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Justin Sun says China trying crypto means legalization is coming

admin · January 31, 2023 ·

Justin Sun, author of the TRON network and lately verified ‘ leader ’ of the Huobi cryptocurrency exchange, said in a twitter thread on Sunday that he believes China will soon loosen restrictions on crypto.

“ China has taken a big step towards cryptocurrency regulation with the perpetration of a duty on crypto deals, ” Sun wrote. “ The duty on crypto deals is a clear suggestion that the Chinese government views cryptocurrencies as a licit form of wealth and wants to insure its proper taxation.

” Sun was responding to a report published by Chinese technology intelligencer Colin Wu onJan. 25 which revealed that Chinese duty authorities had been conducting examinations into the earnings of ‘ crypto jumbos ’ to stretch their income. Wu quoted an anonymous Goliath who told him that “ since the morning of 2022, a original duty department asked for an inspection of its particular income duty. There are numerous people and a detailed list of the jumbos that have been audited. ”

Wu also said that the inspection process of the large crypto investors is still ongoing, but they’re looking to apply the introductory Chinese income duty rate to their earnings. “ The duty rate of property transfer income in particular income duty is 20 of particular profit/ income, in the above specific cases, it should be 20 of the income from the fund.”

Sun said this new engagement by duty authorities should boost cryptocurrency relinquishment in China “ as it provides a clear nonsupervisory frame for individualities and businesses, ” and that he expects “ that the government will further regulate the crypto assiduity, furnishing farther legality and stability. ”

Sun also said that TRON and Huobi have done a great deal to support “ the growth and development of blockchain technology in China. ”

Cryptocurrencies have been illegal in China since 2021, so Sun’s commentary were precisely articulated to take credit for “ blockchain technology ” while avoiding blame for any ongoing crypto trading.

Wu responded to Sun’s reflections by pressing another of his findings.

Sun answered back snappily. “ presently Huobi is grounded in Seychelles and operates in Caribbeans, ” he said. “ Huobi does not partake any customer information to duty authorities unless it follows transnational judicial backing procedure. ”

Wu also advised request actors against espousing the most auspicious view of his report. “ Some have taken this to mean that the Chinese government may fete the legality of cryptocurrencies, but the reality is easily more complex, with duty authorities and fiscal authorities having differing views, ” he wrote.

Different departments of the Chinese government have transferred contending signals in recent months. In September, China’s central bank celebrated the success of their crackdown on crypto, which drove the country’s chance of global Bitcoin deals from 90 in 2017 to lower than 10 in March of 2022. And onDec. 10, the Public Security Bureau blazoned the arrest of 63 people indicted of laundering 12 billion yuan($1.7 billion) using cryptocurrency.

On the other hand, the government has shown far more openness to feting other forms of digital means. OnDec. 29, China blazoned the launch of the China Digital Asset Trading Platform, the first fairly biddable secondary trading platform for digital means across the country.

The new platform represents significant buy- in from several major government departments, including the state- possessed China Technology Exchange and China Cultural Bones Exchange Center, the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of lores and the Beijing Municipal People’s Government.

Meanwhile, the government continues to expand the rollout of their own central bank digital currency( CBDC), the digital yuan, which now involves 26 large metropolises and5.6 million merchandisers across China.

Crypto Market Starts Sideways, Where Are Crypto Bitcoin and Ethereum Going?

admin · January 22, 2023 ·

After a long rally in the past week, the crypto or Bitcoin market has shown sideways and tends to weaken. BTC has now sunk below its psychological level of USD 21,000 and is trading at around USD 20,949.

Seeing the crypto winter conditions that have not yet shown warmth, Tokocrypto Public Relations, Bianda Ludwianto said that the crypto market, especially Bitcoin, will still have corrections in 2023.

“Projections until early 2023, bearish market conditions, BTC prices could be between USD 15,000 to USD 21,000. Meanwhile, Ethereum will remain sideways at a price of USD 1,400 to USD 1,600,” he told Liputan6.com, Saturday (21/1/2023).

It is projected that BTC’s lowest correction could reach around USD 13,000 or 80% of its ATH position in November 2021.

Meanwhile, the highest price is likely to be a bull run touching USD 29,000-USD 30,000. Meanwhile, ETH might have a bull run, reaching a price of USD 1,800-USD 2,000.

There are several factors that cause the crypto market or Bitcoin price to fall. The first is that the global crypto industry ecosystem is showing the level of concern is rising again.

“Crypto exchange, Bitzlato was closed by the authorities in the US due to allegations of processing illegal funds and added to the news that Genesis Global Capital was reported bankrupt also raised concerns among crypto investors. As a result, investors are again choosing a wait and see attitude,” said Bianda.

The next factor is the poor performance of the US stock indexes caused by the CPI hype having subsided. Crypto prices are still highly correlated with the Dow and S&P 500.

For your information, macro and crypto markets rallied after the better-than-expected CPI report, but concerns about the health of the US and global economy continue to impact both sectors.

Technical Analysis

From a technical analysis point of view, Bitcoin failed to break higher at the USD 21,500 resistance level, so there was another draw.

Investors are starting to be pessimistic that there will be a bull run and choose to exit short positions, due to sentiment from the bad news circulating.

“Bitcoin’s chart can be seen from the decline in the Relative Strength Index (RSI) which touched below the 50 level and shows an overbought signal. If the RSI signal is below 50, the BTC price is projected to be corrected again,” he said.

At the same time, Bianda observes that the crypto market is often overbought. Where when the asset price has reached a long rally, it will experience a slight correction and there is a possibility of a bull run.

The RSI remains in deeply overbought territory, indicating a possible consolidation or correction in the short time.

“Support levels now on the downside are the psychological USD 20,000 level and then the retracement level at USD 19,489. It has not been determined exactly what price will be Bitcoin’s new bottom level for this year,” he added.

Cardano Flips Dogecoin, BNB Turns USDC With Crypto Assist Rally

admin · January 12, 2023 ·

Binance Coin or called BNB is again in the top four cryptocurrencies by market grade after flipping famous constant coin USDC this week.

BNB has fly high 13% so far in 2023 to urge its capitalization to almost $45.5 billion, which is its most high point in one month. 

On the other hand, USDC now brags $43.8 billion in circulating stock, nearly $800 million below its capitalization earlier this year, which then give room for BNB to move forward on its leaderboard post during its recent rally.

All this happening while stable coin dominance backs down. Stablecoins completely made up nearly 19% of all around crypto market early this November, a record high set as FTX burst out. That digit is now went down to 16%, per The TIE, a 14 percentage point drop. 

Broad knock analysis would recommend traders in droves to dollar-pegged assets like USDC, moor (USDT) and Binance’s own branded tribute, BUSD, as markets turned quite sour last quarter. 

Now that markets seem occupied for a restoration rally, they’ve since back stacked into other tokens — increasing rates and market caps whilst decrescent stablecoin dominance. 

Crypto has attached 8% to its mutual capitalization so far this year, reflecting $65 billion in advance. 

Circle states that between Dec. 29 and Jan. 5, the firm compensated $4.2 billion in USDC for cash while issuing $3.6 billion in fresh tokens, shoving its redeem-to-issuance ratio at 7:6.

BNB’s elasticity is necessary considering the loudness surrounding Binance’s alternatives, rules strife and BUSD’s backing. But Binance itself closed off the year with 80% market share comparative to 11 competitors, based from Kaiko, gaining ground in the rise of FTX’s demise.

BNB sideways, Ether rally could really increase crypto markets

Still, other highest cryptocurrencies are doing excellent this year. Bitcoin (BTC) and ether (ETH) were up 5.5% and 12% year to date, successively as of 7:00 am, ET. Polygon (MATIC) and polkadot (DOT) have both stated almost to 14% returns.

However, most analysts are watching ether quite close. Research unit BitOoda currently highlighted ETH’s outperformance related to bitcoin, pointing that any possibility bull run in bitcoin “will hesitately effecting ETH if this out-performance goes on.”

“ETH breakout is a good head indicator for crypto bullishness and could alert a bull run in the next two weeks,” BitOoda said.

Archblock Try to Bring The US Bank’s to DeFi; Bitcoin and Ether Stuck

admin · January 8, 2023 ·

Archblock, a main developer of unsecured lending protocol TrueFi, currently working with Adapt3r, a branch of MJL Capital, alternative asset manager , to bring regulated community banks in US to decentralized finance (DeFi).

  • According to Archblock’s press release, the two firms plan on focus at expanding access to lower the cost of capital and on-chain credit products for traditional financial institutions.
  • The founder and chief investment, Marcus Leanos, said to CoinDesk, “We have several banks in our chain with assets start from $500 million to $5 billion and have a history of conservatively originating loans.”
  • The news comes at a crucial time, with undercollateralized lending protocols wrestling with loan congenital across the board. DeFi guaranteed a way to make the lending without collateral to be more transparent also less risky for the investors, but for risk-taking crypto trading firms the loans that ends up being bankrupt have led to not good debt piling on protocols such as TrueFi and Maple.

Token Round Up

The Central Bank of Brazil has given Payment Institution License to Crypto.com, the crypto exchange said on Thursday. This license allowing the company to continue the offering regulated fiat wallet services in the country, as we know where the Crypto.com Visa card has been available since 2021. “Brazil and the whole Latin America market is an important region in the pursuit of our vision of cryptocurrency in every wallet that exists,” says the Crypto.com‘s CEO Kris Marszalek.

Bitcoin (BTC): The largest crypto currency by market value down fell 1.9% over this 24 hours, equally with equity markets. Nasdaq Composite, the tech-heavy, have close down 3.2%. The S&P 500 slid 2.5% and the Dow Jones Industrial Average go down 2.3%.

Ether (ETH): The second in line crypto currency sliding around 2.8% to $1,272 as of publication time. As Blocknative, The Web3 infrastructure company, has become one of Ethereum’s biggest block builders, raising $15 million in a Series A-1 round, led by Blockchain Capital, Foundry Group, Rho, IOSG Ventures, Robot Ventures, Fenbushi Capital, HackVC, Industry Ventures and others. The financing will speeding up Blocknative’s ideas in the block-building market in the Ethereum ecosystem.

Bitcoin Has Finish the Roller-Coaster Week Near Where It First Appeared

One exegesis from Federal Reserve Chair Jerome Powell’s said this week is, he understand the current progress in brings down inflation, substance increases in unemployment probably still be important medicine to stabilizing the consumer prices that were rise early this year at their most fast pace in four decades.

The reality could have started to set in on Thursday as prices for bitcoin and Etherium moderated following the Wednesday’s gains. Although the increase in rates going slower, it seems the markets were caught off guard by Powell’s hawkish comments about the need to pressing forward, well into 2023.

So what about the latest Fed information dispose playing in crypto markets? The sentiment for digital assets can be measured by observing BTC and ETH’s respective funding rates. Bitcoin’s funding rate currently goint into negative territory, reflecting a swipe to bearish sentiment. A see thorough the last month show us that funding rates have jumping back and forth, not suprising given the unstable around BTC prices.

What is cryptocurrency and how does it work?

admin · January 5, 2023 ·

Cryptocurrency – meaning and definition

Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.

What is cryptocurrency?

Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.

Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide security and safety.

The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.

How does cryptocurrency work?

Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.

Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.

If you own cryptocurrency, you don’t own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.

Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology.

Cryptocurrency examples

There are thousands of cryptocurrencies. Some of the best known include:

Bitcoin:

Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded. The currency was developed by Satoshi Nakamoto – widely believed to be a pseudonym for an individual or group of people whose precise identity remains unknown.

Ethereum:

Developed in 2015, Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum. It is the most popular cryptocurrency after Bitcoin.

Litecoin:

This currency is most similar to bitcoin but has moved more quickly to develop new innovations, including faster payments and processes to allow more transactions.

Ripple:

Ripple is a distributed ledger system that was founded in 2012. Ripple can be used to track different kinds of transactions, not just cryptocurrency. The company behind it has worked with various banks and financial institutions.

Non-Bitcoin cryptocurrencies are collectively known as “altcoins” to distinguish them from the original.

How to buy cryptocurrency

You may be wondering how to buy cryptocurrency safely. There are typically three steps involved. These are:

Step 1: Choosing a platform

The first step is deciding which platform to use. Generally, you can choose between a traditional broker or dedicated cryptocurrency exchange:

  • Traditional brokers. These are online brokers who offer ways to buy and sell cryptocurrency, as well as other financial assets like stocks, bonds, and ETFs. These platforms tend to offer lower trading costs but fewer crypto features.
  • Cryptocurrency exchanges. There are many cryptocurrency exchanges to choose from, each offering different cryptocurrencies, wallet storage, interest-bearing account options, and more. Many exchanges charge asset-based fees.

When comparing different platforms, consider which cryptocurrencies are on offer, what fees they charge, their security features, storage and withdrawal options, and any educational resources.

Step 2: Funding your account

Once you have chosen your platform, the next step is to fund your account so you can begin trading. Most crypto exchanges allow users to purchase crypto using fiat (i.e., government-issued) currencies such as the US Dollar, the British Pound, or the Euro using their debit or credit cards – although this varies by platform.

Crypto purchases with credit cards are considered risky, and some exchanges don’t support them. Some credit card companies don’t allow crypto transactions either. This is because cryptocurrencies are highly volatile, and it is not advisable to risk going into debt — or potentially paying high credit card transaction fees — for certain assets.

Some platforms will also accept ACH transfers and wire transfers. The accepted payment methods and time taken for deposits or withdrawals differ per platform. Equally, the time taken for deposits to clear varies by payment method.

An important factor to consider is fees. These include potential deposit and withdrawal transaction fees plus trading fees. Fees will vary by payment method and platform, which is something to research at the outset.

Step 3: Placing an order

You can place an order via your broker’s or exchange’s web or mobile platform. If you are planning to buy cryptocurrencies, you can do so by selecting “buy,” choosing the order type, entering the amount of cryptocurrencies you want to purchase, and confirming the order. The same process applies to “sell” orders.

There are also other ways to invest in crypto. These include payment services like PayPal, Cash App, and Venmo, which allow users to buy, sell, or hold cryptocurrencies. In addition, there are the following investment vehicles:

  • Bitcoin trusts: You can buy shares of Bitcoin trusts with a regular brokerage account. These vehicles give retail investors exposure to crypto through the stock market. 
  • Bitcoin mutual funds: There are Bitcoin ETFs and Bitcoin mutual funds to choose from. 
  • Blockchain stocks or ETFs: You can also indirectly invest in crypto through blockchain companies that specialize in the technology behind crypto and crypto transactions. Alternatively, you can buy stocks or ETFs of companies that use blockchain technology.

The best option for you will depend on your investment goals and risk appetite.

How to store cryptocurrency

Once you have purchased cryptocurrency, you need to store it safely to protect it from hacks or theft. Usually, cryptocurrency is stored in crypto wallets, which are physical devices or online software used to store the private keys to your cryptocurrencies securely. Some exchanges provide wallet services, making it easy for you to store directly through the platform. However, not all exchanges or brokers automatically provide wallet services for you.

There are different wallet providers to choose from. The terms “hot wallet” and “cold wallet” are used:

  • Hot wallet storage: “hot wallets” refer to crypto storage that uses online software to protect the private keys to your assets.
  • Cold wallet storage: Unlike hot wallets, cold wallets (also known as hardware wallets) rely on offline electronic devices to securely store your private keys.

Typically, cold wallets tend to charge fees, while hot wallets don’t.

What can you buy with cryptocurrency?

When it was first launched, Bitcoin was intended to be a medium for daily transactions, making it possible to buy everything from a cup of coffee to a computer or even big-ticket items like real estate. That hasn’t quite materialized and, while the number of institutions accepting cryptocurrencies is growing, large transactions involving it are rare. Even so, it is possible to buy a wide variety of products from e-commerce websites using crypto. Here are some examples:

Technology and e-commerce sites:

Several companies that sell tech products accept crypto on their websites, such as newegg.com, AT&T, and Microsoft. Overstock, an e-commerce platform, was among the first sites to accept Bitcoin. Shopify, Rakuten, and Home Depot also accept it.

Luxury goods:

Some luxury retailers accept crypto as a form of payment. For example, online luxury retailer Bitdials offers Rolex, Patek Philippe, and other high-end watches in return for Bitcoin.

Cars:

Some car dealers – from mass-market brands to high-end luxury dealers – already accept cryptocurrency as payment.

Insurance:

In April 2021, Swiss insurer AXA announced that it had begun accepting Bitcoin as a mode of payment for all its lines of insurance except life insurance (due to regulatory issues). Premier Shield Insurance, which sells home and auto insurance policies in the US, also accepts Bitcoin for premium payments.

If you want to spend cryptocurrency at a retailer that doesn’t accept it directly, you can use a cryptocurrency debit card, such as BitPay in the US.

Cryptocurrency fraud and cryptocurrency scams

Unfortunately, cryptocurrency crime is on the rise. Cryptocurrency scams include:

Fake websites: Bogus sites which feature fake testimonials and crypto jargon promising massive, guaranteed returns, provided you keep investing.

Virtual Ponzi schemes: Cryptocurrency criminals promote non-existent opportunities to invest in digital currencies and create the illusion of huge returns by paying off old investors with new investors’ money. One scam operation, BitClub Network, raised more than $700 million before its perpetrators were indicted in December 2019.

“Celebrity” endorsements: Scammers pose online as billionaires or well-known names who promise to multiply your investment in a virtual currency but instead steal what you send. They may also use messaging apps or chat rooms to start rumours that a famous businessperson is backing a specific cryptocurrency. Once they have encouraged investors to buy and driven up the price, the scammers sell their stake, and the currency reduces in value.

Romance scams: The FBI warns of a trend in online dating scams, where tricksters persuade people they meet on dating apps or social media to invest or trade in virtual currencies. The FBI’s Internet Crime Complaint Centre fielded more than 1,800 reports of crypto-focused romance scams in the first seven months of 2021, with losses reaching $133 million.

Otherwise, fraudsters may pose as legitimate virtual currency traders or set up bogus exchanges to trick people into giving them money. Another crypto scam involves fraudulent sales pitches for individual retirement accounts in cryptocurrencies. Then there is straightforward cryptocurrency hacking, where criminals break into the digital wallets where people store their virtual currency to steal it.

Is cryptocurrency safe?

Cryptocurrencies are usually built using blockchain technology. Blockchain describes the way transactions are recorded into “blocks” and time stamped. It’s a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that’s hard for hackers to tamper with.

In addition, transactions require a two-factor authentication process. For instance, you might be asked to enter a username and password to start a transaction. Then, you might have to enter an authentication code sent via text to your personal cell phone.

While securities are in place, that does not mean cryptocurrencies are un-hackable. Several high-dollar hacks have cost cryptocurrency start-ups heavily. Hackers hit Coincheck to the tune of $534 million and BitGrail for $195 million, making them two of the biggest cryptocurrency hacks of 2018.

Unlike government-backed money, the value of virtual currencies is driven entirely by supply and demand. This can create wild swings that produce significant gains for investors or big losses. And cryptocurrency investments are subject to far less regulatory protection than traditional financial products like stocks, bonds, and mutual funds.

Four tips to invest in cryptocurrency safely

According to Consumer Reports, all investments carry risk, but some experts consider cryptocurrency to be one of the riskier investment choices out there. If you are planning to invest in cryptocurrencies, these tips can help you make educated choices.

Research exchanges:

Before you invest, learn about cryptocurrency exchanges. It’s estimated that there are over 500 exchanges to choose from. Do your research, read reviews, and talk with more experienced investors before moving forward.

Know how to store your digital currency:

If you buy cryptocurrency, you have to store it. You can keep it on an exchange or in a digital wallet. While there are different kinds of wallets, each has its benefits, technical requirements, and security. As with exchanges, you should investigate your storage choices before investing.

Diversify your investments:

Diversification is key to any good investment strategy, and this holds true when you are investing in cryptocurrency. Don’t put all your money in Bitcoin, for example, just because that’s the name you know. There are thousands of options, and it’s better to spread your investment across several currencies.

Prepare for volatility:

The cryptocurrency market is highly volatile, so be prepared for ups and downs. You will see dramatic swings in prices. If your investment portfolio or mental wellbeing can’t handle that, cryptocurrency might not be a wise choice for you.

Cryptocurrency is all the rage right now, but remember, it is still in its relative infancy and is considered highly speculative. Investing in something new comes with challenges, so be prepared. If you plan to participate, do your research, and invest conservatively to start.

One of the best ways you can stay safe online is by using a comprehensive antivirus. Kaspersky Internet Security defends you from malware infections, spyware, data theft and protects your online payments using bank-grade encryption.

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