Category Archives: Cryptocurrency
Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report – Yahoo Finance
Bitcoin illustrationGetty Images
The Fed said 46% of American adults who used crypto as an investment last year had annual income of $100,000 or more.
Meanwhile, 29% of crypto investors had incomes of $50,000 or less, according to the Economic Well-Being of US Households in 2021 report.
Overall, 11% held crypto as an investment, 2% used it to buy something, and 1% used it to send money to friends or family.
Close to half of US cryptocurrency investors in the US last year had high incomes, the Federal Reserve said in a report Monday.
According to the report on the Economic Well-Being of US Households in 2021, said 46% of American adults who used cryptocurrencies only as an investment made $100,000 or more annually, while 29% of investors had an income of $50,000 or less. The Fed's prior report didn't include data on crypto usage.
Overall, 11% of US adults held crypto as an investment, while 2% used it to buy somethingand 1% used it to send money to friends or family.
The findings coincide with last year's massive crypto rally, which saw bitcoin soar as high as $69,000. But the sector has been slammed this year amid a sell-off in risk assets overall.
While investors made up a larger share of crypto users, the Fed reported that roughly 60% of those using cryptos for payments made less than $50,000 annually, compared to 24% for those making $100,000 or more.
And those using cryptos for payments were less likely to have access to mainstream financial tools: 13% of these users did not have traditional bank accounts and 27% lacked credit cards.
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Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report - Yahoo Finance
Crypto Crash Update 5/24: Top cryptocurrencies fall again; Bitcoin, Ethereum, Solana, Cardano in the RED – The Financial Express
Crypto Crash News and Top Cryptocurrency Prices Today: The global crypto market cap has crashed again to $1.26 trillion, a day after showing some signs of recovery. For the last several days, crypto market cap has been stuck in the $1.24-$1.31 trillion range, indicating the struggle to break beyond this barrier.
On Monday, the global crypto market cap had jumped to $1.31 trillion, rising 3.66% over the last day, as several top crypto prices also witnessed upward movements. However, Mondays crypto gains have vanished over the night, data on CoinMarketCap at the time of writing (May 24, 7.30 am) shows.
The global cryptocurrency market volume over the last 24 hours increased 37.22 percent to $84 billion. The total volume in DeFi was $9.62 billion, which is 11.46% of the total crypto market 24-hour volume. Stable coins volume was $73.70 billion, which is 87.74% of the total crypto market 24-hour volume.
Bitcoin price fell below $30,000 again, decreasing by over 3 percent in the last 24 hours. Meanwhile, Bitcoins dominance as top crypto asset also decreased by 0.36% to 44.22% over the day. Overall Bitcoin price has decreased by 2.44% in the last 7 days. At the time of writing, Bitcoin price was $29,227.
The crypto market struggled to stay in the green as sellers dominated the market to open the week. Tether has paid $10 billion in withdrawals since the crypto market which indicates large-scale liquidations across the crypto market by the investors to recalibrate their portfolio, Shivam Thakral, CEO, BuyUcoin, said.
The crypto market is expected to stay in a bear phase for some time and most the investors will stay in a wait and watch mode, he added.
Edul Patel Co-Founder and CEO of Mudrex, said, Bitcoin and other cryptocurrencies rallied on Monday after a well-known fashion brand Balenciaga announced to accept crypto payments but fell later in the day. BTC is currently trading at US$29,200, which is the lowest since January 2021. It is likely that BTC may break below the current level testing its support once again.
Since April, BTC has been on a bearish consolidation due to several macroeconomic factors and Terras collapse adding to it. It seems like investors and institutions have paused and are a little hesitant to return to the market, Patel added.
Several top crypto prices have dropped in the last 24 hours. Take a look:
Ethereum (ETH): Ethereum price decreased by 2.17% as it once again dropped below the $2000 mark to $1985 in the last 24 hours. In the last 7 days, ETH price has decreased by 2.50%. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance Chain coins price increased by 1.89% to $325 in the last 24 hours. In the last 7 days, BNB price has increased by 8.26%. It is currently ranked as fourth biggest crypto asset in terms of market capitalisation.
XRP: XRP coins price decreased by 2.33% to $0.4106 in the last 24 hours. In the last 7 days, XRP price has decreased by 4.38%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
ALSO READ | Will crypto rise again in 2022 after crash?
Solana (SOL): Solana price decreased by 4.66 to $49.71 in the last 24 hours. In the last 7 days, SOL price has decreased by 9.06%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano tokens price decreased by 4.07% to $0.5171 In the last 24 hours. In the last 7 days, ADA price has decreased by 8.02%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoins (DOGE) price decreased by 1.9% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08397.
Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) decreased by 0.34% and 5.93 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic) price decreased by 3.27% to $0.6463 in the last 24 hours. It is currently ranked 17th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
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Crypto Crash Update 5/24: Top cryptocurrencies fall again; Bitcoin, Ethereum, Solana, Cardano in the RED - The Financial Express
This is how you can get started with cryptocurrency in Toronto – blogTO
The concept of digital currency might bedaunting, but a Toronto-based crypto company is creatinga new app to empower people to easily manage their digital currency portfolio.
Since 2014, Coinsquare has been Canada's homeplatform for buying and trading digital assets, such as Bitcoin and Ethereum.
The company is rebranding in 2022 by merging theold Coinsquare and newer technology of their QuickTrade appinto one platformwhere people can make investments fast and efficiently.
The app will have an entirely newlayout, includingbetter features that will allow users to withdrawe-transfersfree ofcharge and get access to more than 820 trading pairs.
If you're dipping your toes into the crypto world for the first time, you can rely on the live chat support available 24/7 on the app, any questions you have will be answered by professionals.
When you start your digital currency journey with Coinsquare, rest assured that your assets are stored with regulated third-party custodians and are not used to settle trades with external partners.
With 40 digital currencies to choose from and the ability to trade directly between any two with a low minimum order size,Coinsquare gives you the ability to manage your portfolio at any scale.
If you're an everyday person looking to explorecryptocurrencies, check out Coinsquare's website to learn more about their newest trading platform.
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This is how you can get started with cryptocurrency in Toronto - blogTO
Cryptocurrency: Which is the most stable and why? – Marca English
Cryptocurrency is an umbrella term that refers to digital currencies built on the blockchain. Cryptocurrencies have grown in popularity among the general public due to their ability to be traded for potentially lucrative returns.
Furthermore, many cryptocurrencies include powerful utility features such as smart contracts, cross-platform interoperability, and lightning-fast transaction speeds.
However, some aspects of cryptocurrency, such as its relatively high volatility and unpredictability, can elicit a cautious and measured response from existing and potential investors alike.
There are also cryptocurrencies whose value fluctuates infrequently and are known for their stability when compared to others such as Bitcoin, Ethereum, and others. These coins are known as 'StableCoins.'
This list of the most stable cryptocurrencies is sorted by market cap because it is regarded as a true indicator of the value and worth of stablecoins because the majority of them are pegged to the USD with a value of one.
Tether
Tether (USDT) is one of the crypto market's oldest stablecoins. It was first introduced in 2014. Tether is also the fourth most valuable cryptocurrency in terms of market capitalization, as well as one of the most stable cryptocurrencies.
USD Coin
USD Coin (USDC) is also pegged one to one to the USD. It was launched in 2018 and is managed by Circle and Coinbase through the Centre Consortium, which they co-founded.
Binance USD
Binance USD (BUSD) is a stablecoin offered by Binance, the world's largest crypto exchange. The New York State Department of Financial Services has approved the use of BUSD (NYDFS).
TerraUSD
TerraUSD (UST) is a stablecoin that Terra provides. It is intended to track the value of one US dollar, so it is pegged at one to one. TerraUSD is the 31st most valuable cryptocurrency in terms of market capitalization.
Dai
Dai (DAI) is a stablecoin that differs from the others on the list. Dai is backed by ether tokens and is pegged to the USD. Dai was introduced by MakerDAO in 2015 and is the 36th most valuable cryptocurrency by market cap.
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Cryptocurrency: Which is the most stable and why? - Marca English
This Elon Musk deepfake is scamming people out of their cryptocurrency – TweakTown
Yet another cryptocurrency scam has surfaced, this time utilizing deep-fakes and Elon Musk's likeness to do the trick.
The deep faked video shows Elon Musk on the set of a TED talk originally from April 15, 2022 where he discusses Twitter, Tesla, and more. The video, titled "I Have Made $8K in 1 month via a new Trading Bot | BitVex Release", has Musk supposedly announcing a new cryptocurrency trading platform named BitVex, promising 30% returns.
Newly created YouTube channels and hacked existing ones have recently uploaded deep-faked videos of other notable people in the cryptocurrency space apparently endorsing BitVex. These include the CEO of Binance, Changpeng Zhao, the CEO of Ark Invest, Cathie Wood, and others.
Upon creating an account on the Bitvex website, users are presented with a dashboard where they can deposit different cryptocurrencies and select supposed "investment plans" or make withdrawals. However, the withdrawals are fake and appear to be randomly generated with JavaScript. So far, only $1,700 worth of cryptocurrency has been deposited by unfortunate victims of the scam.
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This Elon Musk deepfake is scamming people out of their cryptocurrency - TweakTown
Whether Bitcoin will go back up and what experts predict after price crash – iNews
Bitcoins price remains stuck at around $30,000 (about 24,000) after crashing at the beginning of May.
The worlds largest cryptocurrency is currently valued at $29,300. Over the last week it has displayed a pattern of climbing back over $30,000 before dipping below that figure again.
It spent the majority of 2022 hovering between $35,000 and $45,000, reaching a high of around $47,500 at the end of March.
Its current price is well under half the record level of $68,000 it reached back in November 2021.
Heres what experts are predicting for Bitcoin going forward.
Investors appear to be moving away from cryptocurrency and towards less risky investments in the face of global inflation.
Crypto has been hurt further by a sharp drop in US stock prices.
Analysts at crypto exchange Bitfinex said: Spiralling levels of inflation have left global financial markets staring into the abyss as the prospect of a global recession looms large.
This is leaving all assets that have benefited from more than a decade of accommodative monetary policy from central banks vulnerable to a correction as interest rates rise.
Morgan Stanley says the interest of institutional investors in cryptocurrency makes it more sensitive to changing interest rates, and makes it behave more like the traditional stock market.
Retail investors are no longer the dominant crypto trader. The largest proportion of daily crypto trading volumes is from crypto institutions, much of which comes from them trading with each other. For example exchanges, custodians, and crypto funds, the company wrote in a note.
Retail traders were dominant around four years ago, when Bitcoin traded below $10k. We think the increased involvement of institutions, which are sensitive to availability of capital and therefore interest rates, has contributed in part to the high correlation between Bitcoin and equities.
Bitcoin and other cryptocurrencies have also felt a knock-on effect from the collapse of Luna, the so-called stablecoin that saw its value plummet from over $100 to a fraction of a cent.
As ever with cryptocurrency, the future is uncertain. One factor that could provide hope to crypto investors is that big players are starting to join the party.
On Wall Street, JPMorgan Chase, Morgan Stanley and Goldman Sachs are among the firms that now have dedicated cryptocurrency teams. Meanwhile, mainstream hedge funds, managed by the likes of Alan Howard and Paul Tudor Jones, are pouring billions into digital currencies.
Paul Veradittakit, partner at digital asset manager Pantera Capital, told Bloomberg: Compared to 2018, there are more institutional investors with exposure to crypto and most see this as a buying opportunity.
Kate Rouch, chief marketing officer at Coinbase, is bullish about cryptos future.
Volatility is painful, and can be scary, she wrote in a blog post. Nobody likes to lose money in the short term whether in crypto, or the stock market more broadly.
That said, volatility is also natural for emerging technological breakthroughs like crypto.
At Coinbase, were inspired by the long-term view and the spirit of those who continue to keep innovating no matter the external environment.
Noelle Acheson and Konrad Laesser of Genesis Global Trading wrote in a note on Friday: Bitcoin is likely to hover around $29,000 to $31,000 for the next couple of weeks.
Michael Saylor, chief executive of Microstrategy, has predicted Bitcoin will eventually go into the millions.
He toldYahoo Finance: Theres no price target. I expect well be buying Bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So were very patient. We think its the future of money.
People invest at their own risk and cryptocurrencies are not regulated by British financial authorities.
All crypto investments are risky, but meme coins like Shiba Inu are particularly volatile, and you should be prepared to lose everything you invest.
The Financial Conduct Authority (FCA) warned in January: Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors money.
If consumers invest in these types of product, they should be prepared to lose all their money.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, has previously explained the risks to i.
She said: On top of being extremely volatile, most cryptocurrencies are unregulated, which not only adds another layer of uncertainty but also means that investors have little or no protection against fraud.
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Whether Bitcoin will go back up and what experts predict after price crash - iNews
In-Depth: What does it mean to mine cryptocurrency, and can you do it in San Diego? – ABC 10 News San Diego KGTV
SAN DIEGO (KGTV) From his home office in North County, David Berry launched an experiment.
He bought a new laptop, watched a few YouTube videos, and then set off on his first attempt at mining a cryptocurrency. The married new father wanted to see if he could learn the technical skills needed to mine, and perhaps make a little side money in the process.
Its always something you hear about, but I didnt understand what the process entailed from a technical standpoint, he said. It was way easier than I actually thought it would be.
As of this week, cryptocurrencies held more value than the economies of most countries, ranking 15th by GDP, just ahead of Mexico, according to CoinMarketCap.com. As interest in the digital currencies has exploded over the last few years, so too has interest in mining.
To explain what mining is, Polyswarm CEO Steve Bassi likes to make an analogy. I'm assuming you went and bought coffee this morning, right?
When you buy coffee with a credit or debit card, Visa or Mastercard charges the seller a small transaction fee. That fee incentivizes the Visas of the world to continue the job of processing transactions.
Instead of giving that fee to Visa or Mastercard, in the world of cryptocurrencies, the network transaction fee gets doled out to miners, Bassi explained.
Miners are computers that use math to process financial transactions between parties and verify them as legit. The technology that makes all the person-to-person transactions public is called a blockchain. A blockchain is just a huge record of money changing hands, similar to a bank statement, but the ledger is open for everyone to see.
The unit of money changing hands on a given blockchain is the cryptocurrency, such as Bitcoin or Ethereum.
Mining in cryptocurrency and blockchain is that incentive to continue operating the blockchain. It's that incentive for all these computers out there that run Bitcoin or Ethereum software to actually keep this ledger both trustworthy and moving forward, meaning accepting transactions, Bassi said.
The point of all this technology is to allow money to change hands without a centralized bank, and unlock new ways of doing business. Polyswarm has a blockchain dedicated to cybersecurity. Its platform allows businesses to turn their anti-virus protection over to a swarm of IT professionals around the world.
Keeping all these blockchains afloat takes a lot of computer power, so people who mine get rewarded based on how much processing muscle they bring to the network.
Using a standard-issue Macbook Pro laptop, Berry provided relatively little processing power to the Ethereum network. Ive made maybe a little over $1 mining, he said. Its really not been about the money. Its been more about trying to figure out what this process is and learn a little bit more about cryptocurrency in general.
Berry estimates he collected $0.01 to $0.02 per hour of computer time. Even in a solar-powered home, he says the cost of electricity in Southern California makes small-scale mining largely unprofitable.
In wake of crash, cryptocurrency regulation focus heightens – TechTarget
Experts are expecting regulatory scrutiny to increase around the cryptocurrency market following the recent crash of a multibillion-dollar stablecoin, and one analyst said regulation can't come soon enough.
Cryptocurrency is an encrypted digital currency that operates without a bank or federal government to uphold its value. Bitcoin is an example of cryptocurrency, and its value isn't tied to any outside assets, making it more volatile. A stablecoin, however, is a type of cryptocurrency that attempts to maintain value tied to outside assets such as the U.S. dollar and is used to facilitate the trade of other cryptocurrencies.
Last week, the stablecoin known as TerraUSD, which is considered an algorithmic stablecoin with a value matching the U.S. dollar, fell below the U.S. dollar, causing investors to lose confidence in the digital currency and resulting in the loss of billions of dollars.
And that's likely just the beginning of the fallout to be seen from the TerraUSD crash, said James Harris, commercial director of CryptoCompare, a global cryptocurrency market data provider.
"A $40 billion ecosystem falling out, there's going to be more things that will emerge," Harris said during a webinar Thursday on cryptocurrencies hosted by London-based data analytics firm GlobalData Plc.
Regulating cryptocurrency has been a topic of debate at the federal level, with U.S. Treasury Secretary Janet Yellen noting the risks that the unregulated cryptocurrency market poses to financial stability during a Senate Banking Committee hearing May 10.
Along with the financial risk, GlobalData senior analyst Nicklas Nilsson said during the webinar that there are plenty of other reasons the cryptocurrency market needs oversight.
Cryptocurrency needs regulation due to risks such as ransomware attacks, market manipulation, scams and many other activities that are harmful to businesses and consumers, Nilsson said. Though there have been multiple Congressional hearings on the topic, the U.S. has yet to adopt a framework for cryptocurrency regulation.
President Joe Biden's Working Group on Financial Markets issued a report in November asking Congressional leaders to establish a federal framework for stablecoins, as well as require stablecoin issuers to be insured financial institutions to protect stablecoin users and investors. Loss of investor confidence in the TerraUSD stablecoin is what contributed to the recent crash.
Meanwhile, U.S. Senate Banking Committee Ranking Member Pat Toomey, R-Penn., proposed legislation in April to establish a new regulatory framework for stablecoins.
Toomey said his legislation "will allow this crypto-innovation to continue flourishing while protecting consumers and minimizing potential risks from stablecoins to the financial system."
This is hindering the progress of healthy regulation. Nicklas NilssonSenior analyst, GlobalData Plc
While regulation is moving slowly in the U.S, other countries are moving fast on cryptocurrency regulation.
South Korea, for example, began cryptocurrency regulation that brought the number of available cryptocurrencies down from around 60 to five. The regulation reduced less-established, less serious cryptocurrency vendors -- an issue that poses a challenge in the U.S. with the vast number of unreliable cryptocurrencies available, Nilsson said.
Nilsson said the problem with U.S. cryptocurrency regulation is that policymakers are "looking at what crypto might be in the future rather than regulating the space for what it is now and updating the rules as we go along."
"This is hindering the progress of healthy regulation," he said during the webinar.
Makenzie Holland is a news writer covering big tech and federal regulation. Prior to joining TechTarget, she was a general reporter for theWilmington StarNewsand a crime and education reporter at theWabash Plain Dealer.
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In wake of crash, cryptocurrency regulation focus heightens - TechTarget
Explainer: Cryptocurrency And How It Works – i24NEWS
El Salvador became the first country to designate cryptocurrency as legal tender - but what is crypto?
Earlier this year, El Salvador announced plans to create a smart city based fully on the use of Bitcoin - the world's first cryptocurrency city.
As the country also becomes the first to designate Bitcoin as legal tender, many are left wondering: What is cryptocurrency, and how does it work?
The basics
Cryptocurrency is any form of currency that exists digitally, using cryptography - a technique to secure each unit, ensuring it cant be copied. Its also decentralized, meaning it can circulate without the need for a central authority, such as a bank, unlike most standardized currencies like the US dollar or the Israeli shekel.
Decentralized currency aims to eliminate the middlemen from transactions, where no one owns the data and everyone owns the data. Additionally, as the number of members of the network increase, so does the security, as the information is spread out among more people.
In a centralized system, there is a single point of failure, where that is not the case in a decentralized system.
Nobody is in charge, it is run by the people who use it.
The most well-known cryptocurrency - crypto for short - is Bitcoin, the first one developed that changed the way people thought about money. However, Bitcoin isnt the only form of crypto. There are thousands of different cryptocurrencies available today.
One cryptocurrency is Ethereum, better for carrying out complex transactions such as buying NFTs - non-fungible tokens that are anything digital, such as artwork, songs, or even social media posts. Non-fungible simply means it can not be substituted for anything else. For example, while one bitcoin could be exchanged for another bitcoin and no value would be lost or added, an NFT is unique in all properties.
Blockchains and mining
Bitcoin, and several other forms of cryptocurrency, exist on a blockchain, a system of recording information on the decentralized system. What makes Bitcoin possible compared to other attempts to start digital currency is that a blockchain makes the information difficult or impossible to change or hack.
As new data comes in, it is entered into a fresh block which is then "chained" onto the previous block. This means the data is chained together in chronological order. Transactions are permanently recorded and viewable to anyone.
A blockchain guarantees the security of the data, allowing for trust in the decentralized system. All blocks on the chain can be viewed by the public, allowing people who do not necessarily trust each other to do business. Each member in the network has a copy of the exact same data.
Most cryptocurrencies, including Bitcoin, are created through a process known as "mining," an energy-intensive process that uses sophisticated hardware that solves a complex computational math problem.
The mining process is painstaking, costly, environmentally impactful and rarely rewarding. Other forms of creating cryptocurrency exist and many have a significantly lighter environmental impact.
Volatility
Crypto is a rapidly growing market that comes with downsides - including incredible volatility. Elon Musk notably first rose the value of Dogecoin by 20 percent by tweeting One word: Doge in early 2021. He has continued to manipulate the value of the once joke cryptocurrency through his fanbase.
Value can fluctuate rapidly, and while influencers and media hype can cause a rise, it can also cause a rapid fall. Bitcoin has its value determined by supply and demand. Because of the finite supply of Bitcoin governed by software, when demand goes up, so do prices.
The 2021 volatility average - measuring how much the price fluctuated on average - for Bitcoin was at 4.56 percent, slightly better than the 2020 average of 5.17 percent.
Buying crypto
There are many ways to buy cryptocurrency, with the most accessible being a centralized exchange. These exchanges sell the currency at market rates and allow the seller to make money through fees on various aspects of the service. Several online brokers offer access to cryptocurrencies as well as stocks.
Once someone owns the currency, aperson has the choice to leave the crypto on the wallet attached to the exchange or move it to a hot or cold wallet.
A hot wallet is connected to the internet, while more convenient, is at a higher risk of theft. A cold wallet isn't connected to the internet, making them more secure, but if you lose it, it's gone forever.
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Explainer: Cryptocurrency And How It Works - i24NEWS
Top Cryptocurrency News Today: The biggest moves in bitcoin, NFTs, crypto rules and more – Moneycontrol
This crypto winter will be long, cold and harsh
Bitcoin and other cryptocurrency assets are notoriously volatile, routinely suffering large drops of 50 percent or more. This doesnt seem to bother the diehard believers in crypto too much, who have become used to declines of this magnitude. They simply use the decline to buy more. Even so, there are still a lot of people in the space who remember "crypto winter", the period between early 2018 and mid-2020 when prices went down and stayed down, and much of the innovation in crypto came to a halt. So, the question is: What do we make of the recent gyrations in the space, with the Bloomberg Galaxy Crypto Index down some 60 percent from its peak in early November? Does this mark the beginning of a new, long winter after a short spring or is it just a pause that refreshes?Read more here.