30-Day High Amid Bullish Frenzy

Key Insights:

• FLR market experiences strong bullish momentum with potential resistance levels at $0.047 and $0.05.
• MACD and RSI indicators support a bullish trend, but overbought conditions may lead to short-term pullbacks.
• Traders should monitor support levels and use risk management strategies in the volatile FLR market.

The Flare (FLR) market has seen bullish fervor in the preceding 24 hours, with bulls soaring the price from a 24-hour low of $0.03348 to a 30-day high of $0.04422 before meeting resistance. The FLR market remained bullish as of publishing time, with a value of $0.0415, a 21.87% rise.

If the bullish momentum continues and the resistance level at the intraday high of $0.04422 is broken, the following resistance levels might be at $0.047 and $0.05, respectively. If the bears gain control, the key support levels to monitor are $0.038 and $0.035.

Market capitalization and 24-hour trading volume increased by 21.23% and 695.85%, respectively, to $494,225,600 and $75,125,566, indicating strong bullish momentum in the market. Still, traders should be careful and actively monitor support levels in case of a rapid negative reversal.

FLR/USD 2-hour Technical Analysis

On the 2-hour price chart, the Bollinger bands enlarge as the upper bar crosses 0.04361 and the lower bar touches 0.03097, indicating the bullish momentum is in FLR. This widening means traders can expect higher volatility in the FLR market, possibly larger price movements in either direction.

The price action is advancing towards the upper band, reflecting the market’s developing bullish momentum, which could lead to a potential breakout over the resistance level. But, traders should be wary of a possible pullback if the price fails to break past the barrier level.

As the MACD line goes over the orange signal line with a reading of 0.0081, the bullish momentum in FLR is currently strong, indicating the possibility of further price increases in the near term. Because the histogram is forming green bars, buying pressure is building, and traders may want to consider taking a long position in FLR to capitalize on the current trend.

The reading of 65.66 on the  Relative Strength Index indicates that purchasing momentum is strong but not overbought, supporting the potential for FLR to continue rising. But, if the RSI reaches the overbought level of 70 or higher, it may suggest that the stock is due for a short-term pullback or correction.

FLR/USD 24-hour Technical Analysis

The bands on the 24-hour price chart are still widening, with the top bar at 0.03900 and the bottom bar at 0.02604, indicating a high level of volatility in the market and that the price fluctuates dramatically within this range.

Because the price movement has formed large candles and moved above the upper band, traders should actively monitor the market and consider risk management strategies to protect their interests.

The MACD line has lately shifted into the positive sector, with a reading of 0.00134, indicating that purchasing momentum may increase. The histogram’s huge green candlesticks indicate that the bullish momentum is building and that the trend may continue upward.

Yet, because the RSI is at 67.07, the asset is approaching the overbought zone and may face a short-term pullback before continuing its upward trend. This action warns traders to be wary of future price reversals and to consider taking profits or activating stop-loss orders to preserve their positions.

In summary, the FLR market shows strong bullish momentum, with potential resistance levels at $0.047 and $0.05. Traders should closely monitor support levels and manage risks amid heightened volatility.

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Three Top Finance Experts Advise Investing in Bitcoin and Ethereum

According to Chris Burniske, a partner at Place Holder and former head of crypto at Ark Invest, the United States attempts to exert pressure on the crypto industry will have an adverse effect. In a recent TV interview on The Exchange, Burniske suggested that now is an opportune time to invest in Bitcoin and Ethereum, despite initial skepticism and ridicule towards the cryptocurrency industry. Burniske argued that the current financial upheaval underscores the value of Bitcoin, which was specifically designed to thrive in such conditions.

Finance experts bullish on crypto

Besides Burniske, two other financial experts – Mike McGlone and Robert Kiyosaki – have also expressed their views on cryptocurrencies in light of the current financial crisis and the collapse of banks.

During a separate interview, Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, suggested that the ongoing banking crisis is fueling the current surge in cryptocurrency values. McGlone emphasized that Bitcoin was created during the 2008-09 financial crisis, reinforcing that cryptocurrencies are uniquely suited to thrive in economic uncertainty.

According to McGlone, Bitcoin has demonstrated strong performance by rebounding above the $25,000 resistance level. He also noted that Bitcoin increasingly resembles gold and US Treasury Bonds, albeit in a more volatile form.

Kiyosaki’s crypto takeover

During an interview with VladTV, Robert Kiyosaki, the author of Rich Dad, Poor Dad, shared his reasons for purchasing a significant amount of Bitcoin when it was valued at only $6,000. Additionally, he criticized Warren Buffett’s stance on Bitcoin and cryptocurrencies, calling him an “idiot.” Kiyosaki also highlighted the potential for great buying opportunities in Bitcoin and Ethereum.

According to Kiyosaki, saving in dollars is not his preferred choice, and instead, he opts for purchasing gold, silver, bitcoin, and ether. Although he mentioned not liking cryptocurrency strongly, he acknowledged its value. These financial experts are advising against investing in cryptocurrencies at present.

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BNB Falls 5% Following CFTC Lawsuit Against Binance and CEO CZ

Binance’s BNB token has posted losses in the past 24 hours after charges were filed against the company and its CEO Changpeng ‘CZ’ Zhao by Commodity Futures Trading Commission (CFTC).

The exchange’s native token saw a drop of 5.5%, becoming the biggest loser among the top ten cryptocurrencies by market cap. Data on Coingecko shows that Bitcoin also shed 2.7% of its value to trade at $27,100, and Ethereum dropped by 1.2% to $1,749.

CFTC accused the top crypto exchange of violating several rules in relation to derivatives trading. The regulator filed the lawsuit in a Chicago-based federal court.

In response to the charges, a Binance spokesperson said the company was disappointed by the CFTC’s move, considering it has been working closely with the regulator for over two years. Nonetheless, the exchange vowed to continue collaborating with the United States authorities.

Binance CEO Disagrees With CFTC

Meanwhile, Zhao said in a blog post that he does not agree with most of the issues alleged in the lawsuit and that he is working with Binance legal team to give full responses in the coming days.

Among the issues that the Binance CEO finds inaccurate is in regard to the KYC (Know-Your-Customer) procedures. The lawsuit accuses the exchange of not following the stipulated policies that help authorities identify and curb money laundering. However, Zhao says Binance employs modern technology to ensure such policies are adhered to.

The CEO also states that Binance is not involved in manipulating the market and has never traded for profit.

Zhao initially brought about some confusion when he wrote that he eats his dog’s food and stores his crypto on Binance.

He clarified that statement by sharing a link to an Investopedia article that describes the expression. He also said he was referring to the internal use of Binance’s services.

BNB Remains Steady

Since Zhao’s statement, the price of BNB has remained relatively stable, trading between the $307 and $311 region.

Further, Binance posted a letter it reportedly sent to US Senators Van Hollen, Marshall, and Warren today in response to their demand that the exchange discloses a detailed financial accounting report.

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Buy NFTs Without Crypto – Easy Payment Options

NFTs or Non-Fungible Tokens are digital assets that represent ownership of a unique item, such as artwork, music, or collectibles. They have become increasingly popular recently, with some selling for millions of dollars. While many NFTs are bought using cryptocurrencies like Ethereum, several other methods are available for those who prefer not to use digital currencies.

Here’s a detailed guide on how to buy NFTs without using cryptocurrencies.

• Credit or Debit Card

One of the easiest ways to buy NFTs is through a credit or debit card. Many NFT marketplaces allow you to purchase NFTs with a card, and the process is similar to making any online purchase. To use this method, you must have a card linked to your account, and the marketplace must accept card payments.

Some popular NFT marketplaces that accept card payments include OpenSea, Nifty Gateway, and SuperRare. To buy an NFT with a card, you must create an account on the marketplace, verify your identity, and link your card to the account. Once that is done, you can browse the available NFTs, select the one you want to buy, and complete the payment using your card.

• Bank Transfer

Another way to buy NFTs without using cryptocurrencies is through a bank transfer. This method transfers funds directly from your bank account to the NFT marketplace’s account. While this method may take a little longer than a card, it is still a viable option for those who prefer not to use cryptocurrencies.

To buy an NFT with a bank transfer, you must create an account on the marketplace, verify your identity, and select the bank transfer option at checkout. You will then be given the details of the marketplace’s account, which you can use to initiate the transfer from your bank account. Once the transfer is complete, the NFT will be added to your account on the marketplace.

• PayPal

PayPal is another popular payment method that can be used to buy NFTs. Many NFT marketplaces accept PayPal payments, and the process is similar to using a credit or debit card. To use this method, you must have a PayPal account linked to your bank account or credit/debit card.

To buy an NFT with PayPal, you need to create an account on the marketplace, verify your identity, and link your PayPal account to the account. Once that is done, you can browse the available NFTs, select the one you want to buy, and complete the payment using your PayPal account.

• Wire Transfer

A wire transfer is a way to move money from one bank account to another electronically. This approach can be used to purchase NFTs without cryptocurrency and is frequently used for overseas transactions. Wire transfers, however, could take longer and incur more costs.

To buy an NFT with a wire transfer, you must create an account on the marketplace, verify your identity, and select the wire transfer option at checkout. You will then be given the details of the marketplace’s account, which you can use to initiate the transfer from your bank account. Once the transfer is complete, the NFT will be added to your account on the marketplace.

• Fiat-to-Crypto Conversion

You can use a fiat-to-crypto conversion service if you have fiat currency (USD or EUR) and buy NFTs on a marketplace that only accepts cryptocurrencies. These services allow you to convert fiat currency into cryptocurrencies like Ethereum, which can be used to buy NFTs on the marketplace.

Some popular fiat-to-crypto conversion services include Coinbase, Binance, and Kraken. To use this method, you must create an account on the conversion.

Even though some NFT marketplaces are starting to accept credit card payments and other payment methods besides cryptocurrencies, there are few options right now. As the NFT market grows, more payment options will likely become available, making it easier for people who don’t have cryptocurrency to buy nonfungible tokens.

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Binance Faces Legal Firestorm as CFTC Takes Action

The United States Commodity Futures Trading Commission (CFTC) has lodged litigation against Binance, a crypto exchange, and its creator, Changpeng Zhao, accusing them of violating the law by offering cryptocurrency derivatives to customers in the U.S. without being registered.

Based on the reports, the CFTC pressed legal action against Binance on Monday in the United States District Tribunal for the Northern District of Illinois, accusing the cryptocurrency exchange of willfully breaking the law. The lawsuit alleges that Binance is engaged in trading derivatives in the United States, providing cryptocurrency trades to customers.

Lawsuit Sends crypto market tumbling

A lawsuit categorized Bitcoin, Ether, Litecoin, Tether, and Binance USD as commodities immediately impacting the market. As a result of the announcement, the value of Bitcoin decreased by approximately 3%.

However, Bitcoin managed to bounce back and regain much of its lost value as the day went on. Likewise, Binance’s BNB token experienced a significant decline of around 6% in response to the news. Furthermore, the stocks of several companies related to cryptocurrencies also suffered a drop in their value.

According to a report from Nansen, a blockchain analytics firm, Binance has seen a noteworthy decline in the quantity of Ethereum and Bitcoin held on its platform in the past 24 hours. The report reveals that the net outflow of Ethereum has reduced from $2 billion over the last seven days to around $400 million within the previous 24 hours.

Binance Accused of Deceptive Tactics by CFTC

As per the CFTC, the worldwide exchange, which includes a United States branch in Binance.US, devised a mechanism to conceal its actual scope and operations. The CFTC filing further claims that Binance intentionally uses a complex network of entities to conceal the platform’s possession, authority, and location, with CEO Changpeng Zhao holding sole accountability without any external oversight.

These allegations have sparked concerns about transparency and regulation within the cryptocurrency industry, particularly as Binance has recently faced heightened scrutiny from regulators worldwide. Although Binance has not responded publicly to the accusations, their impact has already been felt in the market, with Bitcoin and Ether experiencing a slight decline in value since the filing’s release.

In a recent press release, the Chief Counsel of the CFTC, Gretchen Lowe, accused Binance of deliberate evasion of a U.S. decree. This allegation is based on the evidence of internal chats and emails, which suggest that Binance has been directing U.S. customers to use various techniques to circumvent constraints.

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MATIC Price Dips as Bears Take Control: Potential Support at $0.98

Key Insights:

• Bearish momentum dominates as MATIC falls below support levels.
• High volatility and uncertainty in the MATIC market lead to significant price movements.
• RSI suggests oversold MATIC token may offer a potential buying opportunity.

 

Despite a bullish start, Polygon’s (MATIC) market has experienced a pullback as bulls failed to break through the barrier level at the intra-day high of $1.11. Following this failure, bears gained market control, driving it to a 24-hour low of $1.03, where support was established.

If the negative momentum continues and the support level at $1.03 is breached, the following support levels may be at $0.98 and $0.92, respectively, as suggested by the Fibonacci retracement levels. 

In accordance with past price action and technical analysis, if the bulls gain market dominance and push the price over the resistance level at $1.12, the next probable resistance levels might be at $1.20 and $1.30, respectively.

The market capitalization fell by 5.66% to $9,376,060,141. Still, the 24-hour trading volume increased by 41.17% to $391,113,402, indicating high volatility and uncertainty in the market, which might lead to significant price movements in the short term.

MATIC/USD  Technical Analysis

On the MATICUSD price chart, the MACD blue line has migrated into the negative zone with a reading of -0.018, indicating that the bearish momentum is rising. To capitalize on the downward trend, traders may consider selling holdings or executing a short-selling strategy.

When the histogram moves in the negative zone, it signals bearish solid momentum. It may imply more significant downside potential, making it a desirable scenario for short-term traders trying to profit from market drops.

Because the Money Flow Index has fallen to 29.04, bears in the MATIC market may continue to dominate in the immediate term, and traders may consider selling existing positions or waiting for a potential comeback before opening fresh long positions.

The rate of change motion is in the negative region, with a value of -5.42, indicating that the bears are now in charge of the MATIC market, and the price is declining. This movement indicates that selling pressure is prevailing in the market, and traders will most likely continue to liquidate their holdings in expectation of future price drops.

MATIC/USD Technical Analysis

With a value of 38.62 on the MATIC price chart, the Relative Strength Index (RSI) move is below its signal, indicating that the MATIC token may be oversold and a possible buying opportunity may exist. This RSI level and movement north signal that a “bullish divergence” is building, indicating that selling pressure may be easing and a trend reversal may be on the way.

When the Technical Ratings indicator displays a strong sell signal, the bearish bias should still be considered, and traders should wait for confirmation before taking any long positions.

The Vortex Indicator shows a bearish crossing as the signal line rises above the VI, with the former at 0.8399 and the latter at 1.1461. This movement indicates that the negative trend in the MATIC market is strengthening, and traders may want to consider taking short positions or abandoning long ones to minimize future losses.

 

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Canada’s ‘Crypto King’ Kidnapped, Held for $3M Ransom

Documents filed to the court earlier this month claim that Aiden Pleterski, Canada’s self-proclaimed Crypto King, was kidnapped and brutalized while being held for ransom.

Pleterski, 23, is accused of operating an investment Ponzi scheme, and following the bankruptcy proceedings that started last August, victims have so far filed claims amounting to $25 million in the case.

Pleterski promised investors he would use their funds to invest in foreign exchange and crypto positions. However, he only invested $670,000 of the $41.2 million collected. That’s less than 3% of the total amount.

It is alleged that Pleterski spent over $15 million to sponsor his lavish lifestyle, like renting private jets and acquiring high-end vehicles, including three Lamborghinis, four Audis, a Ferrari, a BMW, a Land Rover, and three McLarren.

Last December, Toronto Police notified the bankruptcy case’s Trustee, Rob Stelzer, about Pleterski being kidnapped.

Pleterski’s Father Testifies

The documents that revealed the kidnapping incident included Pleterski’s father, Dragan Pleterski’s testimony. The father disclosed that unknown people took Pleterski, drove him around Southern Ontario, tortured him, and later allowed him to call specific individuals only.

Dragan said one of the people his son contacted was Sandeep Gupta, his landlord. He claimed that Pleterski requested Gupta for a $3 million loan to settle with his kidnappers.

Dragan also revealed that the unknown kidnappers eventually released Pleterski under the condition that he pays them within a specific period and was never supposed to contact authorities.

Pleterski’s father said his son’s troubles started in December 2021 after disclosing that he had lost significant investor funds due to cryptocurrencies reversing from their peak prices.

Dragan said Pleterski opened aggressive positions to recover the deficit, which only resulted in more losses, allegedly losing all the funds.

Bankruptcy Case Trustee Recovers Some Investor Funds, Seeks to Sell Pleterski’s Assets

Meanwhile, the Trustee revealed in a court filing that he had recovered roughly $431,000 from Pleterski’s bank accounts. But that’s only 1.6% of the funds invested. Stelzer said he was looking to sell various vehicles registered under Pleterski’s name, among other assets, in an effort to raise more funds.

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Crypto Investment Products Post Over $160M in Inflows, Ending a 6-Week Negative Strike

Last week, Crypto investment products ended an outflow strike that had lasted for six weeks after recording more than $160 million in inflows, as per a report by CoinShares.

These inflows are the highest since last July. Crypto-based investments have seen massive outflows since last month, hitting $407 million on March 20. The biggest outflow ($255 million) came in the second week of this month, wiping out the inflows recorded since the start of the year. In addition, that figure represented 1.1% of the entire market.

CoinShares analysts note that the inflows in the crypto investment products came somewhat late compared to the wider crypto market, stating that it could be due to rising fears among investors over the uncertainty in the banking industry.

Flows by Assets

Bitcoin-based investment products saw the most substantial inflows, valued at $127 million. That’s nearly 81% of the total amount.

Short Bitcoin-based investment products came in second with $30.7 million, while Solana ranked third with $4.9 million. It is worth noting that Short Bitcoin posted considerable inflows during the 6-week outflow strike. Meaning the investment product saw the most inflows since the start of the year.

Polygon and Ripple recorded inflows valued at $1.9 million and $1.2 million, respectively.

Meanwhile, Ethereum-based investment products posted outflows worth $5.2 million, marking the 3rd straight week of outflows for these products. CoinShares said this trend could be due to investors’ anxiety ahead of the Shanghai upgrade slated for April 12.

Flows by Providers

In terms of the inflows recorded by providers, ProShares led the rest after posting $68 million in inflows. That figure accounts for 43% of the total amount.

Further, 21Shares ranked second with $17.8 million in inflows, while 3iQ came in third with inflows valued at $16.7 million.

Meanwhile, CoinShares XBT and CoinShares Physical collectively saw $8.7 million in outflows, while Purpose lost $1.3 million.

CoinShares Report Shows Americans Invested the Most

The report indicates that US investors accounted for most of the inflows after contributing $69 million. Germans were second after injecting $57 million, while Canadian and Switzerland investors contributed $26 million and $16.5 million, respectively.

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CoinFLEX CEO Accused of Risky Business Move with Prominent Investor’s Funds

FatManTerra, a well-known Twitter whistleblower, has accused Mark Lamb, the CEO of CoinFLEX, of secretly providing unsecured debt to prominent cryptocurrency investor Roger Ver. These allegations have sparked debate, with many questioning the ethics of such a move by a prominent figure in the cryptocurrency world. FatManTerra, who has a reputation for uncovering lousy behavior in the industry, made the accusations in a series of tweets.

Mark Lamb secretly gave out unsecured debt to Roger Ver using customer balances, plunging CoinFLEX into insolvency and costing users their accounts.

This same person is now partnering with Su Zhu to build an exchange that trades… Unsecured debt.

You just can't make it up.

— FatMan (@FatManTerra) March 26, 2023

Crypto CEO’s unsecured debt disaster

In a recent tweet, it was discovered that Mark Lamb’s covert decision to issue unsecured debt to Roger Ver using client funds forced CoinFLEX to go bankrupt, resulting in the loss of user accounts. It’s a shocking revelation that has shaken the cryptocurrency world and raised concerns about the ethics and transparency of those in positions of power.

As if that wasn’t enough, Lamb is cooperating with Su Zhu to build a new trading platform for unsecured debt, according to FatManTerra. “It’s incredible,” the user continued.

In a recent message, Su Zhu and Kyle Davies, co-founders of Three Arrows Capital, were accused of stealing and flight by a Twitter user. The person went on to say that the pair had taken from their real-life buddies. “Su Zhu and Kyle Davies took from their IRL buddies and bolted,” the tweet says.

Uncovering crypto’s dark side

The Twitter user, well-known for uncovering unethical behavior in the industry, ended his tweet thread with a warning to potential investors. Despite the negative press, he claimed that anybody who continues to invest in Lamb’s newly announced company, OPNX, “would just have themselves to blame.”

Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies made news in February 2023 when they established Open Exchange (OPNX), a revolutionary new cryptocurrency exchange. OPNX, unlike any other exchange, enables users to trade claims against insolvent cryptocurrency corporations like Celsius, FTX, Voyager, and even 3AC. The 3AC founders collaborated with Mark Lamb, CEO of CoinFLEX, another renowned cryptocurrency exchange, to complete this breakthrough endeavor.

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Maximize Your Crypto Earnings in 2023: Ethereum Staking for Beginners

If you’re looking for a new adventure in cryptocurrency, Ethereum staking is worth considering. With staking, you can hold funds in a crypto wallet and receive rewards. In the case of Ethereum staking, the tips can come in the form of ETH coins or other tokens, depending on your staking activity. Participating in staking can help secure the blockchain network and improve its performance. Additionally, unlike traditional markets, Ethereum stakers have guaranteed returns through rewards.

So, how can you get started with Ethereum staking? There are a few options available. One is solo staking, where you lock your funds in a wallet. Another option is pooled staking, where users pool their resources for increased rewards. Finally, delegation allows users without technical expertise to delegate resources via third-party service providers who manage their stakes for them (while taking a percentage of the rewards).

Before diving in, it’s essential to understand what staking means in the crypto world. Staying involves holding funds in a cryptocurrency wallet and earning rewards. Ethereum staking can provide tips in the form of ETH coins or other tokens. Beyond the potential rewards, staking also contributes to securing the blockchain network and enhancing its performance. Unlike traditional markets, stakers in Ethereum have guaranteed returns in the form of prizes they can claim once their stake period ends.

When you’re ready to get started with Ethereum staking, there are a few methods you can consider. One option is to stake solo by locking up your funds in a wallet. Another approach is pooled staking, where users combine resources for greater rewards. Finally, for users without technical expertise, delegation is an option that allows them to delegate their resources to third-party service providers who will manage their stakes in exchange for a portion of the rewards.

Comparison of Ethereum Staking Choices

Are you interested in exploring Ethereum staking but need help determining where to begin? The key to making a wise choice is comparing the various Ethereum staking options. The PoS consensus mechanism of Ethereum 2.0 marks a significant improvement for blockchain technology over the PoW method. By staking your Ethereum in a reliable platform, you can gain rewards while contributing to the network’s security. However, there are different approaches, hardware requirements, and risks involved.

When examining the staking options, assessing the associated rewards and time commitment required to earn them is crucial. PoS networks provide incentives to users for validating transactions and storing data. The extent of these rewards may vary based on the size of your stake and the amount of time you dedicate to them. Staking activities may involve technical expertise, or you can opt for more straightforward methods like cloud-based solutions or custodial services.

Regarding hardware prerequisites, manual staking may require access to a robust rig. In contrast, custodial services may only require a device connected to the internet, such as a tablet or laptop. However, security should be a significant concern before making any decisions. Depending on the service or platform you use, certain factors, such as privacy, anonymity, hacking risk, etc., must be considered before deciding on the ideal option.

In conclusion, research and compare the pros and cons of the different Ethereum staking options before settling on the one that best meets your requirements.

Recognizing the Advantages of Participating in Ethereum Staking

As Ethereum’s network continues to expand and evolve, it has become a prominent center for decentralized finance (DeFi) applications and services. One of the ways to engage with Ethereum is through Ethereum staking, a type of proof of stake (PoS) consensus algorithm that lets users earn passive income while aiding in securing the blockchain network.

For those unfamiliar with Ethereum, staking is a process where users can lock up their Ether tokens as digital collateral. In return, they get rewards or incentives for securing the blockchain network. This digital collateral can be stored in a digital wallet such as MetaMask or MyEtherWallet, while the user retains control over their funds. In exchange for offering these essential services and helping to ensure the integrity of the Ethereum network, participants receive Ether tokens as a reward.

By joining Ethereum staking, individuals become a part of the consensus mechanism that forms the foundation of DeFi networks and other decentralized applications on Ethereum. Additionally, as more users stake their Ether tokens into the web, it decreases energy consumption, requiring fewer miners to validate transactions. This makes it easy for cryptocurrency investors to generate passive income without requiring lengthy mining processes or bearing the electricity costs associated with Proof of Work (PoW) consensus algorithms.

Moreover, using Ether tokens for staking also helps encourage decentralization within cryptocurrency ecosystems by distributing voting rights among stakeholders instead of relying solely on miners to validate transactions and secure networks. This enables all decentralized platform or application stakeholders to collectively have an equal voice in the protocol evolution rather than relying on any centralized entity.

Selecting the Best Wallet for Your Requirements

Selecting an appropriate wallet is an integral part of effectively utilizing cryptocurrencies. Understanding the various types of wallets and their security considerations is crucial, whether you’re a seasoned user or new to cryptocurrency.

Cryptocurrency wallets are available in multiple forms, including software wallets that provide storage options ranging from desktop and mobile applications to web-based platforms. These wallets offer fundamental features like transactions, staking, and portfolio tracking but may need advanced features like cold storage or multi-signature options. For users requiring more advanced features, specialized hardware wallets offer enhanced security measures such as multi-signature authentication and offline backup capabilities.

Regarding security considerations, selecting a wallet that incorporates encryption technology providing maximum protection against potential hacks or malicious attacks is critical. Additionally, many cryptocurrency wallets feature two-factor authentication (2FA), which necessitates users to enter a code from an external device to access their funds. It is highly recommended to enable 2FA on all wallets to enhance security measures. Furthermore, users should research the staking requirements of any wallet they intend to use before purchasing, as these requirements differ from platform to platform and can impact returns over time.

When comparing the features of various wallets, it is crucial to consider both cold and hot storage options and multi-signature wallet capabilities. Cold storage refers to storing cryptocurrency offline through paper wallets or hardware devices. In contrast, hot storage refers to keeping digital currency accessible online (exchanges are considered hot storage). Multi-signature wallets offer increased security by requiring multiple parties to sign off on transactions.

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