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Last week crypto news today #7

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latest breaking crypto news updates

Another week of excitement in the crypto space. Obviously, the big elephant in the room this week is Bitcoin’s sudden drop from $10,000 to $8000, a 20% drop in value in under 7 days. Those who have been calling out the dangerous volatility of bitcoin got a lot of air time this week to drum their claims.

Fewer than anticipated players on Bakkt platform sent the prices of bitcoin to take a nosedive.  

Beyond the price action, there is a lot going on in the space.  Concerns over Google’s quantum supremacy and its impact on cryptography, first ever Crypto insurance, NEO becomes first ever blockchain member of .NET and more.

You can check our Crypto News Compilation to view the developments in the space from 2018 till now.

Google’s Quantum Supremacy and its impact on cryptography

Google’s Quantum SupremacyA quantum milestone in computing may just have been accomplished by Google.  According to an article on Financial Times, Google claimed to have achieved “Quantum Supremacy”. The whole technology community is going bonkers over the claim. Some stating that claim to be not entirely true while others expressing their concern about internet security. Article on The Verge quotes that the quantum supremacy could help us do “in minutes what used to take thousands of years.” The Crypto community is freaking out over the news and how this could disrupt the cryptographic shields. Some veterans of crypto are ruling out any impact of Google’s quantum capabilities on cryptography.

SoFi starts zero-fee crypto trading

Sofi zero fee tradingOne of our favorite traditional lending platforms, SoFi has started trading crypto. SoFi sent ripples in the traditional lending market by offering a low interest rate and zero processing fees, that means, if you take out a loan for $10000, you get $10000.  Most other lending platforms take substantial amount as ‘processing fees’. It looks like, SoFi is slowly encroaching into the services offered by Robinhood. SoFi now has option to buy shares in dollars instead of share value.  The latest addition of crypto trading is another stamp of approval for the crypto future.

“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto in a press release. Keeping with their brand, SoFi will offer Zero-Fee trading for cryptos.



First and only crypto insurance company goes live

Coincover LogoTouted as the first and only in the industry, Coincover has launched its services. It’s website reads “Coincover is the first and only service to guarantee digital funds will not be lost or stolen.”

Company offers 24/7 wallet monitoring, lost key recovery and theft protection among its services.  The theft protection costs $2 for every $1000 insured and a cap of $100,000 is set for general users.  For higher caps, you have to request special quote. Coincover does only work with approved wallets. David Janczewski is the CEO of the company and the site shows he has worked on “government grade solutions with The Royal Mint, CME Group and HM Treasury.”  This is a much needed solution for the space to bring confidence and legitimacy.

Fold App raises $2.5 Million and makes spending bitcoin easy

FoldappFold App is making it easy to spend bitcoin and to receive the cash back in Bitcoin. For everyone who joins the program now gets 20,000 sats for free.  App allows options to join the program anonymously as well, which is refreshing to see.  You can buy cards for Amazon, Starbucks, Burger King, Macy’s etc., and instantly get cash back in satoshis.  You can even spend the satoshis you earned on future purchases.  All in all, this could act as an easy gateway into bitcoin spending.  

Venezuela’s Central Bank is considering holding Bitcoin in its reserves

venezuela cental bank cryptocurrencyAt the request of State run Petroleos de Venezuela SA (PSDV), Venezuela’s Central Bank is exploring the options of holding cryptocurrencies such as bitcoin and ethereum, as currency reserves.  Growing inflation, the US government sanctions and shrinking market has prompted Venezuela to look into crypto as an alternative to circumvent the US sanctions. Under the framework, PSDV could transact with its customers using cryptocurrency and then transfer that crypto to the central bank which in turn settles in fiat.

Infosys and R3 conclude trial of blockchain based trade finance

r3 and infosysAccording to the official press release on the Infosys website, “Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), today announced the successful completion of a global blockchain trial in partnership with R3, one of the fastest growing enterprise blockchain software companies in the world.”  18 banking groups from across 19 countries participated in this trial.  

More than 25000 stores in France to accept bitcoins by 2020

bitcoin-2020France may be against Facebook’s Libra, but it is encouraging bitcoin and cryptos in general. Based on the legal framework laid out in PACTE Law, French company, Global POS, is introducing EasyWallet which will enable more than 25000 point of sale (POS) to accept crypto payments. Global POS is aiming to simplify accepting cryptocurrencies and thus help economy enter into a blockchain commerce era.



NEO becomes the first blockchain member on the .NET Foundation

Neo blockchain dotnetMarking a milestone for a blockchain company, NEO has become a member of .NET Foundation.  Jon Galloway, Executive Director of the .NET Foundation, noted that, “The .NET Foundation is very excited to welcome NEO as the very first blockchain platform to join our community.  NEO is a pioneer in adopting the .NET platform, and we support them in building an innovative decentralized platform and developer community.” This move is expected to help NEO build most-developer-friendly blockchain infrastructure.

Thank you for reading and sharing this article.

Let us know if we have  missed any important updates in the comments.

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.



CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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