OpenSea marketplace saw a 90% reduction in Ethereum-based NFT sales since January
The leading NFT market facilitated $4.86 billion in trading volume in January and just $490 million in August
The company laid off 20% of its workforce in July in anticipation of a prolonged bear market
NFT trading volume took a big hit amid the bear market
The past couple of months have been difficult for the cryptocurrency market – we’ve witnessed Bitcoin shed more than 70% since November’s all-time high, and the total value of all digital assets in circulation drop from $3 trillion to beneath $1 trillion.
The negative market sentiment permeating the sector has left a huge mark on non-fungible tokens (NFTs) as well. While the sector exploded in 2021 and reached record activity in January 2022, the current situation looks grim.
OpenSea, the world’s largest NFT marketplace, has experienced a roughly 90% drop in NFT trading volume between January and August, according to data from Dune Analytics. Whereas OpenSea facilitated over $4.86 billion in trading volume of Ethereum-based NFTs in January (its best month on record), it failed to reach $490 million in August.
It is worth noting that the decrease seems to come mainly from the falling prices of Ethereum and NFTs, and not as much from the lower number of NFTs traded. For context, 2.28 million NFTs exchanged hands in January and 1.43 million in August.
The fall in activity on Ethereum is mirrored when looking at data for Polygon and Solana. The number of Polygon NFTs sold has experienced a particularly sharp decline of more than 96%.
The falling NFT trading volume has led to OpenSea laying off roughly a fifth of its workforce in July. CEO Devin Finzer said that the decision to reduce the team’s size was a “difficult” one, but a necessary one to take to prepare the business for “the possibility of a prolonged bear market.” At the time, Finzer added that the company had enough capital to sustain a five-year-long crypto winter.
It is very important for beginners and experienced investors to always stay up to date with the latest information about cryptocurrency, exchanges, price fluctuations and other relevant news. To stay afloat with various industry events, it is important to be notified on some of the best crypto funds. It may seem that cryptocurrency is easy and all the information has already been said. However, there are a lot of questions that are not so easy for beginners to understand. What trading strategy to choose? How to start trading crypto? How to minimize risks and maximize profits? Where and how to buy digital coins profitably and safely? In today’s post, you will learn about the best crypto funds, where you can get answers to all these questions. Learn information about cryptocurrency from scratch: the most useful sites about cryptocurrency and useful links for beginners are below in the review.
Morningstar
This is a very well-known analytical company in the USA. It presents not only analytics and useful information but also the current rating. Morningstar specializes in the analysis and collection of information on investment funds. The site provides training courses, software and other analytical tools.
ETFDB
This service provides a rating system of funds. Thus, the company assigns stars for individual categories. In other words, it’s a screener for all ETFs. The agency supervises several thousand funds. Here you can also see the current exchange rate and treasury bonds for leading US business media on the page.
Chainbroker
This is one of research sites for best crypto funds. The platform is best known for blockchain events, exchanges, hard news, information, PR, cryptocurrencies and other things related to the decentralized world. The site is regularly updated with information and useful educational content. In addition, Chainbroker conducts analytics among fords and exchanges. On the forum, you can read more about cryptocurrency wallets and view posts about the development of new altcoins and coin solutions.
XTF
This is a useful educational resource for those who want to know up-to-date information about funds, exchanges, and cryptocurrency price fluctuations. The site provides analytics related to bitcoins, litecoins, ethereum and other cryptocurrencies. This is a top resource that strives to become the best analytical and informational portal for future crypto investors. A team of professionals responsibly approaches the coverage of significant events and important changes in the virtual currency market. Articles for readers are created by professionals with experience in crypto trading and working with funds. The site is beautifully designed and complemented by images. Each thematic picture is a small masterpiece, and its quality is considered a benchmark for crypto-bearers.
Summary
Information sites about the best crypto funds are not only technical analysis and news in this area. This is primarily educational content that will become useful assistants for novice investors. For example, Chainbroker helps readers distinguish honest products from cryptocurrency scams. Discussion platforms should not be overlooked either. The above platforms will provide you with up-to-date charts and rating lists of funds you can trust. This allows beginners to form a basic level of knowledge about blockchain and cryptography.
Chicago Mercantile Exchange Inc. (“CME”) has announced the expansion of its cryptocurrency product portfolio with the launch of euro-denominated Bitcoin and Ethereum futures. The two new crypto derivatives products have been cleared by the regulators and listed on CME on Monday.
Key takeaways:
According to the company’s press release, both Bitcoin Euro and Ether Euro futures contracts will be cash-settled following CME’s own BTC/EUR and ETH/EUR reference rates.
Bitcoin futures contracts will be sized at 5 BTC, whereas Ethereum futures will be sized at 50 ETH per contract.
“The launch of these new futures contracts builds on the strong growth and deep liquidity we have seen in our existing U.S. dollar-denominated Bitcoin and Ether futures contracts,” noted Tim McCourt, Global Head of Equity and FX Products at CME Group.
The launch of regularly sized euro-denominated BTC and ETH futures follows CME’s announcement from earlier this month, when the derivatives giant revealed its plans to launch options on Ethereum futures in mid-September.
Chicago-based CME Group is the world’s largest financial derivatives exchange, with nearly $197 billion in total assets as of 2021. The firm enables investors to trade a wide range of asset classes, including agricultural products, currencies, energy, interest rates, metals, stock indexes, and crypto futures.
Auto-Compound is the new feature on dual investment that improves its propensity to yield profit
With dual investment, crypto traders can Buy Low and Sell High, depending on the assets they own and their investment strategies
Traders can use Dual Investment to increase the value of their crypto holdings, including stablecoins and common digital assets
Auto-Compound has a basic plan and advanced plan, just as dual investment supports beginner mode and pro mode
The growth and development in the crypto sector have led to innovative features being introduced regularly. These features are all aimed at building sustainable, easier and faster ways through which transactions and trades can be completed seamlessly.
The Binance crypto exchange is a leading platform where professional and beginner traders can exchange and transact cryptocurrencies with ease. It provides a wide selection of coins, extremely low commissions, and sophisticated trading tools, like Dual Investment.
About Binance
As the largest crypto trading platform in the world, the Binance exchange offers some of the lowest transaction fees, and is also renowned for its crypto-to-crypto trading (crypto pairs). More so, its high liquidity feature enables users who pay with native BNB cryptocurrency tokens to receive discounts, unlike many other platforms.
Additionally, Binance has many cutting-edge security features, including hardware 2-factor authentication, a real-time monitoring system to identify suspicious activity, security alerts through email, and many other sophisticated security features. All these make Binance the platform of choice among crypto enthusiasts and users.
Since investment is mostly aimed at buying at a low price and selling at a higher price, dual investment can be described as one of the safest investment products on Binance.
Binance Dual Investment provides an outstanding approach to take advantage of Buy Low and Sell High possibilities, while also giving users the chance to earn additional rewards. This means that users can get a high-interest yield during their subscription period no matter which direction the market flows.
Having understood what Dual Investment means, it is vital to take into account the two different types of Binance Dual investment products and how they work.
The two types of Binance Dual Investment products are:
Buy Low
Sell High
The ‘Buy Low’ product
In this type of Dual Investment, users can buy crypto of their choice at a lower price in the future. This makes it possible for them to stand a chance to earn a higher interest from their investment.
There are two major reasons why crypto users and investors can select the Buy Low Dual Investment:
It allows users to leverage their current stablecoin holdings to purchase cryptocurrency at a price and time convenient for them, while also earning extra income
Users also gain extra stablecoins by earning interest
The ‘Sell High’ product
In this type of Dual Investment, crypto users stand a chance to sell their existing cryptocurrency stored in their wallet at a higher price in the future.
There are also two major reasons why crypto users and investors choose the Sell High Dual investment:
It allows users to increase earnings by selling their current cryptocurrency holdings at a price and date of their choice.
Users also earn interest, thereby increasing the value of their cryptocurrency holdings.
Investing always carries a certain amount of risk. It is advisable that only experienced investors who are at ease in volatile markets should employ these techniques.
How to use Dual Investment on Binance?
Here is a simple step-by-step guide on how to subscribe to the Dual Investment feature on the Binance platform:
Check out the Dual Investment page.
Decide the coin you want to buy or sell.
Opt to SELL HIGH or BUY LOW, as you please.
Choose your “Target Price” and “Settlement Date” before making a purchase or sale.
Enter the amount for the subscription.
With the toggle button, select whether to enable or disable the Dual Investment Auto-Compound feature before submitting your subscription.
Other important information to understand before getting started with the Dual Investment feature includes:
Dual Investment has the right to discontinue taking new subscribers at any time
The currency that was used to sign up for a Dual Investment program is referred to as the “deposit currency”
Dual Investment has the right to halt subscription sales at any time
Prior to subscription, the APY will fluctuate in real-time based on market fluctuations, however, it will be locked in after the subscription is complete
It is not possible to redeem Dual Investment products before the due date
The term “Settlement Date” describes the day that transactions and redemption will be carried out
When to Use Dual Investment
There are various reasons you might want to employ Dual Investment, regardless of whether you’re an experienced trader or simply a long-term holder looking to generate a little more return.
Here are some reasons why it might be beneficial to use Dual Investment:
To increase the amount of stablecoin you have, whereby you already have some stablecoin but want to continue to profit from them while holding them.
To take advantage of higher interest yields and some of your investment profits by selling your crypto holdings at a Target Price.
To buy the dip when the market is at a low point and sell at a higher price, enjoying additional interest yield.
To get more profit while simply holding on to the crypto tokens in your wallet.
Your Dual Investment plan will be automatically renewed on the Settlement Date, thanks to a new feature called Auto-Compound.
Tuesdays and Fridays are designated as the BTC and ETH Settlement Dates. All other digital assets have a Settlement Date that occurs on Fridays.
With the Auto-compound function, your dual investment plan will be automatically renewed to the following settlement date. You just need to keep the Auto-Compound feature turned on. You can also turn on or turn off the feature 30 minutes before the Settlement Date.
When setting your plan, toggle on the [Auto-Compound] button to enable the Auto-Compound option. Then select either the basic plan or the advanced option.
This means that the system will help users to close their position or subscribe again to a new position on the settlement date. This depends on two factors, including the plan a user chooses (basic or advanced), as well as whether the target price is reached.
Understanding How Auto-Compound Works
There are two types of Auto-Compound plans that users can select depending on their experience and expertise:
Basic Plan
Advanced Plan
Basic Plan
There are two basic aspects to this plan depending on what happens to the target price on the settlement date:
Auto-Compound will stop if the Target Price is attained. The position will be closed by the system, and returns will be distributed.
In the event that the Target Price is not realized, Auto-Compound will carry on. Until the Target Price is reached, the system will continually subscribe to a new position, with settlement taking place on the following Settlement Date.
For example, your funds will automatically compound to a new Sell High position at the Settlement Date if the existing Sell High Target Price is not attained. Dual Investment will stop using the Auto-Compound feature once the Target Price is attained.
This plan is effective for users and investors aiming to maximize profit through the “Sell High” product in Dual Investment.
Advanced Plan
There are also two basic aspects to this plan depending on the Target Price before the settlement date:
In the event that the Target Price is reached, the system will immediately subscribe to a new position, with settlement taking place on the next Settlement Date in the opposite direction.
When the Target Price is met, for instance, and you subscribed to a Sell High product, an additional Buy Low position will be created for you by Auto-Compound.
If the Target Price is not met, the system will automatically subscribe to a new position, with settlement taking place on the following Settlement Date in the same direction.
In the event that the Target Price is not met, for instance, and you subscribed to a Sell High product, fresh Sell High position will be created for you by the Auto-Compound feature.
These two plans enable users and investors to make profits and also safeguard them from incurring losses. The Auto-compound feature helps set dual investment apart from most other crypto investment products.
Another impressive thing about dual investment is that it can be used by crypto traders of all experience levels, all thanks to its two distinct modes – beginner mode and pro mode.
Beginner Mode
Beginner Mode is suitable for new Dual Investment users. It offers a step-by-step manual to assist users with the Dual Investment subscription procedure.
Investors can use the toggle button to enable or disable the Beginner Mode once they have become conversant with the whole process.
Pro Mode
This is for seasoned investors who can navigate their way through the whole dual investment process. A user’s expertise will determine if the beginner mode or the pro mode can be implemented by them.
Wrapping Up
No matter which way the market swings, Binance Dual Investment enables you to generate passive income. Dual Investment can be a good way to diversify if you’re an investor or trader with a Binance account. This is especially true if you want to do more with your HODLed coins than just stake or lend them.
With the security of a Binance product, you can try to hedge market-beating prices with increased interest while still making money off of your market actions. Be sure to conduct your own research before using the Dual Investment Feature, given the fact that the crypto market is a volatile space.
Flare Network and Lena Instruments have announced the rollout of CloudFunding, a new type of crowdfunding launchpad
CloudFunding allows users to contribute rewards generated by wrapped FLR and SGB tokens to launchpad projects
Contributors receive IOUs (proportional to their investment) that can be freely exchanged before the project’s tokens are distributed
CloudFunding represents a new take on crypto crowdfunding
Flare Network, a layer 1 EVM-compatible chain that aims to connect to all blockchain ecosystems, and Lena Instruments, a Swiss IT blockchain infrastructure provider, have announced the launch of CloudFunding, a decentralized launchpad project.
Unlike other launchpads in the sector, CloudFunding employs a new approach to raising capital for cryptocurrency projects. For starters, CloudFunding users retain full control over their principal investment at all times, whereas contributions made on other launchpads are directly put in support of launchpad projects. This means that contributions made to crowdfunding come from the rewards earned by participants’ wrapped FLR and SGB tokens.
In addition, contributors have the flexibility to allocate a different share of the rewards generated by FLR/SGB principal to crypto projects featured on CloudFunding – anywhere from 1% to 100%.
Another characteristic that makes CloudFunding stand out from other similar products – such as Binance’s or Bybit’s Launchpads, for instance – is the utilization of IOUs. Contributors are granted access to IOUs based on the amount of tokens they allocate to each project featured on the CloudFunding platform. IOUs can be freely traded before the crowdfunding campaign ends and the project’s native token is distributed.
Projects launching on CloudFunding benefit from instant liquidity, additional cash flow
One of the core benefits for projects using CloudFunding over other launchpad platforms is the ability to tap into additional cash flow for the duration of the crowdfunding campaign. At the end of each reward epoch, projects receive capital that can be used to fund development, boost marketing, and lay the foundations needed for a successful and long-term business.
In addition to providing access to new capital, CloudFunding also supports projects with legal advice, smart contract audits, financial advice, and more. Moreover, upon the conclusion of a crowdfunding campaign, projects are guaranteed instant liquidity on decentralized exchanges (DEXs) that list projects’ native tokens.
More on CloudFunding crowdfunding: What are Raise and Yield Periods?
CloudFunding campaigns are divided into two distinct investment periods – the Raise Period and the Yield Period.
During the Raise Period, the community can wrap and lock their SGB and FLR tokens in a dedicated smart contract. The total amount of tokens a launchpad aims to raise is specified by each project itself, through what is called a Target Amount.
If the Target Amount is successfully reached before the deadline, the second phase of the launchpad can begin. During the Yield Period, the rewards generated by the SGB/FLR principal allocated are donated to the project at the end of each rewards period.
The Yield Period can last up to five months. After its completion, contributing users will automatically receive their original investment and the project’s tokens in proportion to the IOUs they possess.
If Target Amount is not reached, the principle and rewards generated are returned to contributors.
Flare co-founder and CEO Hugo Philion commented on the launch of the CloudFunding platform in a statement:
“CloudFunding is a perfect example of how developers can take advantage of the decentralized data infrastructure built natively into the Flare blockchain. By using the Flare Time Series Oracle as the mechanism for contributing to exciting new projects, CloudFunding creates a win-win-win situation. Flare obtains another FTSO provider that’s highly incentivized to provide accurate price data to the network; new projects get early access to community funding and support; and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.”
Laura Moreby, Head of Communications and spokesperson for Lena Instruments, said that the company – “being a major token holder in Flare” – is committed to the Flare Network’s long-term success.
“CloudFunding is a modern, decentralised launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform. Contributors can, without ever having to sell their FLR or SGB, keep up to date with developments, deliverables, and milestones made possible by their contributions,” explained Moreby.
The bear market 2022 came with a feeling that resembled a holiday event with an uninvited and certainly unwanted guest. No one saw it coming and in moments, it overstayed its welcome. While this questioning period has some cryptocurrency buffs pulling out of the game, newcomers and even people who wish to advance further have been presented with an opportunity to gather more profits than ever before.
If you’re looking for a coin with great long-run qualities, Polkadot (DOT) bares such a label. Even as a young face, it gained popularity rather quickly thanks to its provision of an interactive, open-source platform that allows developers to link and create blockchains, using the Polkadot system. There is also another potential tough guy with an open-source functionality that gives developers the edge in creating dApps and NFTs and it is Dogeliens (DOGET). If you want to find out more, keep reading.
Polkadot (DOT) is a young cryptocurrency that functions as an open-source protocol that links unrelated blockchains, permitting the transfer of data and value. Polkadot (DOT) is designed to eradicate the need for an intermediary, whilst maintaining speed and scalability thanks to its utilization of numerous parallel blockchains (Parachains). The token (DOT) operates based on two main functions on the Polkadot platform; as a governance token, granting holders an opinion in the future advancements of the protocol and for staking, which is how transactions are verified and new DOT is issued. The DOT network possesses impressive speed that allows for over a thousand transactions to be processed in a mere second. Polkadot has a market cap of more than $6 billion and its quick ascension in ranks speaks to why it has been labeled as an “Ethereum Killer”.
Dogeliens (DOGET)
Dogeliens (DOGET) is a cryptocurrency platform that aimed to build a community constructed on positivity, focused on lending a helping hand to others. Dogeliens (DOGET) is on a mission to provide users with an interactive, engaging cryptocurrency that is backed by the hype of the meme coin legends (DOGE, SHIB), but with something extra in the utility area so that it becomes a token-worthy of loyalty and trust. Users will be able to experience the wonders of the metaverse through the new games, educational content, and charity-sharing concepts provided by the platform.
Dogelien is an acclaimed master of DeFi (decentralized finance), operating as an open-source, decentralized medium for everyone, granting opportunities to stake and earn coins thanks to the peer-to-peer (P2P) nature of its cryptocurrency. The token of Dogeliens is $DOGET, which is backed by an abundant supply and relatively low cost, making it an ideal front for potential gain. DOGET holders will be given access to benefits including a place in the governance operations with the ability to vote on/for future changes on the platform and the recipient of the platform’s charity wallet weekly donations. The DOGET token also offers users the opportunity to obtain an education on all things cryptocurrency in their virtual classrooms with countless articles and video content and free basic education on subjects like mathematics and geography.
For any good house to be built, a great foundation is required. With a good base, mistakes and unfortunate outcomes can be avoided, so you must side with a coin like DOGET which has many prospective qualities much like DOT. Are you ready to jump right in?
Crypto gaming firm Gooons of Balatroon is set to launch its new utility token, $GOB, that will be listed on Uniswap and Gate.io on August 31, according to a press statement released last week.
According to the press statement, the utility token will have a maximum supply of 750 million, and Poolz and GameFi will facilitate its Initial DEX Offering (IDO).
The team revealed that $GOB would serve as both the utility and governance token of the ecosystem. At the same time, it would also serve as the ecosystem’s reward token.
The token is already enjoying massive patronage off-chain as over 30 million $GOB tokens were spent purchasing NFT card packs for the TCG and the World of Balatroon NFT land sale.
Meanwhile, the $GOB token is built on Ethereum. The token will also launch on the Polygon network to enable cheaper transaction fees for users.
The token launch is coming on the heels of the $2.46 million raised by Gooons of Balatroon during fundraising rounds geared towards “providing a premier crypto/NFT gaming experience and building a comprehensive metaverse ecosystem,” which would have the $GOB token at its heart.
Regarding this development, co-founder Mark Turetski noted that users in the gaming industry demand a better gaming experience, and his company intends to fill this gap.
“There is a real desire in the crypto gaming industry for a more dynamic and substantial experience; users are tired of dull games, our focus here at Goons of Balatroon is on fun, function, and sustainability,” Turrtski said.
The Goons of Balatroon project has enjoyed wide adoption and accolades within the community for its ability to implement feedback to provide a better gaming experience. The project was initially launched as a 9696 profile picture NFT collection.
The project play-to-earn trading card game Goons of Balatroon introduces new playing styles and concepts designed to focus on the fun part of the game.
Binance is a cryptocurrency exchange founded by Changpeng Zhao in 2017. It quickly became the world’s largest cryptocurrency exchange, and now offers the opportunity to trade over 500 cryptocurrencies at some of the most competitive prices on the market. With its advanced trading platform and a wide range of features and transactions, Binance is considered one of the safest crypto exchanges in the industry.
Users can access different trading modes on Binance such as peer-to-peer trading, margin trading, futures and NFT trading. Featuring a wide selection of technical indicators and advanced charting tools, the platform can be used on many devices, as it offers web, desktop, iOS and Android versions.
Binance spares no expense when it comes to security. Users can benefit from security measures such as 2-factor authentication, device and IP address whitelist, and the SAFU fund.
Binance P2P
Of the many ways to trade cryptocurrencies, the most common is to buy and sell crypto through cryptocurrency exchanges, which have order books where buyers and sellers submit orders for crypto trades. Peer-to-peer or “P2P” trading, on the other hand, is a type of trading that has been going on since the day Bitcoin was launched. P2P trading simply means that the buyer and the seller agree on a price and payment method, and perform the transaction directly between themselves.
Binance P2P serves as a third party that helps buyers and sellers interested in P2P trades to find each other quickly. Making P2P trading more secure, Binance has created a platform where assets can be exchanged easily.
Binance has developed various strategies to protect users against fraud and added features such as P2P escrow to the platform. Binance, which has set many guidelines and rules to protect users and prevent them from losing money, has become one of the most secure P2P crypto trading platforms.
Binance P2P offers trading in BTC, ETH, BNB, BUSD, USDT and DAI with over 300 payment methods and over 70 local currencies. Before making your first trade on Binance P2P, you must create a Binance account and complete the KYC verification. To become a seller in P2P, you must go through a screening process that includes identity and business verification. Once you’ve completed the entire verification process, you’re ready for your first P2P transaction.
Don’t forget to transfer crypto or fiat currency to your spot wallet before you start P2P trading. You can transfer funds from your spot wallet to your P2P wallet from the Wallet Overview section.
Trading on Binance P2P is a simple process consisting of a few steps. If you are using the mobile version of Binance, you can proceed to the P2P trading section by tapping the P2P trading button on the homepage, and if you are using the website, clicking the P2P button in the “Trade” drop-down menu from the top menus on the homepage.
In this section, you will be greeted by two tabs, “Express” and “P2P”. In Express mode, users can order directly by entering the crypto or fiat amount and preferred payment method. The trade order is matched to the best crypto price available in the P2P market. In P2P mode, there are instructions to follow.
When you tap the P2P option, you can filter the payment method, local currency and other options by tapping the filter icon at the top right. You can filter to show only ads from merchants and close the filtering screen.
When you browse the P2P marketplace, you’ll notice that it has a yellow badge or a purple diamond next to the seller names. Sellers with purple diamonds are users who have been vetted and verified by Binance for high-volume crypto trading.
When you find a suitable seller, you can confirm the order by entering the desired amount and choosing a payment method. In this step, you send the crypto, and the other party sends you the amount of money you specify with the payment method you specify. Binance holds the crypto funds using a feature called escrow until both parties confirm that the trade has been successful. After the receipt is confirmed, the cryptos are transferred to the other party.
Identifying common P2P scam methods
Binance P2P helps to minimize the risks in cryptocurrency trading. The Escrow service ensures the security of transactions, while public rating allows us to transact only with trusted buyers and sellers. However, there are still some points to be aware of.
Transfer errors
Transferring fiat currency or cryptocurrency to the wrong wallet address, wrong bank account, or anywhere else is a common problem in P2P trading. Binance mediates crypto trading with its own transfer system, but with other payment methods, the trade is between the two users. Therefore, when you sell crypto for fiat, never confirm the transaction without seeing the money arrive in your bank account.
Making multiple orders
You may want to do the P2P trading process piecemeal. In this case, you should pay attention to how many times you transfer money to the other person and how many times you transfer money from the other person. For example, when you send 7 pieces of crypto, you can receive 6 pieces of fiat money from the other person. Do not verify transactions without checking them several times.
Fake Receipt
After scammers create a fake receipt, they can click the Confirm Payment button and send you that receipt. If you verify the receipt and confirm the transaction, you may fall victim to fraud. Even if you see a receipt image, be sure to check your bank account to make sure the money is in your account.
Different currency & different amount
This fraud method, which is used especially in high-volume transactions, is carried out by writing a 0 less in the amount part or by paying in a different currency. For example, trying to scam by sending 10,000 USD instead of 100,000 USD is an example. Similarly, sending a less valuable currency like 100,000 RUB instead of 100,000 USD is also scam of this type.
How to stay safe when P2P trading
To stay safe when trading P2P, it is necessary to follow the instructions of the platform. The most important rules are not to act in a hurry during the trade, to check the transactions more than once, not to change the payment method by believing the people who communicate through any channel.
You should not share your personal data, bank account password, Binance account password, date of birth and other sensitive data with anyone.
If you want to trade P2P, you should definitely trade through trusted marketplaces such as Binance P2P. If you do P2P trading by verbally agreeing with people you have no knowledge of, you are more likely to be scammed.
Find and trade users with positive feedback and high completion rates using filtering options.
What are the advantages of Binance P2P?
Live Trade Chat: During any transaction, you can communicate with the other party to clarify payment obligations and get clear information about the processing time. Thus, potential transaction problems are solved.
Zero Fees: The best part of P2P trading is that you pay no commissions to the exchange. P2P trading is completely free.
Multiple Payment Methods: Binance P2P supports over 300 different payment methods and 70+ local currencies.
Customer Support: If you encounter any problem with your P2P trading counterparty, you can get help from Binance’s customer support team.
Escrow service: Thanks to the Escrow service, the crypto to be sent is secured by Binance until the receiving party approves the receipt.
Bitcoin and Ethereum dropped below their respective psychological price levels of $20,000 and $1,500 during the weekend
Fed Chair’s comments were likely the main reason for the recent sell-off
The total crypto market cap shrunk to below $1 trillion
Bitcoin drops to $19k amid a stock market sell-off
Bitcoin lost nearly 10% of its value in the last couple of days, having dropped from $21,750 on Friday to a six-week low of $19,550 today. The significant drop in BTC/USD is very likely linked to the remarks made by Federal Reserve Chair Jerome Powell at the end of last week.
Bitcoin experienced a sharp price decline during the weekend.
Powell’s comments led to a broader market downturn, with both the prices of US equities and crypto assets taking a significant hit.
Speaking at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, Powell noted that the restrictive monetary policy would likely continue for “some time”, sparking fears among investors that the interest rate hikes could trigger a new recession.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” said Powell.
Comments made by Powell are mostly in line with a report published two weeks ago by the Fed, in which the central bank alluded to the possibility that the interest rate hikes would likely continue throughout 2023.
The S&P 500 Index, which typically serves as a good metric when evaluating the health of the US economy, experienced a sharp decline in the wake of Powell’s remarks – the index lost roughly -3.5% before the trading was closed on Friday.
Prices of most digital assets mirrored the happening in the traditional markets. In addition to Bitcoin, Ethereum, BNB, Cardano, and other top market cap crypto assets also lost high single digits/low double digits.
