Thursday, October 31, 2024

Understanding Cryptojacking and How to Protect Your Devices

While not all mining is moral, Bitcoin mining has become a popular method to obtain digital assets. A rising cybercrime called cryptojacking lets attackers mine cryptos from your devices without permission.

The guide will examine cryptojacking, its techniques, and how to protect your devices against these latent threats.

What is Cryptojacking?

“Cryptojacking” is a type of cybercrime in which malicious actors steal Bitcoins by hacking your computer’s computational capability through malware or other hostile programs. Unlike other kinds of cybercrime, this threat does not aim for your personal or financial data.

Instead, it uses your gadget without authorization, causing it to slow down and overheat. Since the malware operates silently in the background, users frequently are unaware that their gadgets are being mined.

Any device, from PCs and cellphones to cloud-based services, can be attacked, making it a general threat.

How does this Hack operate?

Two main ways that cryptojacking works are through browsers and malware. Both techniques seek to take over your device’s processing capability.

Malware-Based

Malware-based cryptojacking can happen through phishing emails, compromised websites, or risky downloads. After infecting your smartphone, the software secretly uses your device’s CPU to mine cryptos.

Usually, this kind of attack lasts for extended periods until an antivirus software finds and eliminates them.

Browser-Based

This approach does not require software installed on your device. It runs via a hostile script included in a website.

The software starts mining cryptocurrency with your device’s power when you visit a compromised website. The mining operation shuts down as soon as you leave the place.

It can compromise your device’s performance even if it is less dangerous than malware-based attacks.

Types of Cryptojacking Attacks

There are various ways that cryptojacking can occur, and as technology develops, fresh approaches will show up. Currently, the typical forms of attacks are:

File-based

The File-based type occurs when phishing emails or fake software updates install malware on your device. Even if the compromised website is closed, the malware stays on your device.

It keeps mining cryptocurrencies without your knowledge.

Internet of Things

Internet of Things (IoT) devices like smart home appliances are prime targets for cryptojackers since they often lack robust security mechanisms. Since they have been taken over and utilized to mine cryptocurrencies, these devices’ performance will greatly slow down.

Cloud-Based

As cloud services grow in popularity, attackers are discovering means to take advantage of flaws in cloud configurations. Having access to cloud-based systems allows them to mine cryptocurrencies using the computing capability of these platforms without permission from the owners.

How to Identify Cryptojacking?

Since cryptojacking leaves no clear signs, detecting it might be difficult. However, there are a few red indicators to check.

Performance Issues

Your gadget may suddenly run slower than usual or become unresponsive. Since mining BTCs requires resources, this hijack might cause your device’s processing capacity to run ineffectively.

Overheating Devices

Cryptojacking causes your gadget to overheat. It could be the reason your phone gets unusually warm.

Increased Battery Drain

Should your laptop’s or smartphone’s battery begin to deplete faster than usual, cryptojacking could be running in the background.

High CPU Usage

Unaccounted spikes in CPU use can also indicate cryptojacking. If your device is running at high capacity, even if you are not using demanding apps, a cryptojacker could be working.

Proven Prevention Methods

Fortunately, there are several ways you can protect your devices against cryptojacking attacks.

Install and update antivirus software. A good antivirus application will find and stop cryptojacking malware before it compromises your device. Routinely update your antivirus program to guard against the newest threats.

Always exercise caution when opening emails from unidentified senders; they may be phony. Also, steer clear of downloading attachments and clicking on dubious links.

Useful browser extensions—such as MinerBlock or No Coin—are specially designed to block crypto mining scripts. Installing these extensions can help stop browser-based cryptojacking.

Make sure your operating system, web browser, and apps are all current. Many times, hackers use flaws in out-of-date programs to spread malware, including cryptojacking.

Track your device’s CPU consumption and performance often. If you find any odd surges or slowdowns, cryptojacking is a possibility.

Ensure robust security systems are in place for cloud-based services. Detect odd activity by routinely checking your cloud resource use and applying multi-factor authentication (MFA).

Conclusion

Understanding how cryptojacking operates will help you guard your devices against being taken over. Hence, be alert, routinely update your software, and employ preventive measures, including antivirus products and browser extensions.

Though anyone can become a victim, with the correct security measures, you can protect your digital assets and devices.

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Tuesday, October 29, 2024

Bitcoin Dominates Crypto Investment Products: Here’s Why

Crypto investment products have seen heavy inflows in the past couple of weeks, driven by renewed institutional interest and a friendly political climate. According to a report on Digital Asset Fund Flows, Bitcoin funds accounted for most of the $920 million injected into these crypto products.

If this trend continues, October will be among the strongest months for crypto product inflows thus far and evidence of renewed confidence by investors. For the third consecutive week, Bitcoin funds dominated crypto investment products.

This suggests that individual and institutional investors consider it their favorite virtual asset. Moreover, the forthcoming US presidential election is another reason for this increased fund injection into Bitcoin products.

US Politics and Crypto Market Trends

The US has commanded the lion’s share of crypto investment flows, accounting for around $906 million of total inflows. The expectations surrounding the imminent elections have also added to this momentum.

Based on all indications, the election outcome will further influence crypto regulatory policies. Should former US President Donald Trump win, many analysts predict that there won’t be any adverse regulatory changes to the crypto industry.

With the election odds favoring him already, many crypto market participants are already in a celebratory mood.

Bitcoin’s Dominance Among Crypto Investment Products

Compared to other crypto investment products, especially Ether funds, net flows into Bitcoin products have been positive over the past few weeks. For instance, spot Bitcoin ETFs in the US have recorded a cumulative total net inflow of $22.41B since their launch.

In contrast, spot Ether ETFs in the US have a cumulative total net outflow of $505.58M since launch. This trend proves the continued investor interest in the leading cryptocurrency.

Meanwhile, short-Bitcoin products, typically used by investors to bet against the cryptocurrency, reported minor outflows of $1.3 million versus inflows of $12 million the previous week. This shift reflects the optimism over Bitcoin’s present trajectory and expectation of a higher price over the near term.

Also, Bitcoin’s price action in recent weeks has attracted many financial institutions and retail investors who have added BTC to their investment portfolios for the long term. Thus, Bitcoin’s dominance over other digital assets will continue to soar.

Crypto Investment Products and Regional Dynamics

By regional performance, the US tops inflows into crypto products, possibly due to the increasing political support for Bitcoin and other digital assets. Nevertheless, other countries have also seen notable crypto investment activities, particularly among the youths.

For instance, crypto investments in Indonesia are on the rise. According to a study by Bappebti, a regulator of commodities trading in Indonesia, over 60% of crypto investors are below the age of 30.

This stat is similar to what’s obtainable in other parts of the world — younger generations (particularly the millennials and Gen Z) are displaying greater interest in investing in digital assets over the long term. A study conducted by Bitget in 2023 revealed that roughly 46% of millennials own crypto across major economies, with the data noting that such interest keeps growing.

This strong appetite for digital assets among the young generation indicates a possible turning point in the investment landscape, where crypto assets will be prominent in most diversified investment portfolios.

Indonesia’s Crypto Ecosystem

With the establishment of the crypto market in Indonesia, so are the challenges it faces from a number of different regulatory frameworks across regions. Indonesia views crypto as a commodity.

Despite allowing its crypto market to thrive, many crypto players in Indonesia believe there are still gaps in the nation’s crypto regulatory framework. For instance, the authorities consider crypto a commodity, but the country’s primary regulator (Bappebti) has introduced a dual tax system, which includes a 0.11% value-added tax and 0.1% capital gains tax.

In the US, the regulatory environment for crypto is still uncertain. There are still ongoing discussions about frameworks that could provide more clarity to investors.

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Monday, October 28, 2024

How to Stake Ethereum (ETH): A Beginner’s Guide to Earning Rewards

Ethereum (ETH) staking allows you to earn passive income since all you have to do is lock your coins to help secure the network. Anyone who wishes to help the network and get rewards can stake with Ethereum’s proof-of-stake (PoS) blockchain.

Why Ethereum Staking?

Ethereum staking serves two primary purposes: it helps secure the network and generates incentives. Here are some of the possible rewards that can be earned.

Passive income: Staking Ethereum pays you more ETH to help validate network transactions. Its incentives provide a fantastic passive revenue source on ETH holdings of 3% annually.

Securing the Ethereum network: Staking improves the security of the Ethereum network. Ethereum gets safer and more decentralized, and the more people stake, the harder it is for hostile players to exploit the blockchain.

Basic Terminologies in Ethereum Staking

Are you looking to stake your Ether? Below are some terms you need to know about staking on this blockchain.

Proof-of-Stake (PoS): The blockchain’s design lets users called transaction validators stake or deposit Ethereum to participate in the process. The minimum ETH required to be locked and validated is 32 ETH. Thus, users can suggest new blocks and also authenticate them.

Validators: Validators are those who lock their ETHs to consummate transactions. They are responsible for securing transactions and verifying them.

Epochs: An epoch is a specific period that commences and ends with the approval and executive of transactions by validators when new blocks are suggested. An epoch on Ethereum uses up to around 32 slots of 12 seconds each, or around 6.4 minutes.

Slashing: It is the punishment enacted against validators who occasionally engage in misconduct by violating the network’s laws, either deliberately or due to system faults. Malicious behavior by a validator can result in a loss of a fraction of their staked Ethereum.

Staking Pools: These pools allow small ETH holders to contribute and jointly meet the required 32 ETH to become a validator. With the same method, they can also alleviate the costs and risks that come with individual staking, such as hardware purchase and maintenance.

7 Steps to Start Staking Ethereum

You can stake Ethereum in two ways — through the pool or solo staking. Each approach comprises the steps below.

Step 1: Prepare a Safe Wallet

You need an Ether wallet. Hardware wallets such as Ledger or Trezor are among the safest as they have the best protection mechanism to protect your holdings against malicious actors.

Step 2: Buy Ethereum (ETH)

If necessary, buy ETH from trusted brokers like Coinbase or Binance. Similarly, most hardware wallets have a provision to purchase ETH directly.

Step 3: Choose Your Staking Method

Solo staking: You will set up a node and become a validator. This is easy, but for it to work, you need knowledge of the required hardware in addition to the prerequisite 32 ETH minimum.

Staking Pool: A stake pool collects ETH from several users, thereby enabling lower stakeholders to participate and earn yields actively.

Step 4: Deposit Your ETH for Staking

After you have determined which method suits you best, deposit your ETH. For instance, if you’re using Coinbase, ensure your account is confirmed, then move ETH from your wallet to Coinbase.

Your first step is to check out the “Earn” or “Staking” tab on your platform of choice.

Step 5: Start Staking Ethereum

In the staking section of the platform you chose, input the amount of ETH you would like to stake, and the transaction in staking will be completed. The service you pick should also manage technical activities, like joining the network and launching a validator for you.

Step 6: Track Your Rewards

After you are done staking, you must follow your rewards closely. Most platforms display this information clearly in the “My Earnings” or “Rewards” section.

The terms of rewards for staking depend on the network conditions at that time. At present, if you are staking ETH, the expected return is about 3% every year.

Some validators participate with a tool called MEV-boost to increase the reward. This increase can be up to 5.69%.

Step 7: Withdraw Your Rewards or Reinvest Them

You can either reinvest your rewards to earn more over time or withdraw them so you may cash out all your earnings. Your choice depends on your goal of investing in the first place.

Risks to Consider

It is worth noting that staking has its downsides.

Punitive Measures: Validators must follow all the network rules. Otherwise, they risk having their ETH balance decreased. A simple and effective way to avoid such risks is by thoroughly abiding by the recommendations for monitoring your node.

Token Locking: Staked tokens are usually subject to a lockup period, which impedes portability until the time is up.

Conclusion

Investing in Ethereum through staking provides an opportunity to generate passive income. At the same time, it helps maintain the security of the network.

You will still experience benefits and drawbacks, whether you choose to do it yourself or via a pool. Staking your ETH will be a smart choice if you are a long-term holder hoping to get additional ETH.

The post How to Stake Ethereum (ETH): A Beginner’s Guide to Earning Rewards first appeared on CryptocyNews.com.



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Friday, October 25, 2024

Cardano Taps $1.3 Trillion in Bitcoin Liquidity: What to Know

Cardano plans to integrate BitcoinOS, a Bitcoin-based smart contract platform, to enhance its decentralized finance ecosystem and better cross-chain functionality. Accordingly, Cardano will tap into the $1.3 trillion in liquidity held on Bitcoin.

By using zero-knowledge cryptography, the network claims it can give DeFi users secure and decentralized access to Bitcoin liquidity, free of intermediaries and third-party control. The collaboration underlines this blockchain’s objective to contribute toward a more interoperable blockchain ecosystem.

Moreover, the huge market capitalization of Bitcoin will offer great liquidity for Cardano.

ZK-Powered BTC Liquidity on Cardano

The essential building block of this collaboration is the BOS Grail bridge, which links Bitcoin to Cardano’s blockchain with the power of zero-knowledge technology. In contrast with how integrations have typically been done, this bridge utilizes the ZK BitSNARK verification protocol.

Thus, ZK cryptography enables verified transactions without third-party oversight, making the Cardano DeFi ecosystem more efficient and secure. With this integration, the blockchain allows its users to access the functionality of the Bitcoin network on its decentralized network.

Enhancing Cross-Chain Functionality

The Cardano blockchain infrastructural provider, Emurgo, says this integration is a critical step in the network’s mission of improving cross-chain capability. Emurgo CEO Ken Kodama says the ZK-powered bridge offers a secure route to Bitcoin’s liquidity for Cardano users, projects, and developers.

Cardano’s integration with the BOS Grail bridge will also allow the network to accommodate varied DeFi applications. This move will open ways for increased DeFi adoption and improve the functionality of Cardano to make it stronger in this race of blockchains.

The BitcoinOS Grail Bridge

The BitcoinOS Grail bridge represents an integral part of Cardano’s new cross-chain integration plan in partnership with Merlin Chain, a layer-2 scaling solution. More importantly, the bridge allows for the complete decentralization of cross-chain transactions without the need for centralized security measures such as multisig or multiparty computation.

Merlin Chain founder Jeff Yin described the bridge as one of the big milestones for Bitcoin. He explained that it creates a “trustless, decentralized” method for bridging Bitcoin-native assets onto other networks.

Yin further said such a bridge is typical in the industry since every new development comes without a centralized trust mechanism, which increases security and furthers decentralization.

Hoskinson’s Vision

Reacting to the new integration, the blockchain’s founder, Charles Hoskinson, shared an animated celebratory image online. Hoskinson also pointed out SundaeSwap, an AMM decentralized exchange running on Cardano, as a potential site for Bitcoin assets in the process.

Hoskinson’s reaction is proof that this collaboration can unlock massive liquidity on this network, benefitting DeFi developers and users. Access to the Bitcoin market will provide substantial support for Cardano-based DeFi projects, fostering the growth and liquidity of the network.

Hoskinson’s Move for Cardano Adoption in Argentina

Recently, Hoskinson paid a visit to Buenos Aires, the capital of Argentina, for a Cardano Summit. Besides attending this summit, he met the newly elected libertarian President of the nation, Javier Milei.

The network’s founder shared insights about the future of blockchain technology, especially its possible economic impact in Argentina. Hoskinson envisions Argentina’s emergence as the leader in crypto adoption across South America.

He believes that Argentina can be a stable economic gateway for blockchain adoption in the region, the same way as South Africa in the African continent. Due to decades of economic instability and inflation, Argentina has one of the highest rates of cryptocurrency adoption in the world.

Thus, the country is a hotbed for blockchain innovation. Hence, setting up a relationship with its leadership will help Hoskinson advance Cardano’s position in Latin America and increase the continent’s adoption of ADA, Cardano’s governance token.

ADA’s Price Action

Currently trading for under $0.35, ADA has shed close to 90% in value from highs set in 2021, tracking the wider bear market of 2023 and 2024. However, many analysts are predicting a renewed Bitcoin-led market rally by late 2024, which should impact ADA’s price positively.

Should ADA underperform at that time, it might lose even more investor confidence. This period would also be a measure of the token’s strength compared with other leading digital assets as the crypto market is poised for recovery.

The post Cardano Taps $1.3 Trillion in Bitcoin Liquidity: What to Know first appeared on CryptocyNews.com.



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Thursday, October 24, 2024

Bitcoin Will Evolve into A Stable Currency in 6 Years – CryptoQuant CEO

CryptoQuant CEO has predicted that Bitcoin (BTC) will transform into a stable currency by 2030 following a 378% increase in its mining difficulty over the past three years. Ki Young Ju believes that institutional investment in large-scale mining operations will push the value of the token higher while there will also be an influx of new miners.

Ensuring Bitcoin Stability through Institutional Influence

According to Ju’s prediction, a rise in mining difficulty is a sign that Bitcoin will stabilize by 2030. He added that the infamous volatility of the cryptocurrency market will be lessened as institutional investors’ influence increases.

In the past, Bitcoin and other digital assets have been known for their erratic price fluctuations, which have helped to create a perception about them as speculative investments rather than a reliable investment portfolio. However, the growing influence of institutional investors has made mining Bitcoin more challenging, resulting in a more centralized allocation of processing power.

While skeptics contend that centralization could compromise this network’s decentralized structure, Ju noted that this change might stabilize the system. In addition to increasing market capital and resources, institutional players also create a more regulated atmosphere, which could lessen sharp price swings.

Ju also forecasted that within the next three years, big financial technology firms would promote the broad use of stablecoins. If his prediction holds, the wider adoption of digital currencies may facilitate BTC’s price stability.

Additionally, Ju is confident that conversations about Bitcoin’s use as a traditional currency will gain more traction by 2028 after the next halving.

Scalability Challenges

Meanwhile, there have been challenges in making this coin’s network useful for regular transactions. A solution to these constraints is the establishment of Layer-2 (L2) solutions, such as the Lightning Network, to facilitate quicker and less expensive transactions.

However, these solutions are still not widely used. Hence, Ju argued that institutional support is essential for the uptake of Bitcoin L2 solutions.

These organizations can offer the infrastructure and funding required to increase L2 technology’s accessibility to a wider range of users. Nevertheless, there is still a lot of competition, especially from options like Wrapped Bitcoin (wBTC).

WBTC is a popular option for investors looking for more seamless transactions. It enables Bitcoin to be integrated into other blockchain ecosystems without the technical complications that frequently accompany L2 infrastructure.

Therefore, widespread adoption of these L2 solutions is still uncertain unless there’s strong institutional support.

$25 Million Bitcoin Options Trade Signals Optimism

Political unpredictability is fueling increased activity in the cryptocurrency market as the US presidential election approaches. Substantial trading activity, such as a record-breaking $25 million Bitcoin options trade on the decentralized derivatives exchange Derive, is one of the notable activities.

Also, an institutional investor’s large transaction indicates a strong belief in a possible BTC price spike following the announcement of the election results. The trade is especially notable because of its complex, multi-legged Bitcoin options strategy.

It entailed selling 200 call contracts at $80,000 and buying 100 call option contracts with a strike price of $70,000. It also wrote one hundred contracts for a $50,000 put option, all of which were scheduled to expire on November 29.

In the event that the price of Bitcoin hits $80,000 by the end of November, this strategy will maximize profits. The organization used eBTC, or restaked BTC via EtherFi, as collateral to secure the transaction.

Notably, this approach offers a twofold benefit: it facilitates the trade and offers the chance to generate passive returns on the Bitcoin staked.

Institutional Interest and Market Response

Without accounting for any possible gains from the staked eBTC, the institution could profit $1.02 million from this single trade if the BTC reaches the $80,000 target before the options expire. Given the current political climate, this noteworthy activity demonstrates the growing confidence of institutional investors.

 Many of them continue to use Bitcoin derivatives as a strategic investment. The growing capital flow into BTC-backed investment products further supports the trend of institutional involvement in the cryptocurrency market.

Furthermore, the change has been significantly influenced by the recent introduction of spot Bitcoin Exchange-Traded Funds (ETFs). According to data from SoSoValue, these ETFs have received $21.34 billion in inflows since their January launch, including a significant net inflow of $192 million on Wednesday alone.

Despite the short-term market volatility, these numbers demonstrate institutional investors’ ongoing faith in Bitcoin’s long-term prospects. Furthermore, the impact of the upcoming election is already influencing Bitcoin’s market behavior.

The price of the asset fluctuated significantly on Thursday, falling to $65,500 before rising to about $67,000.

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Wednesday, October 23, 2024

Bitcoin ETFs Halt Two-Week Bull Run With $79M in Outflows

Inflows into US spot Bitcoin exchange-traded funds (ETFs) have turned net negative for the first time in two weeks, indicating that momentum pushing prices upward has cooled off.

According to data from Farside Investors, a UK-based investment firm, net flows from the twelve US Bitcoin ETFs were negative on October 22. While the total outflows were $79.1 million, the lion’s share of that came from one ETF product in the ARK 21Shares Bitcoin ETF, with an outflow of $134 million.

The other ETF products either had no activity or still recorded modest inflows. For instance, BlackRock’s iShares Bitcoin ETF, one of the largest ETFs by assets under management, recorded $43 million in inflows.

Bitcoin ETFs and Institutional Demand

Bitcoin has been stuck in its current price range, less than 10% off its all-time high. Some analysts claim that Bitcoin’s sideways trading cooling inflows from institutional investors.

Despite the recent outflows, Bitcoin ETFs have been one of the hottest topics in the cryptocurrency market over the last few months. Institutional ownership of Bitcoin via ETFs has gone up dramatically this year.

According to data from the on-chain analytics platform CryptoQuant, institutional ownership of Bitcoin through ETFs currently comprises about 20% of its circulating supply. Interest in spot Bitcoin ETFs has grown outside the US, with European investors pumping more than 100 million dollars into these US-based crypto products alone in the last month.

Furthermore, on-chain data showed that the net inflow into the US-based Bitcoin ETFs has surpassed $20 billion this year, which was achieved just last week. Notably, there was over $5 billion in net inflows into these investment products in Q3 2024, underlining the continued demand for direct exposure to Bitcoin among institutional investors.

Japan’s Resistance to Crypto ETFs

While the United States and Hong Kong have made policies to accommodate Bitcoin ETFs, the regulatory framework in Japan is stricter. Tax and regulatory policies in Japan continue to impede the growing demand for crypto ETFs in this jurisdiction.

Japan’s primary regulatory body, the FSA (Financial Services Agency), is still cautious about allowing the launch of cryptocurrency-based ETFs in Japan because of their volatility and risks. Similarly, Japan’s Ministry of Finance noted that gains from crypto investment should be categorized under miscellaneous income and that it is subject to a high tax rate of as much as 55%.

In contrast, traditional Japanese ETFs are subject to a 20% capital gain tax. Hence, many investors and advocacy groups within the country have expressed their displeasure at this huge difference.

If Japan can reduce its tax rate on cryptocurrency investments, it would actually spur more innovation and growth.

Growing Support for Crypto-Friendly Tax Reforms

Following the debate regarding crypto taxes, Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People, has publicly called for changes in these tax reforms to accommodate more crypto investors. Tamaki suggested charging a separate tax for crypto assets like other forms of income at 20%, making them equal to more traditional financial instruments such as ETFs.

He added that there should not be any incidence of tax if crypto assets are exchanged against another crypto asset. While Tamaki’s party has a fairly small number of seats in the parliament of Japan, his proposals are attracting the attention of many from different sectors of the crypto community within Japan.

Japan’s Institutional Investors Stay Long on Bitcoin

Despite Japan’s regulatory obstacle, some of the country’s institutional investors remain adamant about having exposure to Bitcoin. For example, Tokyo-listed investment outfit Metaplanet has made the headlines in recent months with its aggressive accumulation of Bitcoin.

Earlier this month, the investment company added another 108.78 BTC, taking its total number to almost 640 BTC, now worth approximately $40.5 million. That move earned it the unofficial nickname of “Asia’s MicroStrategy” — a US-based business intelligence firm known for its BTC holding strategy.

Continued interest from domestic firms such as Metaplanet shows that Bitcoin remains a key asset of interest for institutional investors in the country.

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Tuesday, October 22, 2024

Crypto Whale Actions Trigger Market Fluctuations: Here’s How

The cryptocurrency market experienced a significant spike in large transactions following crypto whale actions on leading assets like Bitcoin, Ethereum, Toncoin, and Cardano. Data from IntoTheBlock indicated that Bitcoin had the largest transaction volume of nearly $44 billion on October 21st.

Crypto Whale Transactions Involving Leading Crypto Assets

Despite its price dropping 2.2% to $67,500 at the time of writing, the balance of Bitcoin held by long-term holders increased 0.05%, surpassing $856 billion. This sign of confidence from long-term holders showcases a potential support level as BTC continues to consolidate.

Toncoin (TON) noted a 93% surge in whale transactions, amounting to $8.21 billion. Meanwhile, Cardano (A.D.A.) and Wrapped Ether (W.E.T.H.) also saw significant increases in whale transactions, reaching $7.23 billion and $6.16 billion, respectively.

A.D.A. recorded a 28% increase in whale transactions, while W.E.T.H. saw a 117% jump, indicating uncertainty surrounding these assets amidst the ongoing market-wide sell-off. Similarly, crypto whale transactions on Ethereum (ETH), one of the most widely held assets, doubled, reaching $6 billion.

Similar to Bitcoin, ETH long-term holders increased their balances by 0.04%, bringing the total to $288 billion, indicating cautious optimism following the coin’s price decline. Furthermore, stablecoins like U.S.D.C. and DAI have been swept into this surge of whale activity.

The increase in exchange outflows for stablecoins suggests that large investors may be stepping back from trading to seek out buying opportunities.

Crypto Whale Dumps $10 Million in BTC

Meanwhile, an ancient Bitcoin whale, active since the Satoshi era, surfaced again, unloading nearly $10 million worth of BTC on the Kraken exchange. This unexpected sale triggered concerns among investors as it coincided with Bitcoin’s effort to breach the $70,000 mark.

This whale, who began mining in 2009, transferred over $9.6 million in BTC to Kraken, according to Arkham Intelligence. The whale’s sales came after it previously moved $630,000 in BTC on October 14th, adding to a total of $15.1 million in BTC sold over the last two months.

Despite these sell-offs, the whale still holds around 1,077 BTC, valued at roughly $72 million.

Other Crypto Whale Movements

Apart from the Satoshi-era whale, more crypto whale activity was spotted in other Bitcoin transactions. Whale Alert, a leading large transaction tracker, reported two significant transactions earlier today: 2,500 BTC, worth $170.9 million, and 2,700 BTC, valued at $184.6 million, were moved between anonymous wallets.

These movements indicate potential accumulation rather than sell-offs, potentially easing the pressure on Bitcoin prices. Notably, the actions of the crypto whales have resulted in a 3.1% drop in global crypto market capitalization in the last day.

Also, trading volumes soared from $90 billion to $118 billion in the same period. This correction in the market was a much-needed response to the bullish momentum propelled by greed during “Uptober”.

Usually, crypto whale activity can be a yardstick measurement for price direction. Thus, the next couple of days will depict the direction of the market as it struggles to attain some semblance of stability amidst increased volatility.

Whale Scoops Up 155M DOGE

Meanwhile, a Dogecoin whale has caught the attention of many after accumulating 155 million DOGE valued at approximately $21.65 million. The recent accumulation has ignited investors’ interest in meme cryptocurrency.

Whale Alert reported that a Dogecoin address, recorded as DP1…Wdj received this amount from the crypto trading division of Robinhood Markets. Such a vast accumulation demonstrates increased confidence in DOGE’s potential value.

More importantly, it ramps up optimism among its holders. Currently, Dogecoin is on a price rally following recent developments during the U.S. presidential election campaigns, during which X billionaire owner Elon Musk proposed a D.O.G.E. idea.

Even though the presidential election is in November, the accumulation by the whale has increased the positive sentiment surrounding this cryptocurrency. DOGE currently changes hands at $0.139, up nearly 22% and over 30% in the past week and month, respectively.

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Monday, October 21, 2024

Invepex Review – Is Invepex.com Scam or a Legit Crypto Broker?

Invepex Review

Invepex logo

In the past few years, the online trading industry has become massive emerging as a highly promising industry for those willing to take risks. Unfortunately, most of the people who join the industry, think that the more money they spend, the more profits they would generate, which is not the case at all. Online trading is a vast industry where you have to make well-calculated decisions. You need to be in the company of a highly responsible and competent trading service provider if you want to achieve that, and my Invepex review is here to help.

I can say with confidence that this Invepex review will completely change the way you’ve been perceiving online trading. It takes you away from the so-called ‘luck game’ and brings you into the reality of online trading. I request you stay and read this review for your enlightenment.

Invepex homepage

Eyes on the Global Trades

I thought that before talking about any other aspect of the Invepex trading firm, I should talk about the global trading markets access it has to offer.

The teams have introduced a trading platform exclusively to serve you in the best way possible. Through this vast web-based trading platform, you’re able to access trading markets from around the world. There are over a hundred markets you can enter through the platform including indices, stocks, forex, and commodities. You can also interact with over a hundred assets through the platform inducted from the crypto trading market.

To enhance your analytical approach, the Invepex broker platform has loaded the platform with numerous tools. The advanced reporting system, historical reports, price alerts, market news, trading signals, analysis reports, and trading charts/graphs are the most effective tools you can use. You will find it much easier to monitor trading markets using these tools and make calculated decisions.

Learn from the Gurus

Yes, the Invepex trading firm has so many trading tools and services to aid your trading activities, which can turn out to be quite overwhelming. However, the firm has taken care of that by offering you real-time support from the trading and analytical gurus.

You have multiple opportunities to interact with these experts via live trading rooms, one-on-one coaching sessions, webinars, and even podcasts. These interactions can help you learn a great deal of insights about the trading markets. You can learn numerous tips/tricks, tactics, and strategies to maneuver trades, and difficult scenarios.

Apart from real-time interactions, the Invepex broker platform offers trading courses that offer video tutorials, eBooks, FAQs, and glossaries. You can continue gathering knowledge from the content that is made available regardless of your trading experience and aim for long-term benefits.

Invepex education

Practice Before Trading

If you are someone making your way into the trading world for the first time, then you need to learn trading fundamentals before you start your career.

The teams at the Invepex trading firm know that most of the traders are hesitant to invest real money into trades when it is just their first time. This is why they have introduced the demo account so you can learn the fundamentals and basics of trades before entering actual trades. This account lets you enter the simulated version of any trading market where you can analyze the data and execute trades without using actual funds.

Once you’re ready and are no longer hesitant, you can initiate your first trade. Do not go for a large investment when trading for the first time. Instead, go for the basic account, which requires the lowest minimum deposit, and then advance to the higher trading levels.

Brush Off the Uncertainty

Remember, it is you who is investing funds while trading so you should never have an agonizing experience because of the trading service providers. Unfortunately, most traders do spend their careers in agony because they end up being in the company of inauthentic and non-compliant trading firms. Such firms are always in trouble and are always at risk of being taken down.

If you’re with the Invepex broker platform, then you don’t have to worry about that at all. This firm is authentic and compliant because it adheres to the KYC and AML policies, ensuring that you get to trade professionally. You can pay full attention to trading when you are with this firm and count on its backing.

Invepex benefits

Is Invepex Scam or Legit?

I’m sure that by now, you know about this firm through the Invepex review that you are willing to give it a try. If that is the case, then it means you have started to trust the legitimacy of this firm. If you still want to know more about it, then you can call, email, or chat with their 24/7 customer support staff and find out more about their services.

Ending Thoughts

Remember, if you enter online trading without the right support, guidance, and tools, you’ll only be moving blindly. There is no doubt that the online trading industry is full of opportunities but it is also very dangerous for those who enter trades aimlessly. I urge you to build up an effective strategy and take many things into consideration before going for trading.

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Friday, October 18, 2024

Staked Ether is a New Benchmark for the Crypto Economy – ARK Invest

Recent findings from ARK Invest indicate that staked Ether is now an important benchmark in the crypto economy owing to its very attractive risk-adjusted returns. ARK Invest emphasized that the unique nature of staked Ether positions it similarly to sovereign bonds.

Lorenzo Valente, a research associate at ARK Invest, remarked that the yield from ETH staking is the primary gauge for smart contract activity and economic trends within the digital asset ecosystem alongside other metrics.

Staked Ether Versus Sovereign Bonds

Ethereum’s design allows users to stake their ether for a yield, currently 3.27% annually, according to on-chain data. This yield makes stETH comparable to government bonds.

However, ARK Invest highlights key distinctions, such as Ethereum’s ability to ensure access to their funds, unlike sovereign bonds that carry default risks. Staked Ether’s yield remains consistent and only fluctuates based on on-chain activity.

While staked Ether offers transparency regarding inflation rates, risks remain. Validators face penalties called “slashing,” when they fail to behave properly. Hence, there is an element of risk, but it can’t be compared with conventional government-issued bonds.

The Rise of Staked Ether in DeFi

Investors have two main avenues for staking ether: becoming their validators or utilizing DeFi protocols like Lido and Rocket Pool. These platforms simplify the staking process and offer liquid staking tokens (LSTs) suitable for various DeFi activities.

The increasing use of stETH has positioned it as a preferred collateral option in DeFi protocols. As of now, about 31% of the total stETH supply is used as collateral, reflecting a trend where staked Ether is surpassing ETH in terms of collateral preference.

Shaping the Future of Crypto Finance

As staked Ether continues to gain traction across major DeFi platforms, it is prompting a recalibration within the crypto financial ecosystem. Competing projects must now demonstrate that their offerings can yield returns superior to stETH.

For instance, if the ETH yield compounds to 4% over the long term, other investment vehicles must significantly outperform that return to attract investors. This competitive landscape has led Layer 1 projects like Solana and Avalanche to offer higher staking rates to entice users.

Furthermore, ARK Invest notes that the demand for staked Ether is influencing lending practices in the DeFi space, as users favor lending stETH over traditional stablecoins.

Blockchain and AI are Catalysts for Economic Revitalization – ARK Invest

Meanwhile, ARK Invest founder, Catherine Wood, has predicted that low interest rates could fuel broader market rallies. She also emphasized the importance of diversified investments in artificial intelligence (AI).

In its Q3 crypto market report, ARK Invest identified the convergence of innovative technologies, particularly AI and blockchain, as crucial for rejuvenating the global economy. As inflation gives way to deflation in various sectors, ARK Invest argued that its five innovation platforms—robotics, energy storage, AI, blockchain, and multi-OMIC sequencing—will impact macroeconomic indicators in the next several years.

ARK Invest Highlights Disruptive Tech’s Role

Wood emphasized that the most compelling investment opportunities are disruptive innovations that may lead to more diverse market leaders. According to ARK Invest, the economy has confronted successive recessions driven by rising interest rates since early 2022.

Therefore, the company stressed that AI and blockchain technologies are great additions to productivity growth and follow-through innovation. Notably, the ARK Next Generation Internet ETF has outperformed global equity indices in recent quarters, mainly because of holdings in stocks like Tesla and Palantir Technologies.

Harnessing Technology for Economic Resilience

ARK Invest further pointed out that the initial inflation triggered by supply shocks is transitioning to disinflation, potentially leading to deflation. The firm believes that advancements in AI and blockchain have contributed to this economic shift.

Companies that aggressively adopt these technologies can enhance productivity and create new solutions to help counteract economic downturns. ARK Invest posits that these innovations could not only stimulate economic recovery but also transform market dynamics by bringing forth new leaders across various sectors.

The post Staked Ether is a New Benchmark for the Crypto Economy – ARK Invest first appeared on CryptocyNews.com.



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Wednesday, October 16, 2024

Bitcoin Price Surges as Trump’s Win Odds Soars

Bitcoin’s Price and Trump’s Rising Election Win Odds

The price of Bitcoin hit its highest level in over two months earlier today. The surge comes as the odds of former US President Donald Trump winning the upcoming presidential election rose sharply.

Industry experts have noted a connection between Trump’s growing popularity in the polls and the leading crypto’s sudden price movement. Bitcoin has climbed by almost 10% recently, trading at more than $68,200, its highest price since late July.

According to analysts, the increase in Bitcoin’s value correlates with Trump’s widening lead in the decentralized prediction markets. On Oct. 16, Trump’s probability of winning the presidential election was at 60.2%, while current Vice President Kamala Harris trailed behind at 39.8%, as per data from Polymarket.

Many crypto investors view Trump as a more favorable candidate for the digital asset space due to his support for innovation, particularly in blockchain technology. On the other hand, there are concerns that a potential Harris presidency could introduce stricter regulations on the crypto industry.

These differing views on the future of regulation in the crypto space have heightened investor interest in this coin as Trump’s odds improve.

Peter Schiff Labels Bitcoin Rally “Trump Pump”

Economist Peter Schiff, however, dismissed the current Bitcoin rally as a “Trump-inspired pump.” Schiff is a well-known critic of Bitcoin and has consistently favored gold as a safer investment.

Schiff pointed out that while Bitcoin has been rising, gold has also set a new peak, with its price reaching $2,680. He emphasized that Bitcoin’s more volatile movements should not overshadow gold’s steady rise.

The Polymarket prediction platform, which allows users to bet on election outcomes, saw a sharp shift in Trump’s favor in early October. By mid-October, Trump was leading by over 10 points, and Bitcoin’s price had risen by more than 13% since hitting a low of $60,300 on Oct. 10.

Thomas Fahrer, CEO of Apollo, a crypto reviews platform, noted in a recent post on X that BTC’s price rises by $1,000 for every 1% increase in Trump’s probability of winning the election. His observation has fueled speculation that the leading digital asset could continue its uptrend if Trump’s lead remains strong.

Crypto Fear & Greed Index Signals Greed

The rise in Trump’s odds has also affected overall market sentiment. The Crypto Fear & Greed Index, which tracks investor emotions and sentiment in the market, moved from “fear” to “neutral” on Oct. 12, when Trump’s lead hit 10 points.

At the time of writing, the index had reached 73, signaling “greed” among crypto investors. Various factors influence the crypto asset’s price, and its current rally shows how political developments can impact the crypto market.

A Satoshi-era Bitcoin Whale Transfers $630K in BTC

An early Bitcoin whale, inactive for years, has moved $630,000 worth of BTC to the Kraken exchange. The whale, who mined the cryptocurrency just five days after Bitcoin’s genesis block in 2009, has made significant transfers over the last two months.

According to blockchain analytics firm Arkham Intelligence, this latest movement brings the total amount sent to Kraken by the whale to $5.47 million within this timeframe. Nevertheless, Arkham Intelligence revealed that the wallet still holds 1,127 BTC, valued at around $75.2 million.

Notably, this particular whale has been inactive for over a decade until recently. This whale’s activity is not isolated. Earlier in October, another Bitcoin whale moved 10 BTC, valued at $610,000, to Kraken after being dormant for many years.

Growing Whale Activity and Price Surge

This growing trend of dormant whales moving this cryptocurrency suggests that some long-time holders seize the opportunity to cash out as the coin’s price rises. Recently, Arkham Intelligence tracked another whale in September, who mined BTC two months after the blockchain’s inception.

The whale, dormant for 15 years, transferred $16 million worth of BTC to Kraken. This series of transfers has drawn attention as they coincide with Bitcoin’s latest price surge.

BTC’s price has gained 7.45% over the past week. The cryptocurrency is now trading above $67,000, a level not seen in recent months.

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Tuesday, October 15, 2024

How to Sell USDT for Cash Anonymously

Although it’s not simple, selling USDT for cash while keeping anonymity is achievable. Many crypto users look for ways to turn their digital assets without disclosing personal information.

With a focus on Bitcoin ATMs and peer-to-peer (P2P) platforms, this guide will discuss practicable strategies to sell USDT for cash anonymously.

Why Privacy Matters When Selling USDT

Cryptocurrency transactions are usually conducted on blockchain, making them traceable despite the pseudonymous nature of many digital assets. This raises questions for users who prefer to remain private when converting their USDT to cash.

Selling USDT under anonymity can be tricky since many sites make a Know Your Customer (KYC) validation compulsory, a requirement that compromises anonymity. However, there are ways to sell your USDT while maintaining your privacy, such as using ATMs and some trading platforms.

Best Methods to Sell USDT for Cash

Here are two methods to sell USDT for cash securely and anonymously.

The Use of Crypto ATMs

In some cases, cryptocurrency ATMs can be more reasonable for anonymous conversion than trading platforms. Privacy methods available at many crypto ATMs allow users to convert their USDT to cash without going through an extensive KYC procedure as long as the limits applicable to the cash-out transaction are respected.

How to Sell your USDT at the ATM

Step 1: Look for an ATM that performs USDT transactions. Sites like CoinATMRadar can help you find out whether one is nearby.

Step 2: Click the “Sell Cryptocurrency” button and pick USDT.

Step 3: Type how much USDT you want to convert into cash. The ATM will determine the cash equivalent.

Step 4: Send the USDT to the address as depicted on the ATM screen.

Step 5: When a transaction is completed and confirmed on the blockchain network, you may proceed to collect your cash.

Most of these ATMs serve several networks, including Ethereum and Tron. However, the transaction costs for each network vary.

Peer-to-Peer (P2P) Trading Platforms

Another safe choice for this coin sale is P2P systems. These sites link merchants and buyers directly, enabling flexible payment methods and confidential negotiations.

Notably, some P2P platforms allow lower-sum transactions to occur without any KYC verification.

How to Sell USDT via P2P

Step 1: Open an account on a peer-to-peer trading site such as Localbitcoins or Binance P2P.

Step 2: Put in a “sell” order with the USDT amount you want to offload and the kind of payment (cash, bank deposit, etc.) that you will accept.

Step 3: Trade once a buyer has been located and send the coin to their wallet.

Step 4: Finally, you must receive payment from the buyer and confirm the transaction on the platform after receiving it.

Keep in mind that it is difficult to withdraw USDT anonymously when the transaction is done face-to-face or involves obscure payment methods.

Security Tips for Selling USDT

The following are simple guidelines that will help you to be safe with your transactions.

  • Use trusted platforms: Always verify that the platform is reputable, whether using an ATM or a P2P platform. Check reviews and ensure it has strong security measures.
  • Stick to limits: Abide by the restrictions on services that do not go through KYC. Most ATMs and other platforms accept a daily limit on the volume of transactions you can carry out without revealing your identity.
  • Use non-custodial wallets: Employ a non-custodial wallet when sending USDT. Such wallets also give you access to your private keys.
  • Verify transaction fees: Different networks have varying transaction fees. Ethereum tends to have higher costs compared to networks like Tron or Polygon.
  • Avoid using public Wi-Fi: do not conduct transactions over public Wi-Fi networks to protect your data from hackers
  • Double-check information: Verify the specifics of your transactions, including wallet addresses and quantities. This is to prevent errors that can result in lost money.

Anonymous Cryptocurrency Transactions in Different Countries

Keep in mind that countries have different rules regarding cryptocurrencies. Some countries allow complete anonymous trading or transfer of cryptocurrencies for particular amounts, while others enforce KYC policies.

Below are some countries where anonymous trading is still possible and the maximum allowable amount.

  • Poland: Transactions from other cryptocurrencies to another up to €1,000 are allowed per transaction.
  • Ukraine: Trade of cryptocurrencies not exceeding 30,000 UAH can be made.
  • Spain: Up to €990 daily.
  • Slovakia: up to 4,990 EUR.
  • Romania: No KYC; up to 10,000 RON.

Always update yourself with the current local regulations before attempting an anonymous trade. These rules do change from time to time.

Conclusion

Once you do not surpass specific limits, it is possible to sell this stablecoin via cryptocurrencies ATMs and P2P sites without complete identification verification. The steps indicated above will help maintain the privacy of your USDT transactions.

However, it would be best if you implemented them in addition to observing the local laws governing the sale of such assets.

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Monday, October 14, 2024

Everest Trust Review: Can You Trade Anytime You Want?

When looking for the best trading platform, it is important to know what you want. Some people prefer a simple and easy-to-use platform, while others want more advanced tools and features.

Everest Trust Logo

Today, we are going to take a closer look at Everest Trust and share important details about it. After reading our Everest Trust broker review, you will better understand what they offer and how it works in real-life situations. This information can help you make an informed decision about whether it is the right company for you.

Trading Platforms

Everest Trust offers two popular trading platforms:

  • WebTrader: This is a web-based platform that you can access directly through your internet browser. It is great for beginners because it is easy to use and does not require any downloads.
  • MT4 platform: MT4 is a more advanced platform preferred by many experienced traders. It offers a wider range of tools and features, including customizable charts, expert advisors, and one-click trading.
Everest Trust Trading Experience

Both of them provide a reliable and user-friendly trading experience. The best choice for you depends on your personal preferences and trading style.

Trading Assets

Based on the information on the official website, Everest Trust delivers various trading assets, letting you diversify your portfolio and explore different investment opportunities. You can trade traditional financial instruments like stocks, ETFs, funds, bonds, options, and futures.

Additionally, the firm provides CFDs on assets such as currencies, stocks, commodities, and indices. This enables you to gain more exposure to other markets. For those interested in the cryptocurrency market, it also allows you to trade big and popular cryptocurrencies like Bitcoin and Ethereum.

Customer Support

Everest Trust provides reliable customer support to assist clients with any questions or issues they may encounter. You can reach out to their support team via phone or email. While they may not offer live chat, their response times are generally quick, meaning that your queries are addressed promptly.

Everest Trust Online Support

The support team is knowledgeable and helpful, and they promise to provide a positive trading experience for all customers. Whether you need assistance with account setup, trading platform navigation, or resolving technical issues, you can count on their customer support to get timely and effective assistance.

Opening a Trading Account With the Brand

Creating a trading account with Everest Trust is a straightforward process. To begin, you need to provide some basic information, such as your name, email address, and preferred currency. Once you have completed the registration process, you can fund your account using one of the available payment methods.

After your account is funded, you can contact your dedicated account manager to begin trading. They are the ones who give you any necessary guidance or assistance to help you get started.

Final Thoughts

Now that you have a better understanding of Everest Trust’s key trading offerings, you can decide if it is the right choice for you. For more information, you can visit their website to learn more about other aspects of their services.

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Saturday, October 12, 2024

Top Halloween Crypto Events and Airdrops in 2024: A Guide

With Halloween around the corner, the crypto sector is ready for fun events. Starting from particular Halloween crypto themes alongside certain token allocations, 2024 has many ways enthusiasts could earn, exchange, or collect non-fungible tokens.

Both centralized and decentralized exchanges like Binance and many DEXs will be having fun with Halloween crypto events. Such actions include special events such as contests, releases of NFTs, and airdrops, which entice users by giving them the opportunity to earn tokens for performing various simple actions.

In this guide, we’ll explain what Halloween crypto events and airdrops in 2024 offer and how to use different exchanges effectively for maximum participation.

Halloween Crypto Events: What to Expect

With the advent of Halloween, promoters across the digital space are creating their crypto events. These promoters also include unique offerings like investment-grade rare NFTs, traditional tokens, and themed competitions in these crypto events.

Popular exchanges, including Binance and OKX, have dominantly held such events, and 2024 will be no exception. Halloween crypto activities in the past have encompassed various tasks, including trading competitions and performing mystery box activities.

For example, the 2022 Halloween Gift Card Mystery Box from Binance allowed participants to buy and win rewards by opening mystery boxes. This year could also include a similar kind of fun but with the addition of opportunities to take home exclusive NFTs and other bonuses.

Other platforms plan to arrange events where the participants would play spooky metaverse games, solve challenges, or compete in trade to earn some rewards.

Why Halloween Events Stand Out

The seasonal touch these crypto events add distinguishes them. Their uniqueness entices a larger audience, and popular influencers endorse them.

However, Halloween promo hunting is time-bound. The level of excitement and pressure generated while searching for that perfect promo makes it an unmissable opportunity for all crypto lovers.

Participating in Halloween Crypto Events in 2024

Engaging in these kinds of events is easier than it may sound. First, follow your favorite exchanges and crypto influencers on social media channels like X, Telegram, and Discord.

These channels will likely be the first to announce the Halloween crypto events and how to join. For instance, some platforms will announce trading contests that require you to trade a specified amount or social events that require you to share something or promote and invite other people.

In previous years, Binance offered seasonal NFTs or special prizes for completing such campaigns. However, keep in mind that most of the time, such crypto events are held on centralized exchanges.

So, you will have to sign in and pass their KYC procedures to participate in them. Omitting these activities makes you ineligible to participate in or claim any rewards offered during the events.

Maximizing Halloween Crypto Airdrops: Tips for 2024

Airdrops represent another thrilling time of the Halloween period. The term ‘airdrop’ means a method that crypto projects have adopted to reward users with free tokens for some easy tasks.

Halloween 2024 introduces airdrops, where numerous tokens can be claimed by engaging with the platform or holding certain coins. For some of these airdrops, you will need to log in to some of the recruitment sites regarding the promotions.

For others, you need to share social media posts, follow certain accounts, or subscribe to newsletters. Other airdrop campaigns could ask you to hold specific amounts of a given token before the airdrop event takes place.

Creating a compatible cryptocurrency wallet to receive any airdropped tokens is also important. Supported wallets include MetaMask, Trust Wallet, and Phantom, according to the applicable blockchain.

Popular Airdrops to Watch in 2024

Several airdrops are scheduled for Halloween 2024. First is TapSwap, which has initiated an airdrop before its scheduled listing on October 30, 2024. Stay tuned for notifications made on applications such as CoinGecko and CoinMarketCal, as well as the social media of other projects.

Watch Out for Scams Involving Airdrops

Airdrops are an excellent way to attract new users to a project’s ecosystem but are also a magnet for scammers.  In 2023, several fake airdrops were reported, including a notable case where scammers targeted XRP holders with fraudulent offers following Ripple’s legal victory.

To avoid being trapped in those scams, use trusted resources and never disclose your private keys and wallet details. Moreover, be careful during high-profile promotional events such as Halloween.

Use only the established platforms with solid community support. If you are not confident about an airdrop, search for its community and ask questions to clarify your doubts.

Conclusion

Halloween crypto events in 2024 bring extraordinary events with the chance to earn rare NFTs, tokens, or other rewards. However, you must follow the updates of the projects on social networks to maximize your opportunities.

Also, pay attention to trustworthy event aggregators, and don’t neglect safety by using only safe platforms. If executed properly, it’s possible to have fun and rewarding Halloween crypto events.

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Friday, October 11, 2024

Ether ETFs Note Five Days of Zero Inflows: Here’s Why

Spot Ethereum (ETH) exchange-traded funds (ETFs) have registered five consecutive days of zero inflows, which has become a trend for this investment product. In addition, investors in the nine ETH ETFs have withdrawn significant sums from the funds since their July launch.

Ether ETFs Fail to Boost Ethereum’s Market Cap

Remarkably, trusts and institutional investors seeded ETFs with over $10 billion worth of spot Ether before the funds’ debut on US exchanges. However, the post-launch trading activity has resulted in a net outflow of $556 million.

This unexpected trend has sparked questions about how Ether ETFs affect Ethereum’s market value. When evaluating an asset’s market capitalization, investors frequently use ETF inflows as a primary metric.

Based on this yardstick, these ETFs have yet to help the market expand for Ethereum the way many had hoped. Net flows into Spot Ether ETFs have been net negative since launch, a stark contrast to other ETFs’ performance.

For instance, Bitcoin ETFs have experienced tremendous success. This discrepancy highlights how intricately various cryptocurrencies react to financial offerings aimed at drawing in more conventional investors.

Bitcoin ETFs’ Performance

The difference between Bitcoin ETFs and Ether ETFs is striking. US spot Bitcoin ETFs have surpassed $18.7 billion in inflows. In contrast, spot Ether ETFs have noted $556 million in withdrawals.

These differences demonstrate how investors are still more confident in Bitcoin than in Ethereum when it comes to investing in them through vehicles like ETFs. Several factors have contributed to the popularity of these Bitcoin investment products.

Long-term investors find Bitcoin to be a more alluring option due to its well-established reputation as a store of value comparable to digital gold. Furthermore, there is unmistakable proof that ETFs have increased Bitcoin’s market capitalization.

This achievement reflects the value of Bitcoin ETFs as a tool for boosting liquidity and attracting fresh investment into the cryptocurrency market.

A Promising Start That Fizzled Out

The initial excitement surrounding Ether products adds to the disappointment. Spot Ether products did better in terms of market activity on their first day of trading than their Bitcoin counterparts.

Many believed that this new market would offer a huge breakthrough for Ethereum because of its encouraging beginnings. But this hope was misplaced, as these investment products have since lost their early advantage.

Several factors could have caused this underperformance. Some investors were discouraged by the uncertainties brought about by Ethereum’s more intricate and dynamic ecosystem.

Another reason is that the Ethereum network is the usual platform for decentralized finance (DeFi) and non-fungible tokens (NFTs), which appeal to lesser investors than Bitcoin. Thus, Ethereum has a challenging time profiting from such products, which are primarily made for passive investment.

Rising Interest in Crypto Funds among US Investors

Even with Ether’s inconsistent performance, interest in exchange-traded funds continues to rise, especially among American investors. According to a recent survey by the leading financial services company Charles Schwab, almost half of American investors intend to purchase crypto-based products next year.

45% of those surveyed said they planned to invest in exchange-traded funds, up from 38% the year before. This upward trend suggests that the idea of including digital assets in portfolios is becoming more acceptable to traditional investors.

The survey also showed that crypto products are gaining more traction than other alternative investment options, such as bonds and real assets like commodities. US stocks, however, remain the most favored investment, with 55% of respondents expressing plans to invest in them.

A Growing Interest in Crypto

The growing interest in crypto funds could be a sign of the broader acceptance of digital currencies in mainstream finance. The demographic breakdown of the survey revealed that Millennials are the most enthusiastic about these assets, with 62% planning to invest in these products.

This generation has been spearheading the crypto movement, driven by a desire for alternative investments that align with their tech-savvy lifestyles and desire for financial innovation. In contrast, older generations, particularly Baby Boomers, have shown lesser interest in digital assets, with only 15% indicating plans to invest in crypto ETFs.

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Thursday, October 10, 2024

Ripple Rolls Out Crypto Custody Services for Banks

The US-based blockchain solutions provider Ripple Labs is venturing into offering crypto custody services to banks and other financial institutions. Ripple announced that it is exploring markets beyond the traditional digital asset ecosystem by introducing crypto custody services to the mainstream financial industry.

Expanding Crypto Custody Services

Ripple has added multiple new features to its Ripple Custody solution to serve better the constantly changing needs of fintech and cryptocurrency companies. Some components include sophisticated anti-money laundering (AML) monitoring to ensure regulatory compliance.

Preconfigured operational and policy settings and seamless integration are some additional features. Institutions looking for safe and scalable digital asset custody will also find the platform more straightforward, thanks to its intuitive interface.

As Ripple continues introducing innovative updates to its custody solutions, the company aims to deliver a more robust service to high-growth businesses in the crypto sector. Aaron Slettehaugh, Senior Vice President at Ripple, stressed that these new features let Ripple Custody cater to the unique requirements of companies with a cryptocurrency focus.

Accordingly, the platform will become the go-to option for companies seeking scalability and security in their digital asset management.

Rising Demand for Crypto Custody Services

In recent years, there has been an increase in demand for trustworthy and secure crypto custody services. Ripple has experienced remarkable year-over-year growth of 250% in this domain, enabling it to reach seven countries and have major international clients like DBS, Societe Generale, BBVA Switzerland, and HSBC.

The fact that these organizations use Ripple’s custody solutions to manage their digital assets highlights the growing significance of custody services within the cryptocurrency ecosystem. Custodial services is one of the fastest-growing sectors in the cryptocurrency industry.

By 2030, the crypto custody market could be worth $16 trillion, according to Boston Consulting Group’s projections. Real-world assets are digitally represented on the blockchain through tokenization products, further driving this growth.

The demand for secure storage solutions has increased as more institutional businesses enter this market. Thus, Ripple is leveraging its XRP Ledger and decentralized exchange capabilities to offer a comprehensive and competitive solution for institutions venturing into the crypto market.

However, it competes against established players like Coinbase, BitGo, and Gemini in the cryptocurrency custody market. Hence, Ripple aims to become a leader in this quickly growing industry by emphasizing security, scalability, and regulatory compliance.

Taiwan’s Move Toward Crypto Custody Trials

Meanwhile, Taiwan is about to begin crypto custody trials in collaboration with regional banks, another step forward for the global crypto industry. This program is a component of the nation’s initiatives to boost institutional adoption of digital assets.

Taiwan’s primary financial regulator (the Financial Supervisory Commission (FSC)) will head the initiative. In the first quarter of 2025, the FSC will start accepting applications from banks interested in custody trials.  

Three banks have already indicated interest in the pilot project. These banks must list the kinds of cryptocurrencies they intend to hold in custody.

The banks must also clarify whether they plan to cater to institutional investors, general investors, or both. Hu Zehua, the director of the FSC’s comprehensive planning division, disclosed that the FSC welcomes the public’s input on the trial’s design to ensure optimal success.

Taiwan’s Steps Toward a Regulated Crypto Ecosystem

Taiwan has been moving very quickly to legitimize its cryptocurrency market. Accordingly, the country recently updated its anti-money laundering (AML) laws to include digital assets.

Per the new regulations, cryptocurrency companies operating in Taiwan must register with the FSC by September 2025. If they don’t comply, they could pay up to $156,000 in fines, and their executives could spend up to two years in jail.

These regulatory initiatives aim to stop illicit activity involving cryptocurrencies while creating a more transparent and safer environment for investors and businesses. Another important step toward integrating cryptocurrency assets into its financial markets is Taiwan’s decision to permit institutions to invest in foreign exchange-traded funds (ETFs).

This move will give cryptocurrencies more legal status within the region and create new investment options. In addition to legislative actions, Taiwan’s private industries are making strides in cryptocurrency.

Recently, Taiwan Mobile, a telecommunications company with over 10 million users, was granted a license to provide virtual asset-related services. These developments indicate that Taiwan is positioning itself as a leading player in Asia and the global digital asset market.

Moreover, the country is working to ensure that companies can operate more easily inside and across its borders by providing a clear regulatory framework for the industry.

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Tuesday, October 8, 2024

$4.38B Silk Road Bitcoin: Supreme Court Rejects Case

Supreme Court Rejects Battle Born’s Bitcoin Case

The US Supreme Court has refused to hear a case concerning the ownership of 69,370 Bitcoin seized by the government from the infamous dark web platform Silk Road. The decision ends Battle Born Investments’ effort to claim the rights to the Bitcoin haul, now worth around $4.38 billion.

Battle Born argued that it acquired the rights to the BTC through a bankruptcy claim linked to the Silk Road shutdown in 2013. However, in both lower courts, including a district court in 2022 and an appellate court in 2023, the appellate court ruled that Battle Born did not have a legitimate claim to the seized Bitcoin.

Now, the Supreme Court has declined to review the decision. The government’s seizure of the BTC was part of a broader crackdown on Silk Road, a platform notorious for facilitating illegal activities such as drug trafficking and money laundering.

Silk Road, created in 2011 by Ross Ulbricht, allowed users to buy and sell illicit goods anonymously using cryptocurrency. Ulbricht was arrested in 2013 and is currently serving a life sentence for his role in running the marketplace.

US Government to Sell Seized BTC

Following its latest victory, the US government can proceed with the sale of BTC, which could significantly impact the cryptocurrency market. Governments’ past sales of large amounts of BTC have caused notable market fluctuations.

For example, when the German government sold nearly 50,000 BTC earlier this year, the market experienced heightened volatility. The US government has already moved a portion of the seized Bitcoin.

In July, $2 billion worth of Silk Road-related BTC was transferred to the US Marshals Service, which uses Coinbase Prime to store and manage seized digital assets. The question of what to do with the Silk Road Bitcoin has also become a topic of political interest.

Republican presidential candidate Donald Trump has stated that, if elected, he would create a “strategic Bitcoin stockpile” as part of his campaign’s economic strategy. Trump has also pledged to release Ross Ulbricht from prison, arguing that his life sentence was too harsh.

Meanwhile, Democrat candidate Kamala Harris has not publicly stated her plans for the seized cryptocurrency. The Supreme Court only accepts a small number of cases each year, and its decision not to hear this one clears the way for the US government’s civil forfeiture action to proceed without further legal challenges.

Residents in Texas Complain About Noise from Bitcoin Mine

Meanwhile, residents in Granbury, Texas, are raising concerns over noise pollution from a Bitcoin mining facility operated by Marathon Digital Holdings. The Bitcoin mine, located next to the Wolf Hollow II gas-fired power plant, was initially built by Compute North Holdings in April 2022.

Since then, the ownership has changed hands multiple times, with Marathon taking control in January 2023. Some locals claimed they heard persistent noise from the mining operations around the spring of 2023.

The mine has become a source of irritation for those living nearby, though there is no clear indication of how many rigs are currently used on-site. However, the mine boasts a significant hashrate of 4.3 ExaHashs per second (EH/s), indicating substantial mining activity.

Marathon Digital is one of the largest Bitcoin mining companies, with 250,000 mining rigs. While it remains unclear how many of these machines operate at the Granbury location, the scale of their overall operations makes it a significant player in the Bitcoin mining space.

Not The First

Granbury residents are not the first to face such an issue. In a similar case from 2022, residents of Hadsel, a Norwegian municipality, successfully pushed to shut down a local Bitcoin mining operation due to noise disturbances.

Though they achieved the shutdown, their action led to increased electricity bills after the loss of revenue from the mining site, which affected the income of the local power company. Granbury’s situation has yet to reach the same conclusion as Hadsel’s, but tensions between the Bitcoin mining facility and residents are escalating.

Despite the residents’ groans, Marathon has continued its operations at the site.

The post $4.38B Silk Road Bitcoin: Supreme Court Rejects Case first appeared on CryptocyNews.com.



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