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Author Topic: StormGain is a crypto trading platform for everyone.  (Read 102943 times)

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Re: StormGain is a crypto trading platform for everyone.
« Reply #345 on: March 29, 2023, 10:21:05 AM »
Billionaires on the crisis in the U.S.: We're in for a train wreck

Last week, Treasury Secretary Janet Yellen warned that the treasury isn't considering guaranteeing all bank deposits. This has exacerbated the crisis of confidence, and, in the near future, dozens of small banks will face liquidity outflows in favor of systemically important banks (SIBs).

The outflow of deposits will intensify the crisis, as the high key rate has led to losses of banks relying on long-term treasury bonds for reserves. The sector's total unrecorded losses by the end of 2022 alone exceeded $600 billion.



When customers withdraw funds in droves, banks are forced to sell debt securities at a loss, which leads to the inevitable announcement that the institution is no longer profitable/has gone bankrupt. Prompted by high deposit outflows, SVB sold $21 billion worth of securities before it closed, incurring a 9% loss from the operations.

There can be little doubt that with further increases in the key rate and the lack of comprehensive deposit insurance, the bankruptcy of a number of small banks is a matter of if not when. Billionaire and CEO of Pershing Square Capital Management Bill Eckman had this to say about the events:

"The longer this banking crisis is allowed to continue, the greater the damage to smaller banks and their ability to access low-cost capital. Trust and confidence are earned over many years, but can be wiped out in a few short days. I fear we are heading for another a train wreck".

Starwood Capital Group chairman and billionaire Barry Sternlicht warned of an impending hard landing: "Interest rates have to fall. The economy is going to implode".

Billionaire and U.S. venture pioneer Tim Draper urged businesses to prepare for a wave of bank failures and offered some useful advice to CEOs:

- Have at least 6 months of short-term cash to cover operating expenses, keeping one half at a local bank and the other at a major international institution.
- Develop a contingency plan in case a bank goes bankrupt. Remember that the company management is responsible for paying wages even in times of crisis.
- Have at least two payrolls worth of Bitcoin and other crypto in the company’s wallet.



The government can lend a helping hand to banks by promising emergency insurance on all deposits (as Bill Ackman calls for). The government guarantees deposits of up to $250,000 only. However, a number of experts warn that such a measure would set a dangerous precedent and lead to more aggressive (or negligent) practices by banks in the future.

To stabilize the situation, the Fed has already launched additional lending programmes and boosted the balance sheet to $400 billion, which runs counter to raising the key rate. The turmoil in the regulator's financial policy opens up new prospects for the growth of instruments with a "store of value" status, such as gold or Bitcoin.


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« Reply #345 on: March 29, 2023, 10:21:05 AM »

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Re: StormGain is a crypto trading platform for everyone.
« Reply #346 on: March 30, 2023, 04:29:35 PM »
The CFTC could deliver a fatal blow to Binance

On March 27, the Commodity Futures Trading Commission (CFTC) sued Binance, accusing the cryptocurrency exchange of violating several laws. It is accused of conducting unregistered futures transactions and commodity options, evading KYC/AML policies (serving U.S. customers to circumnavigate restrictions), illegal operations (transactions with Hamas, recognized as a terrorist organization by several countries), and market manipulation.

The scope of the charges suggests that Binance will have difficulty reaching a pre-trial settlement with the Commission with just a warning and a fine. Adam Cochran believes that the CFTC is capable of burying the cryptocurrency. Even in the case of a pre-trial settlement, it would be fined billions of dollars and banned from trading in the United States. If the company and Changpeng Zhao (CZ) are found guilty by the court, most financial institutions globally will stop working with the cryptocurrency exchange. And it would also allow U.S. law enforcement to request information about all their accounts and transactions, potentially leading to even more serious consequences.

Adam Cochran also points out that, unlike the SEC, the CFTC doesn't mess around. So this is a lot more serious than the SEC litigation against Ripple, Kraken, or Coinbase.



In Monday's news, BNB slumped 7%, and a number of analysts predict a free fall of the coin to the $200 mark if the conflict escalates.



This could cause a wide range of instruments to collapse, and Bitcoin would face a decline in liquidity. The CFTC cites the example of internal chats and correspondence, where CZ asks the team to ensure that a top client does not connect using an American IP address. At that time, this trader alone was responsible for 12% of the total trading volume.

Disconnecting U.S. investors would affect liquidity in Binance, and may make the market more susceptible to manipulation. Bitcoin has already sunk lower than it did during the FTX crash.



There is an interesting aspect of the CFTC claim that cannot be ignored. To press charges on its own behalf, the Commission recognises BTC, ETH, LTC, USDT and BUSD as commodities. This goes against the position of the SEC, which calls these coins securities (except for BTC).

The different perspectives on cryptocurrency and the tug-of-war by regulators once again points to the regulatory gaps and the challenges that hinder innovation.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #347 on: March 31, 2023, 11:49:40 AM »
Pump & Dump? XRP (Ripple) is up 39% in March

Bitcoin is up 23% in March, with Ethereum up 10%. But these are small gains compared to Ripple's XRP 39% prize surge. This is due to the rumours filtering through that Ripple will soon win the lawsuit initiated by the SEC and the potential pumping of the token.



The lawsuit against Ripple was initiated in 2020. The regulator has taken legal action against the company for raising more than $1.3 billion through an unregistered, ongoing digital asset securities offering. Ripple insists that XRP is exactly the same commodity as Bitcoin.

In March, company representatives and a number of cryptopreneurs reported that Ripple is expected to win. BTSE CEO Henry Liu shared on social media that Ripple and the SEC have possibly agreed to a settlement. The date of the court ruling remains unknown.

A wave of optimistic reports led to XRP's surge in March.



And open interest in futures is at semi-annual highs, hitting $730 million on March 30.



That said, investors should be aware of the following points when investing in XRP. Firstly, it is a centralized product, and 100 billion tokens were created at launch. Ripple denies that it has ever been an issuer of securities in connection with distributions of XRP, as the token founders took 80 billion XRP and gave it to Ripple, and one of them later became the CEO of Ripple Labs.

Secondly, about 43 billion XRP (43% of the total issue) is held in escrow and the company can spend up to 1 billion XRP (~$0.5 billion at current prices) a month to grow the business.



Thirdly, XRP cannot be called a cryptocurrency in the full sense of the word. CEO Brad Garlinghouse calls Ripple a payment system for cross-border transactions between financial institutions. The network uses distributed ledger technology, and the list of recommended validators is published by Ripple itself.

The March surge could be a result of price pumping and the desire of the big players to dump some coins at high prices. A potential victory over the SEC is a good pretext. XRP is a far cry from Bitcoin in its architecture, and it was not designated as a commodity in the CFTC's claim against Binance. The two regulators may share a similar view of XRP, in which case Ripple's chances of having the token recognized as a commodity are limited.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #348 on: April 03, 2023, 05:49:59 PM »
The stablecoin market is shrinking. Is it worth keeping your savings in USDT?

The issue of stablecoin solvency came to a head last May with the collapse of the third-largest stablecoin, UST. If the market value of global stablecoin assets at that time was estimated at $162 billion, it has now fallen to $133 billion. This amounts to an 18% drop in one year.

The recent rebound in the cryptocurrency market has not led to an increase in demand for stablecoins.



Firstly, there has been no increase in marketplace trading, leading to a drop in demand for stablecoins. In November, the market was rocked by the collapse of FTX, and now US regulators are taking on Binance. According to The Block, $2.2 billion worth of cryptocurrency was withdrawn from the cryptocurrency exchange on 27-28 March alone. After locking in some profits in March, users reverted to withdrawing Bitcoin from cryptocurrency exchanges to cold storage wallets.



Secondly, the New York State Department of Financial Services (NYDFS) pressured Paxos to cease issuing the Binance stablecoin. On 21 February, Paxos stopped minting new BUSD tokens, and support for the stablecoin will probably be completely discontinued within a year. A month and a half after the NYDFS's action, BUSD's market cap was cut in half to $7.6 billion.

Thirdly, confidence was shaken in USDC, the most reliable stablecoin in terms of regulatory compliance and its reserves. The bankruptcy of SVB, in which Circle (USDC issuer) held part of its reserves, led to the stablecoin losing its peg to the US dollar. On 11 March, the discount exceeded 10%.

By agreeing to the emergency measures, the government rescued SVB's depositors. At the same time, there is still a risk of new bankruptcies, and US Treasury Secretary Janet Yellen announced that there are no plans to provide blanket insurance to all banks. This could lead to new sharp fluctuations in the exchange rate of USDC, whose partner banks include Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, a division of Flagstar Bank, N.A., Signature Bank, Silicon Valley Bank and Silvergate Bank. The latter three have already gone under.



Some users decided to wait out the hard times in BTC or ETH, with others preferring to stick with USDT for savings. As a result, its share of the stablecoin market exceeded 60%, and its capitalisation jumped to $80 billion.



Tether similarly relies on banks to hold reserves, but unlike Circle, it doesn't disclose partner banks in its audit. This makes it difficult to even approximate the risk of their bankruptcy. In this case, the user agreement states that the company bears no liability in the event of such an outcome.

Tether's management may also soon face new charges from the supervisory authorities. Last year, for example, a US judge requested accounting and financial records for all transactions conducted over the past five years in connection with an investigation into the minting sprees of USDT to pump Bitcoin in 2017.



The quality of reserves has always been a little questionable, with commercial loans (and other forms of liabilities) issued in USDT by third parties being part of them. In the case of a rapid outflow of funds, the company risks incurring a liquidity crisis, and the USDT would lose its peg to the US dollar.

Given the tightening of crypto regulation and possible lawsuits, the crisis in the banking sector and questions about the quality of reserves to keep money in USDT should be treated with caution.


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« Reply #349 on: April 04, 2023, 10:17:26 AM »
Institutional investors are returning to Bitcoin

In March, total investments in crypto funds (assets under management) jumped by 11% to $31.4 billion. This is the best result since the crypto sell-off last May triggered by the collapse of Terra and the third-biggest stablecoin UST. According to CCData (previously, CryptoCompare), if there had been no pressure on the industry from supervisory authorities, the increase in investment would've been much greater.



A significant difference in the current volume of investment is the strong predominance of Bitcoin. Its share reached 72.4%, or $22.7 billion, with Ethereum accounting for another $7.2 billion. Other coins only account make up $1.5 billion, or 5% of total crypto assets under management, compared to 13% in January 2021.



The Bitcoin trend is brought on by several factors. First, in 2023, US regulators launched a campaign against PoS coins, calling them securities. As a result, cryptocurrency exchange Kraken was forced to stop providing staking services, and Paxos stopped minting BUSD for Binance on 21 February. In the eyes of investors, the pressure on altcoins increases the value of Bitcoin, which both the SEC and the CFTC recognise as a commodity in their working papers.

Secondly, like gold, Bitcoin is considered by many experts (e.g., the analytical division of Bank of America) to be a store of value. With rising inflation, the collapse of a number of banks and the lack of insurance in the US for deposits over $250,000, interest in Bitcoin is reemerging. Previously, analysts from BofA noted that the cryptocurrency has a higher correlation with inflation than gold does.



Simply put, as inflation rises, Bitcoin is likely to grow stronger than gold. At the same time, the Fed faces increasing difficulty in combating it, as the tightening of monetary policy has led to a crisis in the banking sector. The regulator printed almost $400 billion in two weeks and launched the Bank Term Funding Program (BTFP) to avoid new crises. This step contradicts the increase in the key interest rate and the regulator's attempt to slow down price growth.

Under such conditions, the attractiveness of goods with limited supply, which can't be printed to cover excessive government spending, increases dramatically. The same circumstance encourages institutional investors to boost their investments in Bitcoin, despite increased regulatory pressure.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #350 on: April 05, 2023, 12:13:08 PM »
What's happening with the coin flows on Binance?

Binance has run into some new challenges in 2023: Paxos stopped minting BUSD and a lawsuit from the Commodity Futures Trading Commission (CFTC). Glassnode has studied coin flows to assess the state of Binance's balance sheets and the degree of customer confidence.

Stablecoins are the focal point in crypto exchange operations, being both base payment currency and a link between fiat money and crypto. Some users keep their savings in stablecoins, avoiding being stressed by high volatility.



But after a bunch of grim news for Binance, the net stablecoins outflow set a new all-time high, reaching $295 million in a day.



The total amount of client funds, referred to as reserves under the proof of reserve standard, hasn't changed significantly this year. And when assessing their decline from the highs, it turns out that Bitcoin alone has dropped by 45.1% versus 58.3%, respectively.



The comparison in dollars isn't quite right, given both the changing market conditions and the gradual withdrawal of BUSD from circulation. Looking at the balances in the major coins, the reserves in ETH remained unchanged in 2023, while in BTC, they increased by 68,000. This shows users' confidence in Binance's credibility, despite regulators' actions.



In terms of flows, the real drama unfolded behind the scenes as Binance's attempt to make BUSD a top stablecoin failed. Users have barely noticed that, as only 15% of the issued coins were located outside the crypto exchange on the best of days. To compare, the USDT share on Binance averages less than 4% of the circulating supply.



Despite the severity of the legal claims and BUSD's gradual withdrawal, confidence in the crypto exchange remains high.


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« Reply #351 on: April 07, 2023, 09:24:41 AM »
Bitcoin liquidity hits new lows

The bankruptcy of leading cryptocurrency banks (Silvergate, SVB, Signature) and the hidden displacement of the crypto industry from the financial system in the US have driven Bitcoin liquidity down to a 10-month low.



In this case, liquidity is measured by the volume of buy and sell orders within a 2% price range. Simply put, the more buyers and sellers there are, the more efficiently the market processes orders. With high liquidity, it's more difficult for a large participant to influence an asset's price, which reduces the risk of manipulation, And price volatility goes down correspondingly.

Bank collapses and a series of regulatory hurdles have reduced the presence of market makers, resulting in Bitcoin's liquidity being worse than during the collapse of FTX, the third-largest cryptocurrency exchange Liquidity on US crypto exchanges has also declined relative to other market participants, and the slippage rate for $100,000 in volume has increased 2.5 times on Coinbase in a month.



Binance's US unit has faced the same problems, with volatility in the BTC/USD pair increasing several times over compared to March 2022.



Conor Ryder, a research analyst at Kaiko, believes that liquidity levels will soon recover since trading volumes have returned to growth in 2023.



Increased interest in cryptocurrencies, especially Bitcoin, has been driven by the worsening macroeconomic environment and the US banking crisis.



Economist Nouriel Roubini believes that the actual unrecorded losses of US banks aren't $620 billion (as reported by the FDIC) but $1.8 trillion. In other words, 80% of banks' capital is under water due to the tightening of its monetary policy, which has led to a number of instruments on banks' balance sheets losing part of their value. In the event of increased deposit outflows, everyone will face a liquidity crisis, and new bankruptcies could trigger a chain reaction in the industry.

"In fact, judging by the quality of their capital, most US banks are technically near insolvency, and hundreds are already fully insolvent," Marketwatch quotes Roubini.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #351 on: April 07, 2023, 09:24:41 AM »


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« Reply #352 on: April 10, 2023, 05:13:06 PM »
April is one of the best months for Bitcoin

Bitcoin has already shown excellent results in 2023, rising by 69% and being dubbed the most effective financial instrument by Goldman Sachs.



Some experts believe the cryptocurrency will struggle to cross the $30,000 mark in the medium term after a strong start. Bloomberg analyst Mike McGlone notes this in particular, citing the shrinking money supply of the US dollar and the withdrawal of funds from bank deposits.



But it was the collapse of several banks and the lack of total deposit insurance that caused a growth of interest in Bitcoin and its subsequent rise. The cryptocurrency remains a highly-volatile tool, and owing to decentralisation, no regulators can completely devalue accumulated funds. This is why some analysts call Bitcoin a store of value.



Further degradation of the situation surrounding the banking sector is highly likely to cause an outflow of capital into cash funds and Treasury bonds (as McGlone writes) and Bitcoin.

Looking ahead, from a statistical point of view, April is the second month after October in terms of growth, with an average 15.6% increase over the last five years.



A number of top managers are also positive about the future: SkyBridge Capital founder Anthony Scaramucci believes the bearish cycle is over, and Bitcoin is returning to a growth trajectory. In his tweet, he notes the cyclical nature of cryptocurrency and the need for long-term planning: "Any time that you've held #Bitcoin in a four-year rolling interval, you've outperformed every other asset class."

MicroStrategy head Michael Saylor agrees with his position, having built up his holdings to 140,000 BTC worth $3.9 billion in the past two months. MicroStrategy is the largest public holder of Bitcoin, with an average purchase price of $29,803.


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« Reply #353 on: April 12, 2023, 10:09:24 AM »
Bitcoin hits $30K as OG crypto reaches new high for 2023

Bitcoin (BTC) is riding high this week as the original cryptocurrency broke the $30,000 mark on Tuesday, reaching a high that has not been seen since June 2022 and setting a record for the year so far.

The world's largest cryptocurrency by market cap has recorded gains of more than 45% over the last 30 days, boosted by instability in the fiat currency world amidst interest rate hikes and bank runs.



Traders are currently looking forward to the next United States Consumer Price Index (CPI) report, due on 12 April, which will provide an indication of the state of inflation in the US. Analysts predict that the result will see the US dollar continue to fall in value and likely boost Bitcoin and other cryptocurrencies as investors turn to digital assets when confidence in the dollar is low.
 
Greed is in the air. Can the gains be sustained?

The Crypto Fear and Greed Index, designed to display the emotional state of the cryptocurrency market, has been stuck firmly in "Greed" greed mode for almost a week, with the latest 11 April update showing a score of 68 out of a possible total of 100.


Fear and Greed index for the crypto market on 11 April 2023

Analysts have noted that the current level of market greed is equivalent to BTC's previous all-time highs in 2021 and that traders may be looking to cash in on the recent gains. However, one positive indicator is that the rate of Bitcoin holders continues to rise this year, with a higher percentage of investors looking to be in for the long ride to the moon.

The fact remains that, amidst political and monetary instability, Bitcoin has stood out as one of the best-performing assets of 2023. If you're looking to invest in BTC and a range of top altcoins, then sign up with StormGain (https://stormgain.com/easy-start) for the best conditions on the market.

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« Reply #354 on: April 14, 2023, 10:26:26 AM »
Ethereum Shapella Update: What Does It Mean For ETH?

The Ethereum network has just deployed the Shapella hard fork. This long-awaited update enables validators to finally withdraw their staked Ethereum (ETH) from the Beacon Chain. In the lead-up to the update, traders appeared uncertain about whether this would lead to an ETH sell-off, as the market could potentially be flooded with millions of new tokens. However, the initial metrics appear to be painting a different picture. Here’s what has happened with Ethereum since the update so far.

An hour after the hard fork was deployed, 4,333 withdrawals had been carried out for a total of 12,859 Ether, which is less than 0.07% of the ETH staked on the Beacon Chain. Most of the withdrawals were around 3 ETH, suggesting that the majority of withdrawal activity consists of people cashing out their staking rewards.



So far, the price of ETH has remained stable at around $2000, with no indication of a large amount of ETH being dumped into the market. Currently, just under half of ETH validators — 248,043 out of 559,549 total active users — can withdraw their staked ETH. However, only 3,996 validators made withdrawal requests just after the Shapella hard fork took effect, and the latest data shows a total of 284,622 Ether due for withdrawal by 7,948 validators.

In theory, over 18 million Ether, worth about $34.8 billion at the current exchange rate, could be unlocked after the Shapella fork. However, the Ethereum Foundation has implemented several mechanisms to prevent a market inundation of ETH, and this approach appears to be working, as the price of ETH has moved up slightly (6%) since Shapella.



ETH has increased in value by 58% over the past year to date as Ethereum moves closer to a fully functional proof-of-stake system, but its market performance lags behind Bitcoin (BTC), and the ETH/BTC price ratio has dropped to 0.063, a nine-month low. The lacklustre performance of ETH could be due to uncertainties surrounding its consensus model transition. The number of withdrawal requests on Ethereum is still crucial to watch for ETH traders, but early signs do not support either a huge price pump or a runaway sell-off as the price looks set to cross the $2,000 resistance level.

For the best trading conditions on ETH and other cryptos, StormGain has you covered with up-to-date signals and analytical tools. Not a StormGain user? Sign up in just a few seconds to join the exciting world of crypto trading (https://stormgain.com/easy-start).

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Re: StormGain is a crypto trading platform for everyone.
« Reply #355 on: April 17, 2023, 11:01:58 AM »
Whales Accumulate XRP in Anticipation of Bullish Trend

Ripple (XRP) has been enjoying a long-running price rally, jumping a full 55% since 21 March and trading at around $0.57, its highest price since October 2022. This surge in value has been matched by daily trading volume and user activity on the XRP blockchain, with whales swooping in to scoop up even more of the popular altcoin. They're accumulating XRP in anticipation of what looks to be a favourable outcome for the cryptocurrency's parent company in the ongoing case of SEC vs Ripple.

What is XRP, and why is it valuable?

XRP is one of the top altcoins in the crypto ecosystem, currently ranking sixth by market cap. XRP was created in 2012 to serve as a faster, cheaper and more scalable alternative to Bitcoin (BTC). It can boast fast transaction speeds and very low transaction fees, making it suited to large-scale, cross-border financial operations.

In the same year, the Ripple company was established to facilitate currency exchange and payment settlements around the world using the XRP blockchain for validating transactions. Ripple has partnered with large traditional financial institutions such as Bank of America and Santander, proving the usefulness of cryptocurrencies as a tool to improve the existing banking system and generally boosting the profile of digital assets as a whole.

Although XRP can be used by anyone — the ledger code is open-source — its exchange price is often tied to the fortunes of the Ripple company, which is seen as proving the value of the currency and its underlying blockchain.

Ripple and the SEC

The Ripple company has been locked in a legal battle with the United States Securities and Exchange Commission (SEC) since late 2020, with the latter claiming that XRP is an unregistered security and thus subject to their jurisdiction. According to the SEC's definition, an asset is a security if it is sold with the expectation of gaining a profit for the buyer. Instead, Ripple has defined XRP as a commodity and, thus, not subject to securities regulations.

Ripple decided to fight the SEC's claims and, as we have previously covered, has seen some success in recent court hearings. The finance world and the crypto community especially are following the case with interest, as the outcome will most likely have far-reaching implications for the entire cryptocurrency market. If Ripple wins the case, the argument for cryptocurrencies being securities will be discredited, and other crypto projects will have less to fear from the SEC. On the other hand, a victory for the SEC will set a precedent for cryptocurrencies being considered securities and regulated as such.

XRP accumulation and what it means

Analysts have pointed to the recent spike in the daily trade volume and user activity on the XRP network as mainly caused by the actions of whales, individuals who hold thousands or even tens of thousands of XRP in their wallets. Those who already own a lot of XRP are accumulating even more, showing confidence in the cryptocurrency, driving up prices and indicating a bullish market sentiment. For reference, XRP has previously enjoyed an all-time high of $3.40, showing a high potential for growth if the bullish trend continues.

Trade XRP and more with StormGain

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Re: StormGain is a crypto trading platform for everyone.
« Reply #356 on: April 18, 2023, 11:06:38 AM »
850,000 ETH worth $1.8 billion in line to be unstaked

On 12 April, the Shanghai hardfork allowed validators to withdraw staked funds. Despite a delay to unstake funds by the largest staker (Lido), the total amount ready for withdrawal already exceeds 850,000 ETH, which is worth about $1.8 billion.



For 2.5 years, validators could participate in the network by depositing ETH under a contract. They couldn't withdraw funds, however, including the income generated from staking. The high annual returns and the growing market of 2021 seemed extremely attractive. But as the number of participants grew, the rate of return declined and is now just over 4%.



The market decline last year resulted in almost half of investors still incurring unrecorded losses.



Some investors may have become disappointed by the price movements, while others grew concerned by stricter regulation on PoS coins. The SEC and NYFDS proclaimed Ethereum to be a security in their legal claims against a range of companies. That's the reason why Kraken agreed to stop providing staking services. However, Coinbase intends to appeal the regulator's claims in court (although a settlement similar to Kraken's is still a viable option).

Kraken has a 46% share in the queue ready for withdrawal due to the forced winding down of staking. Lido, the market leader, isn't on the list. Its funds will only become unstaked in May.



There is a total of 850,654 ETH from 26,328 validators in queue for unstaking. That means that around 5% of staking participants are exiting the programme. In the last 24 hours alone, the net outflow has exceeded 100,000 ETH (including the withdrawal of staking rewards).



The exit of validators has a delayed negative nature. First, the outflow rate is technically limited by the formula: Churn Limit = Active Validators/65536. In other words, there's a limit of 1,800 withdrawals of 32 ETH or 75,600 ETH per day (not including staking rewards). Second, clients of Lido, which has a 31% share in staking, haven't even queued up yet. Third, the desire to withdraw ETH from staking doesn't imply an intention to sell them immediately.



The hardfork event is overall a positive one, as it makes the network more investor-friendly and paves the way for further improvements. This was reflected in Ethereum's price growth over the past six days. The altcoin still lags behind Bitcoin in 2023, and the delayed negative nature of the unstaking may prevent further consolidation.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #357 on: April 19, 2023, 08:47:50 AM »
Bitcoin: Reaching $45,000 by the late May

Network metrics are pacing the macroeconomic factors, predicting Bitcoin's continuous rise. And institutional investors, first concerned about tightening crypto regulations, are building up their presence in the market for the fourth week in a row.

The macroeconomic breeze is being driven by the Fed's monetary policy mess and predictions of an imminent recession. The rise in key interest rates has already caused three US banks to collapse, and the contraction in the US lending market has set a new record of $105 billion in the last two weeks of March. As the Fed promises to further step up its efforts to fight inflation, the likelihood of further shocks to the banking sector is greatly increased.



It resulted in an outflow of funds into both cash and cryptocurrency funds. For the fourth week in a row, institutional investors have increased their investments in favour of Bitcoin, pouring $103.8 million into cryptocurrency in the last week alone.



Interest is also fuelled by Bitcoin's good start, showing a 70% quarterly return, leading Goldman Sachs analysts to call it the best-performing financial asset in 2023.



An increase in network activity is signalling support, indicating widespread demand for cryptocurrency. This is not just an oversold asset's correction but a new sustainable trend.



When it comes to price targets, the analytical agency K33 predicts another 50% increase over the next 30 days.



The analysis is based on the striking similarity between the 2018 and 2022 cycles. In both cases, it took around 370 days to drop from the historical high and another 140 days to recover to 60%. Further extrapolation suggests that Bitcoin will trade at $45,000 in late May.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #358 on: April 20, 2023, 10:13:45 AM »
Additional metrics that predict Bitcoin's growth

Yesterday (https://stormgain.com/blog/bitcoin-forty-five-thousand-by-the-end-of-may), we reviewed the increase in network activity and the boost in investment activity from institutional investors as reasons for Bitcoin's upward trend. But there's more.



Correlation to gold

In times of financial crisis, gold acts as a safe-haven asset. As a limited resource, it's countered by the rampant policies of central banks that try to cover excessive government spending by printing money.

For example, the Fed more than doubled its balance sheet during the 2008 financial crisis to $2.2 trillion by buying debt securities to bail out the economy. During the economy's subsequent growth cycle, the regulator was supposed to unload it but didn't. And in 2020-2022, the Fed inflated its balance sheet again to $8.9 trillion.



Rising levels of government debt and issues in the banking system have led to a decline in the dollar index, while gold is preparing for an all-time high. In this context, the high correlation between Bitcoin (which many analysts also label as a store of value) and gold becomes an additional argument in favour of the cryptocurrency's rise. Glassnode estimates that the correlation coefficient now exceeds 0.85.



Reserves of long-term holders at highs

Glassnode refers to long-term holders (LTH) as those with coins that haven't moved for over 155 days. Despite the collapse of FTX and tighter crypto regulations in some regions, LTH holdings rose to 14.2 million BTC. This is near its all-time high and indicates a strong expectation for the cryptocurrency's prospects.



Rise in miners' profits

As network activity grows, so do miners' profits. While Ordinals was behind the rise in activity at the beginning of the year, the number of regular transactions on the Bitcoin network has now surpassed 270,000 per day. All of this has allowed miners to increase their profits, indicating a growing widespread demand for the cryptocurrency.



Macroeconomic trends and the cryptocurrency's consolidation of its store of value status favour a further price rise for Bitcoin, with network metrics pointing to the start of a new bullish cycle.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #359 on: April 21, 2023, 12:03:23 PM »
Gary Gensler's departure sparks Ethereum growth

In 2023, following intensified pressure on altcoins from the SEC, Bitcoin's market share rose from 38% to 45%. The regulator only recognises Bitcoin as a "commodity", while it classfied other digital coins as "securities".



Since institutions are required to secure proper SEC licensing to trade securities, a pre-action letter (Wells notice) was served to Kraken, Coinbase, Paxos, and a raft of other organisations. Under this pressure, Kraken stopped providing staking services, while Paxos ceased minting BUSD for Binance. Coinbase is prepared to defend the interests of its clients in court, but has halted staking for Algorand, one of six coin services offered (more in this article (https://stormgain.com/blog/sec-hits-coinbase-and-justin-sun).

The regulator's actions have been criticised more for the lack of specific detail than for unnecessary harshness. Consequently, Coinbase CEO Brian Armstrong noted that they had held more than 30 meetings with SEC officials, but are yet to hear concrete criteria for classifying one cryptocurrency or another as a "security".

The lack of transparency has resulted in several crypto companies already having ceased operations in the US, with the country's largest crypto exchange, Coinbase, yesterday reporting that it had secured an offshore registration to expand its business outside the jurisdiction of the US authorities.



This exodus of companies has resulted in severe capital outflows from the US, which is a particularly worrying event in light of the current pre-crisis conditions. For this reason, SEC chairman Gary Gensler was called before Congres's Financial Services Committee.

According to the record, congressmen interrupted Gensler's speech three times asking the direct question: "Is Ethereum a security?" To which Gensler each time answered ambiguously, demonstrating the regulator's ill-defined position.

The lack of an unequivocal approach to crypto regulation and the unfounded pressing of cryptocurrencies led Congressman Warren Davidson to petition Congress to consider the removal of Gensler for abuse of power.



With Gensler's departure, Etheruem will have the chance to make gains against Bitcoin by the end of 2023 as a change of SEC leadership will pave the way for a more equivocal approach in determining the status of altcoins.


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