Category Archives: Cryptocurrency
Cryptocurrency has been touted as the key to building Black wealth. But critics are skeptical – CNN
CNN
Samson Williams was working in the mortgage lending industry in 2014 when a colleague convinced him to invest in cryptocurrency.
At the time, Williams didnt know much about cryptocurrency but decided to invest a little more than $200 to see where it would get him.
No one knew what it was, Williams said. But it was going to change the world. So I was drinking a lot of crypto Kool-Aid.
Cryptocurrency decentralized digital money such as bitcoin and ethereum would gain momentum among Black investors in the years to come. As the hype grew, Williams cashed out in 2020 and bought his mom a house. He had learned enough about cryptocurrency to know it was time to get out.
I was done gambling, said Williams, now an adjunct law professor at the University of New Hampshire.
Despite his earnings, Williams worries that experienced investors are promoting cryptocurrency to Black Americans as the key to financial inclusion and closing the wealth gap without fully explaining the risks.
A study released earlier this year by Charles Schwab and Ariel Investments found that Black Americans were more likely than White Americans to invest in cryptocurrency. The study highlights data that shows Black investors are less likely than White investors to believe cryptocurrency is a risky investment, despite the extreme volatility of cryptocurrency, Black people, the study says, are also more likely to make investment decisions based on social media or other less credible sources.
The disparity leaves Black investors disproportionately vulnerable when the cryptocurrency market collapses. Critics argue that Black Americans lag behind their White counterparts in financial literacy which they say is key to making smart investment decisions with cryptocurrency. Still, social media influencers, Black celebrities, athletes and conference organizers continue efforts to lure more Black investors into cryptocurrency, touting their own financial gains.
Cryptocurrencies dont solve living wages, they dont address unemployment, Williams said. Black folks are so eager and so thirsty for financial inclusion and economic opportunity that by default we are more ripe for being exploited.
But experienced investors say cryptocurrency is appealing to Black people for many reasons. Among them are the low barriers to entry because there are no credit checks or income requirements; the equal opportunity for success regardless of race or generational wealth; and a lot of merchants accept cryptocurrency as a form of payment.
Successful Black investors say its important to educate potential investors on how cryptocurrency works so they can make smart decisions on how to invest their money.
Cryptocurrency is essentially money that is bought, sold and exchanged online. Unlike the U.S. dollar, cryptocurrency is not regulated by the government but instead operates in a decentralized system called a blockchain.
The goal is for cryptocurrency investors is to buy it at a low price, wait for the value to rise and then cash out their profit. When the demand for cryptocurrency increases, the value goes up. If values drop, or the market crashes, investors stand to lose money.
There are many different types of cryptocurrency. Bitcoin, which has been heavily promoted by celebrities and athletes, is one of the most popular because of its low transaction fees and ease of use.
Cryptocurrency has also gained popularity in the Black community because of success stories.
For example, Terrance Leonard invested $2,000 in 2019 and by 2021 his cryptocurrency investments grew to $1 million. The year prior, he was able to buy a house in Washington D.C. when he sold some of his cryptocurrency to pay the earnest money and make a down payment. He hopes to eventually sell more cryptocurrency and pay off the mortgage.
Leonard said becoming a millionaire does not happen overnight and it requires dedication and a willingness to study the market.
Its going to be scary and youll be nervous because theres money at play and lot of times people are investing more money than they can afford to lose, Leonard sad. But you have to dive in. Treat it like you treat any of your other interests.
Some researchers, however, are skeptical of cryptocurrency.
Algernon Austin, director of race and economic justice for the Center for Economic and Policy Research, called cryptocurrency a get rich quick scheme.
Austin said investing in cryptocurrency can be harmful for people who have no general experience with investing because the market is so volatile.
Austin said low income Black families should not gamble their money without receiving guidance from a financial adviser.
Most African Americans got into cryptocurrency as the values were high so that means people are losing money, Austin said. And we are talking about a low wealth population losing wealth, that is not a good thing. It is the most risky investment that you can make.
But cryptocurrency strategists and successful investors insist that investing will help Black people get ahead financially.
According to the Federal Reserve, the median net worth of a White family is $188,200 compared to $24,100 for a Black family.
Charlene Fadirepo, a Bitcoin adviser, said Black Americans have long been shut out of fair access to wealth due to systemic racism. Fadirepo pointed to homeownership which is lower in the Black community because banks have historically denied mortgages to Black families.
Fadirepo said cryptocurrency offers a leveled playing field for all investors.
This is our shot at a fair financial ecosystem, Fadirepo said.
Fadirepo, who plans to speak at a conference next month that educates attendees about cryptocurrency and connects Black investors, said she encourages potential investors to only invest what they can afford after paying for basic necessities. Part of that requires creating a budget of your additional funds, she said.
This is about responsible and smart investing, Fadirepo said. If you are not in a position to invest, if you have significant debt, if you have credit challenges, maybe your first step is to focus on that.
Leonard said many Black Americans feel empowered by cryptocurrency because they have an equal shot at wealth.
Leonard said there are fewer systemic barriers such as credit checks to obtaining crypto loans like there are with bank loans. Investors can use their crypto assets as collateral in exchange for liquid funds. As long as the investors maintain the collateral ratio and pay off the loans, they get their cryptocurrency back at the end of the term.
It opens the door to equality, Leonard said. There are no longstanding cryptocurrency institutions setting the rules.
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Cryptocurrency has been touted as the key to building Black wealth. But critics are skeptical - CNN
Why is the Cryptocurrency Market Crashing Today? – Watcher Guru
Just when investors thought that the markets were in a recovery mode, the markets gave out a reality check. The cryptocurrency market is crashing today as leading cryptos are down double digits. Theres still fear and panic as most cryptos shed the gains they generated last week. The crypto markets have continually been trading one step forward and two steps back in 2022, and todays crash is no different. Bitcoin plummeted nearly 8% on Friday, while Ethereum is down 5% and is expected to head south further.
In the last 24 hours, $550 million worth of cryptocurrencies have been liquidated from the markets. The overall crypto market cap is down nearly 7% and is standing at $1.09 trillion. The liquidation numbers are expected to fall further as Bitcoin is on a downward spiral.
Also Read: Shiba Inu, Doge Prices Tank Double Digits, XRP & BNB Close behind
The markets reacted to the FOMC Meeting Minutes as reports state that the Feds plan more interest rate hikes to tame inflation. The U.S central bank has not explicitly revealed the upcoming interest rates hike publicly. However, the Minutes Meeting suggests that the policymakers are committed to raising interest rates again.
The policymakers agreed that inflation rates did not subsidize despite their previous attempts to tame inflation. Participants agreed that there was little evidence to date that inflation pressures were subsiding, the Minutes Meeting read.
Also Read: Crypto Firm Hodlnaut slashes 80% of staff Amid Court Proceedings
Therefore, there are higher chances that the Feds might increase interest rates again in September. The decision will be confirmed in the next Minutes Meeting on September 20 and 21. It is reported that the Feds plan to double the rate of balance sheet shrinkage in September. However, the report is not confirmed until the Feds announce the next interest rate hike.
The FOMC Meeting was held on Wednesday, and the markets lost their cool after the release of the Minutes. The cryptocurrency markets are crashing today.
Heres what the FOMC Meeting Minutes read: Members agreed that, in assessing the appropriate stance of monetary policy, they would continue to monitor the implications of incoming information for the economic outlook and that they would be prepared to adjust the stance of monetary policy as appropriate in the event that risks emerged that could impede the attainment of the Committees goals.
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Why is the Cryptocurrency Market Crashing Today? - Watcher Guru
Ukraine has shown the value cryptocurrency offers to real people – Cointelegraph
The world is still struggling to comprehend the geopolitical and human impact of the Ukraine war. With more than 10 million people fleeingtheir homes and 6 million seeking refuge in foreign countries, it's been a time to support a sovereign country under attack.
It has also proven to be the moment where cryptocurrency proved its true value to real people. Not as the high-concept tech toy for the wealthy elite as many had previously dismissed it, but rather as an empowering force for good in a dangerously unstable world.
When the Russian invasion began in February, Twitter accounts belonging to the Ukrainian government posted pleas for crypto asset donations. Now, as more than $100 million in crypto donations have already been raised to support the Ukrainian resistance, those of us who have championed crypto as a way of giving ordinary people rather than corporations and governments control over their own money have been vindicated. While the banking financial system has been under sustained attack by Russia, using both military and cyberattacks, this life-saving money has gone directly to those in need via crypto.
Ukraine took a number of measures in an effort to stabilize the banking sector and protect the countrys economy, including suspending foreign cash withdrawals, limiting how much currency can be withdrawn, and banning cross-border forex transactions. Consequently, Ukrainians are turning to borderless and trustless crypto to enable them to either survive in or flee from the war zone.
Related:The Ukraine invasion shows why we need crypto regulation
We can now see the value of having somewhere safe to store money in a time when the traditional financial system is under threat a completely separate payment infrastructure that can step in and pick up the slack if the current infrastructure is destroyed in a black swan event. Whether it is a state destroying our ability to pay for goods and services or even a major cyberattack, the blockchain provides a vital backup to halt the destruction of entire economies.
We have witnessed digital currencies being used to quickly transfer cash to those in need from relatives abroad, enabling fleeing refugees to buy crucial goods and services when there is no cash in their ATMs after critical infrastructure has been decimated by relentless Russian attacks. Anyone with a mobile phone and internet access which has been bolstered by the thousands of Starlink satellite internet dishes generously provided by Elon Musks SpaceX can access their funds via crypto wallets.
Crypto averting sanctions? Think again
Digital currencies have not only shown their worth in helping desperate Ukrainian refugees but also in preventing sanctions from being averted. Contrary to speculation at the onset of the conflict, desperate Russian oligarchs have discovered that crypto is not the safe haven for their funds that they had hoped.
As the United Kingdoms independent crypto industry association, we called on all of our members and the wider crypto community to take all necessary steps to enforce economic sanctions against Russia through engagement with professional compliance teams, blockchain analytics companies, the National Crime Agency and government experts in illicit finance.
Contrary to the outdated image of crypto as a digital currency favored by criminals, every transaction on the blockchain is, in fact, publicly available, providing a secure and transparent record on a ledger that anyone can see. This publicly available information means that exchanges can use transaction monitoring tools to trace the source of the funds and flag what is coming from blacklisted, sanctioned sources.
The list of blacklisted addresses is in the public domain, which means that exchanges can not only identify and block sanctioned names but also prevent them from opening accounts in the first place.
Lack of liquidity
Contrary to some speculation, if Russia wanted to evade sanctions by converting fiat currency into crypto today, it would be extremely difficult because there is insufficient liquidity in the market to support exchanging its fiat for cryptocurrency at a sufficient scale.
If an oligarch is attempting to convert $1 billion into crypto, they would find that this vast amount of digital currency is simply not available in one place because it is scattered across thousands of marketplaces.
Building digitally from ground zero
The legacy systems upon which our financial markets stand are not going anywhere, and quite rightly, because governments around the world value the safety, predictability and security they offer. But if we could start from scratch, it is likely that we would turn to blockchain technology, which is at the cutting edge of financial technology thanks to its superior efficiency. It does away with all the intermediaries, reduces the time to settle, increases the global reach for sending payments, and reduces costs.
Related:Ukraine has received $37M in tracked crypto donations so far
Big payment providers, which connect the banking world with merchants, have already embraced crypto, providing the ability to pay with digital currencies as an alternative to paying a credit card charge. The cost of these transactions has increased significantly in recent years, and if a company is turning over tens of millions of dollars per year, 2% is a lot of money. If they have another way to pay using crypto for a fee of less than 1%, it is a better choice.
Ukraines financial infrastructure may emerge from this tragic war at ground zero, and we may soon witness a modern society rebuilding its economy with a strong blockchain technology element built in. As the shockwaves of this tragic conflict resonate around the world, crypto has risen to the challenge and proven itself a vital source of both financial stability and accountability.
The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Ian Taylor is the executive director of CryptoUK, an independent industry body that exists as a cohesive, credible voice for the evolving United Kingdom digital assets industry. Having spent 20 years in investment banking, he has held many senior roles across trading, treasury and risk management, and is still involved with a major global bank. In his role he has built a community of more than 100 of the most influential industry participants and campaigns for a fit-for-purpose regulatory framework in the U.K., Europe and beyond.
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Ukraine has shown the value cryptocurrency offers to real people - Cointelegraph
OFAC Around and Find Out – Lawfare
The cryptocurrency space has long hoped to emulate the business model of Uber: ignore the regulations until you can grow too big to regulate, a technique called regulatory escape velocity. With Uber, the primary tool was simply violating taxi regulations among thousands of independent municipalities and daring the local regulators to do something. With cryptocurrency, the common excuse is to just write code that ignores centuries of financial regulation and then let it loose upon the world.
The cryptocurrency ecology has now run into a regulator that thinks nothing is too big to regulate: The Office of Foreign Asset Control (OFAC). On Aug. 8, OFAC announced the addition of virtual currency mixer Tornado Cash and all of its wallets to the Specially Designated Nationals and Blocked Persons List (SDN list), of entities that it is illegal for U.S. persons, or really anything that touches the U.S. financial system, to do business with.
OFAC is not a business regulator like the Securities and Exchange Commission (SEC). OFAC doesnt have consumer protection interest or authority, nor does it investigate the various other little crimes (such as billion-dollar Ponzi schemes or industrial-scale securities fraud) that infest the cryptocurrency space. OFACs focus is national security, no different than the Army or Air Force branches. However, OFACs tools are sanctions, not soldiers, as a way of keeping money out of the hands of what are deemed national security threats.
This has implications beyond Tornado Cash, including how cryptocurrency mining and bridging may act in the future. And a griefer, an online individual who delights in causing problems for others, has also shown that most of these decentralized systems arent.
Tornado Cashs Designation and Its Implications for Decentralized Cryptocurrency
Tornado Cash was notorious for being an automated money laundering system that processed billions of dollars worth of stolen cryptocurrency, including almost a billion stolen by North Korea (DPRK). The response to OFACs designation was swift: Tornado Cashs github archive and website went away, and the founder of Tornado Cash found his personal github account suspended. And Dutch authorities even arrested one purported developer on Aug. 10.
Similarly, although the cryptocurrencies themselves are supposedly decentralized, actually using them requires centralized providers like Infura, which powers the popular cryptocurrency wallet MetaMask. Infura blocked MetaMask from accessing anything involving Tornado Cash, reminding everyone that the distributed, uncensorable Ethereum blockchain that powers Tornado Cash is amazingly dependent on centralized entities to deliver even remotely usable systems.
Likewise, the organization responsible for Tornado Cash, the Tornado Cash DAO (decentralized autonomous organization, basically a corporation that doesnt bother to do the paperwork to gain the legal protections of a corporation), decided to fold up shop as they cant fight the U.S. government, freezing future development and transferring funds initially intended to support continued development of the system to those who invested in the Tornado Cash governance token.
While these developments havent halted the smart contracts that operate Tornado Cash, they have severely disrupted the contracts in a few ways. First, without the web interface or MetaMask support, it requires an expert to access the underlying smart contracts to either withdraw or deposit Ethereum in Tornado Cash, a feature common to many decentralized projects. Even then, this disruption limits the utility as outputs of Tornado Cash are easy to identify as coming from Tornado Cash. Most central providers now treat such flows as dirty.
Second, it also effectively stops copycats. The Tornado Cash code is still out there, and someone can spin up a copycat for a couple hundred dollars worth of Ethereum gas fees, but any new mixing services are no longer nearly as useful for criminals. The mixing service needs many users to provide useful anonymity, so if there are few users it provides little benefit for the criminals. But if there are a significant number of users, it is nearly inevitable that this will include the DPRK, meaning Tornado Cash 2.0 will end up in the same situation as Tornado Cash Classic.
Third, as cryptocurrency analyst David Gerard put it, the cryptocurrency community has long believed that if you create an automated box where you put clean and dirty money in and shake it around, all the money comes out clean rather than dirty. The latest designation shows that OFAC has seen through this illusion, meaning that if Iran or North Korea finds the service useful at scale, then these boxes will be at risk of sanctions. Other regulators are likely to follow suit.
Another amusing lesson arises from a griefer who sent small amounts of Ethereum (0.1Eth or about $200) to numerous high-profile Ethereum wallets. These wallets then found themselves locked out of numerous decentralized services.
This was due to how centralized services Chainalysis, TRM, and Elliptic provide an oracle to say, This is a sanctioned wallet, do not accept, to the numerous centralized services that actually power the Ethereum ecology. These web pages then blocked access to the supposedly decentralized systems.
The disruption, although temporary, is a great demonstration that most of the cryptocurrency space is something I now describe as Derp-Centralized: centralized systems, powered by centralized entities, that simply abrogate their responsibilities unless threatened by a powerful regulatory authority like OFAC.
Going forward, OFAC should watch the Tornado Cash pools and pay attention to subsequent outflows as they indicate two groups of additional targets that OFAC will probably need to warn if not sanction in the future: the Ethereum miners themselves and various bridge protocols.
There is a myth that cryptocurrency miners are not involved in transactions because the system is decentralized. But the reality is that every transaction is included in the public record by a single block producer who is effectively the money transmitter for the transactions in the particular block.
Miners can refuse transactions that meet their individual criteria (and they have done so). Marathon Digital Holdings previously created an OFAC compliant Bitcoin mining pool, although they stopped this enforcement due to public backlash: Apparently the cryptocurrency community views violating OFAC sanctions as a desired property.
OFAC Moving Forward
Although previously most cryptocurrency mining occurred in China, China evicted the miners because of their obscene power consumption and other reasons. The mining has largely bounced all over the world, but a huge amount has now settled into the U.S. and Canada. This is due to a combination of inexpensive, reliable power as well as a strong rule of law. Of course, the strong rule of law comes with the condition that the miners too have to follow the law.
OFAC should offer a friendly reminder to all U.S.- and U.S.-adjacent-based cryptocurrency miners that they have an obligation to follow OFAC regulations. OFAC should elaborate that a miner that produces a block is responsible for the transactions contained in the block.
And it wouldnt be an undue burden for the miners. Marathon Holdings already showed it is possible to provide OFAC-compliant mining by using a risk-scoring method to exclude sanctioned transactions.
The list of sanctioned cryptocurrency wallets, across numerous blockchains, is now substantial. OFAC provides a convenient downloadable list, and as seen before there are central services that allow easy querying to determine if a transaction would run afoul of OFAC or other laws. Miners with a U.S. nexus need to abide by those laws.
The other likely target for future OFAC enforcement is bridge protocols. The primary blockchains, Ethereum and Bitcoin, are slow, congested, and expensive to use. So there exist services that will take a users Ethereum or other cryptocurrency on one system and transfer it to another as wrapped tokens. It was specifically the Ronin bridge that the DPRK targeted in its record-setting hack.
But bridges dont just serve to transfer cryptocurrency. They can also disguise cryptocurrency. A bridge, like a mixing service, represents a large pool of cryptocurrency where a participant can make a deposit and, at a later date, withdraw the cryptocurrency. The DPRK has already discovered this, apparently having laundered some $150 million through the RenBridge system out of some $500 million of dirty cryptocurrency.
The operators of this bridge, by not putting in proactive controls, are playing with fire. After all, they could modify both the front end and smart contracts to access the information needed to block OFAC-sanctioned entities from using the bridge.
Overall, the cryptocurrency communitys attempt at regulatory escape velocity has run into a huge obstacle: There is no escape velocity from the surface of a black hole. Things are now entering the Find Out stage of OFAC Around and Find Out.
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OFAC Around and Find Out - Lawfare
Cryptocurrency based television advertisement expenses have fallen since February – The Financial Express
Market behaviour suggests that cryptocurrency television advertising has fallen in the United States without reasons for a break, as reported by Cointelegraph.
On the basis of Cointelegraphs data, a Bloombergs report emphasised that television advertising expenses among cryptocurrency trading firms went the lowest in over a year, with spending being $36,000 in July which went down from $84.5 million in February, data from ISpot stated. The spending spree of $84.5 million on advertisements took place during the US Superbowl period when Crypto.com, FTX US and Coinbase released high-profile advertisements to aware people about their cryptocurrency services. Despite the fall in television advertising costs, certain cryptocurrency firms such as Singapore digital asset management firm IDEG Limited made the statement of spending heavily on advertising to maintain brand awareness. According to Markus Thielen, chief investment officer, IDEG Limited, their company has been conservative with regard to cryptocurrency investments to benefit from current slowdown.
Information from Cointelegraph said that Apurva Chiranewala, general manager, Block Earner, an Australian cryptocurrency investment platform, the firm dialed back its marketing efforts amid the FUD of the current bear market. Bill Daddi, president, Daddi Brand Communications, a marketing agency, informed Bloomberg that if other firms decide to advertise on television again, theme of the message can change and convey something else.
Moreover, Cointelegraph mentioned about how the spending on television advertisements might be down but sports partnerships are still taking place. Going by insights from Financial Review, cryptocurrency companies such as Binance Holdings, OKX and FTX have undertaken spendings worth $2.4 billion on sports marketing over the past 12 months, which include costs on partnerships with teams such as Manchester City Football Club (FC) for $12 million, and for the naming rights to a National Basketball Association (NBA) sports stadium in Florida worth $135 million.
(With insights from Cointelegraph)
Also Read: How can investors trade in the Ethereum merge
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Cryptocurrency based television advertisement expenses have fallen since February - The Financial Express
Cryptocurrency Ethereum Classic Decreases More Than 15% Within 24 hours – Benzinga
Ethereum Classic's ETC/USD price has decreased 15.22% over the past 24 hours to $35.07, continuing its downward trend over the past week of -17.0%, moving from $42.27 to its current price.
The chart below compares the price movement and volatility for Ethereum Classic over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has fallen 28.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.16%. This brings the circulating supply to 136.43 million, which makes up an estimated 64.75% of its max supply of 210.70 million. According to our data, the current market cap ranking for ETC is #21 at $4.78 billion.
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Cryptocurrency Ethereum Classic Decreases More Than 15% Within 24 hours - Benzinga
Why Cryptocurrency EOS Soared 19% While the Market Took a Breather Today – The Motley Fool
What happened
On an otherwise down day in the cryptocurrency market,EOS(EOS -8.20%) is one token that's absolutely rocketing higher. As of 12:30 p.m. ET, EOS has soared 19% over the past 24 hours.
The move follows an interesting court ruling this week in which a judge from the Southern District of New York threw out a settlement between Block.one (the company that initially designed the EOS network) and investors. This $27.5 million settlement, which was proposed by Block.one and agreed to in June of this year, stemmed from a dispute with investors over whether an initial coin offering back in 2018 constituted an unregistered securities offering.
Other crypto projects have been mired in scrutiny from regulators and investors over alleged unregistered securities offerings, but this settlement was one of the more substantial the crypto community had seen. In addition, it's important to note that Block.one also previously settled with the U.S. Securities and Exchange Commission for $24 million over the same allegations.
While the company sought to settle these claims to focus on moving its blockchain endeavors forward, it's clear that investors are paying close attention to what this ruling could mean for various projects embattled with legal issues. The fact that EOS is surging following this news indicates investors are taking the cue that the downside pressure from this headwind could be over.
Now, EOS isn't the only token that's been caught up in allegations of unregistered securities offerings. Other projects, includingXRP, are fighting similar battles. That said, the rather massive $4 billion raise Block.one managed to pull off in 2018, then the largest ever, made a settlement more likely. The ability for other projects to settle, given limited liquidity, remains uncertain.
The reason for this settlement being thrown out -- that the party representing investors didn't "adequately represent the interests of all investors" -- is interesting. From here, it will be interesting to see how this decision impacts ongoing litigation with other projects. Investors are clearly watching these cases closely, and EOS is one token that could represent the upside following potentially positive future rulings for other embattled crypto projects.
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Why Cryptocurrency EOS Soared 19% While the Market Took a Breather Today - The Motley Fool
Cryptocurrency ApeCoin’s Price Increases Around 5% Within 24 hours – Benzinga
ApeCoin's APE/USD price has increased 4.98% over the past 24 hours to $6.32, which is in the opposite direction of its trend over the past week, where it has experienced a 9.0% loss, moving from $7.06 to its current price. As it stands right now, the coin's all-time high is $26.70.
The chart below compares the price movement and volatility for ApeCoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has fallen 47.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 1.99%. This brings the circulating supply to 314.22 million, which makes up an estimated 31.42% of its max supply of 1.00 billion. According to our data, the current market cap ranking for APE is #36 at $1.99 billion.
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Cryptocurrency ApeCoin's Price Increases Around 5% Within 24 hours - Benzinga
Global Cryptocurrency Exchange bitcastle to Launch on August 17 with the Most Advanced Binary Options Platform and Mobile Apps – GlobeNewswire
Kingstown, Saint Vincent and the Grenadines, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Bear markets are for building is a common expression heard around the cryptocurrency ecosystem during times like these when a crypto winter has led to frosty market conditions and falling token prices.
One project that has been hard at work fine-tuning its development to make sure that it is ready for prime time is bitcastle, a no-fee cryptocurrency exchange that is preparing for its official release on August 17th.
In the midst of the crypto market turmoil of the past few months, developers for bitcastle have been arduously perfecting the exchanges code in beta mode and are now putting the final touches on this state-of-the-art trading platform.
Along with the full launch of the web-based bitcastle interface, the platform will also be releasing iOS and Android mobile apps that will ensure its users can access the markets any time, day or night, from anywhere with cell phone reception.
Following a series of high-profile hacks and protocol exploits, the developers behind bitcastle have gone above and beyond to ensure that they have created a safe and easy way for crypto fans to acquire tokens, no matter their level of experience.
For traders of all levels, the 0% trading fees offered by bitcastle on all major trading pairs is sure to help ease the burden of soaring inflation and allow holders to acquire even more of the tokens they desire.
The large-cap tokens that will be available at the launch of the exchange include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and XRP, along with an additional 20+ smaller cap coins that are popular around the world. As time progresses, the exchange intends to add to its list of supported tokens as the need arises.
For more experienced traders who are not opposed to taking on extra risk, bitcastle also offers its own unique binary trading option known as HIGH&LOW. This proprietary technology designed by bitcastle will offer the worlds fastest options trading experience with the ability to make price predictions in as little as 5 seconds into the future.
The simplicity of bitcastles HIGH&LOW offering makes it so that even the most recent arrivals to the crypto trading scene will be able to partake in the action. All that is required is the ability to choose whether a given crypto will close higher or lower after a designated period of time that can stretch from seconds to hours.
For those looking for a longer time horizon, the High/Low mode allows them to work with a time frame that stretches from 15 minutes up to one day. For those with a shorter attention span, the Lightning mode allows them to operate in smaller increments that can clear in as little as five seconds.
Overall, bitcastle is designed to offer every crypto trader from novice to pro a top-notch trading experience that everyone can enjoy while paying as little in fees as possible. And in keeping with one of the most popular and long-running traditions in crypto, bitcastle also has plans to provide users with exclusive access to future airdrop campaigns and referral bonuses.
Those who are interested in getting started with the exchange can start their journey off on the right foot by signing up now and completing the identity verification process to earn $15 worth of Bitcoin. Dont miss this opportunity to get in early with the next up-and-coming crypto exchange and earn a little free crypto in the process.
For more information on this campaign, you can visit bitcastle's official website or Twitter page.
Mobile Apps: https://bitcastle.onelink.me/vSX0/b7fzb1n5Media Contacts: support@bitcastle.io
Indicted in the US for cryptocurrency Ponzi scheme, BitConnect founder booked by Pune police – The Indian Express
The Pune police have launched a probe into an alleged multi-crore cryptocurrency fraud and have booked Satish Kumbhani, the founder of cryptocurrency investment platform BitConnect, who was recently indicted in a US court on the charges of orchestrating an international Ponzi scheme worth over USD 2.4 billion.
A first information report in the case was registered at the Cyber Police station of Pune City Police on Tuesday night by a Pune-based lawyer who told the police that he lost close to 220 bitcoins equivalent to over Rs 42 crore as on Wednesday through multiple cryptocurrency investment platforms. In his FIR, the lawyer has named Kumbhani (36) and six others. Senior Inspector D S Hake from the Cyber Crime Police Station said a probe has been launched into the complaint.
The FIR states that the complainant was defrauded of his original investment of 54 bitcoins and the returns of 166 bitcoins, which he was allegedly made to reinvest into the platforms. The transactions between the complainant and the suspects took place between 2016 and June 2021. No arrests have been made in the case.
According to their preliminary inquiries, police said that Kumbhani, an Indian national and founder of BitConnect, was in February indicted of a 2.4 billion USD cryptocurrency scheme. Kumbhani and his accomplices allegedly misled investors about BitConnects schemes. They claimed to have created tech-based applications which could generate large profits on investors money in cryptocurrency markets. It is alleged that BitConnect operated as a Ponzi scheme of paying earlier investors with money from new investors. Officials said that the indictment alleges Kumbhani and his accomplices to have siphoned off 2.4 billion USD from their investors.
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Indicted in the US for cryptocurrency Ponzi scheme, BitConnect founder booked by Pune police - The Indian Express