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Author Topic: StormGain is a crypto trading platform for everyone.  (Read 21410 times)

stormgain

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Re: StormGain is a crypto trading platform for everyone.
« Reply #195 on: June 20, 2022, 12:51:26 PM »
New shock among stablecoins

Due to the supply of crypto and growth in capitalisation as a result of high profitability from staking, stablecoins found themselves at risk of experiencing a market-wide drop. Emotions are still running high over UST (Terra) as the Tron network's USDD faces a systemic crisis.

In April, the stablecoin UST was among the Top 3 cryptocurrencies by market capitalisation with a value of $20 billion, most of which was put into the Anchor platform for a 20% annualised return. To maintain UST's peg to the US dollar, Terra used both its internal LUNA coin and a $3 billion crypto fund.



It is uncertain whether the failure was caused by insufficient system stability, an external attack or vindictive actions by employees. South Korean police are investigating the latter matter. Nevertheless, UST lost its peg to the dollar, after which the crypto fund became depleted, and Luna collapsed.

On 5 May, Justin Sun presented the new stablecoin USDD, which is a calque of UST. Just as LUNA provided stability to UST's rate, TRX of the Tron network is responsible for maintaining USDD's peg to the dollar. To attract investors to his project, Sun offered a return of over 30% for staking.

Initially, this had an effect, and TRX rose in May.



However, the honeymoon didn't last long. USDD lost parity with the dollar on 13 June, and TRX fell by 22%.



Now Tron is trying with all its might to return its exchange rate back to normal. On 15 June, the network announced the purchase of additional TRX worth 100 million USDC. Apparently, this wasn't enough since the stablecoin is still trading at a discount.

Sun continues to laugh it off on social networks and wonders why USDD has low confidence even though its reserve is treble the coin's issuance. On the other hand, the community is unclear as to why Tron is unable to maintain a stablecoin exchange rate if it has sufficient collateral.



The coming days could prove especially difficult for Tron and its investors. If Sun stops additional infusions and USDD's exchange rate doesn't recover in the process, TRX will undergo a massive sell-off.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #195 on: June 20, 2022, 12:51:26 PM »


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Re: StormGain is a crypto trading platform for everyone.
« Reply #196 on: June 21, 2022, 11:24:46 AM »
Collateralised financing: the mortgage crisis of 2008 and the crypto crisis of 2022.

History is repeating itself. The 2008 global financial crisis was caused by the spread in the United States of CDOs (collateralised debt obligations) that promised increased returns. The same instrument led to the fall of the crypto market, where the decentralised finance sector promised an increased yield on investments. The problem is that the scheme only works in a growing market.

CDOs

CDOs are securities (collateralised debt obligations) issued by various financial institutions. During the American construction boom of 2003-2007, mortgage CDOs (including mortgage-backed securities or MBS) flourished the most. There were many different forms and combinations of CDOs. We'll take a look at their underlying basis to understand the process.

A bank issues mortgages as a lender. Mortgage recipients generate profits for the lender when they repay the mortgage. At the same time, the bank issues CDOs that include these loans as an investment strategy that promises to share part of the profits with investors.



When conditions are balanced, the scheme looks like it works. However, in practice, housing prices rapidly increase, followed by rising interest rates on loans. At the same time, to maximise profits, banks reduce the requirements for borrowers, offering loans to low-income clients and sometimes completely neglecting to check their financial health.

Since CDOs are securities, they were traded on the market and used as collateral. Later, synthetic CDOs appeared, and the connections between the financial and real-estate sectors became increasingly finer.

By the end of 2007, the housing market had had enough. Sales dropped, and some customers were unable to make their mortgage payments on time. In turn, banks faced a crisis that instantly escalated from merely a mortgage crisis to a full-on financial one. All financial instruments tied to CDOs collapsed.

DeFi

The decentralised finance sector has much in common with CDOs. Investors put money in cryptocurrency with the expectation of receiving guaranteed returns for holding a position (staking). At the same time, in exchange for the invested cryptocurrency, a number of platforms offer their version of CDOs in the form of tokens for trading or use as collateral.

For example, Ethereum can be staked directly when creating a node, but doing so is more expensive (32 ETH must be deposited), and the coin will be 'frozen' before switching to the proof-of-stake algorithm.



At the same time, Lido offers the opportunity to stake any amount of ETH in exchange for stETH tokens. These tokens can be used in other stakes as collateral and converted back to ETH.



When the market was growing, everyone loved the usability of stETH. The token was bought by ordinary users and investment crypto funds alike. However, when the market fell, a liquidity crisis arose. As a result, stETH's rate no longer corresponds to its parent cryptocurrency, and fewer funds remain in the pools that provide the possibility of exchange. On Curve, for example, 491,000 stETH is now worth only 110,000 ETH.



Celsius and Three Arrows Capital (3AC), both verging on bankruptcy, also invested in stETH and used the token for staking. By reinvesting the coins, they promised investors increased returns. For example, back in September, Celsius promised up to 17% in annual yield. Now the company has blocked customers from withdrawing funds, which has already drawn the attention of a number of regulators in the United States.

3AC is hastily selling some of its crypto assets in order to increase the collateral for open positions. According to the Financial Times, as the result of a margin call, 3AC has already lost part of its positions, at least $400 million.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #196 on: June 21, 2022, 11:24:46 AM »
:)

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Re: StormGain is a crypto trading platform for everyone.
« Reply #197 on: June 22, 2022, 09:44:04 AM »
Solana on brink of collapse: Solend community votes to take over whale's account

The decentralised finance (DeFi) sector continues to heat up as the overall market declines, assets are being remortgaged, and a high share of margin transactions is leading to projects' collapse. In three months, the volume of funds staked in DeFi decreased by 64% to $57 billion, and new methods of saving individual platforms risk a complete loss of investor confidence in this sector.



This time, it was the Solana-based Solend platform that stood out. In April, its assets exceeded $800 million. Despite the platform's stated decentralisation and autonomy, it put a governance proposal up for a vote: whether to change the smart contract and expel the largest whale by forcing the closure of their positions outside the network.

According to management, the whale had staked 5.7 million SOL primarily in stablecoins to obtain guaranteed annual returns. Because SOL is declining, the volume of marginal support for whale positions is falling. When SOL reaches $22.30, the platform must liquidate the coins deposited by the whale in a stop-out.



The problem is that the developers don't want to deal with the sale of such a large volume of SOL (about $21 million at the time of liquidation) through their own platform. For Solend, this presents additional risks due to the lack of liquidity and fears over the collapse of SOL, the platform's base coin. That's why, on 19 June, without prior announcement, Solend's management invited the community to vote to change the smart contract to allow Solend to take control of the whale account without permission and make its deposit over-the-counter (OTC).

Due to haste in voting, it was barely possible to meet the quorum of 1%, and 86% of the votes belong to one address.



Changing a smart contract to deal with an emergency situation is not an isolated case. Vitalik Buterin once initiated a hard fork of Ethereum due to a hacker attack on The DAO fund. However, many users regard such steps as an attack on decentralisation and the main tenet of the cryptocurrency world: "code is law'.


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stormgain

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Re: StormGain is a crypto trading platform for everyone.
« Reply #198 on: June 23, 2022, 09:53:15 AM »
Bitcoin: largest realised loss and outflow from ETFs

Bitcoin's 70% drop from its all-time high, the expectation of further tightening of the Fed's monetary policy and a recession in the United States have led to a number of new lows. The world's first exchange-traded investment fund (ETF), which was launched in Canada, saw the withdrawal of half of its investments in just a day. The fund's assets decreased from 47,800 BTC down to 23,300 BTC.



Realised losses are the difference between the purchase price and the subsequent sale of the coin along the chain. They also reached an all-time high of $2.4 billion per day and $7.3 billion over three days.



Miners are in agony. In recent years, they've expanded production capabilities by attracting external investment. Now, their current combined revenues are 65% lower than the annual average (the Puell Multiple). The situation was only worse at the end of 2018 when Bitcoin fell by 85%.



Under pressure from negative trends, long-term holders (LTH) have reduced their cumulative inventories by 1.3% or 178,000 BTC over the past week. The speed at which they are parting with their coins exceeds that seen in 2018-19, but it is negligible compared to the sales arranged during bull sprints. Despite unrealised losses, LTHs mostly maintain their Bitcoin.



The main panic is seen in the DeFi sector, where the unbalanced decisions of a number of projects have led to events such as the complete ruin of depositors, the freezing of clients' funds or the rewriting of a smart contract to sell off the assets of a whale investor.

Due to the reallocation of coins, the presence of synthetic cryptocurrencies (for example, stETH) and the love of excessive margin trading, the cryptocurrency market is currently experiencing an immense amount of volatility and outflow.



On the other hand, without any of these elements, capitalisation growth and overall investment attractiveness would not be so significant. It's hoped investors will be more cautious and that investment products will be more balanced in the next bull cycle.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #199 on: June 24, 2022, 12:45:40 PM »
Bitcoin miners' pain

Hard times are here for miners, as Bitcoin has dropped by 70% from its all-time high, and the complexity of the calculations is only 3.1% below the record-high reached in May.



The cumulative yield from mining is now 65% lower than the annual average (the Puell Multiple). At the same time, the Bitmain Antminer S19 ASIC is performing 80% worse than it was in November, and the popular S9 model has completely lost its profitability.



As most mining companies increased their mining capacity by attracting investment, the industry crisis led to a drop in operating income. To cover the costs, public miners, which make up 20% of the global hashrate, have switched to actively selling Bitcoin.

According to estimates by the analytical agency Arcane Research, public miners sold more coins in May than they mined during the month.



Their remaining supply is estimated to be 46,000 BTC or $943 million. In the event of a protracted consolidation or continued decline in Bitcoin's price, public miners will increase sales, thereby aggravating the situation.



Miners who have placed their equipment in Iran are especially hurting. Until the most recent incidents, the country looked to be the most attractive due to the presence of state regulation of crypto mining and extremely cheap electricity. In terms of the cost of kilowatt-hours per household, Iran is in the Top 3 in the global ranking. For miners, rates are no more than 4 cents.



According to the University of Cambridge, Iran's share in the peak reached 7.5% of the global Bitcoin hashrate, but within a year and a half, the figure fell to 0.12%. Since the introduction of licenses in July 2019, law enforcement agencies have closed more than 7,000 illegal farms, seizing hundreds of thousands of devices. However, these efforts were insufficient.

Contrary to the concluded agreements, Iran unilaterally decided to completely turn off miners from the beginning of July due to an electricity shortage. That would affect 118 licensed mining companies. According to the Iranian Ministry of Energy, these companies are responsible for the 20% increase in electricity consumption. The shutdown will last at least a month.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #200 on: June 27, 2022, 09:56:16 AM »
USDD (Tron): Fake it till you make it

Stablecoins are a link between fiat and cryptocurrencies. Crypto exchanges use them as a base currency, and users often stake them to generate income protected from market volatility. But an 8% annual return on Ethereum stacking could lose meaning when the cryptocurrency's value drops by 8% or more. Nevertheless, staking a stablecoin preserves the investor's initial capital and pays 'dividends' even in case of a massive decline in the crypto market.

This explains increased investor interest and the rise of the Terra (LUNA) project, which promised a 20% yield on the UST stablecoin staking. UST was an algorithmic stablecoin backed by the internal LUNA coin and a $3 billion crypto fund. The volume of staked funds on Anchor's UST-stacking platform increased 23-fold to $17 billion in just one year.



On 9 May, UST lost its peg to the US dollar, leading to a massive exodus of investors from Anchor and a sell-off of LUNA. It's quite likely that the whole system was poorly balanced and that the high returns were covered by, among other things, funds from new depositors. South Korean police are currently investigating the matter.

A similar stablecoin was launched by the Tron network on 5 May. The exchange rate of Tron's stablecoin, USDD, is supported by the TRX internal coin's capitalisation and a crypto fund consisting of Bitcoin, USDT and USDC. The network claims that the collateral exceeds the issuance by 325%.



Justin Sun, the founder of Tron, launched the stablecoin at a rather unfortunate time. Institutional investors are cutting back on investments due to the US Federal Reserve tightening its monetary policy, and the DeFi sector has been hit by a sell-off due to crises facing several projects, including Terra. To attract users, Sun has offered a staking yield of over 39%.



However, the reserve's three-fold excess over its issuance, the stablecoin's high annual yield from staking, and an additional $100 million TRX buyback are all incapable of bringing USDD's exchange rate back to its normal level. The stablecoin has been trading at a discount to the US dollar for 10 days, reaching a low of $0.93.



Either by running out of options or as a verbal intervention, the network has declared the stablecoin's acceptable volatility to be within ±3%. However, the fact that the exchange rate has been underwater for so long raises red flags.



Because the stablecoin was launched only recently, its capitalisation is significantly less than that of the entire network, a ratio of about 1 to 10 versus 1 to 2 for Terra. It adds some stability as the outflow of investors won't result in a rapid loss of liquidity. Thanks to this wiggle room, USDD's capitalisation continues to rise. That's why TRX is trading down by only 13.5% this year, unlike most coins.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #201 on: June 28, 2022, 01:09:42 PM »
Why Ripple is recovering faster than the market

Several bits of positive news and Ripple's strong position in a protracted dispute with the US Securities and Exchange Commission (SEC) led to XRP's price rising by 10% over the past 24 hours.



For four years now, there has been a legal battle between Ripple and the SEC over the issue of whether XRP is a digital currency or a security. If it's the latter, a company selling tokens without an appropriate license is a criminal offence.

At one point, the scales were tipped in the regulator's favour, which is why XRP was delisted on a number of crypto exchanges, and its leaders planned to change the jurisdiction it was in. But the SEC was never able to convince the court of the validity of its claims since no clear distinction has yet been presented between the two concepts. In contrast, Ripple has adopted offensive tactics lately. The company is confused about why the SEC approved Coinbase's IPO in April 2021 if the crypto exchange traded XRP and didn't have a broker license.

Another point in defence of Ripple's position is a video with the former director of an SEC department, William Hinman, in which he claimed that BTC, ETH and XRP are not securities. The SEC initially argued that this was Hinman's personal opinion and now refuses to identify the person in the video at all.



The SEC's unclear position raises the possibility of Ripple winning the lawsuit. This enabled the company to declare its intention to expand, despite the crisis in the crypto world. Yesterday, news spread that the company was opening its first office in Canada with a staff of 50 people.

The company also recently announced its entry into the metaverse market in partnership with FLUF World, which has over 195,000 NFTs issued and over 340,000 transactions. FLUF World plans to launch an open metaverse, where XRP will serve as the base currency for a number of sub-projects.

Ripple uses distributed ledger technology (DLT), but unlike Bitcoin or Ethereum, XRP is a centralised coin. This approach allows for fast and cheap transactions, but trust in the coin depends entirely on the parent company. If Ripple wins the trial, XRP is set to see its price rise despite negative trends in the industry.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #202 on: June 29, 2022, 10:07:35 AM »
Bitcoin retakes $20K, prompting crypto market stabilisation

A slight market recovery over the weekend as Bitcoin (BTC) traded at over $21,000 on Sunday. The original cryptocurrency recovered some lost ground after a volatile Wednesday, which saw BTC drop below $20,000, dragging many altcoins down with it. Similarly, Ether (ETH) and other cryptocurrencies are now surging in line with Bitcoin as the crypto market stabilises, boosted by positive news worldwide.



The crypto market's stabilisation continued the trend of BTC and Co. correlating with tech stocks, as the S&P 500 and Nasdaq both made modest gains, signalling a willingness on the part of investors to take risks once more.

Altcoins benefitted from the positive trend in the crypto market toward the end of the week. They include Avalanche (AVAX), which rose over 4%, outperforming Bitcoin and Ether, and Polygon's MATIC token, which jumped 19% on Thursday after Polygon rolled out improved privacy features for DAOs on its network. Another altcoin, Cosmos (ATOM), also gained 12%.

As the weekday trading resumes, the $20,000 level remains a crucial point to watch for BTC. Historic drops for the first cryptocurrency around this level include the infamous 2017 collapse when Bitcoin neared $20,000 before tumbling by 84%. A similar move now could send prices below $10,000, triggering sell-offs across crypto markets, as well as being an entry point for newcomers looking to buy the dip.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #203 on: June 30, 2022, 10:11:26 AM »
Crypto winter continues as regulators criticise digital assets

Bitcoin (BTC) rejected the $21K support level on Monday, following US equities in a sell-off that lowered the original cryptocurrency's price by 2.8% over the last 24 hours. The wider crypto market followed suit, with Ether (ETH) dropping by over 2% and Ripple (XRP) losing over 4%. Although Bitcoin bulls are setting their sights on a $21K BTC price this month, the first crypto remains below its 200-week moving average and seems likely to close the month below this metric.



The crypto market crash, especially the dramatic meltdown of Terraform Labs and the TerraUSD and Luna cryptocurrencies, has led lawmakers around the world to point the finger at the flaws of the digital asset market, especially when stablecoins turn out to be not so stable.

Citing the Terra collapse, US Treasury Secretary Janet Yellen urged Congress to enact a "comprehensive framework" to regulate stablecoins. The SEC is reportedly investigating TerraUSD's marketing, with chairman Gary Gensler warning that crypto projects promising sky-high returns should be treated with scepticism.

A recent article by Yifan He, chair of China's Blockchain Service Network, condemned private cryptocurrencies as Ponzi schemes, although he supported cash-backed stablecoins as legitimate money. Unsurprisingly, this echoes the Chinese government's own plans to develop a digital yuan CBDC while cracking down on other cryptos.

Swiss National Bank (SNB) deputy head Thomas Muser also called out the entire concept of DeFi, saying that the whole ecosystem would collapse if it had to comply with the same financial regulations as institutional finance.

Singapore regulator Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, promised to be "brutal and unrelentingly hard" on any misbehaviour from crypto companies.

While new regulations could limit some of the get-rich-quick potential of new crypto projects, it may be essential in the long term to prevent another TerraUSD fiasco.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #204 on: Today at 01:45:50 PM »
Market Analysis: has BTC bottomed or not?

In the great guessing game of the crypto market, the current hot question is: has Bitcoin (BTC) hit bottom? The answer would be key to predicting whether prices will recover or continue downward. Key on-chain and technical analysis indicators seem to point to BTC's price having already bottomed out, citing the recent dip to $17,600, but a recent report has predicted that its price could fall to as low as $10,000 in the short term.

The current global economic situation of rising inflation and interest rates has exacerbated volatility in crypto markets and forced a bearish trend across financial markets generally. Bitcoin failed to break past the $21K resistance, sinking to near $20K once again on the last day of trading. Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading under $1,200 at the time of writing on 29 June 2022, a decrease of over 7% in the last 24 hours.

Some crypto investors believe that Bitcoin's price still has more room to fall, possibly even to as low as $10K in the next few weeks. They point to historical drawdowns during previous bear market cycles. In 2013, Bitcoin's price dropped by 85% over a period of 407 days. A similar record drawdown occurred in 2017 when BTC's price fell by 84% over 364 days. The current drawdown is at 229 days and counting, resulting in a 73% drawdown so far.



Analyst firm Arcane Research published a report with the above graph, commenting that if Bitcoin continues to follow the pattern of historical cycles, a bottom of around $10K should occur in Q4 2022.

However, Arcane Research also took care to point out how different today's circumstances are compared to previous price drawdowns, noting that "Bitcoin is now far more intertwined in the broad financial markets, with the Fed, US elections, crypto regulations and the stock market impacting its performance".

Given how much crypto has become a part of institutional finance and a part of many retail investors' portfolios, 2022's market may break historical trends from when crypto was still a very niche technology. New investors looking to accumulate BTC should keep an eye out for it to hit bottom, as this will be the cheapest time to enter the market and buy Bitcoin.


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