MyCryptoParadise | Crypto News | Weekly 1
My crypto paradise weekly news is here and this is the first edition of Crypto News Weekly 1
With Bitcoin valiantly saving the crypto market, investors and the community can be at ease now. With evident signs of crypto winter finally coming to an end, a lot has happened this week especially for people who constitute crypto trading signals and crypto calls.
Cryptocurrencies have been notorious for being both volatile and non-deterministic. Cryptocurrencies have a reputation for being an unstable investment with prices varying in high variations. The variations have truly been a roller coaster of emotions for investors. Cryptocurrencies have seen variations from $300 to almost $5000 between 2013 and 2017, coherently, cryptocurrencies have also plummeted to $20,000 and $2000 in the same month. Following the volatile yet fruitful season in the cryptocurrency industry was what analysts refer to as the “Crypto winter”.
In correlation with price drops, the introduction of high-level scams, successful hacks and attempts to bring down the crypto trading space as well the negative perception of cryptocurrencies in the media took a toll on cryptocurrencies.Interestingly, in light of recent events experts have been indicating positive news. In this
article, we’ll thoroughly discuss how cryptocurrencies have come out of a ditch and discuss if it is finally time to look towards stability.
Coherently, MyCryptoParadise has been actively monitoring the crests and troughs of cryptocurrencies with their free crypto signals on telegram. MyCryptoParadise has undoubtedly been an advocate of providing some of the best crypto signals ranging from Binance signals to Bitmex signals.
The Summary of the Week
Cryptocurrencies have experienced a bullish week with notable organizations boasting large market caps achieving strong gains. Bitcoin has impressively shown a 2% rise in value followed by Ethereum’s valiant rise of 6%, and Ripple’s soaring over 13% in value.
Coherently, the overall market cap of the crypto industry skyrocketed with a 5% increase.
Moreover, Dogecoin, a proof-of-work cryptocurrency coin that has been a meme among the crypto community escalated to a whopping 58% rise in value. Coherently, the success of coin attributes to the virality of the cryptocurrency through a Chinese social media app called Tiktok.
Dogecoin amassed millions of views urging both cryptocurrency and the Tiktok community to buy their coin. Contrarily Vechain also showed a monumental thrust of 27% during this week. Much of Vechain’s success is attributed to the valiant efforts of its revolutionary technology, the BaaS Toolchain, that is expected to provide a seamless transition towards implementing blockchain technology.
Furthermore, a US-based investment firm, Arca, introduced the Arca U.S. Treasury Fund. The Arca U.S. Treasury fund is based on the Ethereum blockchain platform and will provide asset holders with Arcoins on a quarterly basis.
Arca expects users to invest over a large majority of their assets (80% and up) into short term treasury securities and also investing in cash equivalents, investment-grade fixed income securities, and other assets assessed by Arca. All in all, The crypto asset market has evidently shown a strong bullish scenery bearing sweet fruits. With Altcoins projecting a surge in popularity in recent events. A good example is Chainlink, which is an ethereum based cryptocurrency trading under the name of Link which has gained tremendous interest in DeFi. Chain Link backs the idea that entrepreneurs can use crypto tech to replicate financial mediums such as insurance and loans. Interestingly, this week Chainlink soared to a record $6.49 per link token, according to data from various exchanges, boasting an increment of 60% and into “valuable cryptocurrencies” territory. Chain link acts as a bridge between crypto and financial services by offering link tokens to their investors. Interestingly the spike in chain link network attributes to the rising usage of DeFi.
Interestingly, diverse organisations are realising the importance of enterprise smart contracts powered by secure networks in correlation with the Chinese government’s recent decision to integrate chain link oracles into their national blockchain services network. While Compound, another Ethereum-based cryptocurrency based on the Compound protocol showed a 144% rise in the last week making it one of the topmost valuable cryptocurrencies according to data seen on various cryptocurrency exchanges and Crypto trading signal groups such as MyCryptoParadise.
The price surged to over $300 per token from the reported $216 in June. In light of recent events, Tether, a globally renowned stable coin that is undoubtedly also the most valuable stablecoin in the market by market cap, has been accumulating acceptance by the community. Advanced blockchain trackers and analytics systems have detected a move by Tether whales to move over 100 million USDT to anonymous wallets in under 24 hours. Crypto traders and investors have managed to manipulate the circulation by withdrawing their stakes a move which was confirmed when Tethers Treasury USDT. Wallet became the top holder of stablecoin.
The huge depletion in the amount of Tether held by various USDT wallets is coinciding with the recurring withdrawals to 29% of the total volume of Tether in circulation. In response to the rising regulatory pressure, Tether had to further freeze Millions of Dollars USDT among 40 addresses. The 40 addresses have been temporarily banned from using USDT on Ethereum until further notice.
In light of global events, China introduced a National Blockchain service network on July 5. China’s State Information Center and private sector companies are backing seamless blockchain development.
Crypto Winter – What to expect?
Experts have suggested that Crypto Winter may finally be over. With Bitcoins promising to make high gains for the next 10 years. Although the fluctuations of the cryptocurrency industry are still non-deterministic, however, experts suggest that we are heading towards a more scalable and stable future.
With a low number of Americans citing cryptocurrency as their preferred long-term investment, the number is likely to change as illustrated by studies and graphs. Bitcoin’s future has been notably compared to the rise of the Internet. Cryptocurrencies are going through a similar trajectory on the basis of scalability, availability, and ease of use that the internet first went through in its nascent stages. Similarly, experts further illustrate that although a small number of Americans own Bitcoin, these numbers may be on par with other technological breakthroughs in their nascency.
A majority points out that the fluctuation is caused by the recent pandemic. Traditional banking and Traditional Financial institutions may be motivated to invest in digital currency to save itself from inflation and the drawbacks of fiat currencies.Contrarily, many experts also suggested that cryptocurrency transactions may not be completely secure as they’re advertised to be with the use of a VPN. Although there is still a lot of room to grow for cryptocurrencies.
However, it is expected that in the coming years, over $300 billion worth of food products are estimated to be tracked using revolutionary blockchain technology, saving Billions annually. Experts and Advocates have indicated the use of blockchain technology as the way of the future of the cross-border payments.
Although the platform is still in its nascent stages, it is no doubt that blockchain and cryptographic technology will soon replace traditional financial institutions and vehicles.
The Blockchain community is actively working towards providing beneficial solutions on top of the blockchain.
Countless engineers, developers, and designers are working hand in hand to mature this technology to replicate or replace traditional financial mediums. However, it is possible that there’s still a long way to go until blockchain technologies are fully understood and utilized and appreciated by the population.
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With further expectations of the Crypto industry to soar into newer heights, and the expected update Privacy-focused blockchain called Zcash, the Crypto industry is expected to accumulate further stronger weeks for assets on various exchanges such as Binance. Interestingly, you can rely on MyCryptoParadise to back you up and provide the best crypto trading signals so you can benefit from healthy green gains.
This is the first edition of MyCryptoParadise | Crypto News | Weekly 1. We hope you like it, If you have any questions or have feedback regarding our Crypto News Weekly 1 then let us know in the comments section.