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Crypto industry braced for fallout after weekend meltdown

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Crypto industry braced for fallout after weekend meltdown
Bitcoin fell as low as $17,628 under pressure from central bank rate rises

 

Crypto investors and executives are bracing themselves for further pain after the price of bitcoin tumbled over the weekend, worsening the credit crunch hitting the industry. Bitcoin, the world’s most actively traded cryptocurrency, fell as low as $17,628 on Saturday before rebounding, according to data from CryptoCompare. Investors and executives have been anxiously watching the token’s price, fearing a drop below $20,000 may prompt forced liquidations of large leveraged bets. Bitcoin, which acts as the main benchmark for the broader cryptocurrency market, has come under acute pressure in recent months as central banks and governments shifted from a prolonged period of ultra-low interest rates to a fight against surging inflation. “This is a dark winter ahead for crypto as the era of free money comes to an end with this weekend another brutal sell-off across the board. Risk assets are all getting thrown out the window,” said Dan Ives, managing director and senior equity analyst at Wedbush Securities. The hunt for returns has shifted as big central banks, led by the US Federal Reserve, boost borrowing costs and bring to an end the pandemic-era efforts to stimulate economic growth. Traditional financial markets have been rattled this month as traders fretted that the aggressive action could snarl global growth or even trigger a recession. Last week was the worst for global equities since the darkest days of the pandemic in March 2020. Bitcoin has fallen about 70 per cent from its all-time high of nearly $70,000 last November to just above $20,000 as of Sunday afternoon eastern time. Ether, another actively traded token, dropped as low as $900 over the weekend, meaning its price has fallen by four-fifths since its peak late last year. That has contributed to an escalating credit crunch in the digital asset industry that threatens to engulf many of its major actors. In the last month, so-called stablecoin terra and its sister token luna — popular with crypto traders seeking ultra-high yields — collapsed, two lending platforms prevented depositors from withdrawing their assets, and crypto hedge fund Three Arrows failed to meet margin calls in the wake of lender demands. The weekend’s sell-off prompted more than $600mn worth of leveraged positions to be liquidated, according to data from Coinglass, as traders who had borrowed money to take supercharged market bets failed to post more collateral and were wiped out. Analysts expect these losses will put further pressure on traders and lenders’ balance sheets, because many users took out loans against their crypto asset holdings.

However, dogecoin, the “joke” cryptocurrency, rose after Elon Musk, chief executive of electric car maker Tesla, posted a tweet of his continued support for the token. Nayib Bukele, the president of El Salvador and a bitcoin champion, told investors on Sunday to “stop looking at the graph and enjoy life”. Bukele, who spearheaded El Salvador’s adoption of bitcoin as legal tender last year, has dismissed warnings from the IMF over the policy. The troubles in the crypto market have rippled back into corners of the mainstream financial market. US-listed MicroStrategy, a tech group which is a major investor in bitcoin, has tumbled almost 70 per cent this year. Shares in crypto miners, which earn fees for validating crypto transactions, have also dropped sharply. Crypto exchanges — platforms that sit directly in the teeth of the unrelenting market crash — have been forced to reverse hiring plans. The list includes Coinbase, Gemini, Mercado Bitcoin — a popular exchange in South America — and Celsius rival lender BlockFi, which cut 20 per cent of staff this month.

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MAXUSDT – Your Solution To Earn Passive Income

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MAXUSDT USER FRIENDLY CRYPTOCURRENCY MINING

The Internet is full of information about cryptocurrency. Many people take courses and try to learn how to invest correctly to increase their level of income. The situation with digital money literally goes to a new scale and reaches a peak, although it seems that there is no further development. The current boom in cryptocurrency possibilities and the hype surrounding them has provoked many people to try to make money in the new field. Those who realized that buying their own equipment for mining is not a good idea, began to actively study bitcoin hosting and cloud mining. The skeptics say it is an unprofitable and difficult business, while others raise their profits and enjoy life. Let’s get to the bottom of what mining is and how to start mining bitcoin.

What is Cryptocurrency Mining?

Cryptocurrency mining is one of the best ways to make money from cryptocurrencies because it frees the user from 24/7 control, high electricity bills and other difficulties of classic mining. It can be used to mine Tron(TRX), Bitcoin(BTC), Ethereum(ETH), as well as other digital money depending on the service. Unlike classic mining, where you have to buy the equipment yourself, cloud mining involves the use of special cloud services that accumulate capacity in their data centers. The idea is to rent the capacity of an existing company, thus avoiding problems with power bills, excessive noise in the apartment, and heat generation.

MAXusdt Links

Registration Link

Facebook

Twitter

 

What Is MAXusdt?

MAXusdt, a new initiative founded in 2020 and headquartered in Seattle, Washington, USA, aims to simplify cloud mining for users. According to their official website, MAXusdt was one of the first companies in the world to develop cloud hosting mining rigs after seven years of mining experience for private clients.

In order to meet a wide range of customer demands, the Cloud mining service platform intends to improve and innovate its services. Its motivation is to provide its customers with the best service in the industry. Furthermore, it employs artificial intelligence to generate automatic profit, allowing users’ digital assets to be effectively utilized and providing them with long-term stable income!

MAXusdt seeks long-term strategic partnerships with a variety of partners to provide users with an easy cloud mining experience, providing daily returns that they can withdraw from the platform in the form of TRX tokens.

MAXusdtzIncentives

MAXusdt provides its users with an affiliate program that rewards them with additional benefits. You can invite users by sending your own invitation code by clicking the “Share” button on the platform and copying and pasting the link into social media.

Users will receive rebates if they refer friends who deposit funds into their accounts. The following is a detailed breakdown of the various levels and rebates that users can earn:

Invite Rebate:

If User 1 completes registration, you will receive 50 TRX.

When User 2 completes registration, you will receive 20 TRX.

When User 3 completes registration, you will receive 10 TRX.

Trading Rebate:

According to your downline mining revenue per time.

If User 1 earns 500 TRX per day, you will receive 50 TRX (10 percent ).

If User 2 earns 500 TRX per day, you will receive 25 TRX (5 percent ).

If User 3 earns 500 TRX per day, you will receive 15 TRX (3 percent ).

Deposit Rebate:

Based on the amount of your downline deposit per time.

If you deposit 10,000 TRX, you will receive 1200 TRX (12 percent ).

User 2 deposits 10,000 TRX and receives 100 TRX (1 percent ).

 

Your VIP level, which you can find here, determines your basic account profit. Your income percentages increase as your VIP level increases. Daily revenue percentages range from 4.0 to 12.0%, while daily withdrawal percentages range from 2.6 to 8.0%. The VIP level recharge is determined by your total recharge.

 

VIP 1  RECHARGE(5.00-9999) DAILY REVENUE  (4.0%) DAILY WITHDRAWAL (2.6%)

VIP 2  RECHARGE (10000-49999) DAILY REVENUE  (5.0%) DAILY WITHDRAWAL (2.8%)

VIP 3  RECHARGE (50000-199999) DAILY REVENUE  (6.0%) DAILY WITHDRAWAL (3.2%)

VIP 4  RECHARGE (200000-499999) DAILY REVENUE  (7.0%) DAILY WITHDRAWAL (4.0%)

VIP 5  RECHARGE (500000-999999) DAILY REVENUE  (8.0%) DAILY WITHDRAWAL (4.5%)

VIP 6  RECHARGE (1000000-2999999) DAILY REVENUE  (9.0%) DAILY WITHDRAWAL (5.5%)

VIP 7  RECHARGE (3000000-4999999) DAILY REVENUE  (10.0%) DAILY WITHDRAWAL (7.0%)

SVIP  RECHARGE (5000000-99999999) DAILY REVENUE  (12.0%) DAILY WITHDRAWAL (8.0%)

Conclusion

Since there is a rising interest in cryptocurrency mining as the cryptocurrency market matures and gains greater acceptance, cloud mining can be a great alternative to hardware mining. It comes with lower upfront investments and commitments and is considered to be a highly cost-effective option. However, it is important to note that TRON(TRX) or cryptocurrency mining can take months or even years to turn profitable. Having advanced technical expertise is also recommended. While cloud mining or even TRON(TRX) mining may not be for everyone, it is definitely promising and can be immensely rewarding over time. You can visit MAXusdt Official Website for more information.

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6 Cryptocurrencies Worth Buying in 2022

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6 Cryptocurrencies Worth Buying in 2022

Cryptocurrency has been gaining popularity lately as more and more people are investing in it. As a result, it has become one of the most profitable investments in recent years. Several cryptocurrencies are on the market, each with its own set of objectives and applications.

While the cryptocurrency markets have been through difficulties over the past few years, there are still some cryptocurrencies that are worth investing in. However, if you are just starting, make sure to visit a crypto blog or research online resources to help you learn more about cryptocurrencies. Meanwhile, in this article, we’ll highlight the 6 cryptocurrencies that are worth buying in 2022.

1. Bitcoin

Bitcoin is a cryptocurrency and a payment system created by Satoshi Nakamoto in 2009. It’s the most popular cryptocurrency and has the largest market capitalization. Over the years, Bitcoin’s price has been volatile, but it has still increased in value, making it one of the most-traded cryptocurrencies. Its decentralized nature, global acceptance, and limited supply make it a good long-term investment.

You can use Bitcoin to buy goods and services or trade it for other cryptocurrencies. In addition, Bitcoin can be traded for fiat currencies. Bitcoin is a good buy in 2022 because it has a lot of potential. It could reach $100,000 per coin by 2025.

2. Ethereum

Ethereum has the second-largest market capitalization after Bitcoin. It was created by Vitalik Buterin in 2015. Ethereum is a decentralized platform that runs smart contracts. These contracts are applications that run exactly as programmed with no possibility of fraud or third-party interference.

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Ethereum’s native currency, Ether (ETH), is used to pay for transactions on the network. You may also use it to exchange different cryptocurrencies and fiat currencies. Ethereum is an excellent investment that is faster and cheaper than Bitcoin and more flexible because of its smart contract functionality. These factors make it a good buy for 2022.

3. Litecoin

Litecoin bears many similarities to Bitcoin but has some key differences. It has a faster block time, so transactions are confirmed quicker. It also uses a different proof-of-work algorithm, making it easier to mine.

The proof-of-work method operates on the Bitcoin network, but no central authority controls it. Litecoin was made to be a more lightweight version of Bitcoin, and most people see it as the silver to Bitcoin’s gold. To stay updated on Litecoin’s status, a crypto blog is a great place to keep an eye on it.

4. Bitcoin Cash

Bitcoin Cash is a cryptocurrency created in 2017 by a fork of the Bitcoin blockchain. The purpose of its creation was to solve some problems that Bitcoin had, for instance, the slow speed of transactions and high fees.

The fundamental difference is that Bitcoin Cash has a larger block size, which allows it to process more transactions per second. Another difference is that it uses a different consensus algorithm, making it more decentralized than Bitcoin. Bitcoin Cash is also viable for both personal and commercial transactions.

5. Monero

An anonymous person or group of people created Monero in 2014. Monero uses a proof-of-work consensus algorithm and is also a decentralized cryptocurrency. Monero is on its way to becoming the leading cryptocurrency for privacy and anonymity.

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Transactions on the Monero network are private and are untraceable. Monero uses ring signatures and stealth addresses to hide the identity of the sender and receiver. It also uses ring confidential transactions to hide the amount being sent. If you’re seeking a privacy-focused virtual currency, Monero is an excellent investment to make in 2022. It can pay transaction fees on the Monero network, and you can use this cryptocurrency to make purchases.

6. Zcash

Zooko Wilcox created Zcash in 2016. Like Monero, Zcash uses a Proof-of-Work consensus algorithm and is also a decentralized cryptocurrency. Zcash transactions are private and it uses zk-SNARKS to hide the identity of the sender and receiver. It also uses zk-SN ARKS to hide the amount being sent.

Zcash also lets its users choose between shielded and transparent transactions. Shielded transactions are private, while transparent transactions are public.

Conclusion

Investing in cryptocurrency can be a risky investment, but it can also be a very rewarding one. Cryptocurrencies have the potential to change the world and how we interact with it. A good cryptocurrency investment strategy is to invest in a variety of different cryptocurrencies. This diversifies your risk and gives you the opportunity to invest in the ones that are doing well.

The 6 cryptocurrencies mentioned above are all worth investing in and have the potential to do very well in the future. Invest in the ones you believe have the greatest potential. This can be very lucrative, but always remember to invest responsibly.

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A REVIEW OF CRYPTOTAG’S MULTI-SHARE TITANIUM SEED PHRASE SOLUTION, ODIN

In this product review. I took a look at Cryptotag’s titanium backup solution for self-custody using Shamir Secret Sharing with a Trezor wallet.

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A REVIEW OF CRYPTOTAG’S MULTI-SHARE TITANIUM SEED PHRASE SOLUTION, ODIN

Cryptotag recently allowed me to test one of their latest products, Odin, which is a unique product that means to secure self-custodied keys with a set of titanium, laser-etched hexagons that each store a partial key (a “share”) that is split using Shamir Secret Sharing.

SHAMIR SECRET SHARING

Shamir Secret Sharing allows you to split your seed into m “shares” where any n of them can be used to rebuild your original seed. But anyone holding less than n shares does not even have a partial copy of your seed. This also means that you can lose m – n recovery shares and still be able to rebuild your seed. A more detailed explanation is available here.

In order to use Odin, you’d need to select the correct amount of words per recovery share— in this case, that would be 20 words per share, as Odin only supports a 20-word capacity.

Shamir Secret Sharing generates a random word for each of the 20 words included in a share. The words generated are pulled from a predetermined list of words that have been hand-picked to optimize for security (the word list can be found here).

Each word has a corresponding number. For example, “academic” is correlated to the number one. This number is represented as 0001 in the SLIP-0039 (Shamir Secret Sharing) Word List that was sent with Odin.

Shamir utilizes a setup similar to multisig, except instead of creating a wallet from multiple seeds you just have a single seed that can be assembled from multiple recovery shares. The Shamir setup consists of the following parameters: Total Shares and Thresholds.

Total Shares: The number of recovery shares to be created for a specific seed. For instance, if a customer wanted there to be a total of five recovery shares, they would create five Total Shares. We will return to the actual process of creating these elements further below.

Threshold: The necessary number of recovery shares required to be able to rebuild your seed. Continuing with the example above, if we have five Total Shares, we might want to set a Threshold of three. This means that of the Total Shares (five) that exist for this wallet, we only need three of the recovery shares to reassemble our seed.

ODIN

The product is packaged in a sizeable black box with the words “This is for the HODLers” inscribed on it. In the box you will find the titanium hexagons, their accompanied silicon sleeves, an anvil (used to hold the hexagons in place to engrave later), a HODL BODL (very cool water bottle), matches, ear plugs, a high-quality center punch (for engraving), setup guide, some snacks and, in my case, a Trezor hardware wallet.

The titanium hexagon stands at 0.87 inches tall, 4.7 inches long and 0.98 inch wide.

crypto tag bitcoin storage device

While it fits easily into a pocket, I wouldn’t recommend carrying your keys with you everywhere you go for people to see, even if the silicon sleeve with “Cryptotag” embedded on it looks great.

Odin is sleek and compact in design. The titanium hexagons used for creating the recovery shares are black with four sections per side.

One side reads: Total Shares, Threshold, Share Number and Wallet Number (if you have multiple wallets, you can designate which wallet that particular hexagon applies to).

Each of the remaining five sides has four numbers. For example, the first side is numbers 1-4, then 5-9 and so on. Each number has four digit grids beside it with the numbers 0-9 in each. The digit grids are used for the Shamir backup as a way to encode each word in the recovery share.

titanium hexagon

Each word has a corresponding number from the word list. For example, “academic” is word number one. For Odin, this number is represented as 0001. Remember, there are four digit grids for each number. Therefore, if the first recovery share word is “academic,” this is how we would proceed:

On the first section of the hexagon represented by a large “1”—this indicates it is recording the first word of the recovery share—you would punch “0” in the first three digit grids and then “1” in the fourth and final digit grid for the first recovery share word.

Now what do I mean by punching a number? How does it actually get associated with the correct number on the digit grid?

USER EXPERIENCE AND GUIDE

Assuming the consumer has zero experience with hardware wallets or self-custody, it needs to be said that this process was exceptionally easy and only mildly time-consuming.

Once you receive the setup guide, the first pages walk you through the simple steps to setup a Shamir Secret Sharing backup supported through Trezor’s hardware wallet, (Shamir has limited support from other hardware wallets).

The steps were simple. First, connect the Trezor wallet to your computer via its USB cable. You will be prompted by the device to go to Trezor’s website where you will be asked to download Trezor’s application onto your computer. The download is quick and easy.

Once the application is up and running, the computer will prompt you to install a firmware upgrade on the device. Once completed, the application will give you two simple choices with pictures. Do you want a normal backup or Shamir?

After clicking Shamir, Trezor walks you through some simple steps setting up a pin number, the generation of each share and specifying the threshold and wallet numbers discussed earlier. It’s extremely easy and user-friendly.

Once the amount of shares is picked, you’ll generate the words associated with each 20-word recovery share for the number of shares chosen. Trezor will prompt you to write these words down—manually!—and will remind you to make sure it is not digitally stored anywhere.

This next part is where things go a little slow. In the goodie bag Cryptotag sent you will find a “conversion sheet” for each hexagon purchased. Here you will find a slot for all 20 words associated with the recovery share of each hexagon. Below where you can write the words, you’ll notice four boxes underneath each word. Simply write the words down, ignoring the boxes below the space for the words.

In the box you’ll also find “SLIP-39 Word List”. Each word, as I mentioned before, is represented by a four-digit number. Locate each of your 20 words per share in the word list and write the corresponding number down below the word.

Now we locate the center punch tool. Remember, these hexagons are titanium, which means in order to leave a mark it takes some pressure. This is also why Cryptotag sends earplugs. I didn’t feel the need to use them, but the neighbors might have appreciated it if I gave the earplugs to them.

For each word of the Shamir backup, you will punch the four-digit number into each section.

This process needs to be repeated for all 20 words for each hexagon being used (one per recovery share). It takes some time, but once it is complete, you’ll have a fire- and water-resistant, laser-etched titanium backup capable of being dispersed in a way that is guaranteed not to hurt you if one is lost or stolen.

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