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Author Topic: StormGain is a crypto trading platform for everyone.  (Read 102977 times)

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Re: StormGain is a crypto trading platform for everyone.
« Reply #330 on: March 01, 2023, 10:17:50 AM »
Blur overtakes OpenSea and secures 50% growth in NFT turnover

One by one, cryptocurrency market segments show signs of breaking out of the downtrend. NFTs joined in, too, with a 50% increase in weekly sales to $185 million in 2023. The reason was the expansion of the new Blur marketplace, which is forcing competitors to play by their own rules.



The Blur platform has two modes of operation with NFTs: trader and collector. While the latter is similar to its competitors in many ways, trader mode has many useful innovations. For instance, there's Depth of Market, which shows the number of bids and the price for separate collections. There's also a listing screener that allows tokens to be purchased as soon as they come on the market. Blur is handy for a sweep-the-floor strategy, i.e., buying up the cheapest NFTs from popular collections to resell them later.

The solutions proved so successful that in the past 30 days, Blur has surpassed the market leader OpenSea by 2.6 times, reaching $1.3 billion.



OpenSea's position was further undermined by the Blur token's zero trading commission policy and airdrop with a listing on 14 February. As a result, OpenSea's market share by transaction volume fell from 36% to 15%, while Blur jumped to 78%.



Since Blur currently only supports Ethereum, increased trading activity has led to an increase from $3 to $6 in the network's average commission in 2023. But it hasn't affected ETH's price. The altcoin has still lagged behind Bitcoin for the past two months.



The emergence of such a strong competitor has forced OpenSea to announce a reduction in its trading fees to zero 'for a limited time only', promote an additional earnings model for artists and introduce some features similar to those offered by Blur.

Unfortunately, increased competition and improved features haven't resulted in the influx of new addresses.



This figure is 40% lower than last year and continues to trend downward. This suggests that there is increased demand for NFTs among experienced users who have switched from one platform to another. Interest from a wider audience remains low.


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« Reply #330 on: March 01, 2023, 10:17:50 AM »

For Monthly biddings Check Here


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Re: StormGain is a crypto trading platform for everyone.
« Reply #331 on: March 02, 2023, 10:34:03 AM »
Whales and institutional investors are leaving Bitcoin

The tense macroeconomic environment and the continued consolidation of Bitcoin are causing increased scepticism among a number of investors. The significant reduction in liquidity that threatens increased volatility and false breakouts is bringing negative sentiment to the table.

For the third week in a row, institutional investors have either withdrawn positions from Bitcoin funds or moved funds into short ETFs (profits are generated when the value of the asset falls). Last week, the net outflows amounted to $11.7 million, while short fund investors increased their positions by $9.9 million.



The number of whales (> 1,000 BTC) continues to decline, reaching a three-year low of 1,663 individuals. Two years ago, there were 2,161 of them. The first wave of population decline was caused by the sell-off of stocks at the peak of the rally, but the second one (from May 2022) was due to the collapse of several crypto projects and panic among market participants..



The lack of positive momentum over the last two months suggests a pessimistic mood among big players, despite Bitcoin's 43% gain since the start of the year.



The negative sentiment is fuelled by reduced liquidity in BTC/USDT and EUR/USDT. Analyst agency Kaiko estimates that market depth within 2% for Bitcoin's price has declined from over 15,000 coins in October 2022 to the current 6,800 BTC. Reduced liquidity threatens to increase volatility and carries the risk of price manipulation.



The main concerns relate to the Fed's continued key rate hike to curb inflation. Since the US Consumer Price Index exceeded the forecast in January, when it reached 6.4% year-to-year, the regulator may raise the rate by 0.5% at its next meeting. CME's FedWatch tool now estimates a 23% probability of such a move.



But there's also a bright side: Long-term holders renewed a four-month high in accumulation, while the percentage of supply inactive for at least five years reached a historic high of 28%.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #332 on: March 03, 2023, 01:37:03 PM »
Arguments FOR and AGAINST ETH's price rising after the Shanghai Upgrade

In March, the Ethereum network is expecting its most important hardfork since the Merge: the Shanghai Upgrade, which will allow validators and investors to withdraw ETH frozen in staking. Some circumstances hint at the coin's price going down, while others suggest it could rise. Justin Sun (Tron) bet 150,000 ETH (~$248 million) in favour of the price rising via Lido Finance, providing the platform with a new all-time daily high on 25 February.

Arguments AGAINST higher ETH prices

The first argument against ETH seeing a price rise is the significant volume of staked funds that will become available for withdrawal and their potential sell-off. Currently, 17.4 million ETH worth $28.7 billion are staked.



The potential sell-off of these released coins, which make up 14.6% of Ethereum's total supply, could lead to a significant price drop. To prevent sharp price fluctuations and a reduction in liquidity, a queue mechanism will be introduced. Coins can be received only by standing in this line.

The second counterargument is pressure from regulators. The SEC has already forced the Kraken crypto exchange not to offer clients the ability to stake their funds and to return staked funds after the hardfork. It's likely that the same fate awaits Coinbase and other players in the US market. What's more, the two crypto exchanges named here own 16.3% of all Ethereum validators.



Arguments FOR higher ETH prices

The removal of the freeze will have a positive contribution since its presence scared off many investors from staking ETH. As a result, the share of staked Ethereum (14.6%) is the lowest among popular coins that offer the chance to receive passive income.



The ability to move funds around freely will lead to a rise in demand among investors who had ignored Ethereum staking before Shanghai. For example, the same Justin Sun's TRX holds 42% of its supply in staking. If there is similar interest in ETH, the inflow of new investors will cancel out the negative impact of several participants leaving.

The second argument suggesting a price increase is the network's noted deflation after it transitioned to PoS.



This year, with an increase in interest in NFTs (see our article "Blur overtakes OpenSea and secures 50% growth in NFT turnover), network activity has increased, which has led to more active ETH burning. In just the past year, supply has gone down by 41,500 ETH or 0.03% of the total supply.

Investors' activity after funds leave staking will lead to an increase in the number of transactions, which will enhance deflation. If we evaluate this factor separately, then in the long run, it will ensure that it will strengthen ETH, at least against BTC.



We've looked at two arguments in this article laying out the case for ETH's price increase and its decrease after the Shanghai hardfork expected this month. What impact do you think the unblocking will have on the cryptocurrency? Let us know in the comments!

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Re: StormGain is a crypto trading platform for everyone.
« Reply #333 on: March 06, 2023, 11:29:53 AM »
Crypto market falls due to Silvergate crisis

The cryptocurrency market continues to be rocked. This time, the shock comes from Silvergate, one of the main cryptocurrency banks connecting traditional finance with cryptocurrencies. News of payment problems has caused institutional clients to flee, and most crypto assets have fallen in value.



Silvergate was one of the first organisations in the US to provide cryptocurrency banking services, both lending and providing liquidity. A quote from former FTX head Sam Bankman-Fried was featured on the bank's website: "Life as a crypto firm can be divided up into before Silvergate and after Silvergate."

Ironically, with the collapse of FTX, Silvergate saw a $1 billion hole in its balance sheet in Q4 2022, with regulators launching pre-trial investigations over the bank's possible involvement in the fraudulent use of clients' funds at the failed crypto exchange.

On 1 March, Silvergate filed a notice with the SEC that it would be delayed in submitting its report for the past financial year. The document specifically points out the need for a more accurate assessment of incurred losses, and its capitalisation level may not be satisfactory. All this could lead to the company's inability to continue operations for 12 months after releasing the reports.

The bad news led to the following day's announcement that partnerships would be terminated/frozen and transactions to/from Silvergate would not be possible for Coinbase, Circle, Paxos, Galaxy Digital, Bitstamp, Wintermute, Gemini and many other major industry representatives. Bitcoin reacted with a sharp drop of 5%.



The crisis at Silvergate comes amid regulators' tightening of conditions in the crypto sector. Nic Carter from CoinDesk called the developments "Operation Choke Point 2.0". The Biden administration is stepping up measures to make it harder to exchange fiat for cryptocurrencies and may potentially disconnect the entire cryptocurrency sector from the banking environment.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #334 on: March 07, 2023, 09:25:45 AM »
Tether strengthens amid BUSD's collapse

US regulators started 2023 off by tightening conditions for the cryptocurrency market. In February, for example, the cryptocurrency exchange Kraken received a pre-enforcement action notification for providing staking services, as did Paxos, which is responsible for issuing the BUSD stablecoin for Binance.

In short, Binance internally produces a BUSD clone on the BSC blockchain, and Paxos supports BUSD on the Ethereum blockchain. The crypto exchange created a significant gap in 2021 between the collateral on hand and the number of coins minted. Some months, BUSD was undercapitalised by $1 billion or more, as revealed in a report by independent analytical agencies.



Because Binance is more difficult to hold accountable, Paxos received the pre-enforcement action notification. The company has refused to mint BUSD since 21 February as it works to address the situation. It may stop supporting the stablecoin completely in a year's time.

Institutional investors and large clients began abandoning the coin en masse, leading to a doubling decline in capitalisation this year. On the other hand, USDT's capitalisation gained 7.8%, rising to $71.5 billion in two months.



Tether has spent the past three years seeking to improve its position in the cryptocurrency market by reducing the share of corporate bonds in its reserves. If USDT-secured loans (and other forms of liabilities) previously used to account for half of the total reserves, their share is now below 20%.


BDO audit of 08.02.23

In addition to financial improvements, the company has become more amenable to law enforcement agencies' demands. This is reflected in the number of blocked addresses, which rose from 18 in January 2020 to 829 in January 2023.



But the desire to be on close terms with the law hasn't spared Tether from legal attention. Last year, Judge Katherine Polk Failla demanded the company's books and all sorts of financial records for the past five years in connection with an investigation into the unsecured USDT issue and subsequent Bitcoin pump with Bitfinex in 2017.



A history of misdeeds, several active lawsuits and the potential adoption of the Stablecoin TRUST Act in the US in 2023 prevent Tether from taking full advantage of BUSD's reduced capitalisation.


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« Reply #335 on: March 14, 2023, 05:31:01 PM »
The causes of the new financial crisis, in simple terms

The Fed has caused another financial crisis, just like clockwork. Silicon Valley Bank (SVB), the 16th largest US bank by assets, faced bankruptcy despite a "dull" financial policy that fully followed the Fed's recommendations. However, this didn't save SVB from bankruptcy, and the banking sector could face a domino effect if no immediate support measures are taken.

Easy money, 2020-2021

To support the US economy with the onset of COVID-19, the government adopted a series of costly measures, including paying unemployment benefits above the national average wage ($987 versus $957 weekly, respectively). At the same time, the Fed dropped its key interest rate to zero, making credit and other borrowing super-cheap. It also inflated its own balance sheet by buying bonds and securities, doubling it to $9 trillion.



Simply put, the regulator has printed trillions of dollars to hand out money to the public and businesses. This was reflected in the record growth rate of property prices and the stock market boom and has led to a natural increase in inflation.

Safe-haven assets

On the other hand, safe-haven assets, such as US Treasury bonds, have lost yields, and demand has been low during this period. This is an important point to understand, as it's SVB's conservative policy that will result in unplanned losses.



In simple terms, when the Fed lowers its interest rate, bond yields fall. When it raises the rate, yields rise, too. When the rate is high enough, investors prefer not to risk investing in stocks, cryptocurrencies and other high-risk instruments. Instead, they turn to bonds for guaranteed returns.

Silicon Valley Bank

SVB is a role model for banks in this sector. When it faced a high capital inflow during the easy money period, some of the funds were invested in bonds to mitigate risks. The problem is that securities bought with yields below 1% have become much cheaper as the interest rate has risen. Specifically, the bank sold $21 billion worth of bonds last week for deposit repayments at a loss of $1.8 billion. To compensate for the losses, bank management announced an additional issue of shares worth $2.3 billion, leading to a panic among clients.

Simply put, the bank lost 9% on bond transactions alone because of the regulator's actions, even though the purchases were made to insure clients' funds against financial risks. The bank currently holds over $70 billion in long-term Treasury bonds.

How much blame is the Fed's? It's enough to recall Jerome Powell saying that inflation was "transitory" in 2021, refusing even verbally to move into a rate hike cycle any time soon. The following year, the speed of rate hikes was the highest in 40 years.

Accompanying challenges

Nowadays, news travels fast, and online banking makes it possible to withdraw deposits without visiting a bank branch. Following the sale of bonds and the announcement of additional capital raising, SVB faced a total withdrawal request of $42 billion as early as 9 March. On 10 March, all bank operations were blocked by the Federal Deposit Insurance Corporation (FDIC).

The liquidity crisis is systemic since the US's fractional reserve banking requirement is only 10%. Simply put, out of every $100 deposited, the bank must keep only $10 on hand. The remaining 90% can be invested in funds, bonds and other financial instruments. Some economists consider the 'reserve requirement ratio of 10%' rule to be a key systemic problem in today's financial system. First, in the event of a sudden demand for withdrawals, the bank is unable to meet the request promptly. Second, the mutual indebtedness of financial institutions leads to a domino effect when one of them falls.

The domino effect and the fall of the US dollar

US banks now have $65 billion in unrealised losses, compared to just $3 billion a year ago.



Against the scale of the problem, the Fed's announcement of a $25 billion additional fund to support the banking sector looks pathetic. SVB alone was servicing deposits totalling $175 billion at the end of 2022, 85% of which were uninsured by the FDIC. If immediate action isn't taken, many of SVB's customers will simply go bankrupt, and some other banks will face a lack of liquidity.



The US dollar is losing ground on all fronts as the Fed's actions have led to a crisis in the banking sector. Despite earlier statements about the need for a more serious rate hike, the regulator is likely to take a break in March. The emergence of new support funds isn't good for the dollar, as it'll ultimately come at the expense of additional printing.

As an epilogue, we'd like to quote Bitcoin creator Satoshi Nakamoto:

The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #336 on: March 15, 2023, 11:06:44 AM »
Why Bitcoin won the last round

It would seem that the cryptocurrency repression by US regulators, the liquidation of three crypto-friendly banks and the storm in the stablecoin market should have dealt damage to Bitcoin's capitalisation. That is what institutional investors decided would happen as they rushed to exit cryptocurrency funds. But the value of the leading crypto asset has only grown in the eyes of the public.



In 2023, US regulators and senators launched a verbal attack on cryptocurrencies, promising a tougher working environment for the sector. In February, the SEC forced cryptocurrency exchange Kraken to stop providing staking services, while the New York Department of Financial Services (NYDFS) pressured Paxos to stop minting the BUSD stablecoin.

A month later, cryptocurrency banks fell apart. Silvergate announced its voluntary liquidation over FTX debt, Silicon Valley Bank (SVB) faced a liquidity crisis, and regulators shut down Signature Bank to keep SVB company. The latter had no problems with payments, and, as Messari CEO Ryan Selkis writes, NYFDS was deceptive in its actions to close the bank, which surprised even the FDIC.



Given the situation, institutional investors assumed that Bitcoin would be a total disaster, with outflows from Bitcoin funds reaching a record $244 million in the past week. What the big market players failed to take into account is that Bitcoin was created to withstand such shocks.



First, decentralisation prevents regulators from striking directly at Bitcoin. Even China understands this, as its ban on cryptocurrency transactions doesn't apply to exchanges between citizens. As such, the blow to US banks will only strengthen the outflow of funds into other assets.

Second, the Fed is once again undermining confidence in the financial system through its actions. It'll have to go back to printing dollars to support banks by returning customer deposits and buying bonds from banks at nominal prices. It's also very likely that the regulator will pause its key interest rate hikes, despite Powell's hawkish tone a week ago. This development has already led to an increase in high-risk assets and a sharp fall in bond yields.



The cherry on top is the US banking crisis: unrealised bank losses rose from $3 billion to $652 billion in one year, according to the FDIC. That means that the Fed's dilemma lies between inflation and a full-scale economic crisis. It's very likely that the regulator will compromise on its fight with inflation, and in such an environment, Bitcoin will regain its status as a store of value.

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Re: StormGain is a crypto trading platform for everyone.
« Reply #336 on: March 15, 2023, 11:06:44 AM »


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Re: StormGain is a crypto trading platform for everyone.
« Reply #337 on: March 16, 2023, 10:12:22 AM »
Users rush to exchange stablecoins for BTC and ETH

US regulators have taught a good lesson to crypto enthusiasts who use stablecoins for savings or to generate passive income from staking. The USDC, the strongest stablecoin in terms of collateral and supervisory control, unexpectedly lost over 10% of its notional value on Saturday.

In the US, USDC is regulated by the NYDFS and SEC. Its reserves are audited monthly and consist exclusively of cash in bank accounts and short-term Treasury bonds.



On 10 March, $3.3 billion, or 8% of the collateral, was blocked by the Federal Deposit Insurance Corporation (FDIC) at Silicon Valley Bank (SVB), causing Circle to face a liquidity crisis on 11 March and USDC to lose its peg to the US dollar.



The lesson from the regulators clearly demonstrated the disadvantages of centralisation. Even by meeting all the requirements of the supervisory authorities and having the most transparent and secured coin, Circle was unable to fully meet the commitments it had made. The panic in the market led to even greater losses for users.

In the past five days, USDC's capitalisation has fallen 12% to $38.4 billion. Users withdrew over $1.3 billion worth of BTC and ETH from cryptocurrency exchanges on Saturday alone.



The decentralised nature gives BTC and ETH as much freedom as possible from regulators' actions. Cryptocurrencies have no major financial centre or hub that could experience similar harm if they were targeted.



On the same day, Nas Academy creator and popular vlogger Nuseir Yassin spoke about the events taking place:

"Today, I finally understand the anger that led to the creation of Bitcoin. Who do you trust with ur livelihood? A 'gov insured' bank that's not actually insured? An exchange that goes bust? A stablecoin that depegs? Or a currency that makes you 8% poorer every year?"

Due to the collapse of three banks within seven days, analytical agency Moody's downgraded the US banking sector from "stable" to "negative". The Fed's key rate hike has hit yields and banks' ability to raise capital. Analysts predict a further rate hike, which would lead to further negative effects in the sector.


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« Reply #338 on: March 17, 2023, 10:51:02 AM »
One month until $29 billion of Ethereum unlocks

In April, the Ethereum network will undergo the long-awaited Shanghai hardfork, allowing validators and staking investors to withdraw coins. Currently, the deposit contract contains investments for 17.6 million ETH or $29 billion, which exceeds 14% of the total supply.



The final Shapella test took place on the Goerli test network this week. With the exception of some procrastinating validators who didn't update the software, the test was successful. This paves the way for a hardfork to take place on the main network in April.

Since a significant amount will be unlocked and the developers fear a rapid outflow of validators and a drop in the price of ETH, withdrawals will be technically limited to about 2,200 transfers per day. If each validator withdraws an entire block of 32 ETH, the daily outflow would be 70,000 ETH or $116 million.



The hardfork is likely to have a negative impact on the coin's value in the medium term due to the significant outflow associated with US regulators' harsher stance towards Ethereum after its move to PoS. For example, in February, Kraken agreed in a pre-trial settlement with the SEC to stop providing staking services and to pay a $30 million fine.

Kraken has a 7% share in the staking, with 1.2 million locked ETH. Immediately following the hardfork, the crypto exchange will join the queue to withdraw the entire amount to return funds to clients. When considering the speed limits for processing its application, more than 17 days would be needed.

It is very likely that Coinbaise will soon be forced to stop offering staking just as Kraken was. Coinbase is currently the second-largest ETH player, possessing a 12.6% share.



In remarks to journalists yesterday, SEC Chairman Gary Gensler confirmed the regulator's intention to get Ethereum recognised as a security. This is all due to the ability to stake coins on a PoS algorithm and investors' expectations to receive passive income.

The New York Attorney General's (NYAG) office is of the same opinion. On 9 March, NYAG filed a suit against the KuCoin crypto exchange after its employees managed to receive ETH on the platform. In the opinion of the AG's office, the exchange must have a license for a professional securities market participant.


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« Reply #339 on: March 20, 2023, 10:13:20 AM »
The Fed's support for banks is higher than in 2008

The banking crisis in the US is getting out of hand and threatens to spread around the world. According to Capital Economics, the Fed has halted its ongoing quantitative easing (QT) programme as the reserve balance jumped by $440 billion to $3.4 trillion during the week.



Also, in the past week, the volume of borrowing by banks from the Fed to maintain liquidity has exceeded $150 billion, which is 38% more than they loaned in 2008.



The situation is so dire that 11 major banks have placed $30 billion worth of unsecured deposits with the sinking First Republic Bank as a gesture of goodwill. This was likely brought on after coaxing by the Fed and the US Treasury Department, but the details of the deal remain unknown.

The sad part about the situation is that this support for First Republic Bank isn't giving it any reputational points. Moreover, its clients are still transferring funds to other institutions. What's even worse is the disclosed details of the insider sale of shares by top First Republic executives two months before the fire began (read more in The Wall Street Journal).



inancier and billionaire Bill Ackman posted on social media that the "deal" conducted raises more questions than answers, as the lack of transparency forces market participants to assume the worst. In Ackman's opinion, financial contagion can get out of hand, and "hours matter [but] days have gone by. Half measures don't work when there is a crisis of confidence."

As is traditional for a financial crisis, gold rose in value, gaining 6% over a 10-day period. The trend is even stronger with Bitcoin, which is ideologically opposed to the traditional financial system.



Galaxy Digital CEO Michael Novogratz said on 15 March that a credit crisis was imminent and that commodity markets were openly hinting at an early recession. He also noted that we're at the dawn of the Bitcoin era, as the cryptocurrency was created in response to the government's rampant money printing in the previous financial crisis.


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« Reply #340 on: March 21, 2023, 01:46:08 PM »
Former Coinbase director: Bitcoin will be worth $1 million in 90 days

Some experts are sounding the alarm bells that the Fed is pushing the world economy into the worst crisis in modern history. The regulator has already flushed down the drain four months of efforts to shrink its balance sheet after it bought $300 billion worth of assets in just one week. This and other circumstances hint at a move towards hyperinflation, despite the relatively high key interest rate.



The Fed's balance sheet grows when the regulator supports the economy by buying bonds and other debt securities. Simply put, in the case of a shortage of funds, Bank N issues and sells bonds to the regulator and receives dollars in return. Bank N needs the money because panic has caused its depositors to flee (such as with SVB, for example, in our story).

This directly increases the money supply, which goes against raising the key rate and efforts to combat inflation. This is why economists call what is now happening hidden QE (quantitative easing).

The American fire has already spread to other parts of the world, such as Switzerland. Over the weekend, an emergency decision was made that UBS (with support from the Swiss Central Bank) would buy Credit Suisse, the second-largest regional bank. Both are among the world's top 30 financial banks, with combined assets of $1.7 trillion.

Credit Suisse shareholders lose 60% of their investment from the share swap, while AT1 bond buyers are left with no money at all (read more in this Bloomberg article). Such a move clearly doesn't add to investors' confidence in the future. The Swiss National Bank provided UBS with a $108 billion credit line to support liquidity.

So, let's summarise. The fight against inflation is over, and the world's leading regulators are either already injecting additional funds into the economy or preparing to take this step. Economist Peter Schiff thinks the Fed should just step aside and let the crisis do its thing. Further rate hikes, however, are pointless because the ongoing QE offsets any effect.



Former Coinbase CTO Balaji Srinivasan went even further in his assessment, posting on social media about the imminent arrival of hyperinflation and urging everyone to buy Bitcoin.



He was debated by James Medlock, who spoke of his willingness to bet $1 million that the US wouldn't face hyperinflation. Balaji responded by raising the stakes, promising Bitcoin's rise to $1 million within 90 days. Balaji has also agreed to accept 1 BTC from Medlock in the event of a win versus paying Medlock $1 million, which at the current exchange rate is equivalent to 40:1.



The chances of Srinivasan winning the argument are slim to none. Bitcoin, on the other hand, is likely to benefit from the recent shocks. In a time when printing presses worldwide will run with renewed energy and a number of bank customers will lose money due to excess deposit insurance, interest in cryptocurrency will grow.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #341 on: March 22, 2023, 09:15:07 AM »
Bitcoin: One of the best weeks in the history

The past week ended with a 36% increase, which is typical for the last stage of a bullish market. There have been only 16 such skyrocketing jumps since 2015.



Wide interest in the network, not speculation, is what's behind this momentum. The number of transactions, which jumped to 309,500 a day, is an excellent indicator of this. A significant gap from the monthly average is also common in a bullish market when there's a growing influx of new users.



The transition to a new bullish cycle is clearly demonstrated by the Z-score of miner revenue, which emerged from underwater. Their total income now exceeds $22 million a day, the highest level since June 2022. Increased online transaction fees, also driven by widespread interest in cryptocurrency, are contributing to the growth in revenue.



Behind the increased interest in Bitcoin is a new financial crisis that regulators worldwide are trying to extinguish with new monetary injections. This will inevitably lead to another round of inflation, making Bitcoin — a deflationary cryptocurrency with a limited issuance and regular halving events — an attractive asset for savings.



Bitcoin looks even more appealing against bank failures and modest amounts of deposit insurance. In the US, for example, this insurance is limited to $250,000, putting both small- and medium-sized businesses and citizens with a decent financial cushion at risk. Amid a total loss of funds, investing in the highly volatile Bitcoin no longer seems as bizarre an idea as crypto critics make it out to be.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #342 on: March 23, 2023, 04:36:25 PM »
Small players absorb twice as much Bitcoin as is mined by miners

The general public's interest in Bitcoin is growing every year, something clearly reflected in the decreasing share of whales (>1,000 BTC) and miners and the increase in shrimp (<1 BTC) and crabs (1-10 BTC). Detailed statistics on holder cohorts are provided by the analytical agency Glassnode.



In the early days of the Bitcoin industry, the main holders were miners. As recognition grew, crypto enthusiasts and investors began to show interest, leading to a flow of coins to new market participants. The subsequent increase in mining difficulty, coupled with fierce competition, accelerated this process. In the second half of 2022, public miners sold more coins than they mined.

If we exclude lost Bitcoins (which have not seen movement for more than seven years), miners' holdings have shrunk to just 3.8% of the entire circulating supply.



In contrast, increased interest in Bitcoin from the general public means that shrimps' supply has grown by 105% of what miners produced in the past year, while crabs have added 119%. Their combined share increased from 13.9% to 17% over the past two years.

The current accumulation rate by shrimp is 24,000 BTC per month, while at the time of the FTX crash, it reached 92,000 BTC a month. In total, this cohort currently holds 1.3 million BTC.



Crabs are slightly less active, with a current accumulation rate of 7,300 BTC per month and a total holding of 2 million BTC.



And while crabs are more cautious in their assessments of Bitcoin's prospects, shrimp are absorbing BTC in 2023 at an increased rate.



The increased demand for the cryptocurrency is due to the bankruptcy of several banks in the US and the potential spillover of this regional problem into a global financial crisis. A number of economists believe that the Fed will have to backtrack and not further tighten its monetary policy.

Bitcoin could be boosted today by Fed Chairman Jerome Powell's speech. The Fed is in a very difficult position, as maintaining a high key interest rate increases the risk of recession and new fissures in the financial system. A rate cut, on the other hand, would lead to rampant inflation and increased interest in risky assets.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #343 on: March 27, 2023, 10:33:35 AM »
SEC goes after Coinbase and Justin Sun

Gaps in the regulatory framework have not prevented the Securities and Exchange Commission (SEC) from going after crypto companies, accusing them of participating in illegal crypto schemes. This applies to all PoS cryptocurrencies, including Ethereum.

Coinbase

On 22 March, the SEC issued crypto exchange Coinbase a Wells Notice, which could lead to enforcement action if corrective measures are not taken. The warning is primarily related to the staking reward programme, which, according to the Howey Test of 1946, means the cryptocurrency can be classified as a security:

⦁    Investing
⦁    In a common enterprise
⦁    With the expectation of profit
⦁    As a result of the work of third parties

The Kraken crypto exchange received a similar letter in February and eventually discontinued its unregistered offer and sale of crypto asset staking and paying $30 million to settle the SEC charges. Coinbase, on the other hand, promised to take the matter to court, defending the right to staking to the last.

Coinbase said that they had met with the SEC more than 30 times in the past nine months. No detailed information has been provided by the regulator on how to differentiate between coins and how to get staking out of harm's way.

The key flaw in the SEC's claim is the lack of clear parameters by which cryptocurrencies can be classified as a security. The PoS algorithm is not a key criterion, as the regulator filed similar charges against Ripple.

Despite Coinbase CEO Brian Armstrong's aggresive stance, the Algorand network announced last night that it was terminating staking for the crypto exchange's customers. This led to a 10% drop in the coin's value.



Coinbase staking options currently include Ethereum, Solana, Cardano, Tezos and Cosmos, but the precedent has been set, paving the way for further concessions to the regulator.

Justin Sun

And whilst the SEC creates the appearance of dialogue with cryptocurrencies, it has gone straight for the jugular and sued Justin Sun and his companies (the Tron Foundation, BitTorrent Foundation and Rainberry). The founder of the Tron network is not only accused of the unregistered offer and sale of crypto asset securities but also of price manipulation.

According to the regulator, Sun fraudulently manipulated the secondary market for TRX and BTT through extensive wash trading. Sun allegedly directed his employees to engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts to give the impression of liquidity and increase the price. The daily volume of "trades" ranged from 4.5 million to 7.4 million TRX. Sun generated proceeds of $31 million from the illegal, unregistered offer and sale of the TRX token.



"Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX. Sun further induced investors to purchase TRX and BTT by orchestrating a promotional campaign in which he and his celebrity promoters hid the fact that the celebrities were paid for their tweets," the SEC said in a statement.

The celebrities include DeAndre Cortez Way (Soulja Boy), Jake Paul, Lindsay Lohan, Aliaune Thiam (Akon), and Austin Mahone. Most of them agreed to a pre-trial settlement, each paying a six-figure fine.


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Re: StormGain is a crypto trading platform for everyone.
« Reply #344 on: March 28, 2023, 11:06:24 AM »
Reasons for Litecoin's rise

Litecoin has shown the best growth among the top 20 coins for the last two days. In addition to the cryptocurrency being significantly oversold, this is also due to its higher usability compared to Bitcoin and to the threat looming over stablecoins and PoS coins.

Litecoin resembles its big brother in that it relies on miners' work, its total supply is limited, and there are regular reductions in the reward per block. The altcoin was created to conduct much quicker transactions with lower fees. For example, the average fee on the Bitcoin network is now $3.70, while it's just $0.01 on Litecoin.



In 2023, interest in Bitcoin is on the rise again, with the increase in commissions mainly due to the emergence of the Ordinals protocol and the ability to transfer digital objects (similar to NFTs). The massive mint of Ordinals led to a sharp growth in the average block size and higher fees. Miners were happy with the innovation, receiving $3.5 million in extra income in two short months.



Ordinals were also introduced on Litecoin in February, but interest in them was naturally lower, so their implementation had no noticeable impact on commission values.

When it comes to Litecoin's place in the overall ranking of cryptocurrencies by capitalisation, its drop from 2nd place to 13th is due to the emergence of stablecoins and smart contract networks. Bitcoin retained its leadership thanks to its role as a store of value. However, the top spot by transactions was overtaken by smarter competitors that provide the opportunity for passive income from staking. This prevented LTC from getting the most out of the 2020-2021 rally.



Ironically, the increased interest in Litecoin in 2023 could be caused by US regulators' actions against PoS coins and some large stablecoin issuers. SEC pre-enforcement notices are already underway against Tether and Binance, and PoS coins could be recognised as securities. Attacks by regulators led to the Kraken cryptocurrency exchange's recent rescission of staking services. Just recently, Coinbase removed Algorand from its list of coins for passive income. If the risks bear out, investment interest from coins such as Ethereum, Cardano and Solana could shift towards Litecoin.

A halving event expected to take place in August may be an additional growth driver. The block mining reward will drop from 12.5 LTC to 6.25 LTC. The deflationary mechanism, coupled with the limit on the total number of coins, ensures that the circulating supply is reduced and causes the price to rise. This contrasts strongly with the Fed's monetary policy, which has returned to printing dollars to prevent a banking crisis.


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