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  • Investing in Bitcoin as an Effective Retirement Strategy

    Investing in Bitcoin as an Effective Retirement Strategy

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    Bitcoin and other cryptocurrencies, such as Ethereum, are becoming more popular as an investment alternative. In early 2021, the price of bitcoin skyrocketed to all-time highs. Bitcoin is currently worth $33,225.90.

    In 2020, Bitcoin and other cryptocurrencies outpaced the majority of traditional investments.

    Bitcoin and other cryptocurrency investments are well-known for yielding huge profits at high risk. Almost every investor understands the volatility of cryptocurrency, whether they invest with personal assets or retirement funds. If you are going to dabble in crypto investing, you must be informed of your acceptable loss.

    Should you include bitcoin in your 401(k)?

    Begman of IRA Financial stated – “Just like stocks, Bitcoin can be purchased in an IRA or 401(k). However, from a practical standpoint, an employer-adopted 401(k) plan with employees will likely not allow for any alternative investment options because of ERISA fiduciary rules.”

    Even so, people who want to add cryptocurrency to their 401(k) should think about a few things first.

    According to Leanna Haakons, the Founder of Black Hawk Financial, the biggest benefit would be that people interested in crypto could invest pre-tax money, something they cannot do through a brokerage account at this time. This is something long-term investors will benefit from. However, some self-directed IRAs do offer bitcoin as an investment option.

    In addition, Haakons added that because retirement plan providers cap crypto contributions at 5% of an account’s total value, it is a smart way to get engaged in crypto investing without risking too much of your money, as you might if you invested on your own and went all in.

    Lyle D Solomon
    Lyle D Solomon

    Haakons added that the at-home investor who is not going to be monitoring the market every day is a better option. They should be given the exposure and the chance to make some of those big potential gains but restrict them to follow the guidelines.

    Cryptocurrencies, like bitcoin, are extraordinarily volatile assets. A 401(k) or individual retirement plan should be made up of stable, low-cost investments you feel will grow in value over time. That means index funds are one of the best choices for most average investors.

    With a few exceptions, you will not be able to take money out of your 401(k) until you are above the age of 59, at which point you will be subject to taxes and penalties.

    So, according to Haakons, you need to think about your investment timeframe and priorities. Bitcoin’s value could skyrocket tomorrow, but it will not help you if you are decades away from retirement. If you are thinking of a short-term investment, a brokerage account with more buying and selling flexibility might be a better choice.

    It is also important to understand where you are investing your money. Dan Kemp, Chief Investment Officer of Morningstar Investment Management, recently cautioned against buying bitcoin or any digital currency just because it is what your friends are talking about.

    Understand the differences between crypto-assets and bitcoin, and why they are seen as superior long-term prospects by some investors. Also, keep in mind that there is always some hot new investment that promises to turn the average person into a millionaire quickly. But, practically, things are not always so easy.

    According to Haakons, investing in safe bets like index funds, and committing only 5% of your portfolio to bitcoin wagers are not always a bad idea. It all boils down to how much you are willing to take a chance. You should only invest money you can afford to lose in something unproven like bitcoin or other cryptocurrencies.

    Haakons commented that it will not be a massive risk if you keep it to the maximum of 5% of your retirement savings unless you have a lot of money in there. You will still have a strong foundation thanks to mutual funds and exchange-traded funds (ETFs). an investment that promises to turn the regular individual into a millionaire quickly. But, practically, things are not so easy after all.

    How Much Is It Worth to Invest in Bitcoin IRAs?

    The Internal Revenue Service (IRS) does not have a cryptocurrency-specific account. As a result, when investors talk about ‘Bitcoin IRA’, they’re referring to an IRA that contains bitcoin or other digital currency within its holdings.

    A self-directed IRA is sometimes known as a Bitcoin IRA. Self-directed individual retirement accounts (SDIRAs) allow you to invest in assets such as real estate, precious metals and cryptocurrency that are not allowed in traditional IRAs.

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    Investing in Bitcoin for retirement may increase your investment returns and diversify your portfolio, but it also adds a significant amount of risk to your retirement portfolio. If you are self-employed or operate a small business, SEP and Simple IRAs, as well as solo 401(k)s, offer significantly larger contribution limits.

    Additionally, you can transfer money from a traditional IRA to a self-directed IRA. The IRS has treated bitcoin and other cryptocurrencies in retirement plans as property since 2014, which means coins are taxed similarly to equities and bonds.

    According to the Retirement Industry Trust Association (RITA), between 2 and 5% of all IRAs are currently invested in alternative assets.

    You will need to keep three things in mind:

    • Your IRA is held by a custodian, who handles its safekeeping as well as ensuring that your account complies with IRS and government rules. With traditional IRAs, banks and other financial entities often fulfil this function.
    • Your cryptocurrency trades are managed by an exchange. A crypto exchange (sometimes referred to as a DCE or digital currency exchange) is equivalent to a stock exchange. It is a marketplace for digital currencies, and it is where you will get your Bitcoin, Ethereum, or any cryptocurrency.
    • Your cryptocurrency is safe with a secure storage solution. Most Bitcoin IRA providers feature patented secure storage mechanisms to help protect your digital assets from theft after you buy them.

    A custodian is required for IRA participants who want to include digital tokens in their retirement funds. Many investors have discovered that finding a custodian who accepts bitcoin in an IRA might be difficult. Custodians and other companies that let investors include bitcoin in their IRAs have grown in popularity recently.

    Self-directed IRAs (SDIRAs) are increasingly allowing for alternative assets like cryptocurrencies, which is beneficial for consumers who want to include bitcoin in their IRAs. Some of the early leaders in this area are companies like BitIRA, Equity Trust, and Bitcoin IRA.

    Let’s analyze the pros and cons of Bitcoin IRA:

    Pros:

    • Tax benefits – Tracking trades and calculating taxes owed is the single biggest problem for Bitcoin investors. Because you owe taxes every time you sell cryptocurrencies for a profit, keeping track of multiple purchase prices and gains can be an accounting problem. Investing in a tax-advantaged account, such as a regular or Roth IRA, relieves this burden because it does not tax you on anything as long as the funds and assets remain in the account. Furthermore, you will benefit from the compounding growth of value that you will not lose due to taxes.
    • High-return potential – Bitcoin is extremely volatile, yet with volatility comes the potential for massive gains. For example, the value of Bitcoin was at $5,200 on March 15, 2020, and completed the year at $30,000, while Ethereum, the second most popular cryptocurrency, increased by almost 400% in 2020. Bitcoin’s massive potential is definitely worth the risk, especially if you are only investing a small portion of your IRA’s total value.
    • Diversification – Cryptocurrency is an asset class that is different from stocks and bonds, which are the most commonly held assets in retirement accounts in the United States. Even while crypto is risky in its own way, this could help secure your retirement funds.

    Cons:

    • Volatility – The price of Bitcoin has fluctuated from close to $20,000 in December 2017 to as low as $3,400 in December 2018. Such volatility poses significant danger to an IRA, particularly for those nearing retirement.
    • Fees – Unlike traditional IRAs, self-directed IRAs usually have a higher charge structure. Make sure you understand all the charges associated with investing in cryptocurrency for retirement, from setup fees to trading and account administration fees.
    • Exchange restrictions – Some Bitcoin IRA providers will only let you trade on affiliated currency exchanges. Others provide you with the option of selecting your favorite exchange. If you want to invest with a certain crypto exchange, make sure your Bitcoin IRA provider enables it.
    • Complexity – When you invest in a Bitcoin IRA, you will almost certainly need to maintain at least one additional retirement account in addition to dealing with the moving parts of custodians, exchanges and secure storage. This is because Bitcoin IRAs are not set up to allow traditional assets like equities, bonds and mutual funds. This can make retirement planning even more difficult.

    Final Takeaway – Should You Include Bitcoin in Your Retirement Portfolio?

    Diversification is an important factor. Bitcoin is a very volatile investment, but some industry professionals believe it is an excellent one to have in your portfolio.

    Before including it, though, you must be aware of the risk. Consult your financial advisor about the percentage of your portfolio that you should allocate to Bitcoin.

    Bitcoin’s price decreased by about 85% between December 2017 and December 2018. However, it has increased tenfold since that low point, showing that volatility cuts both ways.

    The higher the volatility of an investment, the higher the losses, but it also increases the potential gains. Whatever amount you invest, make sure you do your homework by understanding not only digital currencies but also the blockchain technology that powers them.

    If you decide to invest in Bitcoin, be sure you are in it for the long haul and that you know you could lose all of your money. This is what experts refer to as an ‘acceptable loss’.

    You do not have to buy coins directly because there are crypto-focused mutual funds. You should not invest in these types of assets if you do not understand how premiums and discounts work. Also, keep in mind the tax implications for this form of investment in the funds where you put it.

    Given the volatility of cryptocurrencies, it is probably not the best idea for individuals closer to retirement to incorporate Bitcoin in their portfolio. On the other hand, those with a longer time frame and a higher risk tolerance may find that investing a modest portion of their retirement savings in alternative assets, such as Bitcoin or other cryptos, might provide an upside and protect them from losses in their traditional holdings.

    Make sure you understand the fees structure before investing. Lastly, and perhaps most significantly, consider using Bitcoin and other cryptocurrencies as a minor portion of your total retirement plan, rather than the entire strategy.

    Lyle Solomon serves as a principal attorney for the Oak View Law Group in Los Altos, California.

     



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  • Axie Infinity Scored ATHs, Why The Rally Could Be Starting

    Axie Infinity Scored ATHs, Why The Rally Could Be Starting

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    While the crypto market has been bleeding out, Axie Infinity (AXS) records a 112% rally over the past week and a 14.7% profit in the daily chart. Bears are in disbelief, as this Non-Fungible Token (NFT) based platform continue to gain popularity, users, and moving to the upside.

    Axie Infinity AXS AXSUSDT
    AXS with small profits in the daily chart. Source: AXSUSDT Tradingview

    As NewsBTC previously reported, Axie Infinity was inspired by Pokemon and allows its users to capture, breed, train, and battle with pet creatures called Axies to receive rewards. These creatures are tokenized on the platform in the form of NFTs and can traded with other players on a marketplace.

    One of Axie Infinity’s most important features is that it allows players to turn their in-game assets into Ethereum (ETH). Thus, they can be taken out of the platform and turn into real word assets. This could give a new boost to what some are referring to as the “Gig Economy”.

    This game rewards players for their time and effort, as an official post claims, with a 100% community own “real money economy”. The team behind this platform is focus on growing this ecosystem and the game’s inner world.

    Amy Wu, a partner at venture capital firm Lightspeed, believes Axie Infinity Play-to-Earn (P2E) model is the next step for “Guilds”, a core component of Massively Multiplayer Online Games (MMO).

    If a player is part of a guild, they can earn reputation within a community. Now, NFT-based games could become something more, entities that can add value for their members and to a real economy:

    P2E has created the 2.0 Guild, revenue-generating organizations that buy, breed, lease assets, and provide employment, in addition to community. They can solve the cold start challenge for new NFT games, and also become dominant net new asset buyers (Eg Axies).

    Axie Infinity And The Transformation Of The Gig Economy

    Players make a choice when they decide to spend their time on a certain game. So far, that choice has been limited to which game to dedicate time. Wu argues that in the future, the fundamentals of that decision will change to the point where players will decide to work for a company or play for a fix income.

    There are tens / hundreds of millions of people who would play a game for 6 hrs / day and make $500 / mo. And before, many did in the grey market, farming gold and other activities. The P2E economy has legitimized and operationalized this gig economy.

    At the start of July 2021, Axie was generating more revenue than some of the biggest protocols in the DeFi sector, such as Synthetix, MakerDAO, Curve, and other, combined, according to data shared by his co-founder Jeffrey “Jihoz” Zirlin.

    Axie Infinity AXS AXSUSDT
    Source: Token Terminal

    Most of the revenue generated by this platform comes from breeding fees, and the 4.25% of the trading volume generated by their marketplace. A portion of the revenues goes to the community to be managed with a decentralized governance model.

    In the future, they will have a saying in the changes to be implemented to Axie to make its model more sustainable. Jihoz said that in the long term, the platform must migrate to rely more on advertising fees and sponsorships, nonprofits organizations, and UBI experiments.

    Additional data provided by Axie Infinity claims that 50% of their players are in the platform for the social aspect rather the economic benefits. However, many questioned the sustainability of their model and doubt their rally will prolonged.



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  • Mask Network (MASK) and Rally (RLY) are launching on Coinbase Pro

    Mask Network (MASK) and Rally (RLY) are launching on Coinbase Pro

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    Starting Today, Wednesday July 14, transfer MASK & RLY into your Coinbase Pro account ahead of trading. Support for MASK & RLY will generally be available in Coinbase’s supported jurisdictions with the exception of Singapore. MASK will not be available to New York residents. Trading will begin on or after 8AM Pacific Time (PT) Thursday July 15, if liquidity conditions are met.

    One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for BarnBridge (BOND), Livepeer (LPT), Quant (QNT), Chiliz (CHZ) Keep Network (KEEP), Polkadot (DOT), Solana (SOL), Gitcoin (GTC), Enzyme Token (MLN), Amp (AMP), Dogecoin (DOGE), Internet Computer (ICP), Cartesi (CTSI), iExec (RLC), Mirror Protocol (MIR), Tellor (TRB), Tether (USDT), Ampleforth Governance Token (FORTH),1inch (1INCH), Enjin Coin (ENJ), NKN (NKN), Origin Token (OGN), Ankr (ANKR) Curve DAO Token (CRV), Storj (STORJ), Cardano (ADA) and SushiSwap (SUSHI)

    Starting immediately, we will begin accepting inbound transfers of MASK & RLY to Coinbase Pro. Trading will begin on or after 8am Pacific Time (PT) Thursday July 15, if liquidity conditions are met.

    Once sufficient supply of MASK & RLY is established on the platform, trading on our MASK-USD, MASK-USDT, MASK-EUR, MASK-GBP, RLY-USD, RLY-EUR, RLY-GBP and RLY-USDT order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

    We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

    Mask Network (MASK) enables users of popular social media platforms to send cryptocurrency, interact with decentralized applications, and share encrypted content. MASK token holders can vote on ecosystem initiatives via a decentralized autonomous organization called MaskDAO.

    Rally (RLY) is an Ethereum token that powers the Rally network. Rally enables creators and online communities to launch their own cryptocurrencies. By creating these so-called “social tokens,” fans can gain access to benefits like unreleased content or merch, while creators can unlock new forms of revenue.

    MASK & RLY are not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

    You can sign up for a Coinbase Pro account here to start trading. For more information on trading MASK & RLY on Coinbase Pro, visit our support page.

    ###
    Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
    This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

    Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

    All images provided herein are by Coinbase.

    Mask Network (MASK) and Rally (RLY) are launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.



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  • Uniswap v3 launches Optimistic Ethereum layer two scaling in alpha

    Uniswap v3 launches Optimistic Ethereum layer two scaling in alpha

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    The long-awaited layer two scaling solutions upgrade for Uniswap has finally been spotted in the wild with the launch of version 3 on Optimistic Ethereum.

    In a post on July 13, the world’s most popular decentralized exchange stated that it was pleased to finally announce the alpha launch of Uniswap v3 on the Optimistic Ethereum (OΞ) mainnet.

    The alpha launch is a limited version of the full system which helps developers deploy the system gradually and address any issues that may arise. The blog post elaborated:

    “Please treat this as an early alpha product. Optimistic Ethereum is a complex Layer 2 scaling solution still in need of rigorous battle testing.”

    The DEX warned of potential downtime, and stated that withdrawals from OΞ to layer one will take seven days. It also stated that there are limited assets at launch, namely ETH, USDT, WBTC, DAI, and SNX, but more will be added in the coming days and weeks.

    During the alpha period, the platform will support an initial throughput of 0.6 transactions per second. It added that this should equate to a transaction capacity roughly in line with layer one, but transactions on OΞ confirm instantly meaning there are no more pending or stuck swaps.

    Uniswap explained that assuming v3 has equal usage to layer one, OΞ should offer transaction cost savings of up to ten times, however increased demand will drive gas costs higher. The transaction speeds will be increased over the coming weeks and months as the infrastructure is tested and optimized at scale.

    Protocol founder Hayden Adams commented on the launch and high-speed transaction capabilities, adding:

    “Building general purpose Optimistic Rollups is an extraordinary undertaking and a critical step for decentralized finance to gain mass adoption.”

    Related: Will the launch of Uniswap v3 spark a new DeFi boom?

    Initial users have been impressed, with Bankless founder David Hoffman exclaiming “It’s instantaneous and insanely cheap. 5 swaps in 30 seconds, and I wasn’t even trying to be fast.”

    Uniswap said that the scaling solution is complementary to Ethereum 2.0:

    “Scaling Ethereum will be an iterative process, but this is a major step forward. Optimistic Rollups and ETH 2.0 are complementary scaling solutions and together will propel DeFi to mainstream adoption.”

    OΞ uses an optimistic rollup which changes the zero-knowledge consensus principle by assuming that all transaction verifications are correct. Users only intervene only if they see an incorrect transaction whereby they can submit a “fraud-proof” to signal that the data is incorrect.

    DeFi platform Synthetix has also announced the launch of Optimistic Ethereum for its layer two exchange for the week beginning July 26. In late May, the Ethereum layer two scaling solutions provider announced a collaboration with blockchain analytics platform Etherscan.



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  • Crypto exchange Liquid now supports multi-chain single asset deposits

    Crypto exchange Liquid now supports multi-chain single asset deposits

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    Liquid.com, the popular cryptocurrency exchange, today announced that it has launched multi-chain support for deposits and withdrawals. This allows exchange users to receive and send assets across multiple blockchain-supported single assets to and from their Liquid account.

    For the initial launch, Liquid added support for the Stellar (USDC)-based version and the USDT (TRC-20) version; in addition to the Ethereum network.

    This new multi-chain support for single assets allows users to experience lower withdrawal fees and faster withdrawals for tokens across different chains; while moving away from the technological challenges of dealing with multiple wallets and private keys.

    More Supported Blockchains Coming

    In the near future, Liquid plans to extend its multi-chain support to other assets and blockchain networks; including USDC, USDT, GYEN, XSGD, IDRT, with blockchain interoperability for Stellar, Tron, Zilliqa, Algorand, Solana, and more to follow.

    “Liquid is committed to promoting cryptocurrency adoption by introducing a technologically superior alternative to traditional payment rails. We’re taking a blockchain agnostic approach because we want to give maximum flexibility for our users to access diverse blockchain ecosystems. Being blockchain agnostic means, Liquid users can optimize for transaction time and network fees and access fast emerging ecosystems in DeFi and Dapps.”
    – Liquid.com COO, Seth Melamed

    To celebrate the new feature, Liquid is waiving all withdrawal fees for USDC (Stellar) and USDT (TRC-20).

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  • Connect to Dapps on the Polygon network with Coinbase Wallet

    Connect to Dapps on the Polygon network with Coinbase Wallet

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    The Polygon network is now available on Coinbase Wallet mobile app and extension, with more scaling solutions to come

    We’re excited to launch support for using decentralized apps (dapps) on the Polygon network, both for Coinbase Wallet mobile and extension.

    Over a million Coinbase Wallet customers are using decentralized finance apps such as Uniswap, Compound and Aave, and NFT platforms like OpenSea and Zora. However, there are often high transaction fees and long confirmation times. And users with smaller transactions can be priced out of being able to participate in the open financial system. This has made the need for accessible scaling solutions even more important.

    We are excited to support the Polygon network, which has recently emerged as one of the leading scaling solutions. This integration will allow for faster and cheaper transactions, and provide easier access to dapps on Polygon.

    Last year, we added support for Optimistic rollups, another scalability solution, and today’s announcement underscores our dedication to making DeFi more accessible.

    Connect Polygon & Coinbase Wallet
    We’ve made it simple for users to set up and get started with Polygon in a few steps:

    Open up your Coinbase Wallet mobile app. Navigate to Settings, select Active Networks and then Polygon network from the list.

    Once you enable “Polygon”, this will allow you to conduct transactions and access dapps on the Polygon network. (Don’t see Polygon? Please check that you are running the latest version of the Android or iOS Coinbase Wallet app.)

    The switch to the Polygon network will automatically be reflected on both the mobile app and in the Coinbase Wallet extension.

    Get Started with Polygon
    To get started, visit the Polygon Web Wallet and connect your Coinbase Wallet. Use the Polygon Bridge platform to send some ETH or any Ethereum token like USDC, DAI, UNI, etc. from the Ethereum mainnet to the Polygon network. Once you have moved some coins over to the Polygon network, you can try out the latest Polygon dapps. For example, you can try lending out your coins to earn interest on Aave for Polygon.

    Looking Ahead
    We want to enable millions of more users to engage in the world of decentralized finance and dapps. In the coming months, we’ll continue to take steps to make it easier for users to access and interact with a variety of Layer 2 networks both on mobile and web.

    Developers: Integrate your dapp with Coinbase Wallet
    If you’re a developer of apps on Ethereum, Polygon or Optimism, you can easily add support for Coinbase Wallet users by integrating the WalletLink SDK, which lets users sign into your dapp with Wallet (get started here). If you have previously integrated WalletLink into your dapp, please upgrade to the latest WalletLink SDK version 2.1.4 or later to add support for Polygon.

    We’re always listening to our customers and welcome feedback and troubleshooting questions via our help center.

    This website may contain links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

    Unless otherwise noted, all images provided herein are by Coinbase and are for illustration purposes only. Actual product may vary, including the dapps available and integrated with Coinbase Wallet.

    Connect to Dapps on the Polygon network with Coinbase Wallet was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.



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  • Is It a Good Time to Buy XRP?

    Is It a Good Time to Buy XRP?

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    XRP is trading at an attractive price level following its correction from April’s peak. Though the cryptocurrency is still one of the largest in terms of market capitalization, is it a good time to buy it?

    XRP was issued by San Francisco-headquartered Ripple and the token is RippleNet’s native digital currency, meaning it has major real-world usage. Ripple’s partnership with big banks all around the world for blockchain-based cross-border payments boosts the future usage of XRP.

    But, XRP remains one of the most controversial cryptocurrencies. Many crypto enthusiasts were critical of the token from early days due to its centralization structure and Ripple having control on XRP’s supply. However, the biggest blow to XRP came when the US Securities and Commission Exchange (SEC) filed a lawsuit against the company alleging that XRP is an unregistered security, and Ripple illegally raised it with its sale.

    XRP Bulls

    That followed the delisting of the cryptocurrency from several US-based crypto exchanges, and the XRP token went down to around $0.13.

    But, things pivoted as Ripple found support in Asia. Crypto whales jumped in to buy the dip and pumped the prices aggressively, and along with the positive sentiments around the overall crypto market, XRP prices breached the $1.83 mark within a month.

    “The SEC suing Ripple simply delays the inevitable that XRP gets regulatory clarity and is deemed: NOT a security. What this headline does do, however, is scare retail investors into selling and scare the new investors from buying XRP,” CryptoClear Founder, Johnny McCamley earlier told Finance Magnates.

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    What’s Going On?

    However, the ongoing correction of the cryptocurrency market pushed down the XRP prices again. The token is trading at $0.62, as of press time, which is more than 66 percent lower than its peak achieved in April.

    From a technical standpoint, demand for XRP remains better than other cryptocurrencies. Ripple earlier reported that the demand for XRP surged in the first quarter of 2021. The company’s total XRP sales reached $150.34 million in the first quarter of 2021, which is a jump of approximately 97% compared to Q4 of 2020.

    “XRP is currently trending horizontally around $0.62, which is a sharp drop for April 15 when it almost reached $2. As things stand, things look pretty glum for Ripple having met continuous resistance at the 20-day SMA. Further rejection could potentially take XRP to the $0.55 support wall,” said Gate.io CMO, Marie Tatibouet. “My suggestion would be to wait to see if XRP opens a candlestick above the 20-day SMA or not.”

    XRP Price Levels, Source: Coinmarketcap.com

    In addition, whales have accelerated their activities with XRP. Finance Magnates recently reported that multiple crypto whales are transferring millions of dollars in XRP out of cryptocurrency exchanges.

    Currently, XRP has a total market cap of over $28.6 billion and is the sixth-largest digital currency, according to Coinmarketcap.com.

    Meanwhile, the ongoing litigations against Ripple can make or break XRP prices. “In the short term, I expect XRP to keep trending around the levels that it is at right now,” Tatibouet added. “In the long-term, assuming a favorable result in the SEC lawsuit, XRP could go back up to $2 at the very least, and then it could jump to $5 and reach new all-time high levels.”



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  • Bitcoin Struggles Near $33,000 Price Level

    Bitcoin Struggles Near $33,000 Price Level

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    Bitcoin, the world’s most valuable digital asset, is currently struggling around the price level of $33,000 amid negative market sentiment. BTC has lost nearly 5% of its value since 7 July 2021.

    According to the latest data published by Coinmarketcap, the overall market cap of digital currencies dropped by approximately $50 billion in the last 24 hours led by a correction in Bitcoin, Ethereum, Cardano, and Binance Coin. Ethereum remained the worst performer among the top 5 digital currencies with a drop of more than 5%.

    Bitcoin’s total market cap dipped below $620 billion on 13 July 2021. The world’s largest cryptocurrency now has a market dominance of 45.6%. The price of BTC has remained below $40,000 since 16 June.

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    BTC chart
    BTC Chart (coinmarketcap)

    “Bitcoin’s average return for 6-month investors is sitting at a very low -27.81%. When traders are this underwater, FUD typically arises in the form of negative-driven posts. Keep this negative bias in mind & take crowd takes with a grain of salt,” crypto analytics platform Santiment mentioned on Twitter.

    Quiet Week for Bitcoin

    Last week remained very quiet for Bitcoin as the volatility decreased significantly. BTC’s on-chain activity also dropped sharply in the last few days. “It has been an impressively quiet week in the Bitcoin market as volatility continues to seep out, and prices squeeze into a tight consolidation range. The week opened at a high of $35,128 and traded down to a low of $32,227. It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative, and on-chain metrics,” on-chain analysis firm Glassnode mentioned in its latest weekly report.

    Last week, Meitu, one of the leading technology firms in Asia, revealed that the fair value of the company’s Bitcoin holdings decreased by more than $17 million due to the latest correction in the price of BTC. The company purchased nearly $100 million worth of Bitcoin and Ethereum (ETH) in March 2021.



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  • Shiba Inu (SHIB) DEX ShibaSwap Exceeds 1.5B TVL, Adds Three New Pairs

    Shiba Inu (SHIB) DEX ShibaSwap Exceeds 1.5B TVL, Adds Three New Pairs

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    Shiba Inu, a famed meme coin, has recently unveiled its DEX ShibaSwap. This comes on the heels of the growing popularity of SHIB as holders continue to show faith in the coin.

    The coin which was started as a joke has seen a lot of growth and seems to be taking a more serious tone as time goes by. The developers are bent on showing the market that Shiba Inu has moved on from meme coin territory into serious coin territory.

    Related Reading | Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

    One of the ways the project has shown this newfound seriousness is in the release of its very own DEX named ShibaSwap. ShibaSwap works like any other DEX, the likes of Pancakeswap, SushiSwap, and Uniswap. With the launch of ShibaSwap has come a lot of possibilities for the holders of Shiba Inu tokens.

    So far, the total value locked (TVL) of coins on ShibaSwap has exceeded $1.5 billion. Getting over $1 billion TVL in just two days after the launch.

    What ShibaSwap Offers

    On the website are various ways that Shiba Inu holders can get rewards for staking their SHIB coins on the platform. On the back of this has been the release of two new tokens; LEASH and BONE.

    These tokens were not made available to buy until the ShibaSwap DEX was launched. Holders can “dig” on the platform to earn BONE tokens. The term “dig” in this context just refers to SHIB holders providing liquidity on the platform.

    Holders can also “fetch” on ShibaSwap. This is done by migrating UNI V2-LP or SLP tokens and holders get BONE coins in return for fetching.

    Continuing on this path, holders of Shiba Inu tokens can also “bury” tokens. “Bury” refers to staking SHIB tokens in order to get rewards on your staked coins. Holders can alternatively bury their SHIB tokens, LEASH, or BONE tokens using this feature. Burying is not yet live on ShibaSwap and is slated to be coming soon to the DEX.

    Shiba Inu (SHIB) chart from TradingView.com

    Price of SHIB down 2% in the last 24 hours | Source: SHIBUSD on TradingView.com

    The ShibaSwap DEX also provides swapping features for holders. Here, holders can swap their coins for any token listed on the platform. The tokens that can be swapped on ShibaSwap are not just limited to SHIB tokens. Users can swap a wide variety of tokens for other tokens. Eth being one of the most prominent that can be swapped on the DEX.

    “Woof” is a feature that enables holders to get returns when they stake their SSLP tokens. It allows holders to farm for coins with their staked tokens.

    The Bonefolio featured which has not yet launched will allow holders to track their token activities across the DEX, referred to as dogalytics on the SHIB website.

    Three New Token Pairs

    A recent announcement revealed that Shiba Inu would be adding three new pairs on their DEX ShibaSwap. This comes a week after the decentralized exchange had launched to much anticipation from the token holders.

    The official Twitter account of Shiba Inu announced the three new token pairs and these included an ETH-USDT pair (300 AP), a LEASH-BONE pair ( 900AP), and a SHIB-BONE pair (600 AP).

    The price of SHIB saw a small uptick in response to the announcement but this did not last long as the price of the coin took a nosedive shortly after the uptick.

    Related Reading | Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

    Regardless of the price reaction to the news, the new pair additions have been strongly encouraged, with the official SHIB account stating that they believe the additional pairs with help to build the momentum behind ShibaSwap. They hope to achieve this by “incentivizing our ecosystem, widening their reach to external users, and providing more USDT liquidity, (which will help #ShibaSwap run smoothly with more and more rewards).”

    SHIB is currently trading at $0.00000770, and BONE and LEASH are listed on SHIB’s website at $5.38 and $2587.2 at the time of this writing.

    Featured image from Currency.com, chart from TradingView.com



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  • Bitcoin price will see breakout ‘during this week’ says trader with $38K target

    Bitcoin price will see breakout ‘during this week’ says trader with $38K target

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    Bitcoin (BTC) closed beneath a key moving average for the eighth week in a row this weekend, but one analyst is betting on an imminent breakout.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Bitcoin balances breakout with Grayscale worries

    Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday after a disappointing weekly close.

    The largest cryptocurrency had maintained its familiar trading range with $33,000 as support through Saturday and Sunday, but the new week dampened momentum.

    For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not have long to last before fresh losses hit.

    “The blue 50-week EMA is still holding as support,” he summarized in a series of tweets.

    “If this HL isn’t reclaimed as support soon, the sell-side pressure on the 50 WEMA may be too much for $BTC to hold here.”

    BTC/USD 1-week candle chart with 50-week exponential moving average. Source: Rekt Capital/Twitter

    Others were more upbeat. In his latest video update, fellow trader Michaël van de Poppe went as far as to call a BTC price breakout within days.

    “I believe that Bitcoin is going to make a breakout to the upside,” he forecast.

    “I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”

    A look at buy and sell levels at major exchange Binance showed resistance forming at $35,000, with $30,000 remaining in place as overall support.

    BTC/USD buy and sell levels (Binance) chart. Source: Material Indicators/Twitter

    Altcoins lurk ahead of market decision

    Van de Poppe added that this movement might be good for altcoins, which could start capitalizing on bullish sentiment. He had previously argued that altcoins would outperform the speed of Bitcoin’s gains in the coming months.

    “I think the altcoins are close to a bottom too,” he said on Friday. 

    Related: Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT

    Most altcoins saw flat performance on the day, little changed over the past 24 hours.

    With little by way of strong sentiment in either direction, as Cointelegraph reported, concerns remain that external factors may unduly influence price action across cryptocurrencies.

    This comes in the form of the Grayscale unlocking series, which involves around 42,000 BTC over the month of July.