Category Archives: Cryptocurrency
Cryptocurrency Prices Surge To Start The Week – Baystreet.ca
The prices for cryptocurrencies are rallying across the board to start the trading week, with Bitcoin (BTC) and Ethereum (ETH) each up 5%.
Digital coins and tokens from Litecoin (LTC) to Solana (SOL) are up 5% or more on news that China has further reduced its COVID-19 restrictions and as stock markets in Europe rise to begin the trading week. The price of Cardano (ADA) is up 12.5%.
After meeting resistance at the $30,000 level for the past several weeks, the price of Bitcoin is now at $31,500 U.S., its highest level in more than a month. Ethereum is trading at just under $2,000 U.S.
Cryptocurrencies have been badly beaten down this year and fallen in tandem with technology stocks as markets around the world have sold off.
Bitcoin has lost more than half its value since peaking at an all-time high of $68,000 U.S. last November. Similarly, Ethereum was trading above $3,000 U.S. last fall before dropping sharply in recent months.
Over the weekend, news reports said that China is continuing to loosen its COVID-19 restrictions, allowing a return to indoor dining in major cities such as Shanghai and increasing the number of people who can gather in groups.
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Cryptocurrency Prices Surge To Start The Week - Baystreet.ca
Cryptocurrency bill: All top countries where crypto is legal, illegal or restricted – The Indian Express
Cryptocurrency has been a controversial topic ever since its existence. It has been widely criticised for its volatility, and its impact on the environment and is even referred to as a Ponzi scheme by top economists. However, some countries still believe in the decentralisation power of cryptos such as El Salvador, which made Bitcoin a legal tender in September 2021, followed now by the Central African Republic in April this year.
The legal status of cryptos varies from country to country. Here we list all the top countries that made cryptos legal, illegal or unregulated (with some restrictions).
In 2018, Algeria passed a financial lawmaking all crypto transactions illegal. This includes holding and trading any digital assets. Any violation of the law is subjected to an offence and is punishable.
In 2014, Bolivia made crypto illegal. The Bolivian Central Bank issued a resolution that banned cryptos, instead of rug pull cases and scams which cost investors a fortune. According to the Bolivian government, cryptocurrencies should not be trusted as an investment.
Chinas central bank in September 2021, made all cryptocurrency-related transactions illegal and put a blanket ban, sending the strongest signal yet of its determination to crack down on the industry.
All cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the Peoples Bank of China said on its website. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.
Cuba is the latest country to authorise and regulate cryptocurrencies like Bitcoin.
Egypt has classified cryptocurrencies such as Bitcoin as prohibited under Islamic law. Dar al-Ifta, the countrys primary Islamic advisory body, issued a religious decree in 2018.
The country 2020, tightened banking laws in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.
The European Union has not made the usage of cryptos legal or illegal. It recognises Bitcoin and other digital assets as crypto-assets.
Meanwhile, European Union (EU) lawmakers are tightening rules on cryptocurrency transfer, in the view of the rising use of crypto-assets for money laundering. According to Reuters, the new proposal will make it mandatory for cryptocurrency companies such as exchanges operating across the EU to obtain, hold, and submit information on any of their users involved in any transfers.
The proposals aim to extend the anti-money laundering requirement (AML), a rule already applicable in the conventional payment space. This would make it necessary for crypto exchanges to report to the authorities if any transaction above EUR 1,000 ($1100) takes place.
In 2018, Indonesias central bank issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment.
The crypto industry in Iran is not regulated, the Central Bank of Iran (CBI) in April 2021 authorized domestic banks and money exchangers to use locally and licensed mined cryptocurrencies to pay for imports to the sanctioned nation.
The country has a very love-hate relationship with crypto. Iran announced a four-month ban on the energy-consuming mining of cryptocurrencies such as Bitcoin after cities suffered unplanned outages due to massive crypto-mining operations held in the country.
Notably, around 4.5 per cent of the worlds Bitcoin mining takes place in Iran, which, according to blockchain analytics firm Elliptic.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is yet to be tabled by the government. The Bill seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses, the document reads.
India has levied a 30 per cent tax on crypto investors, and a 1 per cent TDS on every crypto intra-traders. Currently, India has not regulated cryptos but wont legalise it as well.
The country is fairly ready with its consultation paper on cryptocurrencies and has consulted domestic as well as institutional stakeholders including the World Bank and the International Monetary Fund, said Economic Affairs Secretary Ajay Seth.
In January 2022, Russias central bank proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens well-being and its monetary policy sovereignty.
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. However, Russias leaders are using cryptocurrency to bypass the sanctions imposed by the US and its allies after Russias invasion of Ukraine, said Blockchain analytics firm Elliptic. The research firm has tracked down a Russian crypto wallet which has significant asset holdings.
In April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies in every form directly or indirectly.
Cryptocurrencies are legal in the US. According to the U.S. Department of Treasurys Financial Crimes Enforcement Network (FinCEN), Bitcoin is a convertible currency with an equivalent value to real currency or one that can act as a substitute for real currency. The Internal Revenue Service has also categorized Bitcoin as property for taxation purposes.
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Cryptocurrency bill: All top countries where crypto is legal, illegal or restricted - The Indian Express
Cryptocurrency Investors in India, after losing big with TerraUSD, face tax pressure | Mint – Mint
Effective from April 1, all income from cryptocurrency "transfer" will be taxed at a fixed rate of 30% under the new cryptocurrency tax regime. It doesn't say how airdrops should be taxed, but Jay Sayta, a technology and gaming attorney, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, said the distributions can be considered income and are liable to the tax.
The wordings in the law are so vague, including the definition of virtual digital asset and the definition of transfer, that it would be open to litigation of challenge by the tax department," said Sayta. They normally consider the most aggressive view possible with a view to collecting higher taxes, notwithstanding the fact that such a view may result in absurdity."
There were over 160,000 investors that held Luna on the exchange on May 9 and by May 15 the number grew by 77% in India, according to Rajagopal Menon, vice president at Binance-owned WazirX. Its unclear how many more investors held TerraUSD.
The increase can be attributed to a surge in buyers post 9th May where the buyer-to-seller ratio was 5:1. In terms of the volumes, 11th and 12th May saw the highest volumes in Luna 53 million USDT combined for both days," Menon wrote in an email.
Anoush Bhasin, founder of cryptocurrency asset tax advisory firm Quagmire Consulting, said that the Luna 2.0 airdrops may fit into the existing definition of gifts so a flat 30% tax may not apply but gifts are taxed based on a taxpayers income range, or slab rate.
Experts Bloomberg spoke with noted that there will be two steps of taxes under the new tax framework, whether it is considered a gift or income from cryptocurrency. First, a gift tax or a flat 30% tax will be applied at the moment of receiving the airdrop, based on the token valuation at the time of credit. Second, if the tokens are sold, a flat 30% tax will be imposed to the additional income gained, regardless of how the tokens are classified, if the tokens' value has increased.
There could be a scenario where people have received tokens above INR50,000 and if its treated as gift, youll have to pay taxes on it, but by the time they sell it if the price falls then youll actually realise lesser money, and you may actually go more out of pocket in paying taxes than what you recover and that is the worst case scenario for them as Luna 2.0 was actually issued to compensate," said Meyyappan Nagappan, leader, digital tax at Nishith Desai Associates.
Luna 2.0 started trading on May 28 and as of June 3 at 2 p.m., US East Coast time, it was trading at $6.59, down 9% in the last 24 hours, according to CoinGecko and Huobi Global.
The quandary is reflective of an Indian government thats long had an uneasy relationship with crypto. The tax structure unveiled this year treats digital assets unfavorably compared with stocks and bonds, leading to warnings of a crypto exodus. Trading has withered as a government-backed payment network was made unavailable to cryptocurrency exchanges, leaving clients unable to fund their accounts with rupees.
An airdrop is a way of sending a token directly to wallets and can be used for various purposes. Airdrops are a common tool for early-stage crypto projects to attract users by offering free tokens and can be used to reward early adopters.
Airdrops are a way of showing gratitude," said Harsh Rajat, co-founder of Ethereum Push Notification Service or EPNS, which airdropped its native token PUSH to early adopters and those who donated to the project last year. In web3 the concept is that this is made by the people and for the people, if people are testing out a protocol, spending their time then you should be rewarded some rights to the protocol either through governance or utility of token and thats why airdrops exists."
In the case of Terra, backer Terraform Labs used an airdrop to compensate investors and revive its project after the stablecoin collapsed, sending the value of sister token Luna spiraling to near zero, wiping out billions of dollars of wealth. Terraform Labs used a snapshot of the old blockchain, now known as Terra Classic, to determine which user wallets should receive Luna 2.0, and how much.
Rajat said that global projects wont stop giving airdrops but they will find it difficult to do them in India since crypto investors there may stand to lose a lot of money.
Airdrops attract a lot of users, it generates a lot of noise," Rajat said. Sometimes you will be able to recover the tax, sometimes you wont be able to."
(With Bloomberg inputs)
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Cryptocurrency Investors in India, after losing big with TerraUSD, face tax pressure | Mint - Mint
Cryptocurrency Investability Score | NextAdvisor with TIME – NextAdvisor
Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Investing in cryptocurrency is complicated and risky.
Some have made a lot of money buying in at the right time. Many more have lost nearly everything, most recently when the crypto market came crashing down in May losing nearly $2 trillion in value.
Through all the ups and downs, crypto has boomed in popularity over the past year, drawing waves of new investors who face a steep learning curve with potentially high stakes. Still, there are ways you can empower yourself to make the best possible decisions if youre interested in investing in crypto.
Thats why we created the NextAdvisor Investability Score, which uses a mix of quantitative and qualitative factors to give crypto investors a comprehensive view of a coins performance.
As a highly speculative, volatile investment, cryptocurrency prices fluctuate by the minute sometimes drastically driven by speculation, hype, and even the whims of social media. The recent crypto market crash is a prime example. Thats why the NextAdvisor Investability Score is also dynamic, changing daily as the performance of individual coins and the overall crypto market ebb and flow.
Bitcoin plummeted to its lowest price in more than a year in May, and other cryptocurrencies saw even worse sell-offs amid a broader stock market rout. The collapse of popular stablecoin TerraUSD and sister token Luna highlights why its important to proceed with caution when investing in cryptocurrencies. After TerraUSD de-pegged from its 1-to-1 exchange rate with the U.S. dollar, its sister token Luna quickly plummeted in value as well and many investors lost a lot of money. It highlights the uncertainty inherent in a market that is still in its infancy but also increasingly mainstream by many measures.
Whether its investing in crypto or any other big financial move, like buying a home or paying off debt, we want to help you make smarter decisions when it comes to your money. While we may present partner offers on our website, our Investability Score was created independently by our writers and editors, without any influence from partners or business interests.
Bitcoin has the highest score of all cryptocurrencies, with ethereum close behind. As the first and most established cryptocurrency, bitcoin has become the de facto standard for cryptocurrency investments. It has the longest track record and has shown itself to be a better fit for holding and increasing in value than other newer coins, which remain much more speculative and unpredictable.
Ethereum is the largest and most valuable altcoin by far, and along with bitcoin is one of the two cryptocurrencies many experts say represent the best starting point for new investors. Our score considers bitcoin and ethereum to represent a ceiling of sorts, so all other cryptocurrencies are in effect weighed against bitcoin and ethereum.
Heres how our score shakes out for 10 cryptocurrencies that are consistently among the top by market cap, excluding stablecoins, for reference:
Here is a deeper dive into what goes into NextAdvisors Investability Score:
There are thousands of different cryptocurrencies. We score the ones we believe can be most beneficial for readers and which we see most interest in. While our goal is to ultimately score and cover as many available cryptocurrencies as we can, we prioritize which coins or tokens we review based on consumer interest and notability.
Thats why we started by scoring the top cryptos by market capitalization. From there, we may also score coins based on public interest and other factors that could increase the likelihood of investors considering certain coins for their portfolios. We exclude stablecoins from our scoring model because theyre typically pegged to fiat currency, like the U.S. dollar, and as such arent typically considered investments.
We determine prospective investor interest in different coins based largely on our knowledge of the crypto market, but there are a few factors that help base our decisions on data and quantitative factors: the top cryptos by market cap; which cryptos consumers are searching for most often online; age, liquidity; value growth; experts recommendations; and use case, or the real-world problem it is trying to solve.
Notability also factors into our decision to review a cryptocurrency: When a cryptos market cap increases substantially, or when an industry-changing crypto project comes along, for instance. These wont always lead to full evaluations and ratings on NextAdvisor, but we use our knowledge of the overall industry and aforementioned measures of interest to determine when it makes sense to include notable cryptocurrencies in our evaluations.
Weve interviewed more than 100 experts over the past year to help us explain cryptocurrency to new investors. Weve talked with them about the risks, the upsides, and how to evaluate the investment potential of any cryptocurrency.
We asked a number of trusted cryptocurrency experts specifically about the NextAdvisor Investability Score, and how to make sure it accurately represents the crypto market. They shared what they look at when evaluating cryptocurrencies as potential investments, and what other investors should know. Here are some of these experts whose insights have been particularly helpful in our effort to create an Investability Score that provides an accurate reflection of different cryptocurrencies and the market as a whole:
Chris Chen is a financial advisor and CEO of Insight Financial Strategists, a Boston-based financial planning firm. Chen provides financial planning, retirement planning, investment management, and divorce planning services to help clients organize, grow and protect their assets. With the rise in interest in bitcoin and cryptocurrencies, Chen realized the importance of understanding this emerging asset class for the benefit of his clients. Chen regularly comments on the crypto markets and provides expert advice on crypto investing.
Wendy O is a crypto expert and educator who has amassed a large following of crypto enthusiasts across several social media platforms. O regularly provides expert commentary on the crypto markets, reviews crypto services, speaks at live crypto events, consults businesses on crypto, and more.
Kiana Danial is a personal finance expert and the founder of Invest Diva, a company that teaches women how to invest. She is the author of Cryptocurrency Investing for Dummies, and regularly talks about investing in crypto as a way to diversify your overall investment portfolio.
To create our Investability Score, we developed a framework to evaluate cryptocurrencies using a weighted average score between 0 and 100 based on a total of nine quantitative and qualitative factors. Quantitative factors are grouped in a performance bucket and qualitative factors are grouped in a trustworthiness bucket. Performance makes up 55% of the total score, while trustworthiness makes up 45%.
We do this because the quantitative factors that make up performance, such as market cap and liquidity, tell only part of the story for crypto investments. Smart investors should also take a coins trustworthiness, like use case or project backing, into account when considering crypto investments. The coins with the highest scores deliver on both performance and trustworthiness.
For performance, we also use a relevant peer group the top 85 cryptos by market cap as a basis for comparing cryptos, so our score is constantly and dynamically consistent with the fast-moving broader crypto market. The goal is to give you a comprehensive view of a coins performance. Higher weights are given to the criteria we determine to be most important.
Heres a further breakdown of all the factors we use to determine our Investability Score for different cryptos:
Market capitalization is the total value of a cryptocurrency, and experts say its a key factor when evaluating a cryptos investment potential. In general, the higher the value of the market cap the safer the investment. Coins that have larger market caps will have higher scores, because those coins have larger-scale buy-in and are less susceptible to short term-fluctuations.
Liquidity is a crucial component of market interest in a given coin. The more liquid a market is, the better. It reduces investment risk; and, importantly, helps define your exit strategy more liquidity makes it easier to sell or trade your investments when you are ready. To calculate liquidity, we compare each coins trading volume to its market cap. That ratio is a better representation of a coins relative demand, as opposed to trading volume alone, because some cryptocurrency exchanges have been accused of faking their volume numbers to raise the visibility of their businesses and bring in more customers.
Age is relevant when analyzing a coins past performance as it gives a view into its track record and tells you how long it has been trading in the market. For example, bitcoin is not only the largest cryptocurrency by market cap, but has also been around the longest. Just like decades of growth in the stock market gives everyday investors more confidence in future performance, cryptocurrencies with longer track records of growth give crypto investors more confidence than a coin thats only been around for a year.
Its important to have a clear picture about the growth potential of a crypto asset as it can have a big impact on your investments. Thats why we examine the value growth of cryptocurrencies over the past year. We base value growth on coins performance in the past year, since the crypto market is so dynamic and fast moving. Coins that have shown positive returns over the past year effectively receive higher scores, and vice versa.
We evaluate each coins volatility by looking at the standard deviation of its daily prices since the start of 2022. Standard deviation, which is the measure of the amount of variation across a set of values, is the typical statistic used to measure volatility. We take volatility into consideration because its an important metric to measure risk. Less volatile coins are generally considered safer investments.
A critical component of assessing a coin or tokens long-term value is the projects white paper and road map, which details its use case and details of its development. We thoroughly examine the white paper and road map of coins we rate to better understand the overall vision and timeline of the project, and what kind of problem it is trying to solve. Coins receive higher scores if their white papers explain things like: why the project was created; how it works; the projects real-world utility; how the initial coins were distributed; and technical analysis to back up its claims. Coins that have road maps and have shown a consistent history of meeting important milestones while growing and evolving will receive higher scores.
To measure transparency, we evaluate several different factors for every crypto we score:
To determine a coins credibility, we consider three important factors:
You cant buy crypto from your bank or investing firm, which is why our score incorporates availability across popular crypto exchanges. A cryptocurrency thats readily available to buy across multiple crypto exchanges is likely more credible and established, and therefore easier to invest in.
The best crypto exchanges for most investors combine security, ease of use, and insurance in the event of scams or other issues. To reflect a given coins availability, we look at whether it is available across the following popular mainstream crypto exchanges: Coinbase, Gemini, Kraken, eToro, FTX, Crypto.com, and Binance.US. Cryptocurrencies that arent as accessible across these top crypto exchanges receive lower scores.
Most financial advisors and other money experts still view cryptocurrencies with a healthy dose of skepticism. Because crypto is beyond the scope and reach of any central government or authority, some consider it more like gambling or buying a lottery ticket than investing.
Weve talked to dozens of experts about how to invest in crypto as smartly and safely as possible, and a few ground rules have emerged, whether youre investing in bitcoin or a new token that was created yesterday. They are true of all cryptocurrency investments, and especially for riskier and newer altcoins:
Once you have some money invested in crypto, the best thing you can do is ignore the hype around new record highs or lows. Like with traditional, long-term investing, the best thing you can do is set it and forget it until you are ready to sell.
The information contained herein is provided as is for educational and informational purposes only and is not intended to serve as investment advice or for trading purposes. Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities or any assets. The information has been authored from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Presenters may own the assets they discuss. You should not treat any opinion expressed by presenters as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of their opinions. The information and content are subject to change without notice. We are not under any obligation to update or correct any information provided herein. Past performance is not indicative of future results. We do not provide any individualized investment advice. Accordingly, this material does not take into account your particular investment objectives, financial situation, or needs and is not intended as recommendations appropriate for any persons individualized circumstances. You must make an independent decision regarding any investment suggestions covered by the material. Before acting on any investment suggestions from the material, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment advisor. You should be aware of the real risk of loss in following any strategy or investment discussed.
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Cryptocurrency Investability Score | NextAdvisor with TIME - NextAdvisor
What makes a good cryptocurrency exchange? – Northern Beaches Review
What makes a good cryptocurrency exchange?
Picking a cryptocurrency exchange requires an analytical review of the services offered on the platform of your choice.
This is because a misjudgement in the cryptocurrency landscape can significantly damage your investment goals.
Therefore, it's crucial to understand the role the exchanges play in the cryptocurrency arena and learn the types of exchanges in the digital currency spaces.
It helps safeguard your investment or trading business because the market is volatile and can empty your accounts in the blink of an eye.
In addition, the cryptocurrency market is gaining recognition as an alternative financial market.
For that reason, many investors are rushing, hoping to reap significant returns as the market grows. You can visit this link to get more insights into cryptocurrency tools and information for choosing exchanges.
Continue reading to know what makes a good cryptocurrency exchange.
1. Accessibility
The internet is transforming the world into a global village, and it's responsible for innovations such as cryptocurrency. Because the exchanges offer access to the trading floor, you must be able to use the exchange platform from your location.
It's crucial to remember that cryptocurrencies are decentralised, and traders are anonymous; thus, the exchanges only link you to the market.
If you cannot access the platform, it's wise to research further due to the underlying risks in the cryptocurrency landscape.
2. Fee structure
The exchange fee structure tells a lot about the platform as it prepares you for the cryptocurrency market.
It informs your investment decision and can help you plan your cryptocurrency experience.
Likewise, you'll learn if the platform has a secured transaction while processing your acquired investments.
So, a platform offering lower service fees doesn't translate to a good cryptocurrency exchange. You could pay higher fees and get better exchange services.
3. Trading features
Automation is becoming an integral part of the cryptocurrency market, probably due to the volatility typical in the digital currency market. The price moves fast and can significantly impact your portfolio.
Aside from crypto trading bots, you can check if the platform allows arbitrage options or incentives like airdrop for platform users.
The exchange should always have plans to improve user experience coupled with 24-hour support.
4. Coins and tokens on offer
The cryptocurrency market growth perpetually releases new coins and tokens to try and satisfy the growing investor demands. Hence, no exchange can claim to offer all the coins and tokens.
Moreover, not all coins or tokens can transact on all exchanges.
Similarly, the coin and token market caps are also factors that most exchanges would consider when adding to the cryptocurrency menu.
You must look at your cryptocurrency preference list and match them with the appropriate exchange.
5. Cryptocurrency safety
Fraud and scams are monotonous in the cryptocurrency landscape, and as a result, many newbie investors have had bad experiences.
Thus, you must ensure that your money is safe while trading in the digital space.
A good exchange should provide security for all your cryptocurrency transactions by offering insurance policies from cyber crime.
A simple two-factor authentication can be a good start for safeguarding your portfolio.
6. Liquidity
Liquidity is the ability to transfer or transform your cryptocurrency into cash. Additionally, you must be able to convert your cryptocurrency earnings by selling them at your preferred price.
Look at the trader's participation through the platform and the traded volumes. It will show you that executed orders don't take long to fill, and investors can use the platform to leverage market swings.
So, the higher the number of users, the better for your portfolio, and you can get the best market prices for your trades.
7. Extra tools
A good cryptocurrency exchange considers prospective traders or newbie investors by making the platform user-friendly.
They should also have tools such as crypto charts for investors to analyse the markets before trading or investing.
Besides, the exchanges should ensure that the platform is compatible with contemporary smart gadgets and software. It helps you to access your account from several terminals and personal applications.
Check also if the exchange has digital wallet options as tools to protect your portfolio from theft and other risks in the cryptocurrency space.
8. Investor education
The cryptocurrency market requires continuous learning because of the technological advancements in the digital space.
Platforms are responsible for ensuring that users constantly get informative material released by cryptocurrency developers.
Furthermore, information is the difference between profitable trades and losses experienced in the cryptocurrency market.
Therefore, an exchange should provide learning materials, like tutorial videos, to support traders.
Final thoughts
Investing in cryptocurrency without research is risky and can leave you significant losses.
Exchanges offer several services to traders looking to take advantage of the market swings. So, you must ensure that your money is in good hands while investing in the market.
Start by looking at the cryptocurrencies available, the safety of your investment, and the transaction fees they charge for using the platform.
Disclaimer: This content is for informational purposes only. It should not be taken as financial advice to buy, trade or sell cryptocurrency. This is not intended for use as investment, financial or legal advice as each individual's need will vary. ACM advises readers to consider their own circumstances and obtain their own advice.
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What makes a good cryptocurrency exchange? - Northern Beaches Review
Cardano Overtakes Ripple To Become The Sixth Biggest Cryptocurrency By Market Cap – Ethereum World News
Cardano is rapidly evolving into one of the leading cryptocurrencies as it has recently outrun Ripple to become the sixth biggest cryptocurrency by market capitalization. According to Crypto price tracker CoinMarketCap, the current market cap of Cardano is sitting at $22.57 billion as compared to Ripples $20.19 billion.
Cardano Soars Ahead In Anticipation Of Its Upcoming Vasil Hard Folk Upgrade.
Cardanos latest price surge and ascent can be accredited to the fact that the Cardano devs will soon launch its much anticipated Vasil Hard Fork upgrade. As per CoinMarketCap, Cardano has been consistently rising over the past seven days, reaching a high of $0.06692 on May 31 followed by a slight gradual slowdown. The cryptocurrency is currently sitting at a price of $0.06412.
The blockchain is scheduled to release its first testnet on June 2, followed by a full mainnet release slated to be launched on June 29, 2022. With the implementation of Vasil Hard Fork, the network will undergo significant changes including an improvement in Cardanos overall performance and scalability.
What is Vasil Hard Fork Upgrade All About?
The upcoming Vasil Hard Fork is the second major upgrade that Cardano will undergo to improve its overall performance and credibility. According to Cardanos dev and digital writer Sooraj, the new Vasil hard fork mechanism will introduce a CIP 33 protocol which will help lower the transaction size to eliminate the need to pay hefty fees each time a user initiates a blockchain transaction.
Furthermore, the new upgrade will also introduce CIP 31 and CIP 32 update programs that will help decentralized apps access transactional output without recreating them as before. In addition to this, the CIP 32 will assist developers in storing on-chain data which will further move Cardano towards developing a more decentralized infrastructure.
Founded in 2015, Cardano is an open-chain public blockchain built on proof-of-stake mining consensus. The network had earlier incorporated its first major upgrade known as Alonzo Hard Fork in September 2021, which enabled the network to deploy smart contract capabilities and further expand its use cases. The deployment of smart contract capability gave a significant boost to the network, allowing developers to build exclusive DApps and NFT projects on the particular blockchain.
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Cardano Overtakes Ripple To Become The Sixth Biggest Cryptocurrency By Market Cap - Ethereum World News
The State of Web3 – Cryptocurrency Exchange Growth and Trading Volume in 2022 – hackernoon.com
The state of Web3 report assesses the growth, impact, and reach of the worlds best cryptocurrency exchanges. Weve pulled the stats from 58 of the most popular cryptocurrency exchanges to get visibility into the top performers and understand how the general trends are changing in usage and reach. The statistics are pulled from March 2020 through to April 2022 to identify yearly and monthly changes of these major platforms.
Founder of Growth Models
Web3, crypto, NFTs, and DAOs are divisive issues.
Half the world seems to believe this is the future. The other half believe its little more than a scam.
I, obviously, fell into the former camp.
But well never be able to convince the detractors that Web3 is a legitimate development of the web and business unless we make it safer.
Especially because the vast majority of media coverage focuses on the negative news of scams, collapses, and hacks.
Our mission here at DeRev is to help people act with more confidence and with more safety in Web3.
To that end, weve put this report assessing the growth, impact, and reach of the worlds best cryptocurrency exchanges.
Why? First, to identify who are the top performers in the space so you know who youre better off
And second, to understand how cryptocurrency exchanges are changing on a monthly and yearly basis in terms of growth, adoption, and usage. Were zooming out to get a macro image of the industry to help you make more informed decisions and understand if the industry is growing or shrinking as a whole.
This is the state of Web3 report,cryptocurrency exchange edition.
Weve pulled the stats from 58 of the most popular cryptocurrency exchanges to get visibility into the top performers and understand how the general trends are changing in usage and reach.
The statistics were pulled from March 2020 through to April 2022 to identify yearly and monthly changes to these major platforms.
If you dont have the time to read the full report, heres a quick overview of the key learnings.
The 12-month period ending April 2022 when compared to the prior 12-month period saw
Now lets get into the full breakdown of cryptocurrency exchanges.
Unsurprisingly, the total reach of platforms has increased drastically between 2020-2021 and 2021-2022.
In fact, overallcryptocurrency exchangessaw an average 363.47% increase in overall traffic.
A 363.47% increase in overall traffic. We see a similar number when looking at how many of the visitors were unique. The increase of unique visitors increased by 479.70% on average.
The increase of unique visitors increased by 479.70%
However, whats interesting to note is that the unique visitors outpaced the growth of the total visitors in this time period.
Not by much, but it could be the start of a trend.
Unique visitors increased more than total visitors. This shows that there are more people visiting these sites yet not coming back for more than a single visit.
This is most likely thanks to the massive increase in publicity and interest Crypto received during 2021.
The higher occurrence of single visits is likely thanks to the steep learning curve with cryptocurrency exchanges and huge amounts of negative press that deter people from taking action.
If were to look at the average overall percentage of unique visitors, its pretty interesting. If youre growing any similar platform, this is the average rate of returning visitors I would aim to ensure youre hitting the industry benchmark.
In the 2020-2021 period, the average unique visitor rate was 24.85%. In the 2021-2022 period it was slightly higher at 32.8%. Thats an increase of 131.98%.
% of unique visitors increased by 131.98% Lets finally look at overall engagement on the site.
To assess engagement were going to look at the overall time on site and the number of pages a user visits when using the exchange.
By the nature of an exchange, these will be high. People dont jump into one page and achieve all they want to.
Theyll have to find their wallet, check exchange rates, ensure theyve input the right chain to transfer through, and more.
So the visits per session should be quite high.
The average pages per session is consistent with what weve seen so far. Theyre slightly higher in the 2020-2021 period.
Likely because this period had more serious and experienced crypto people who were more interested in using these platforms.
The latter period will have had a lot of people heading to these platforms to check things out thanks to the increased press coverage.
However, many of these wont have much experience or knowledge on what to do or how to use the platforms effectively.
Pages per visit dropped 32.14%. The average time on site for these visitors seems to follow the same trend. Once again, ToS is reduced when you get into the 2021-2022s time period.
We see 2022s time period achieving only 78% of the ToS as the previous time period.
Visit duration dropped 22%. The overall visit duration to cryptocurrency exchange is still very high despite the drop.
One theory we have is that with newer traders coming in, they may not spend as long comparing various assets and prices. In addition, they may not be using agood hardware walletto store their assets.
Anyone who has used a cold wallet will tell you that it slows down any transaction.
Basically, there are more new people who aren't as knowledgeable or as security conscious as longer-term crypto investors.
All in all, we see an obvious trend in cryptocurrency exchanges reach and engagement.
Theres been a huge influx of new users in the crypto world, likely thanks to the huge press the industry has received throughout 2021.
However, the engagement rate of these new users isn't as high as it once was.
This is likely because a good portion of this new traffic is less educated on crypto and is either trying to get into digital currencies or is simply checking out whats available.
Do we think this trend will continue? Yes.
Do we think this is cause for concern? No.
On average, engagement has dropped by ~27%. However, traffic overall has increased by an astounding 363% on average.
Theres still a huge number of highly engaged people coming to cryptocurrency exchanges, and the trends all seem set to continue growing.
Lets quickly look at the top performers in the reviewed crypto exchanges.
Reach is only half the equation when ranking cryptocurrency exchanges.
We also need to look at the trading volume of these exchanges to identify the best performing platforms and understand what changes to reach and engagement do to trading volume.
There has, obviously, been a huge increase in trading volume over the same time period.
Whats really interesting is how the increase is very similar to the increase we see in the increased unique visitor rate.
Across all exchanges surveyed, theres been an average 424.65% increase in trading volume. Very similar to the 479.70% increase in unique visitors.
The traffic data seems to show an increase in overall traffic, but a decrease in return visitors and overall engagement.
Basically indicates more newbie traders who arent as serious about crypto as long-time traders.
As such, I would have expected the trading volume to have experienced less growth than traffic and unique visitors.
However, the increase in unique visitors and trading volume really is quite close.
Trading volume and unique visitors share a close correlation in growth. If we then compare the trading volume against unique users, the average trading value per unique visit is huge.
I say huge because I come from a software marketing background where the average order value is much, much lower.
If I were to pull the stats of recorded Binance users vs. trading volume, its in the 10s or thousands per user.
This metric, because unique visitors wont necessarily sign up for the service, is more conservative.
But on average, the average trading volume per unique visitor to cryptocurrency exchanges fell between the two time periods.
It was $9125.08 in the 2020-2021 time period.
That fell to $8077.92 in the following year. A total loss of around 11.48%.
The average trading volume per unique visitor fell 11.48%. However, once again as the number of unique visitors increased so dramatically, the overall impact is a positive gain for the exchanges.
When comparing trading volume with other metrics like pages per visit and time-on-site, theres no obvious correlation - at least none as strong as the unique visitors to trading volume.
I am surprised by this as I thought the exchanges with higher return traffic would be the ones to see higher trading volume.
Now lets get into specific exchanges and how they perform.
We now have an overview of how the overall cryptocurrency exchange reach has grown. Lets dig in to find the top performers.
There are a few surprises here. If youre already thinning one or two players are miles ahead of the pack, youre right.
The three biggest exchanges in the 2021-2022 period by visitor count areBinance,Coinbase, andeToro.
And when we say theyre ahead, theyre far ahead of the pack.
Binance is by far the leader here.
What I find most interesting here is that the big winners all seem to have very similar stats on one or two key metrics linked to engagement.
Repeat visitors are a key element in assessing the overall user experience and value service offers to a user.
If a site has a very high unique visitor rate, it often means that people check out the site one time and never return.
This indicates the site isnt solving the needs as people never come back.
When assessing cryptocurrency exchanges, I noticed that theres a key difference between the major players and smaller brands.
In particular, we see the same percentage of unique customers regardless of traffic month over month.
For example, if Binance has 100,000,000 users this month with a ~30% unique visitor rate, it means that 70% of their traffic is visitors coming back more than once.
Next month, they might generate 200,000,000 users. However, they still maintain a similar ~30% unique visitor rate. This means that 70% of the extra 100,000,000 are users who come back more than once.
This is similar to all of the big exchanges.
Youll see that traffic fluctuates wildly, but the % of unique visitors stays pretty consistent.
Even with wild traffic swings, the unique visitor % stays relatively constant. Basically, these sites have systems in place to ensure that when someone comes to their site, theres something there to get them to come back multiple times within the same time month.
This tells us that theyre very good at solving their users problems and ensuring they get the service theyre looking for.
Often youll see traffic spike with a lot of new users who never return. Not in these big brands.
Binance maintains a relatively steady 30% state of unique visitors and is the largest by overall traffic.
WhereasCrypto.comhas around 55% uniques. Meaning only 45% of their traffic is return visitors.
In short, this shows me that Binance is likely offering a better service than Crypto.com to their users as the majority of their traffic is from returning visitors.
Pages per visit are also a good indicator of user experience, especially for cryptocurrency exchanges.
Youre very unlikely to find the currency you want to invest in and action the trade by visiting a single page.
Youre going to have to view multiple pages to find the right currency, fund your wallet, and make the exchange.
The average page per visit for cryptocurrency exchanges across all those analyzed for the year is 3.22 per visit.
Which is what youd expect for the majority of people looking to buy a single currency like Bitcoin.
Getting that transaction done on 3 pages is normal.
Exchanges with higher than average pages per visit often have better navigation, leading to people clicking through to more pages.
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Four cryptocurrency cybersecurity risks and how to avoid them Retail Technology Innovation Hub – Retail Technology Innovation Hub
Since exchange rates are highly volatile, cryptocurrency has the potential to yield significant returns for investors. However, since cryptocurrency is a technology-based digital asset, hackers can hack it as with other digital assets.
Moreover, as more people invest in cryptocurrency, it becomes easier for hackers to use various methods to steal sensitive data and crypto assets.
Given that investing comes with a few risks, below are the common cryptocurrency cybersecurity risks and the preventive measures you can take to avoid them.
While cryptocurrency is widely known for its transparency, its also well known for being vulnerable to crypto exchange hacks. Cybercriminals tend to target crypto exchanges because a single data breach could allow them to steal thousands of users assets.
So, when hackers compromise a crypto trading platform, the users could lose their funds due to cyber theft.
Notably, when it comes to the trading platforms that suffered from security breaches, take AscendEX as an example. Its one of the victims of hacking due to a compromised crypto hot wallet with over USD$80 million worth of cryptocurrencies stolen.
With that in mind, security must be your primary consideration when choosing a crypto exchange to minimise the risk of losing your crypto assets.
Choose an industry leading crypto trading platform that utilises advanced security features to protect you from fund and data theft. Itd also be better to choose a trading platform that allows you to download the full report on your tax quickly and easily based on a particular period you select.
Alternatively, you can also consider spreading the cryptocurrencies you buy across multiple crypto exchanges instead of just sticking to one platform to ensure you dont lose all your crypto assets at once.
Phishing is a social engineering attack that cybercriminals use to steal funds and sensitive information like credit card numbers or login credentials of targeted individuals.
This cyber type of cyber-attack happens when a cybercriminal, faking to be a reliable and reputable entity, tricks a victim into clicking an attachment, filling out an online form, or clicking a link. In particular, when it comes to crypto phishing attacks, hackers target crypto wallet private keys.
They send emails to bait their target individuals into clicking a malicious link that drives them to an online form, asking them to put their crypto private key information. Once hackers successfully get the information they need, they can finally get the cryptocurrency in those crypto wallets.
Accordingly, keeping your crypto wallet keys private is the best way to protect yourself from phishing attacks. If its your first time using a crypto wallet app, send only a small amount to confirm the apps authenticity.
You should also do your research before investing, especially if youre uncertain about a particular cryptocurrency.
Crypto-malware is malicious software that cyber criminals install on victims devices. Once theyre successful in doing so to their target individuals, it allows them to mine cryptocurrencies secretly using their victim's computing power.
This type of cybercrime is also known as cryptojacking. As with other malware, cybercriminals usually deliver crypto-malware as an email attachment which may be executable software disguised as documents.
They may even use social engineering tactics to trick their victims into downloading and executing malicious files, similar to phishing attacks. But apart from sending it as an email attachment, hackers may also deploy crypto malware through malvertising or malicious landing pages.
Although its challenging to detect when theres crypto malware in your computer system, there are several preventive measures you can take to protect your crypto assets.
Notably, you should install anti-crypto mining extensions and ad-blockers; use antivirus software that protects your device from any malware attacks, and disable JavaScript to shield your computer against cryptojacking.
Crypto third-party apps refer to applications created by somebody who doesnt manage the trading platform you choose.
Although third-party apps enable you to monitor crypto prices and calculate potential profits, giving them access to your information can pose a potential risk to your security and privacy.
In particular, one of the potential risks that these third-party apps can bring to you is a data breach wherein they may expose your sensitive or protected information to others without your permission.
Whats even worse is that when a third-party app causes a data breach, the effects of this problem can be a permanent issue for your finances.
So, to ensure your security and privacy, refrain from downloading applications that your trading platform doesnt control. Using a VPN can also help mask your legitimate location and protect your personal information online.
Overall, even though cryptocurrency comes with a few risks, you can still do something to protect your assets from those cyber threats by implementing proper preventive measures and being careful with the websites and applications you use.
Itd also be wise to use multi-factor authentication for additional security against potential cyber attacks.
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Four cryptocurrency cybersecurity risks and how to avoid them Retail Technology Innovation Hub - Retail Technology Innovation Hub
Cryptocurrency Bitcoin Cash’s Price Increased More Than 3% Within 24 hours – Benzinga – Benzinga
Bitcoin Cash's BCH/USD price has increased 3.44% over the past 24 hours to $196.52. Over the past week, BCH has experienced an uptick of over 3.0%, moving from $191.4 to its current price. As it stands right now, the coin's all-time high is $3,785.82.
The chart below compares the price movement and volatility for Bitcoin Cash 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 increased 10.0% over the past week while the overall circulating supply of the coin has increased 0.59% to over 19.08 million which makes up an estimated 90.85% of its max supply, which is 21.00 million. The current market cap ranking for BCH is #24 at $3.75 billion.
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Cryptocurrency Bitcoin Cash's Price Increased More Than 3% Within 24 hours - Benzinga - Benzinga
Cryptocurrency NEAR Protocol’s Price Increased More Than 8% Within 24 hours – Benzinga – Benzinga
Over the past 24 hours, NEAR Protocol's NEAR/USD price rose 8.92% to $5.96. This continues its positive trend over the past week where it has experienced a 7.0% gain, moving from $5.65 to its current price. As it stands right now, the coin's all-time high is $20.44.
The chart below compares the price movement and volatility for NEAR Protocol 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 climbed 50.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.19%. This brings the circulating supply to 701.68 million, which makes up an estimated 70.17% of its max supply of 1.00 billion. According to our data, the current market cap ranking for NEAR is #22 at $4.18 billion.
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Cryptocurrency NEAR Protocol's Price Increased More Than 8% Within 24 hours - Benzinga - Benzinga