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  • Strategist Predicts $10,500 Price Target for Ethereum

    Strategist Predicts $10,500 Price Target for Ethereum

    Key highlights:

    • Ethereum is distributed and decentralized, and its distinctive feature is the capacity for smart contracts.
    • According to Fundstrat, a price target of $10,500 is possible for Ethereum due to more development in the space

    Ethereum is one of the popular choices among crypto enthusiasts, and many users and analysts are bullish about the future of its native asset ETH. These days, Ethereum price predictions are a hot topic, and many analysts are sharing the thoughts of what the ETH markets will look like in the future. Some of these analyses are backed with plenty of research, while others take a more speculative approach.

    What is Ethereum?

    Ethereum is a decentralized blockchain platform that supports smart contracts. The smart contracts language used by Ethereum is called Solidity, and it allows users to create complex apps that run on the Ethereum blockchain. 

    The Ethereum project was first started by Vitalik Buterin in 2013. He was joined by other co-founders like Charles Hoskinson and Gavin Wood, and the Ethereum project held an ICO in 2014 in which they raised around $16 million. The Ethereum mainnet started its operations in July 2015. While Ethereum did start with a pre-mine there wasn`t anything like a vesting schedule for the pre-mined ETH coins.  

    Many landmarks and milestones occurred for Ethereum in the past years, and one of the most notable developments was the launch of the Ethereum 2.0 beacon chain on December 1, 2020.  

    ETH is currently moving away from Proof-of-Work (mining), and is making a transition to Proof-of-Stake. The new version of Ethereum 2.0, also called Serenity, will also implement advanced scaling technologies such as sharding. When the new Ethereum 2.0 platform is ready, it will be able to process thousands of transactions per second while having a much lower environmental footprint.

    Fundstrat thinks ETH is about to explode

    We all remember the extraordinary movement of Bitcoin in January this year. Bitcoin touched new all-time highs, and now many analysts expect that for ETH as well. Fundstrat Global Advisors is a strategy firm that predicted a target of $10,500 for ETH. The firm has good reasons for this prediction, including more use cases, stablecoins, and the emergence of DeFi emergence on the Ethereum blockchain. According to Fundstrat strategist David Grider, ETH has the best risk/reward ratio in the crypto space. 

    Fundstrat believes ETH can earn more through fees this year because there are more players on its blockchain right now, and this could push Ethereum to higher prices. Ethereum users already paid $180 million in fees in just 17 days at the beginning of 2021, and it is a bullish signal for massive growth in 2021. 

  • Grayscale Rumors Boost the Chainlink Market

    Grayscale Rumors Boost the Chainlink Market

    Key highlights: 

    • Chainlink is an oracle network that provides a bridge between Blockchain smart contracts and off-chain data.
    • There are some rumors about Grayscale getting ready to launch a LINK-based investment product

    Chainlink (LINK) is a popular project in the crypto space, which has attracted a significant number of investors. This is evidenced by the fact that LINK is the 7th largest cryptocurrency on the market today, and has a market cap of around $9 billion. Chainlink had an outstanding performance in 2020, and now many crypto fans are interested if it can perform similarly this year as well.

    What is Chainlink? 

    Chainlink is an oracle network designed to provide reliable data to smart contracts deployed on blockchains such as Ethereum. Chainlink connects smart contracts that are on-chain to the off-chain data sources like APIs, bank payments, etc. The Chainlink team launched an ICO in 2017, raising 114,285 ETH. 

    LINK is the biggest Ethereum-based token by market capitalization. It is an ERC-20 standard token, but also has functionalities associated with the ERC-223 standard. This functionality permits the processing and reception of the tokens inside a particular transaction. The tokens are paid to node operators for the data they provide. There are many operators in the space now, and considerable growth has been seen since the mainnet launch launch. 

    LINK has oracles for ETH and its trading pairs. Applications and so on can utilize the oracles. The Chainlink network has three solutions to avoid insufficient data and vulnerabilities for oracles. One solution is voting, and data from the Chainlink network is selected and validated through this process. The network chooses among the oracles and guarantees the best performance. 

    Whenever a smart contract wants some data from the network, every node offers its data and puts some tokens at stake. The tokens are dispensed among the nodes that provided quality data. This system of operation encourages the nodes to behave honestly.

    A Chainlink Trust from Grayscale?

    Crypto asset management company Grayscale recently registered a series of trusts in Delaware. The names of the trusts reference different cryptocurrencies, with some examples being Chainlink, Tezos and Filecoin. Grayscale is a major company that offers products for investing in cryptocurrency. Some of the company’s products are focused on specific coins like Bitcoin and Ethereum, while others give investors a way to invest in the cryptocurrency market more broadly. 

    Among the altcoin names referenced by the newly-registered trusts, Chainlink would seem to be the most likely option if Grayscale actually does decide to go ahead with a product launch. Rumors about Grayscale introducing LINK to its lineup of crypto investment products have fueled speculation, and provided some additional volatility to the LINK markets. On January 25, the token’s price reached an all-time high above the $25 price level.

    Grayscale is one of the largest cryptocurrency asset managers in the world, holding more than $25.5 billion worth of cryptocurrencies. It has crypto regulated products for the public in the United States of America. The company offers products that are accessible to traditional investors, and allows them to gain exposure to the cryptocurrency asset class.

  • 1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

    1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

    Bitcoin Press Release: Leading crypto betting site 1xBit is hosting a new live casino tournament called DEAL OR NO DEAL which will run from January 26th to February 25th, 2021. 

    January 26th, 2021, Limassol, Cyprus – Leading crypto casino 1xBit strikes again with another live tournament, DEAL OR NO DEAL. The biggest 1xBit tournament yet in 2021, with the best of excitement and rewards, all packed in one fun competition. Are you looking forward to a great challenge? Do you have what it takes to participate, as the tournament gathers the best gamers? Well, here is your chance. 

    DEAL OR NO DEAL Tournament

    The DEAL OR NO DEAL live casino tournament will run from January 26th until February 25th. Gaming titans are competing for some mouth-watering rewards as they prove their gaming prowess in the big tournament. It will be an exhilarating experience for everyone, as participants play fun games, and the best of the best get rewarded with huge prizes from 1xBit casino.

    How To Enter

    Do you want to be part of the fun and win big? All you have to do is just play at any Evolution Gaming and Live Casino Vivo Game and win! The battle of gamers will bring you exquisite emotions and the chance to win prizes from the largest prize fund that 1xBit has ever given in a tournament like this.

    Tournament Prizes

    The noteworthy prize fund is 450mBTC, and the first place gets the biggest chunk of it. But here’s the greatest thing about it. The rich winnings in the tournament is not the only thing that 1xBit offers for its users. Apart from joining the tournament and winning big, 1xBit also has a lot of goodies in store for you upon signing up on its website.

    7 BTC Welcome Bonus

    First, the online casino offers newcomers 7 BTC welcome bonuses for their first 4 deposits. If you are a VIP person, there is an 11% cashback for you to enjoy when you play on 1xBit. Moreover, there are a variety of cryptocurrencies for you to choose from. More than 25 cryptocurrencies are currently listed, and you can choose your favorite ones to bet with. 

    Win Anonymously On 200+ Live Casino Games

    On 1xBit, users’ privacy is taken very seriously, meaning that they don’t have to worry as the online casino is 100% anonymous. You can easily sign up with as little information as possible in just seconds, and you are good to go. 

    There is a wide variety of games with over 200 live casino games, including Live Baccarat, Live Blackjack, Live Jackpot, Live Poker, Live Roulette, Live Sicbo, Live Monopoly, Live Over/Under, Live Deal or no deal, Live Dice. What’s more? Withdrawal from 1xBit is completely free, which means that all your rewards are yours.

    The tournament goes live in a few days, and gamers are on the race to win the big rewards that await only the best. To have a chance at winning big head to Evolution Gaming and Live Casino Vivo Game today. 

    For more information about 1xBit, please visit – https://1xbit.com/

    Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/

    Media Contact Details
    Contact name: Anastasia Semenova
    Email: marketing@1x-bit.com

    1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

  • Top 3 Coins to Watch – Week 4

    Top 3 Coins to Watch – Week 4

    As we enter Week 4 of year 2021 you are probably asking yourself what to expect of this week. In times where Bitcoin is still slowly recovering from its sub-$30,000 plunge and Ether seems to have topped out at around $1,400 there are seemingly not so many investment opportunities. However, in reality, you do not have to scroll too far down the list of top cryptocurrencies by market capitalization to find some projects that are set to benefit from the increased attention and updates deployed this week.

    1. ChainLink (LINK)

    ChainLink provides data and price oracles, which are essential for the normal function of smart contract-enabled blockchain platforms. ChainLink’s price and real-world data oracles have seen numerous implementations and their popularity is still increasing. Their oracles are one of the most reliable and trustworthy and the connection with smart contracts is end-to-end secured, leaving very little space for the manipulation of the execution of smart contracts. The platform incentivises providers of good data feeds while the nodes that submit bad data will see their staked LINK tokens slashed. The project launched in 2017, when it also raised $32 million of funding through an ICO. The ChainLink mainnet went live on May 30, 2019 and the network’s native LINK token has a total supply of 1 billion tokens. ChainLink is developing a framework, that would allow developers to build customized decentralized oracles.

    Buy/Sell LINK

    Largest Crypto Asset Manager Has Eyes on ChainLink

    According to documents published by Bizapedia, Grayscale has filed six new Trust filings in recent months. The leaked filings show that the largest crypto asset manager is eying Chainlink, Decentraland, Filecoin, Livepeer, Tezos, and Basic Attention Token. Neither Grayscale nor Chainlink have made any comment let alone confirmed the alleged ‘Grayscale Chainlink Trust’ product, but the idea does not seem so far-fetched. The news come shortly after LINK, the native token of the world’s largest oracle service, surged towards its new all-time high price last week. The speculations regarding the Grayscale’s Chainlink Trust have caused LINK to further surge, pushing its all-time high price further up above $25.70 on January 25. If Greyscale decides to launch a Chainlink trust, it will likely work in a similar manner than the existing crypto trusts, where the asset manager holds a fixed amount of coins or token per the trust’s share. Such fund would allow accredited investors to purchase LINK via regulated OTC brokers in the U.S. and likely provide enough fuel to trigger a new LINK rally.  Some industry insiders speculate that Grayscale could push the LINK price to $100 shortly. That would also quadruple LINK’s total market capitalization, which currently stands at $9.4 billion.

    2. Cosmos (ATOM)

    Cosmos is developing a network of blockchains that would facilitate the interoperability of multiple, otherwise incompatible, blockchain applications and cryptocurrencies. The scalable blockchain network built for developers had grown from a small ICO into a thriving ecosystem. The network’s native cryptocurrency ATOM has a market capitalization just shy of $1.7 billion.

    Buy/Sell ATOM

    Cosmos Community to Conclude Voting on the Stargate Upgrade

    The Cosmos team are currently performing the last tests and optimisations of the upgrade of their platform while Cosmos validators and delegators are soon set to conclude the voting on the proposal related to the Cosmos Hub upgrade. Voting began on January 12 at 3:16:59 UTC, meaning that the 14-day voting period ends on January 26 at 3:16:59 UTC. If the outcome of the vote is affirmative, Cosmoshub-3 will be upgraded to Cosmoshub-4 (also called Stargate) on January 28 at 06:00 UTC. The current tally results along with the link to the GitHub repository link can be accessed here.

    3. Tezos (XTZ)

    Launched in September 2018, following an initial coin offering that raised $232 million in 2017, Tezos is a decentralized smart contract and application network that utilizes a proof-of-stake consensus model. The Tezos protocol has three main layers: the network layer, the transaction layer, and the consensus layer. Tezos also features an on-chain governance system allowing holders to take part in the decision-making process. What makes Tezos blockchain stand out among other similar blockchains is its efficient network upgrade process as the protocol allows major upgrades to be implemented without having to undergo a hard fork.

    Buy/Sell XTZ

    Tezos Announced a new DAO Framework

    On January 21, Tezos project announced the launch of Homebase, a new project that allows Tezos (XTZ) users to easily set up and interact with decentralized autonomous organizations (DAOs). The platform, which allows anyone to establish a community governance structure on Tezos. The initial release of Homebase included two DAO templates; the TreasuryDAO, which facilitates the creation and decentralized management of a community treasury and the RegistryDAO, which allows users to govern arbitrary smart contracts, such as parameter governance in a DeFi protocol. Homebase is built on a new DAO framework called BaseDAO, which will allow users to create and finetune DAOs so that they are optimized for the decentralized governance of resources, registries, and/or rules. In response to the announcement, the price of Tezos surged from a local low of $2.40 on January 22 to as high as $3.40 on January 23. However, XTZ has since faced a slight correction and is currently trading around $3.00. Nevertheless, in addition to the DAO platform announcement, Tezos is one of the six cryptocurrencies rumoured to have a shot at being featured in its own Greyscale Trust. Furthermore, Tezos developers are currently working on the next protocol upgrade that could boost XTZ price further up. Among other things, the upgrade dubbed “Edo”, is set to bring Zcash-like privacy features to Tezos.

  • Bank-banned trading method still works

    Bank-banned trading method still works

    What is Insider Protocol?

    For many cryptocurrency users, privacy is of the utmost importance – as surveillance technologies continue to evolve and spread, users need equally powerful tools to preserve their right to privacy. And while Satoshi Nakamoto started a revolution in 2008 with the invention of Bitcoin, others have built on his work and created new types of blockchains that provide much stronger privacy protections for their users.

    Insider Protocol is a cryptocurrency project that’s building IPRO, a private cryptocurrency based on the MimbleWimble protocol. MimbleWimble is an innovative technology that brings scalability to private blockchain transactions, and is also employed by existing privacy coins such as Grin and Beam. Blocks produced by blockchains that use MimbleWimble resemble one large transaction, and don’t provide information about senders, receivers and transaction amounts to outside observers.

    In addition to the IPRO cryptocurrency, Insider Protocol has also created a trading platform for cryptocurrency investors. The Insider Protocol platform allows users who hold IPRO tokens to invest in cryptocurrency trading bots that employ a variety of complex trading strategies.

    The Insider Protocol platform is being developed by a team called Mechanics of the Future. According to the team, some of its members have experience at companies such as Greenhouse Capital Management and Swift Trade, providing valuable knowledge in the field of advanced trading techniques like layering. However, the exact identity of the team behind Insider Protocol is unknown, and this will likely remain the case given the project’s focus on anonymity for both itself and its users.

    The IPRO ICO

    Currently, the IPRO is temporarily based on the ERC20 protocol while the main blockchain of the ecosystem is being in development. Such a way also was used by well-known projects like EOS, BNB, etc. and then they developed their blockchain and completely switched to it.

    During the first stage of the ICO, tokens are priced at 3.5 USDT apiece, and the trading cards range from 980 USDT  which gives 305 IPRO in total including bonus amount on the low end to 17,500 USDT for Enceladus trading card at the top end.

    The trading cards give the ability to use the trading bot via Trading Investment Deposit (TID) on the Investment page.

    Bitcoin Trading Bot

    Insider Protocol’s trading platform gives users the ability to leverage the trading bots created by Mechanics of the Future. While the performance of the bots will depend on market conditions, trading bots have had a long-standing appeal in crypto as they offer the potential for increased profits even for those cryptocurrency investors that are not interested in actively trading themselves. Of course, all investments come with risks, so should weigh the risks and adjust accordingly.

    When making an investment into the platform, users must first buy a trading card, as mentioned above. Then, users can open a TID (Trading Investment Deposit) and choose between four different trading strategies to be implemented by the trading bot.

    The options feature different trading strategies – the most accessible option has a relatively low minimum initial investment of 50 IPRO, but users have to buy at least the CERES trading card to use the investment deposit feature. Here are the different trading bot options currently offered by the Insider Protocol platform:

    • Option 1: Uses high-frequency trading (HFT). In this trading style, the bot holds its position for very short periods of time, and performs a large number of trades.
    • Option 2: A hybrid strategy that incorporates high-frequency trading and positional trading. Depending on market conditions, trading positions can be held longer compared to option 1.
    • Option 3: Positional trading strategy that also employs arbitrage (taking advantage of price differences for the same crypto asset on different exchanges).
    • Option X: A high-frequency trading strategy that trades aggressively and divides its balance into smaller balances that are traded independently.

    The Insider Protocol team has released some of the trading results it says were generated by their Option X TID trading on the BitMEX exchange. The project also maintains a Telegram channel where they publish trading statements which showcase the activity of their bots.

    Trading Platform

    The Insider Protocol platform is easy to navigate and offers an intuitive user experience. Creating an account is a simple process, and the platform does not have any KYC requirements for its users, as it puts a high priority on privacy (as also evidenced by the fact that it’s building on MimbleWimble).

    After creating an account and logging in, users are first greeted by the dashboard, which shows the status of their wallet and displays some basic information about the Insider Protocol platform. From the main menu’s News section, users can access the latest news on Insider Protocol as well as tutorials that explain various aspects of the platform.

    Realistically, users will probably be spending a lot of time in the Investments section, where they can create new TIDs and monitor the performance of their investments. As anyone who has ever bought cryptocurrency knows, it can be hard to take your eyes off the charts, especially if your investment is performing well.

    The cryptocurrency withdrawal and deposit sections are designed well and provide users with all the necessary information to successfully complete their cryptocurrency transactions.

    However, users should note that not all of the features that can be seen in the platform menu are currently operational. The »Messages«, »Dexchange« and »Escrow« sections are currently still in development and can’t be accessed. The Dexchange tab refers to an upcoming decentralized cryptocurrency exchange that Insider Protocol is working on.

    The Insider Protocol team is creating an ambitious platform that looks to bring all the most important cryptocurrency services under one roof. Its trading bots represent a compelling option for cryptocurrency HODLers who don’t have the time or knowledge to trade actively, but still want to reap the benefits of sophisticated trading strategies. If the Mechanics of the Future team continues to execute well, Insider Protocol could become a force to be reckoned with in the world of cryptocurrency and blockchain.

  • Cryptocurrency Wallets Explained: Software vs. Hardware vs. Paper Wallets

    Cryptocurrency Wallets Explained: Software vs. Hardware vs. Paper Wallets

    Key highlights:

    • A cryptocurrency wallet is a piece of software and hardware that stores your private keys, which are used to prove ownership over the coins on the blockchain
    • We distinguish between software wallets, hardware wallets and paper wallets, and they all come with certain benefits and drawbacks
    • The safest way to store large amounts of valuable cryptocurrency is in a “cold storage” i.e. in wallets not connected to the internet
    • Using multiple wallets rather than sticking to one wallet increases the security of your assets

    Whether you are completely new to the cryptocurrency space or already an experienced crypto HODLer, you have almost certainly used a cryptocurrency wallet before. But what exactly is a wallet and how does it interact with the blockchain? How do users prove ownership over the coins on the blockchain and which types of wallets exist? In this article we aim to answer all these questions and more, which should help you choose the type of wallet that suits your need the most.

    What is a cryptocurrency wallet and why do you need it?

    Whether you would like to have a specific cryptocurrency to make purchases, invest, trade, or use it in any other way, you will need a wallet to manage your coins. As opposed to real wallets, cryptocurrency wallets do not contain any physical currency, but rather the cryptographic keys that allow you to access and manage the coins that are recorded on the blockchain. In other words, wallets simply point out which coins on the blockchain belong to you. Cryptocurrency transactions work on the very same principle; when you send coins to another address, you are not actually sending coins themselves, but rather admitting ownership of a set number of coins to another wallet. The current state of ownership is determined based on all past transactions, which are recorded on the distributed ledger – the blockchain.

    The blockchain is a giant distributed ledger of all the transactions ever done within it. As new blocks are recognized by the majority of the network’s nodes, the transactions included in these blocks become irreversible. Interestingly, the blockchain does not have a list of all the existing wallets as it is merely storing transaction information. Therefore, if a wallet address has not appeared in a transaction yet, it would not be recorded on the blockchain. In fact, the blockchain cannot even guarantee that all the wallets involved in its transactions exist, which facilitates performing several unique features such as “burning coins” by sending them to non-existent addresses. This option provides a useful way for forever removing coins out of circulation but can also cause lot of damage and stress if it happens accidentally.

    Wallet Creation Process

    Using specific wallet creation algorithm embedded into the wallet software, anyone can easily create a new wallet address. The utilized cryptographic algorithm generates a pair (or multiple pairs) of public and private keys, along with a wallet address, which is basically a hashed version of the wallet’s public key. As already mentioned, a wallet is not instantly recorded on the blockchain but only appears on the ledger when the first transaction featuring the address is made. Interestingly, wallets can also be created offline and even an offline wallet can receive funds. Nevertheless, users still need to go online or in some other way broadcast the transaction to the network to send their funds.

    Public and Private Wallet Keys: What is the difference and why the private ones are so important?

    As we mentioned above, a cryptocurrency wallet is basically a pair of linked cryptographic keys: the private and the public wallet key. As their names imply, public keys can be shared with everyone, while private keys should be kept to yourself. If you own a private wallet key you can find your public key, however, determining the private key from the public key is not possible. Public keys are used to create your wallet address, which you provide to other users from who you wish to receive funds, much like a bank account number. Private keys on the other hand are used to verify ownership of the wallet and the funds that are held in it judging by the current state of the transaction ledger. The private keys work on different wallets and software, and as long as you have them, you will be able to access your coins. Because of this securing your private key is crucial in keeping your assets safe, as anyone in possession of a private key can use the coins tied to it.

    Three Types of Cryptocurrency Wallets

    Two main types of cryptocurrency wallets exist: the software and hardware wallets. In addition, coins can also be stored on printed paper wallets. Each type has several subcategories and they all come with certain benefits and trade-offs.

    Software Wallets

    Software wallets are arguably still the most popular and most frequently used wallets in the cryptocurrency space. Because they are always connected to the internet, we also call them “hot wallets”.

    • Web/Online wallets are wallets hosted on websites by different wallet providers, often cryptocurrency businesses such as exchanges. There are several drawbacks of using web wallets, such as relying on a third party to keep your information safe, inability to completely control your funds, as the third party can decide to hold or freeze your funds if they suspect suspicious activity. In addition, the fata is usually stored on cloud servers, which are known to be one of the easiest targets for fraudulent activity. On the other hand, their upside is easy accessibility and the ability to perform different actions, depending on the third party in question (trade, exchange for other currency, invest, bet, fund, and many more). These wallets are most commonly used for trading and should not be used to store large amounts of funds.
    • Desktop wallets are often considered as the safest among software wallets. There are programs that you can install on your computer to store your cryptocurrency. They offer different options, depending on the wallet application used, and can be protected in various ways, making them a relatively secure way of storing your coins. The biggest drawback is that they are tied to the device itself and cannot be used without it. Having this in mind, losing access to a desktop wallet or the device itself can be devastating. Therefore, it is highly recommended that you always keep your device protected and have a secure back-up of the private keys or the wallet recovery phase.
    • Mobile wallets are wallets that can be used on mobile devices. They come in the form of an app and often offer less features than desktop wallets because of the resource limitations of mobile devices. Furthermore, users of the mobile wallets can suffer from the same issues as those using desktop wallets, so keeping your device secure and your keys backed-up is crucial. Their upside compared to the desktop wallets is higher mobility and being able to access your funds on the go. In addition, these applications often allow you to easily make transactions by using QR codes.

    Hardware Wallets

    Hardware wallets are wallets that exist in the form of a USB device, or other piece of hardware that connects externally to a computer, where a piece of software is used to manage its contents. Because they allow for funds to be kept offline, we use the term “cold wallets” or sometimes “cold storage”. Although transactions still need to be made online, they do not have any online storage, and have all the needed access information on themselves, providing an excellent level of protection. Apart from that, they usually have a PIN code, so just having them is not enough to access the information, you would need to unlock them as well. Various hardware wallets offer different options like Bluetooth connectivity, UI with a display or touchscreen. The wallets also differ in terms of compatibility with other wallets so you should thoroughly examine all the features before purchasing your first hardware wallet.

    They are considered the best way of keeping large amounts of crypto safe, and generally resemble regular wallets the most, having in mind that you need to have the physical device itself to use the funds. Just do not lose it! Most popular hardware wallets manufacturers include Trezor, Ledger and Cobo. Hardware wallets need to be purchased, while all the other wallet types are usually free. However, the cost of a hardware wallets is minimal compared to the potential financial consequences because of the loss of you coins.

    Paper Wallets

    Paper wallets are in many ways like hardware wallets, but instead of a USB device, the needed information is printed out on a piece of paper, usually in a form of an address or QR code. Same as with hardware wallets, specific software needs to be used for their creation and management. Paper wallets are also considered an extremely safe and undoubtedly cheaper way of storing your digital assets, but they do come with several disadvantages and risks. First, the creation and use of paper wallets can be confusing for users unfamiliar with the key system. However, even the tech-savvy holders are still exposed to issues with reading the information printed on a paper wallet, due to damage, or even software issues with the reader or the printer that wrote the information. To eliminate or at least minimize the risk of damage, wallets where the data is engraved in metal or other durable material have emerged.

    The Bottom Line

    Wallets come with various features and there is a wide choice of wallet software currently available, so make sure to explore all the options before settling for one. Having all this in mind, what you plan to do with your coins greatly affects what kind of wallet you need. For most types of trading, having a web wallet is necessary, as using exchange’s services is mostly done on wallets on their servers. On the other hand, cold storage is a perfect way of keeping large amounts of coins safe, either as savings, or just having a main wallet from which you divert smaller amounts of coins to different hot wallets. Whatever the case, when using a wallet, updating relevant software, and keeping backup is very important, especially when storing larger amounts of coins.

  • The BTC Balances of Former Crypto Derivatives King BitMEX have Declined Sharply Since March 2020

    The BTC Balances of Former Crypto Derivatives King BitMEX have Declined Sharply Since March 2020

    Key highlights:

    • BitMEX has lost an enormous amount of its market, and the exchange’s BTC balances indicate this trend
    • Two significant events occurred for the exchange that caused many traders to jump ship
    • The March 2020 cryptocurrency crash and the October 2020 lawsuit against the company were two defining moments for BitMEx

    BitMEX was the number one crypto derivatives exchange in the recent past. But now, it has lost first place in the space. Two significant events happened to the business, causing an exodus of traders from the platform. One of them was the massive sell-off in March due to the pandemic crisis. 

    During the sell-off, the BitMEX platform performed poorly, which frustrated a large part of its userbase. In October, the exchange faced a twin lawsuit from the U.S. government. In response to these events, many traders decided to pull their BTC from BitMEX and go to other exchanges.

    A significant decline in market share

    BitMEX has a fair market share regarding the open interest for BTC futures. The percentage decreased by around 13% in 2020. BitMEX’s BTC balance has decreased by over 62% since March 2020. Now, BitMEX is far from its glory days and faces many challenges. 

    According to data from The Block, as of January 17 of this year, the exchange’s total holdings are around 117,510 BTC. 

    In December, BitMEX completed the process of verifying all of the platform’s users. Previously, anyone could create an account on BitMEX just with an e-mail address. Now, the exchange is looking to comply with regulations and requires every trader to verify their identity. 

    Ben Radclyffe, the commercial director of BitMEX operator 100x Group, told The Block that despite the obligatory KYC for users, BitMEX experienced an increase in sign-ups recently. He thinks the recent bull-run attracted more people to the crypto world, and now, they want to trade on a regulated exchange. 

    Radclyffe believes BitMEX has an advantage over the other platforms, and it is the performance of the exchange in periods of volatility like what we see now. He thinks the future for BitMEX is promising, and regulations play an essential role in the future of crypto services.

  • Ethereum Has Approached New All-Time Highs

    Ethereum Has Approached New All-Time Highs

    Key highlights:

    • Bitcoin is trading sideways, as the market is currently in a period of consolidation
    • Ethereum has approached new all-time highs in terms of price
    • According to Google Trends, the »Ethereum« search term recently recorded a new all-time high

    Bitcoin consolidates, but there’s still reasons to be optimistic

    Bulls and bears are still duking it out in the Bitcoin market, as the world’s largest cryptocurrency seems to be in a period of consolidation. However, Ethereum has been performing much better recently, outdoing Bitcoin on both the 7-day and 30-day time frames.

    An analyst from JPMorgan recently stated that if BTC fails to stay above $40,000, some investors could pack their bags and move their capital to other assets. The opinion seems to be somewhat split among analysts, as others present a more bullish outlook.

    Yves Renno, the head of trading at the popular cryptocurrency platform Wirex said that the consolidation in Bitcoin could be a positive sign. Renno stated that the recent correction is an opportunity for large investors to buy BTC, highlighting the increasing number of Bitcoin whales and a relatively low miner supply as some of the key reasons why Bitcoin is still in a positive trend. Renno predicts more volatility in the upcoming months, but in the end, he thinks Bitcoin is bullish in the mid-term.

    Ethereum has been displaying strong price action

    Ethereum’s strong performance has been helped due to its fundamentals, including the ongoing transition to Ethereum 2.0 and the upcoming Ethereum futures contracts that will be launching on the CME in February. Ethereum is also the foundation for the DeFi ecosystem, which is one of the most innovative areas in crypto today.

    Many cryptocurrencies are still far from the all-time highs that were reached in the previous bull-run of 2017, but Ethereum is an exception here. People are more interested in Ethereum than ever right now, as evidenced by Google Trends data for the »Ethereum« seartch term.

    As the biggest altcoin on the market, Ethereum’s strong performance could be a signal that a new »alt season« is around the corner. In the cryptocurrency markets an »alt season« is a period in which smaller cryptocurrencies display massive gains, outperforming Bitcoin by a significant margin.

    Polkadot is the most serious competitor to Ethereum at the moment, and its performance has been excellent as of late – the coin even flipped XRP in terms of market cap.

  • 19th January: BTC/USD Sent Down to 36,430 after Trying an Upturn to 38,000, ETH/USD Takes Ride to 1,425

    19th January: BTC/USD Sent Down to 36,430 after Trying an Upturn to 38,000, ETH/USD Takes Ride to 1,425

    Konstantin Anissimov, Executive Director at CEX.IO

    BTC/USD

    BTC/USD opened at 36,799, according to the exchange rate at CEX.IO, and was trading in a downward fashion from 02:00 to 06:00 UTC. The pair bounced to 37,280 between 06:00 and 08:00 UTC and was mainly trending sideways until 16:00 UTC. Between 16:00 and 17:00 UTC, BTC/USD attempted an upswing from 37,351 to 38,000 but was stopped midways and driven close to the open of the hourly candlestick at its close.

    As a result, a shooting star formed on the hourly timeframe and created downward momentum for BTC/USD the next few hours. A medium fall took place between 17:00 and 20:00 UTC, taking the trading pair down to the 50-period simple moving averages both on the hourly and 4-hour timeframes.

    The whole picture on the 4-hour timeframe shows a narrowing of the symmetrical triangle. According to the classic wave trading theory, a new motive trend way – bullish in this case – should follow, but considering the huge and amazingly fast price growth that ended just on 10th January, a more sizeable correction than what we have as of 19th January would be a very logical continuation. 

    Presently, the BTC/USD price is very close to the lower boundary, which may act as support for some more time. But I would recommend waiting for the price exit from this triangle in order to have a more clear understanding of what is to follow in the near term.

    ETH/USD

    ETH/USD opened the trading session of 19th January at 1,258.6, according to the exchange rate at CEX.IO, and took a sharp surge to 1,325 and the 4.236 Fibonacci retracement level at 1,324.7 between 01:00 and 02:00 UTC. The pair then spent five hours until 07:00 UTC above and below the level and attempted the second big surge of the day to 1,425.

    The second upswing happened in two phases. First, the hourly candlestick took ETH/USD from 1,325 to 1,375.2 between 07:00 and 08:00 UTC. Then the trading pair rose from 1,380 to 1,430 between 11:00 and 12:00 UTC. The whole progress was almost completely nullified during the nest hour, which started an ascending triangle going at a rather sharp angle until 18:00 UTC, with a local resistance lying at around 1,420.

    The exit from the triangle happened at the start of the 18th hourly candlestick. The price went sharply down, leading to a growing selling momentum. In one hour, the pair eventually slipped to 1,368.1. In the hour between 19:00 and 20:00 UTC, the pair made and up-and-down swing, finishing slightly below the open with considerable upper and lower wicks. A slight bounce between 20:00 and 21:00 UTC took the pair to 1,386.3.

    Such massive bullish price action of ETH/USD against a backdrop of overall flat price action in BTC/USD may be a sign of Ethereum’s growing independence in market terms. The coming technological evolution of Ethereum called Serenity may be the key factor that is attracting more long-term interest to Ether as a financial asset. 

    Another explanation of this sudden growth could be a delayed demand for Ethereum as it was growing very modestly amid Bitcoin wild growth in November – December 2020. What we are seeing now, may be an attempt to close this gap.

    As for the near-term market expectations for ETH/USD, it will be reasonable to expect some selling stimulus around 1,420 and buying stimulus at 1,325. In the current situation, trading ETH/USD should be done with caution as there is yet no clear understanding of how fundamental the reasons behind Ethereum’s sudden growth are. And it is still highly advisable for Ethereum traders to still keep an eye on BTC/USD as it is going to continue to affect the ETH/USD cross rate.