Ripple CTO Reveals Secret AMM Trading Strategy: Get A 41% ROI On Your XRP!
In a recent series of tweets, David Schwartz, the CTO of Ripple, presented a comprehensive, yet simplified, perspective on the trading strategy adopted by Automated Market Makers (AMMs), helping investors and enthusiasts to better understand this complex subject matter.
For those who want to understand an AMM's trading strategy and may find the math too complex to follow, here's a grossly oversimplified way to understand how the trading strategy works:
Say you have an asset that's volatile but no signifcant long-term trend. That is, its price…
— David "JoelKatz" Schwartz (@JoelKatz) June 1, 2023
Demystifying Price Volatility and Average Percentage Movement
Schwartz began his explanation with a hypothetical asset characterized by high volatility and a lack of significant long-term trend. This asset sees fluctuating price excursions followed by returns, such as a movement from $100 to $110 and back to $100, or a drop from $100 to $90 before returning to $100.
The CTO elucidated on a critical aspect: the average percentage movement is positive. An increase from $100 to $110 presents a +10% movement, but the subsequent drop from $110 to $100 is -9.1%. Inversely, a decrease from $100 to $90 is -10%, but the subsequent rise from $90 to $100 results in +11.1%.
“If you have an asset whose volatility exceeds its long-term trend, the average percentage movement will be positive,” Schwartz wrote. “If the long-term trend is negative, that just reduces the average somewhat. If the long-term trend is positive, that increases it somewhat.”
The AMM’s Trading Strategy
Schwartz then proceeded to explore how these dynamics relate to AMMs’ trading strategy. He suggested a straightforward trading strategy wherein an investor buys a certain amount of a stock and then continues to buy or sell the stock to keep the value of the holdings constant. This approach is believed to track the average percentage movement of the stock.
Though the trading strategy implemented by an AMM is more complex, Schwartz asserted it shares the same fundamental principle. He explained, “The trading strategy an AMM implements, though more complex than that simple one, also has this property of harvesting volatility.”
The Impact of Volatility and Fees on AMMs
Importantly, Schwartz also addressed the role of volatility and fees in AMMs’ performance. He noted that the analysis he presented primarily applies to AMMs between a fixed-price asset and a volatile asset, where the latter’s price fluctuations override its long-term trend. “AMMs work even when those constraints aren’t met, but their behavior is different,” he tweeted. “Generally it’s still pretty good as long as there isn’t a long-term negative price movement that exceeds the volatility.”
In his final remarks, Schwartz further simplified the relationship between volatility, fees, and AMMs. He tweeted, “1) AMMs charge fees when they trade. 2) Volatility causes people to trade with the AMM. 3) Thus AMMs turn volatility into fees.”
In a significant addition to his discussion, Schwartz mentioned, “The strategy is immutable, but you can remove your funds at any time. The worst-case behavior is the square root of the movement.” Explaining this further, he stated, “So if XRP doubles, your worst-case return should be +41% (square root of two, minus one).”
Also Read – Top Reasons Why XRP Price Is Flourishing Despite The SEC Lawsuit
Elon Musk Faces Lawsuit as Dogecoin Investors Accuse the Billionaire of Insider Trading
In a shocking turn of events, billionaire entrepreneur Elon Musk, the CEO of SpaceX and Tesla, finds himself embroiled in a legal battle as he faces accusations of insider trading from a group of Dogecoin investors.
Is Elon Musk Under Radar?
Investors have proposed a class action lawsuit against Elon Musk, CEO of Tesla Inc (TSLA.O), accusing him of insider trading and manipulation of the cryptocurrency Dogecoin, leading to losses amounting to billions of dollars.
Investors filed a lawsuit in a Manhattan federal court on Wednesday night, alleging that Elon Musk exploited Twitter posts, compensated online influencers, his 2021 appearance on NBC’s “Saturday Night Live”, and other publicity maneuvers to trade Dogecoin profitably through several wallets controlled by him or Tesla, all at their expense.
The investors further claimed that Musk’s actions led to a significant increase in Dogecoin’s price when he sold approximately $124 million of the cryptocurrency in April. This followed his replacement of Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, which resulted in a 30% surge in Dogecoin’s value. It’s worth noting that Musk acquired Twitter in October of the previous year.
The filing stated that Musk engaged in a “calculated strategy of hype, market manipulation, and insider trading,” allowing him to deceive investors while promoting himself and his companies.
Musk’s attorney, Alex Spiro, chose not to comment on the matter on Thursday. Similarly, a representative for Tesla and the attorney representing the investors did not immediately respond to requests for comments.
Musk, who is recognized as the world’s second-wealthiest individual by Forbes magazine, has been accused by investors of intentionally inflating Dogecoin’s value by over 36,000% over a two-year period, only to let it plummet thereafter.
DOGE Investors Want Justice
The lawsuit, filed by a coalition of investors, alleges that Musk manipulated the Dogecoin market for personal gain. The plaintiffs claim that Musk’s tweets and public statements about Dogecoin were part of a calculated strategy to inflate the cryptocurrency’s price, allowing him to profit at the expense of other investors.
Elon Musk, known for his active presence on Twitter, has been a vocal supporter of cryptocurrencies, particularly Dogecoin. His tweets have often led to significant fluctuations in the value of the meme-inspired cryptocurrency. However, this is not the first time that his actions have led to legal repercussions.
The recent accusations form part of a proposed third revision to a lawsuit that began in June of the prior year. Musk and Tesla had previously attempted to dismiss the second revised complaint, labelling it as a “fantastical narrative”. However, U.S. District Judge Alvin Hellerstein, on May 26, indicated that he would probably permit the third revised complaint, suggesting that the defendants would not suffer undue harm.
The lawsuit is presently lodged in the U.S. Court for the Southern District of New York, which holds Musk responsible for his purported insider trading and market manipulation activities concerning Dogecoin.
Coinbase Insider Trading Settlement: Are Crypto Tokens Really Securities? SEC Stays Silent!
Ishan Wahi, who used to work at Coinbase, and his brother Nikhil Wahi, have settled insider trading charges with the Securities and Exchange Commission (SEC). They were accused of using confidential information about new cryptocurrencies being added to Coinbase to make money.
Today former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities.https://t.co/yt2hHEAJMV pic.twitter.com/6dy9KMd5mY
— U.S. Securities and Exchange Commission (@SECGov) May 30, 2023
Ishan Wahi used to help Coinbase announce what new cryptocurrencies would be added for trading. This information was supposed to be confidential, and Coinbase told its workers not to use it to make trades or tell other people. But the SEC says that Ishan told his brother Nikhil and his friend Sameer Ramani about when these announcements would happen from June 2021 to April 2022. Nikhil and Sameer then bought these cryptocurrencies before the announcements, which usually made their prices go up, and sold them afterward for a profit.
Regulation and Enforcement: The SEC Steps In
The SEC’s stance is clear: the federal securities laws apply to crypto asset securities as much as they do to traditional securities.
“While the technologies at issue in this case may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
The SEC’s complaint, which was filed on July 21, 2022, in the U.S. District Court for the Western District of Washington, led to the settlement where the Wahi brothers agreed not to deny the SEC’s allegations.
The Criminal Case and Final Judgments
Following the insider trading charges, the Wahi brothers also faced criminal action. They pled guilty to conspiracy to commit wire fraud, with Ishan Wahi receiving a sentence of 24 months in prison and an order to forfeit 10.97 ether and 9,440 Tether. Nikhil was sentenced to 10 months in prison and ordered to forfeit $892,500. The SEC has decided not to ask for more money because the brothers have been sentenced to jail.
Today's SEC settlement (i) doesnt admit any legal conclusions about the security status of tokens; (ii) doesnt require Wahi to pay any additional penalties (in addition to those due for separate criminal case); and (iii) includes immaterial injuction not to violate Section 10(b) pic.twitter.com/qHOfcaIVk2
— Rodrigo (@RSSH273) May 30, 2023
The Unsettled Questions
This SEC settlement brings up a few big questions. Why didn’t they say if tokens are securities or not? Could it be because they’re not sure how to classify them? Are they still trying to figure out their position or are they just hesitant to apply old rules to these new kinds of assets? Only time will tell!
Ethereum and XRP Hold as Altcoins struggle; Avorak Eases Trading in Chop Markets
The crypto market has recently been riding choppy waters as prices of altcoins are struggling. The volatile market presents investment challenges that limit investors, but altcoins like Ethereum (ETH) and XRP are holding amid the choppy market phase. This project has seen surges, while other digital currencies have faced significant volatility in the past weeks.
Avorak comes in handy, offering tools that assist in trading cryptocurrencies and leveraging AI in trading analysis, in turn making profits.
What is Ethereum?
Among the top cryptocurrency projects in the digital space, Ethereum is the second most popular, following its extensive use case. It is a second-generation crypto forged aimed to curb the challenges faced in the first-generation crypto.
Ethereum’s (ETH) value has seen a significant gain and has increased by over $1,000 from mid-May to the end of the month. Several factors behind this surge include increased adoption by institutions and the heightened need for DeFi projects and dApps.
As such, leveraging Avorak AI in trading Ethereum (ETH) is a profitable idea that any investor can get into, following its user-friendly interface.
What is XPR?
XPR is also holding amid the choppy altcoin market, as it has seen a gradual price increase over the past weeks. Its surge is indicated by a 25% increase in price since mid-May towards the end of the month.
XRP’s value increase can be attributed to its increased adoption and the favorable SEC lawsuit ruling against Ripple.
Despite the choppy market, Avorak trading is the best alternative to secure profits from the volatile market. Avorak Trading uses artificial intelligence (AI) in market analysis which can be tedious for traders using manual strategies. It also offers personalized recommendations that suit every trader’s personal preferences.
Avorak Trading Advantage in Choppy Markets
Avorak uses AI to analyze mass data sets and provides real-time results that traders can leverage. As such, its recommendations are up-to-date and are effective in minting profits off a choppy crypto market, regardless of the market conditions.
In the case of trading resilient crypto assets like Ethereum (ETH) and XRP, Avorak Trading is surely an effective platform that is reliable in analyzing these assets in the market.
It also gives accurate, personalized recommendations based on machine-learning languages as it is trained to respond in a human-like manner, making it an easy-to-use platform.
Avorak offers a set of features that allow traders to mitigate trading risks and maximize their profits in crypto markets. It also offers automated trading that is useful to investors who need more trading time.
Conclusion
As Ethereum (ETH) and XRP manage to hold steady in this choppy altcoin market, leveraging platforms like Avorak Trading assures better trading conditions.
The AI platform provides a set of tools that can be used by any trader, pro or novice alike, since it’s a user-friendly platform.
Avorak Trading offers real-time market analysis and personalized recommendations making it a very attractive trading platform. It’s evident that Avorak Trading is an essential project that can be the next big adoption used by traders in mitigating losses and minting significant profits.
Get more on Avorak Trading on:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Meme Coins SNEK and BANK Drive Trading Frenzy on Cardano’s Minswap Decentralized Exchange
Minswap, a decentralized exchange (DEX), has experienced a significant surge in recent days, potentially influenced by traders seeking profit opportunities within the meme coin market. Notably, the trading volume on this popular Cardano-based DEX has seen a substantial increase, rising from $1 million at the start of May to over $18 million as of Tuesday.
According to TVL rankings from DefiLlama, Minswap currently boasts a total value locked (TVL) of $175.74 million, reflecting its dominant position with over 37% of the market share.
Minswap’s volume surge can be attributed to the meme coin trade surge
The increased transaction volumes on Minswap can be attributed to the growing popularity of meme coins such as Snek (SNEK) and Bank (BANK).
Analysis of data from CoinGecko reveals significant surges in the prices of these tokens. Notably, Minswap alone has facilitated a total trading volume of $40 million specifically for these meme coins.
Within the past 24 hours, SNEK has experienced substantial price movements, ranging from a low of $0.00074874 to a high of $0.00111428 at the time of this statement. This represents a surge of over 34% during this period.
Additionally, over the last seven days, SNEK has seen an impressive spike of over 158%. As a result, the price of SNEK has now surpassed $85 million in market cap.
BANK has also displayed notable price movements, following its all-time low yesterday. The token experienced a significant surge of 36% from its low point, although it subsequently declined by 15% within the past 24 hours.
Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature. Such concerns raise questions about the long-term sustainability of these coins. However, supporters argue that meme coins contribute to community engagement within the cryptocurrency space.
Cardano Cube reports that there are presently 25 meme coins based on the Cardano blockchain. This includes tokens such as Hosky Token, DGAF, A SHIB, and several others. Among these, Snek stands out for its notable impact in terms of social media presence and price movements.
The “ChatGPT” Of AI-Quantitative Trading
Have you ever heard about ChatGPT? It has been a hot topic this year, for it’s changing the way we live and work. It provides personalized and accurate responses, while continuously improving its understanding through machine learning, offering unparalleled convenience and accessibility. As one of the most advanced language models, the capabilities of ChatGPT are nothing short of amazing.
However, what if we told you there’s a new player in town that’s just as impressive? Now is the time to meet the ATPBot Crypto Trading Bot, which can be rated as the “ChatGPT” in the field of quantitative trading, for it is the first trading bot that combines AI technology with quantitative trading, having outstanding performance in trading that far exceeds the industry.
AI has proven to be advantageous in various fields, with its ability to process and analyze massive amounts of data. ATPBot is a prime example of AI making significant contributions in the field of quantitative trading. Similar to ChatGPT’s ability to understand and process natural language, ATPBot provides investors with a scientific, standardized, and effective way to invest in the world of AI-quantitative trading.
By using data and algorithms to determine the timing and price of buying and selling, ATPBot reduces emotional interference and human error while increasing investment efficiency and stability, making it the “ChatGPT” of AI-Quantitative Trading.
Say goodbye to subjective judgment and experience-based decision-making. Investing may be a daunting task, but ATPBot is here to make it easier, more efficient, and more trustworthy.
What is ATPBot?
ATPBot is a platform focused on quantitative trading strategy development and services. It develops and implements quantitative trading strategies for its users with the advantages of AI technology. ATPBot are intending to provide crypto investors with efficient and stable trading strategies.
By analyzing market data in real time and using natural language processing to extract valuable insights from news articles and other text-based data, ATPBot can quickly respond to changes in market conditions and make more profitable trades. Additionally, ATPBot uses deep learning algorithms to continually optimize its trading strategies, ensuring that they remain effective over time.
Why ATPBot is the “ChatGPT” of the Investment World
Just as ChatGPT is a powerful tool for generating human-like responses to text-based queries, ATPBot is a potent instrument for generating profitable trading strategies using AI and machine learning algorithms.
In addition, ChatGPT cannot offer investment advice due to its limitations, while ATPBot is designed to provide a personalized trading strategy recommendation service based on quantitative artificial intelligence analysis. By leveraging the advantages of AI, ATPBot can help you make more profitable trades and avoid the common pitfalls that lead to losses.
In this way, ATPBot serves as the ChatGPT of the investment world, serving as an intelligent and reliable investment partner that can help you achieve your financial goals.
Why Choose ATPBot?
1. World-leading Technology: Cutting-edge algorithms that combine multiple factors are adopted to find profitable methods through complex data types.
2. Simple to Use: All strategies are ready-made that do not require tuning. All you need to begin running a profitable strategy is just a simple click.
3. Millisecond-level Trading: Real-time market monitoring to capture signals and millisecond-level response for quick operations.
4. Ultra-low Management Fee: A permanent one-time payment to achieve a higher return on investment.
5. Security and Transparency: All transactions are processed by the third-party exchange Binance; ATPBot has no access to your funds and we are committed to providing maximum protection for your security.
6. 24/7 Trading: AI trades 24/7 automatically, and you can get profits even when you are sleeping at night.
7. 24/7 Service: One-on-one service; Fix your issues quickly.
Just like ChatGPT is your trusted writing and programming assistant, ATPBot is your exclusive investment analyst and faithful trading partner. Don’t miss out on the opportunity to revolutionize your investment experience with ATPBot.
Sign up ATPBot today to open the door to AI quant trading, and share the profits of AI technology algorithms with ATPBot.
In addition to its platform functionality, ATPBot also boasts a professional Discord community consisting of numerous quantitative trading researchers and practitioners. This community provides a space for users to interact and engage with quantitative trading enthusiasts from around the world, sharing experiences and ideas while also receiving professional guidance on market trends, analysis, and techniques.
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
BTC Price: Data Shows That Bitcoin is Trading Above Realized Price Amidst Market Panic
The cryptocurrency market has been going through a fair share of trauma with the recent decline in the prices of various assets. The fall in price, which can be attributed to various macroeconomic factors, caused the global market cap to drop by 1.63% in the last 24 hours. According to CoinMarketCap data, the global crypto market cap stood at $1.10 trillion at press time.
Amidst the market chaos, the founder of LookintoBitcoin, Philip Swift, shared some interesting data.
https://twitter.com/PositiveCrypto/status/1661644838411051008
Bitcoin is Trading above the Realized Price
According to the data on price action 140 days after the realized price breakout, the price of Bitcoin is trading above the realized price of $20,167. BTC is trading at $26,256 at press time, which, according to Swift, is a clear breakout for BTC above its realized price. A zoomed-out picture of the chart shows that Bitcoin is performing well and as expected for this stage of the cycle.
Bitcoin and Ethereum have shed 1.98% and 1.72%, respectively, amidst the recent market turmoil. BTC has dropped below the $27,000 level, whereas ETH has plummeted below the $1,800 level.
Amidst the ongoing debt ceiling negotiations in Washington and varying perspectives among Fed officials regarding interest rate hikes, bitcoin has exhibited characteristics of a risk asset once again, diverging from its earlier trend of trading more closely with gold earlier this year.
Both bitcoin and ether are currently experiencing their least favorable month in 2023, with bitcoin down by 12% and ether down by nearly 9.7%, respectively, in 2023.
The trending meme coin, PEPE, has also suffered from market chaos, as it is down by 4% in the last 24 hours. PEPE is also down by 10% in the last seven days. The current market turmoil hasn’t spared any altcoins, as most of them have exhibited single-digit losses.
Binance Announced to Remove 21 Trading Pairs
The post Binance Announced to Remove 21 Trading Pairs appeared first on Coinpedia Fintech News
Binance has announced that it will no longer offer trading services for certain spot trading pairs, although removing them from their platform. On May 26, 2023 the following trading pairs will be available in three different flows. Binance ends Trading Bots for selected spot trading pairs on May 25,2023 at various times. It updates or cancels Trading Bots to avoid losses before services terminate. Thus, users can still access trading as it is available on diverse trading pairs on Binance.
Gemini Foundation Academy Launches Educational Series for Crypto Derivatives Trading
The post Gemini Foundation Academy Launches Educational Series for Crypto Derivatives Trading appeared first on Coinpedia Fintech News
Gemini Foundation has initiated an educational series to equip users with the knowledge and tools needed to navigate the captivating world of crypto derivatives on their platform. Whether a seasoned trader or a crypto novice, this series offers valuable insights for all skill levels. Starting with a guide on setting up a derivatives account, subsequent series will explore advanced concepts like futures, options, swaps, leverage, and risk management. However, Gemini Foundation’s services are now inaccessible to customers in the United States of America, United Kingdom, and the European Union.
Bitcoin & Ethereum Trading Volume Plummets As Meme Coins Take Center Stage
In the past two months, the cryptocurrency market has witnessed the rise of meme coins, marking the beginning of a new era characterized by low liquidity. Prominent digital assets have experienced a total liquidation of approximately $55 million, with Bitcoin and Ethereum leading the pack at $15.54 million and $14.77 million respectively. Consequently, the rest of the altcoin market reported around $25 million in liquidation, highlighting a significant decline in cryptocurrency traders.
Declining Trading Volume and Bitcoin’s Support Level
Simultaneously, the decline in cryptocurrency trading volume aligns with the Bitcoin price drop below the crucial support level of $27.5k. The Bitcoin bulls are now striving to maintain stability above the weekly 200 MA, drawing attention to the forthcoming FOMC meeting minutes scheduled for Wednesday. These minutes are anticipated to provide investors with valuable insights into economic and financial conditions.
Related: Bitcoin Price Prediction: BTC Price On The Verge Of 50% Drop
Santiment On Crypto Trading Volumes
A recent report from the on-chain platform Santiment reveals a substantial decrease in cryptocurrency trading volumes since Bitcoin’s rebound in early March. Interestingly, the highly anticipated Ethereum Shanghai Upgrade on April 12 failed to ignite significant trading volume in the crypto ecosystem due to concerns over potential regulatory crackdowns in the United States.
A Look At History
Santiment’s report emphasizes that the largest crypto assets are currently experiencing historically low levels of weekly trading volume. In particular, altcoin volume has significantly dried up. When combining the trading volume of Bitcoin and Ethereum alone, this represents the second-lowest threshold observed since September 2019.
Future Outlook: Rebound Around The Corner?
Looking ahead, as Bitcoin’s halving approaches within a year, experts expect the cryptocurrency market to continue consolidating and trading in sync with the general market outlook. Consequently, crypto analysts predict a potential shakeout before a rebound, as concerns of an impending recession loom over the second half of 2023.
Related: Bitcoin Bulls Exhausted! Peter Brandt Predicts Massive Market Shakeup – Coinpedia Fintech News
Polygon (MATIC) Trading Volume Plummets By More Than 50%; What’s Going On?
Amid a significant drop in total cryptocurrency trading volume, the Polygon (MATIC) network has not been an exception. The latest crypto market data reveals that MATIC trading volume has plummeted by more than half since February of this year. From reaching a daily traded volume of approximately $774 million in February, the Polygon (MATIC) network recorded a total 24-hour traded volume of around $273 million on Tuesday.
Polygon (MATIC) Network Holds Strong as Ethereum Scaling Solution
Despite the decline in trading volume, the Polygon network remains one of the essential Ethereum scaling solutions. Its staking contract currently holds over 38 percent of the total MATIC supply, amounting to approximately $3.36 billion. As a result, MATIC’s price has surged more than 27 percent year-to-date, with trading hovering around $0.88 on Tuesday.
Also Read: DEX Mangrove launches On Polygon Testnet, Goes Live in June – Coinpedia Fintech News
Significant Decrease in Daily New Addresses
An on-chain study conducted by Glassnode reveals a notable decrease in the daily creation of addresses on the Polygon network over the past year. Interestingly, the number of new daily addresses on the Polygon network currently stands at approximately 556, a level not seen since early 2021. This decline coincides with the bearish price outlook, despite the anticipated Ethereum layer 2 adoption triggered by the Shanghai upgrade.
Address Distribution and MATIC Holders on Polygon
According to on-chain data provided by Etherscan, the Polygon network currently has a total of 608,638 holders who have executed around 5,992,138 transfers. Of these addresses, 90.2 percent hold less than $1k in MATIC. Approximately 9.5 percent of Polygon (MATIC) addresses hold between $1k and $100k, as reported by Binance-backed Coinmarketcap. A mere 0.2 percent of MATIC addresses hold more than $100k. Interestingly, the number of addresses holding MATIC has increased since June last year, while short-term holders have been on the decline.
Solana Traders Overwhelmed By Accuracy Of Avorak AI Trading Algo
After a series of accurate Solana price predictions, SOL traders are going full throttle on Avorak Trade, a top-notch crypto trading bot. The recent Solana price actions, as predicted by Avorak, came to pass as expected. Let’s find out what this Avorak AI is and how it helps crypto traders make accurate predictions.
Avorak AI
As a solution for blockchains, AI crypto deploys several AI tools, from chatbots to text and image generators. Avorak Write seeks to revolutionize content generation circles by addressing the existing tools’ shortcomings of repetitive and plagiarized content. Avorak Write edits, proofreads, and auto-corrects content before submitting to users, thus ensuring quality and valuable content.
In its phase six of an ICO offering, Avorak AI is going at $0.235, an impressive price performance of 291%. Given the performance, Avorak looks to achieve the expected launch price soon. AVRK helps settle products and services and is available for staking. Holders enjoy profit from the platform, get on-top bonuses, access to Beta, and priority staking. Avorak AI ensured the security and transparency of its platform after two audits by CyberScope and SolidProof. Avorak will launch and list on Azbit, PancakeSwap, Coinsbit, and LAToken.
How Avorak AI Impressed SOL Traders?
Avorak AI monitors the market 24/7, suffers no fatigue or tiredness, and cannot sleep or rest. As a result, no vital signal or indicator can escape its analysis. When it comes to voluminous historical data, Avorak Trade can scout the data with ease. With that in mind, the bot eliminates the human limitations of biased decisions. Avorak Trade can execute automatic trades, provided the user inputs the correct parameters.
Will Solana Recover?
Solana (SOL) is a Layer 1 blockchain platform for dApps and leads in fast and low-cost transactions. It gained massive popularity since its inception due to its impressive performance but has recently experienced a significant price drop, leading many investors and traders to question whether it will recover. The current SOL price at $20 does not reflect its potential, given that its ATH was $260, a 91% drop. However, there are several measures for recovery. The low-cost and fast transaction speed of Solana are major selling points and have attracted other platforms like the recent migration of Helium Network to Solana. Solana’s ecosystem is expanding, including various Solana software wallets. Avorak AI has predicted the resumption of Solana’s recovery path, and this could be the right time to hold SOL for long-term investment.
Is Solana a Good Investment?
Solana is a highly innovative blockchain platform. It is environmentally friendly due to its fast and cheap innovative features setting it apart from competitors. Solana is also developing groundbreaking future developments, such as smartphones with built-in, Solana-connected crypto wallets and fee-free stores for dApps. Despite experiencing some unfavourable headwinds and accusations of irregular initial sales like XRP, Solana will continue to appeal to all investors, whether novices or experienced. Avorak AI urges potential investors to research using its analysis to make prudent decisions, as the cryptocurrency market is highly volatile and risky.
Wrap Up
Solana (SOL) traders have realized significant benefits from Avorak AI trading algorithms, providing accurate trading signals and making informed decisions for traders. This reputation has delivered impressive results for SOL traders, who strictly adhere to its signals. This fact has positioned Avorak AI as a leading solution in the AI and blockchain space.
Get more on Avorak AI and ICO here:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Justin Sun to Actively Begin Meme Coin Trading – Assets Likely to Make the Tron Founder’s List
Justin Sun recently announced that he will begin actively trading meme coins and promising cryptos through his public address. The tweet was amid the new wave of meme coin mania pumped by Pepe and SpongeBob Token.
The Tron founder had earlier invited meme coin developers to build on the Tron network and benefit from funding support of up to $1 million. His portfolio diversification into emerging meme coins can be seen as part of a wider promotional strategy.
Nevertheless, traders are eagerly tracking his wallet address to follow suit as the meme coin market is highly sensitive to endorsements and nods from celebrities like Elon Musk and Mark Cuban.
Being one of the most revered figures in the crypto market, Sun’s backing can potentially trigger multifold rallies for the assets.
Which meme coins are most likely to make his list? Here are our top predictions and why.
1. Copium – Can Humor, FOMO, and Camaraderie Pump the Next Meme Coin Explosion?
On top of our list is Copium – the latest meme coin sensation that went 500% up the charts within hours of going live on 18 May 2023. The momentum is gaining stronger as more investors flock to Uniswap to take advantage of the upcoming explosion.
At the heart of Copium’s overnight rise to popularity is its unique theme and delivery. The meme cryptocurrency is built around the theme of “coping” with missed opportunities.
“Bought the top, anon? Did your favourite influencer use you as exit liquidity? Were you part of a Ponzi scheme that left your bags worthless while others walked away with generational wealth? We feel your pain, and we’re here to help you cope,” says the website.
The movement driven by humour, fellowship, and the shared experience of navigating the unpredictable crypto landscape has struck a chord with the meme coin community, as the numbers show.
Copium has adopted a multi-faceted marketing strategy that is behind the ongoing bull run. The campaign pays attention to building a community of believers in its vision, rather than mere investors. It goes a long way in ensuring that the token doesn’t become a fleeting crypto sensation like most meme coins.
The key highlight of the marketing strategy is the exclusive, invitation-only presale that built massive hype around the Uniswap launch. Limited to just 200, presale investors are influential supporters in the crypto landscape.
The presale investment gives them skin in the game. The community will flourish and expand through these investors, who will double as its fervent ambassadors.
Presale investors are often notorious for triggering token dumps. But Copium has a strategically designed anti-dumping plan in place to combat that. It allowed a maximum stake of 1 ETH worth $COPIUM for each investor so that there is a level playing field and shared accountability for the project’s success.
Another key element that will fuel the demand for Copium tokens in the coming days is a unique NFT drop, which operates in three stages to reward top $COPIUM holders. It compels investors to hold and increase their $COPIUM holdings.
Within days of launch, the Copium Twitter community is 16K members strong – hinting at the project’s fast penetration into the meme coin market. The social media posts that take inspiration from popular memes and trends are aggressively designed to suit their taste.
At the time of writing, Copium is one of the hottest cryptocurrencies on Dextools.
The Copium team is led by experienced developers and OGs who have brought together some uniquely creative elements to build a meme coin that can stand the test of time.
A realistic target for the meme coin this month is 15-30X from its current price of $0.007893. It will have to wait longer to dethrone Pepe from its position as the third-largest meme coin. While Pepe has a large market cap of $605M now, we can expect more investors to liquidate their Pepe holdings to join Copium in the coming days.
That makes sense since the Pepe rally is slowing down. It also has less room for growth when compared to emerging coins like Copium.
2. AiDoge – Viral Meme Coin that Combines the Hottest Trends on the Internet
Had you invested in Bitcoin, Ethereum, or Dogecoin early, the returns would be in four or five digits now. Investing in underrated and emerging coins has worked out remarkably well for shrewd investors than following the herd.
So, next on our list is AiDoge – a doge-inspired presale meme coin that comes with a meme utility.
Confused?
AiDoge combines AI, meme coins, and memes to create a viral token. It powers the payment and reward system of the underlying project, which is building an AI-based meme generator.
As you may have already guessed, the app generates memes for you. You just need to enter the text prompt and wait a few seconds. It does all the work for you, from creating the caption to hunting down the images from the internet.
These memes are for anyone to see. As more meme-makers join the platform, it will emerge to become a social hub where you can find the latest memes across different niches. $AI token will cash in on its virality by powering its token-based credit system.
The AiDoge presale is now open, allowing people who believe in its vision to be a part of the project early on. It is on its way to the $10M milestone, hinting at the bull run that is underway for the token upon its launch and exchange listings.
We saw how AI platforms like ChatGPT and Dall-E became a global phenomenon. Tapping into memes, one of the most exciting products of Web 2.0, AiDoge won’t have a hard time winning a young audience.
3. Ecoterra – Green Crypto that Reinvigorates Climate Action and Recycling
Another project that is likely to win Justin Sun’s attention is Ecoterra – a Web3 coin that promotes recycling, circular economy, and carbon offsetting, tapping into the secure and transparent makeup of blockchain technology.
While there are multiple green crypto projects in the market, Ecoterra’s focus on recycling sets it apart. Recycling is one of the key pillars of climate action. But it is also one of the most difficult to execute as it requires knowledge, technical skills, and resources. And even if an individual or organization has access to these, it’s hard to be committed to it.
Ecoterra aims to solve this using a blockchain-based app that rewards you for every item you recycle following its directions. The tokens can be held, staked, or spent on various ecological activities like ocean or beach cleanups, tree planting, etc.
The other key pillars of the ecosystem are a carbon-offsetting marketplace, a recycled materials marketplace, and an impact profile.
Ecoterra’s target audience and user base include environmentally-conscious individuals, socially responsible small businesses, large corporations, industries, governments, and non-governmental organizations (NGOs). It aims to motivate different sectors of society to join forces and reduce carbon footprint for a sustainable future.
A global icon like Justin Sun can add more vigor to Ecoterra’s ambitious, yet realizable mission.
Trading Galore as Bitget Showcases 146% BGB Holder Increase and 120% Locked in Gains
The Bitget exchange’s native BGB token locked in 120% gains over the last three months, as the quarterly transparency report reveals. Such traction has made the BGB the best performer overall in terms of growth among all exchange tokens, and has even allowed it to outmatch BNB, Ethereum, and Bitcoin in the department. Such impressive traction was made possible thanks to a surge in user numbers, which totaled 146% over the indicated period.
All in the Values
The Bitget Q1 transparency report sheds light on important values that have allowed the exchange to excel during a time of protracted crisis on the crypto market. As the market experienced an increase in investor activity, growing to $1.2 trillion in terms of capitalization, Bitget leveraged that by raising traffic on its website and mobile application by 35% to 33.1 million at the end of Q1. That rise translated into 8% growth in spot trading activity and 27% for futures, or $59 billion and $658 billion respectively in terms of volume.
The values had a direct impact on Bitget’s ranking, as the exchange climbed to the top 4 of CEXs according to TokenInsights and thus outperformed all other exchanges. The addition of 105 new coins to the listing via the Bitget Launchpad platform brought the total number of trading pairs to past 500, giving traders an additional incentive to resort to Bitget as their go-to venue.
Community Growth
As a copy trading platform, Bitget onboarded 20,669 new elite traders and 84,552 new copiers during the period, which can be attributed to its staggering follower growth across social media channels. The official TikTok channel gained in excess of 200,000 users of the total 1 million followers who joined the TikTok, Twitter, Instagram, Facebook, and YouTube channels, showcasing 181% growth in Q1.
Bitget’s financial and community numbers revealed in the report can be attributed to its massive efforts exerted during the quarter in several directions. The exchange team considers expansion beyond trading space as a keystone to its success. That effort is reflected in the development of a slew of new trading and investment products, such as Bitget SharkFin, Bitget Dual Investments, Bitget Smart Trend, and many others. The integration of TradingView into the service has allowed traders from the traditional market to turn to Bitget as a solution for expanding their operations into the crypto space, further bolstering the user base.
Ecosystem Expansion
Most importantly, Bitget has been making notable acquisitions, the most prominent of which is the BitKeep Wallet. The latter has since been rebranded into Bitget Wallet and its 8 million strong user base integrated into the exchange’s ecosystem. Bitget intends to use the wallet as an entry point into the host of Web3 products it is developing as part of its DeFi-verse endeavor. Considering the expansion of its product lines, Bitget is betting on attracting users through diversity and variety, rather than focusing on a specific direction. That thesis is best supported by the enactment of the exchange’s ‘Go Beyond Derivatives’ strategy, which is self-explanatory and reveals Bitget’s intent on becoming more than just a crypto exchange.
The launch of the Bitget Academy is certain to become another important step in this direction, giving the exchange the venue necessary for identifying and nurturing new talent and leadership in crypto. The exchange’s desire to foster a crypto-favourable audience and advance the adoption of digital assets as part of its vision of a decentralized future are in line with its core values and resonate with a great number of users. Bitget is actively attracting role models to act as ambassadors of such change, partnering with the Juventus Football Club and Lionel Messi.
Beyond Crypto
The Bitget Q1 transparency report indicates that the exchange is growing, as best illustrated by the 30% growth of its team to 1,300 talents, with another 300 open vacancies. As the crypto market slowly recovers, exchanges like Bitget are showing that crypto companies can act in capacities far broader than just trading platforms confined to the blockchain environment.
PEPE Coin Witnesses a Decline in Trading Volume! Will PEPE Price Experience Further Drop?
A kaleidoscope of memecoins has emerged in recent years, each striving to outperform the others in terms of technological innovation, value, and popularity. Among the countless virtual tokens, the PEPE coin, which recently saw a meteoric surge, caught the attention of the global crypto community. However, the coin’s staggering rally failed to sustain its momentum and faced a significant decline. After the initial euphoria around the PEPE coin’s rise subsided, the real question that has been hovering around is whether the coin is set for a further pullback.
PEPE Gains Less Trading Volume Compared To SHIB, DOGE
According to a recent study by on-chain analytics company Santiment, retail investors largely missed out on the meteoric ascent of Pepecoin (PEPE) to a market cap of $1.5 billion in just a few weeks. This substantial growth came about even as the token captured billions of dollars in daily trading volumes and sparked a wave of similar tokens.
Santiment revealed that Dogecoin and Shiba Inu reached staggering trading volumes of $70 billion and $40 billion at their peak, respectively. In comparison, Pepecoin’s trading volume was a modest $2 billion.
However, an important aspect to consider here is that Pepecoin achieved these volumes during a bear market characterized by overall lower liquidity due to major market players reducing their crypto trading activities. This suggests a possible room for expansion when the broader market conditions improve.
However, this also highlights a less vibrant retail market for PEPE compared to previous years’ activity with DOGE and SHIB. According to the report, retail participation has become nearly invisible, leading to declining trading volumes for meme coin projects beyond, mirroring PEPE’s current bearish trend.
What’s Next For PEPE Token?
PEPE memecoin has recently experienced a decline in trading volume, hinting that traders are exiting this meme coin market. However, several crypto giants, including Justin Sun, have joined this memecoin rally, which gives a potential rebound for this memecoin in the next few weeks.
As of writing, the PEPE coin trades at $0.00000158, surging over 5% in the last 24 hours. The memecoin declined nearly 30% this week, eliminating all its meteoric gains.
Analyzing the 1-hour price chart, the PEPE token is on the verge of a bearish region as bears aim to push the price below $0.00000148. If PEPE drops below the 23.6% Fib level, it may plunge further and hit a low of $0.0000012.
However, on the bullish side, a reversal is expected from its immediate support level. If bulls pull the price and send it above EMA100 resistance, the PEPE token may aim for a bullish trade above EMA200.
Exploring solutions for trading Cardano with Avorak AI
Avorak AI is quickly gaining attention for the solutions it provides to traders. So how can AI crypto be used for trading Cardano (ADA)?
What is Cardano?
Cardano is an L1 (Layer-1) blockchain. Cardano is known for its scientific and peer-reviewed research and aims to provide a more secure and sustainable platform for decentralized applications and transactions. ADA is the native cryptocurrency of the Cardano ecosystem. The token is used for various functions within the network, such as settling transaction fees and maintaining the security of the network. Cardano uses a proof-of-stake consensus algorithm which allows users to participate in the network by staking their ADA and earning rewards for validating transactions.
Is Cardano a good long-term investment?
While Cardano (ADA) has gone through a rough patch lately, taking a long-term view of the cryptocurrency’s potential as an investment is important. There are a number of growing fundamental aspects of Cardano that suggest it should survive just fine in the long run. For instance, there has been a recent increase in total value locked (TVL) in Cardano, which suggests a growing interest in the platform. Additionally, the growth of long-term holders, developers, and smart contracts within the Cardano ecosystem are all positive signs for the cryptocurrency’s future. Of course, investors should be cautious when investing in any cryptocurrency and should be prepared for volatility.
How can Avorak AI help trade Cardano?
Users have the option of trading ADA to take advantage of its short-term price movements. And although it can be riskier than waiting for long-term increases, Avorak AI can help users maximize their profits with its AI trading bot.
The Avorak Trade bot can quickly analyze the cryptocurrency market and identify patterns and trends that may not be immediately apparent to human traders. The bot then provides price predictions with large indicators and easy visuals from trading services like TradingView. This can help its users make more informed decisions about when to buy or sell ADA.
Avorak’s trading bot can also automate trades based on predetermined rules and conditions, such as buying or selling when certain technical indicators are met. This can help traders execute trades quickly and efficiently without emotional biases. Avorak Trade has first-to-market features that ensure traders at all levels benefit, from large multi-exchanges to retailers. The Avorak Trade bot uses a simple command-line input that is programmed with a standard script, for example: “In my Kraken futures account, when ADA reaches $0.45, sell 12 ADA.” Additionally, Avorak Trade has integrated notification systems that alert traders in case of pattern or trend changes. Avorak Trade is also capable of working on different exchanges and assets.
Avorak offers a comprehensive AI solution, and its other solutions can also help to trade Cardano. For example, Avorak’s digital assistants and chatbots can be used to monitor and provide relevant information and news on Cardano (ADA).
Users require the AVRK token to access the Avorak ecosystem and its suite of AI solutions. AVRK is currently selling at $0.235 in phase 6 of Avorak’s initial coin offering (ICO). The ICO offers significant benefits such as on-top bonuses and substantial ROIs on Avorak’s launch day. More analysts are hinting at AVRK witnessing a considerable increase in price when the Avorak AI project goes live.
For more information on Avorak AI:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Is It Safe and Reliable for Trading?
Introduction
Are you considering moving your cryptocurrency assets to Bittrex in light of their recent shift to Bittrex Global? Before you make a move, make sure you know the full story. Bittrex International has officially shut down, but the emergence of Bittrex Global promises to deliver a new era of compliant global expansion. Is this exchange truly safe for your valuable digital assets? Read on to discover the truth.
Overview
| Official Website | https://global.bittrex.com/ |
| Founding Year | 2014 |
| Head Quarters | Vaduz, Liechtenstein |
| Trading Volume | $5 Million |
| Trading Options | Spot – (Market order, Limit Order) |
| Trading fees | 0.75%, it decreases as trading volume increases |
| Total listed Coins | 250+ |
| Trading Pairs | 500+ |
| Supported fiat | EUR, USD |
| Withdraw options | ERC supported |
| Bank withdrawal Supported | Yes |
| Withdraw fees | Depends on cryptocurrencies |
| Deposit methods | Master Cards (Debit/ credit card), Bank Transfer |
| Restricted countries | 43 |
| Native Token | No native Token |
| Mobile app | Available on Apple & Google play store |
| Support Channel | https://bittrexglobal.zendesk.com/hc/en-us |
| Coinpedia rating | 7/10 |
| Security rating | 8/10 |
| User Interface | Easy to use |
| Ease to set up | Very Easy |
| App store Rating | 4.6 |
| Play store Rating | 3.9 |
| Security | Highly secured |
| Hacking attempts/Hacks | Never been hacked |
| KYC verification duration | 10 Minutes. 3 Days Maximum |
| Regulation & Compliance | Compliant. Bittrex US filed for Bankruptcy due to SEC scrutiny |
| Liquidity | Highly liquid |
| Proof Of Reserve | Not yet published |
What is Bittrex?
Bittrex is a global cryptocurrency exchange and digital asset platform founded in 2014 by Bill Shihara, Richie Lai & Ram Kawach. The current CEO of the company is Oliver Linch. It is strategically located in Liechtenstein and Bermuda.
It has more than 250 cryptocurrencies with a custom-built trading engine for fast deposits and withdrawals. Bittrex Global has customers from around the world, except the United States or countries subject to various legal restrictions.
Bittrex International was closed on 29 Oct 2022 and launched Bittrex Global to better serve its Global customers. Following the FTX fall, Bittrex has suspended all leveraged tokens and tokenized stocks.
Bittrex US filed for bankruptcy following regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC) that it ran an unregistered securities exchange.
Leadership at Bittrex
Features
- Trading Options – Spot trading including Market and limit orders. No margin or derivatives trading
- Trading fees – 0.75% trading fee for both makers and takers. Trading fee decreases as the trading volume increases.
- Bittrex Credits – It is a rewards program for eligible customers, enabling users to earn commission-free trades by trading on Bittrex.com. Every time you trade you are earning credit. Credits are earned based on the commissions you pay on your trades. Credits are transferred into your account a few moments after your order has closed. The more you trade, the more you earn. The credits can be used in subsequent trades to reduce trading fees.
- Staking – with staking you can earn up to 5.5% for Cardano (ADA)
- Referral – Earn 10% of trading fees as a commission for every successful invitee. This is a lifetime offer and has no restrictions for the number of referees you bring in Bittrex
- Security – It provides industry-standard security features like 2-factor authentication, cold storage of funds, etc. Other security features like, users having to verify their new IP address via Email confirmation, Whitelisting crypto withdrawals, and cross-chain recovery service. Apart from this, Bittrex also offers several guides about how to secure your account.
Cryptocurrencies Available on Bittrex
Bittrex offers more than 250+ cryptocurrencies on its platform. Some of the popular cryptocurrencies are:-
- Bitcoin
- Ethereum
- Tether
- Hedera
- Cardano
- Moreal
- USD Coin
- Litecoin
- Dogecoin
- Shiba Inu
How to Register a New Account on Bittrex?
Let us learn to create a new account on Bittrex
- Log on to Bittrex.com and navigate to the registration page
- Enter a valid email ID. Note that this will become your username
- Enter a new password with alphanumeric characters and symbols
- Click [Create an account] and verify your email ID by clicking ‘verify email’ in your inbox
- Click accept all terms and conditions
- Fill in your personal details and click [Continue]
- Select your country & click [Continue]
- The next step is verification. Select a photo ID and upload it through the selected upload method (either by phone or PC). Also, upload a selfie. Click [Continue]
- Answer the related questions regarding the source of funds in order to comply with the KYC procedure.
- Click [Submit] once you have finished
- You will get a confirmation message once the verification is completed.
How to Buy Cryptocurrency on Bittrex?
Let us learn how to buy cryptocurrency on Bittrex
- Log in to your Bittrex account.
- Click on [Instant Buy & Sell]
- Select the cryptocurrency you want to buy
- Enter the purchase amount. Either in USD, EUR, Tether or USD Coin
- Select the payment method. Debit/ Credit card or ‘My USD Balance’
- Enter the card info
- Review the purchase
- Click Submit
- You will get a confirmation message once the order is executed
How to Sell Cryptocurrency on Bittrex?
Let us learn how to sell cryptocurrency on Bittrex
- Log on to your Bittrex account
- Click on [Instant Buy & Sell]
- Click on [Sell Now]
- Click the cryptocurrency you want to sell
- Select the currency you want to receive. It can be USD, BTC, Ethereum, or Tether
- Review the details and click [Confirm]
- You will get confirmation details
How to Deposit Cryptocurrency on Bittrex?
Let us learn how to deposit crypto on this exchange
- Ensure your account and identity have been verified.
- Click on ‘Holdings’ and select your wallet, then ‘Deposit’
- Click ‘Generate New Wallet’ if you do not already have one.
- Otherwise, copy your wallet address to deposit.
- Read the deposit instructions and tap ‘I Understand’
- Double-check to make sure the coin name listed on the deposit instructions matches the name of the coin you wish to deposit
- Copy your wallet address for that coin/token. then click ‘Done’
Don’t forget that you can only send the specific type of coins that corresponds to the address generated. Ex. BTC to a BTC address, ETH to ETH address, etc.
How to Withdraw Cryptocurrency on Bittrex?
Let us learn how to withdraw cryptocurrency on this exchange
- Click on ‘Holdings’ and select the wallet you want to use to withdraw in the search bar
- Click ‘Withdraw’ under Holdings, and enter your Recipient Wallet Address and the amount you want to withdraw.
- Note: You can only withdraw coins to the same coin’s address and you may need to provide a message, payment ID, tag, or memo.
- Otherwise, click ‘Withdraw’, enter your two-factor authentication code if enabled, and confirm. If this is not enabled, you will need to log in to your account and click the verification link sent to your email.
- Note: The minimum withdrawal for all coins must be greater than 3 times the fee. For example, BTC has to be 0.00090001 or greater as the fee is 0.0003.
Exchange Fees and Supported Payments
Bittrex exchange charge customers based on their 30-day trading volume. For a newbie, the trading fee is 0.75% irrespective of the market maker/ taker position. As your trading volume increases the trading fee also decreases. The more you trade, the more you save.
Other factors considered for trading fees are
- 30-day trading volume
- The currency being traded
- The type of order – Market Maker/ Market taker
There are no deposit fees and but for withdrawal, it charges a built-in withdrawal fee. The network fee can be viewed by selecting the cryptocurrency you wish to withdraw.
The supported fiat currency in Bittrex is USD and EUR. You can also use USD coins and tether to purchase crypto.
Referrals
The referral program started in March 2020. You can get the invitation code and start inviting friends to Bittrex. For each verified referee you will earn a 10% commission on the trading fees for a lifetime. You can invite any number of friends to the referral program.
Customer Support
Bittrex has a dedicated customer care section where general queries can be sorted out by browsing specific topics. It has also got a chatbot called ‘Trexie’ where you can ask queries. There is no live/ phone support from its team. The popular topics include
- Getting started on Bittrex
- Account troubleshooting
- Transaction and orders query
- Mobile App
- Compliance & legal form
- Other Topics
If you have any emergency issues you can raise an email ticket here
Mobile App
A user-friendly mobile app is available for both android and apple play stores. You can now trade on the go. It facilitates lightning-fast speed to execute orders. It has got special tools designed for a mobile platform like notifications for order execution, checking the favorite market list, and checking past and active orders.
Recent Updates
9 May 2023 – Bittrex US filed for bankruptcy following regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC) that it ran an unregistered securities exchange.
01 Apr 2023 – Bittrex is shutting down its US operations due to unclear regulatory requirements and an uneven competitive landscape.
29 Oct 2022 – Bittrex International shuts down and launches Bittrex Global – a European-based exchange to serve global users.
Conclusion
Bittrex was originally based in the U.S. In order to focus on global users, it has shut down and launched Bittrex Global, a European-based exchange that uses trusted Bittrex Blockchain technology.
It has more than 250 coins with high-security systems for executing orders and saving cryptos from malicious users. Bittrex has never been hacked. However, a user lost 100 BTC as a result of a SIM Swapping scam by a hacker. The user accuses Bittrex of this.
Bittrex follows a maker/ taker fee model for trading fees. Usually, the trading fee is 0.75%. However, as your trading volume increases, the trading fee decreases. It can go as low as 0.00%.
Bittrex doesn’t have some advanced trading features. It has also suspended all leveraged tokens and tokenized stocks since the FTX fall.
Bittrex is good for new users who want to invest in cryptocurrencies. There are trading incentives like trade credits which can be redeemed at a later stage of trading for reducing trading fees.
FAQs
Yes, Bittrex is safe and secure. It has standard security rules for users to follow up. The majority of the user’s funds are stored in cold storage. 2FA adds an extra layer of protection to your account.
For depositing, withdrawing and trading users need to provide a 6-digit verification code.
Other security features like, users having to verify their new IP address via Email confirmation, Whitelisting crypto withdrawals, and cross-chain recovery service. Apart from this, Bittrex also offers several guides about how to secure your account.
No, Bittrex doesn’t offer margin trading. It has also suspended leveraged tokens and tokenized stock from its platform
Bittrex International has shutdown on Oct 2022 and launched Bittrex Global to focus on Global user services. Bittrex was exclusive to United States Customers. However, Bittrex Global is for global users. It is available in more than 180 countries and banned in 43 countries.
No, Bittrex has never been hacked. However, one user has sued Bittrex, as he lost 100 BTC in a SIM Swap scam by a hacker.
- Trading Fees
- Earning Programs
- Website Transparency
- Security
Pros
- Large selection of trading cryptocurrencies.
- Mobile app for easy trade
- It has never been hacked
- It has more than 250 coins
- Two-factor authentication and cold storage of assets for extra security
- Easily buy and sell cryptos using [instant buy and sell]
Cons
- The US has limited access or no access to Bittrex.
- No response from customer support
- No learning section for beginners
- Few supported fiat currencies
- No margin trading
- No leveraged tokens
- No demo account
Jane Street & Jump Pull Back From Crypto Trading Due to US Regulations
The post Jane Street & Jump Pull Back From Crypto Trading Due to US Regulations appeared first on Coinpedia Fintech News
The two trading firms, Jane Street and Jump Trading, leave the US amid crypto regulation changes. Jane Street and Jump crypto scale back US plans to focus on global expansion in the cryptocurrency industry, Bloomberg said. After FTX’s collapse, regulators monitor crypto more.
In March, the US CFTC sued Binance and Changpeng Zhao for allegedly offering unregistered crypto derivatives in the US. Former FTX CEO Sam Bankman-Fried hired Jane Street employees, includinG FTX US President Brett Harrison, which may have violated Federal Law, Bloomberg reported.
Ex-Coinbase Manager Gets 2 Years In Prison For Insider Trading
A former product manager of Coinbase has been sentenced to two years in prison for insider trading charges, just weeks after the company announced its move to conduct business in the Bahamas. This development has brought renewed attention to the issue of insider trading in the cryptocurrency industry and its potential consequences.
2 Years Imprisonment For $1 Million In Illegal Profits
The Department of Justice (DOJ) has charged and sentenced Ishan Wahi, a former product manager at the U.S.-based crypto exchange, to two years in prison for insider trading. Wahi was arrested in July 2022 and charged with wire fraud for allegedly providing insider information about upcoming crypto listings to his brother and another man, resulting in over $1 million in illegal profits. This is the second crypto-related insider trading case brought by the DOJ.
On May 3, a former head of product at NFT platform OpenSea, Nate Chastain, was found guilty of money laundering and wire fraud for using insider knowledge to profit from trading NFTs. Although Chastain has not yet been sentenced, he faces a maximum sentence of 40 years.
Additionally, Ishan Wahi’s brother, Nikhil Wahi, pleaded guilty to conspiracy to commit wire fraud and was sentenced to 10 months in prison last January. Ishan Wahi, a former Coinbase employee, was arrested in July 2022 and pleaded guilty in February to two counts of conspiracy to commit wire fraud for providing insider information to his brother and another man, resulting in over $1 million in trades.
Ex-Coinbase Manager’s Sentence Longer Than Expected
Wahi’s lawyers had requested a sentence of no more than 10 months in prison, but the former Coinbase product manager has been sentenced to two years for his involvement in insider trading.
Although the sentence is longer than his lawyers had hoped for, it is still much lower than the 60-year maximum sentence he could have received.
The case highlights the increasing scrutiny that regulators are placing on the crypto industry and serves as a warning to others who may be considering engaging in similar illegal activities.
Bybit Exchange to List PEPE on Spot Trading
The post Bybit Exchange to List PEPE on Spot Trading appeared first on Coinpedia Fintech News
Bybit announces that Pepecoin(PEPE) will be listed on the spot trading platform on May 6, 2023. Deposits will open on May 5 at 4 PM (UTC) and withdrawals begin from May 7 at 8 AM (UTC) via the Ethereum network. PEPE will also made available for trading on Spot Grid Bots.
Trading Top Altcoins NEAR Protocol And Solana Made Easy With Avorak AI
The rise of altcoins has given traders a wide range of trading options in the crypto market. NEAR Protocol (NEAR) and Solana (SOL) have been ranked among the top altcoins. On that note, Avorak AI, a new AI platform on the BNB Smart Chain, aims to enable traders make quality decisions that lead to higher profits.
Is NEAR Protocol a good investment?
NEAR Protocol is a blockchain platform designed to provide developers with an efficient and cost-effective way to build decentralized applications (dApps). Despite some fluctuations in its price, which is common in the crypto market, Near Protocol (NEAR) has been on an overall increase in 2023. The platform has been ranked among the top Ethereum (ETH) competitors and has gained popularity for its fast transaction processing speed, low fees, and user-friendly interface. Various analysts suggest that the NEAR price might meet a bull trend soon. However, you still need to do your own research before making any investments.
Is Solana dead?
The Solana (SOL) blockchain aims to solve the scalability issues faced by other blockchain platforms, such as Ethereum (ETH). However, recently, there have been concerns about the platform’s centralization and scalability. But despite Solana (SOL) facing challenges, many experts suggest that it is not dead. The platform has a strong development team, backed by a supportive community, which is constantly trying to improve its network. Despite the SOL price being greatly affected by the FTX collapse, it has been on a steady increase in 2023, and several crypto analysts hint at a continued bullish trend.
How can Avorak AI help trade altcoins?
Avorak AI hosts a wide range of AI solutions within its AI ecosystem. The Avorak Trade bot is the first of its kind to offer a full market analysis customizable algorithmic system that works in the same way as a traditional trader. The Avorak AI Trade bot uses AI-powered indicators and machine learning algorithms to identify trends and patterns in the cryptocurrency markets, and offer predictions on different cryptocurrencies. This can help traders make informed decisions when trading altcoins, such as NEAR and SOL.
The Avorak AI trading bot also offers automated trading features, allowing traders to set custom trading strategies based on their risk tolerance and investment goals. Avorak Trade’s user-friendly interface and other unique features make it easy for both experienced and novice traders to use. For example, the Avorak trade bot can be programmed to work on different exchanges and crypto assets using a standard command-line script.
To access Avorak Trade, and any of Avorak’s AI services, users require the AVRK token. The token is currently selling at $0.180 in phase 4 of the Avorak AI ICO (initial coin offering) event. Investors at this phase get a 7% on-top bonus, among other ICO benefits. Many crypto watchers have discussed the Avorak AI platform and its offerings, and they all hint at the AVRK token witnessing a significant surge after it is released to the open market.
The bottom line
Avorak AI can help traders make informed decisions when trading altcoins, such as NEAR Protocol (NEAR) and Solana (SOL), and its unique trading features make it a valuable tool for traders of all levels.
To get more information on Avorak AI:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Sparklo (SPRK) Will Overtake Bitcoin (BTC) and Ethereum (ETH) With Its Liquid Trading Of Precious Metals
With the rise of cryptocurrencies, there are now more options for investing and trading than ever before. While Bitcoin (BTC) and Ethereum (ETH) have long been the leading names in the crypto world, newer players like Sparklo are making waves. In this article, we’ll compare Sparklo to the more established BTC and ETH.
Whales Activities Noticed On The Ethereum Blockchain
Ethereum has been a major player in the cryptocurrency world since its launch in 2015. It’s known for its smart contract capabilities and is the foundation for many decentralized applications (dApps). Two giant whales conducted big transactions on the Ethereum network a few days back. These whales staked about 29,073 stETH ($60.7M) and 26,550 ETH ($55.4M) on the Ethereum Beacon Chain.
Based on on-chain data, this transaction was done via Agility, a liquid staking derivative and trading platform. These transactions indicate that there’s still strong interest in the Ethereum network, despite the recent market stall. Additionally, a whale recently sent Tether (USDT) to Binance to buy up Ethereum scaling solution Loopring (LRC) and Fantom (FTM), Ethereum’s biggest rivals.
Bears Dominate Bulls In Analysts Make Bitcoin’s Price Predictions
Bitcoin has been around since 2009 and is the most well-known cryptocurrency. It’s often used as a store of value and is highly volatile. However, its inability to support smart contracts has slowed its development compared to newer blockchains.
Recently, there have been concerns about a potential sell-off due to the US government’s critical stance on crypto. CryptoQuant has identified four important dates – May 26th, August 7th, October 19th, and December 30th, 2023. On these dates, there might be extra selling pressure from the US government’s Bitcoin holdings.
However, this sell-off could lead to a negative short-term impact on Bitcoin prices and allow short sellers to profit. On the other hand, Bitcoin miners see increased revenue after a turbulent 2022; recent data from Glassnode suggests miners have been selling most of the Bitcoin they mined.
Sparklo is a newer player in the crypto world. Unlike BTC and ETH, Sparklo has yet to hit the coin market. However, it promises to offer its users excellent utilities. The essential purpose of Sparklo is to invest in precious gems like gold, silver, and platinum easily.
Another fantastic feature of Sparklo is its low fees and fast transaction times. This feature will make it an attractive option for users looking for a quick and affordable way to transfer funds.
Its marketplace will be powered by its native token with SPRK as its ticker symbol. This ERC-20 token has a total supply of 1,000,000,000 and will soon be up for presale. Follow its development through the links below and prepare to buy the presale.
Find out more about the presale:
Buy Presale: https://invest.sparklo.finance
Website: https://sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their research before taking any actions related to the company.
The image used in the article is been obtained from a third party and is used for informational purposes only. Coinpedia should not be held responsible for image copyright issues. Please contact us immediately if you have any issues or concerns. |
Kine Protocol Launches AI-Powered Trading Signals to Boost Trading Efficiency
Kine Protocol, an innovative decentralized exchange (DEX) for trading derivatives, has recently launched its revolutionary AI-Powered Trading Signals.
Revolutionize Trading with Kine Protocol’s AI Trading Signals
Kine’s new function is designed to provide a competitive edge by offering timely and accurate trading signals for a wide range of trading strategies based on technical analysis, including trend-following, intraday, momentum, and price action signals. The function leverages advance AI algorithms to analyze market data and generate customizable trading signals that cater to each user’s trading style and preferences, helping users make better trading decisions.
With the AI-powered Trading Signal, Kine Protocol further strengthens its position as a pioneer in the decentralized trading space by continuously offering innovative tools and opportunities for traders.
To celebrate this milestone, Kine Protocol is now offering a time-limited promotional event. Beginning on April 6th, newly registered users can experience the AI trading signals free of charge for a full 7 days. Moreover, if users can successfully open trades within the trial period, they will receive an additional 30 days of free signal subscription. This special offer presents a valuable opportunity for traders to experience the trending AI technology in trading and explore its potential on Kine platform.
As a reminder, to activate the signal subscription, users should first download the KINE APP and complete the initial set-up. Once activated, users can access this feature on both the APP and the WEB platform.
Unlimited Liquidity and Innovative Features
Kine Protocol stands out as a decentralized derivatives exchange with unlimited liquidity, leveraging innovative products and features to provide traders with a seamless experience. Kine has been operating professionally in the market for over two years with a team of financial experts constantly working to improve the platform’s functionality. At its peak, Kine Protocol achieved the #2 spot on the CMC DEX Ranking, with over 100K registered users and an estimated 30-day trading volume of 7.8 billion.
Kine utilizes the power of Layer 2 Network to achieve zero gas fees trading, providing users with a cost-effective trading experience. Kine also offers the lowest trading cost. Unlike traditional exchanges that rely on order books for executing trades, Kine’s transactions are conducted through the central liquidity pool. This revolutionary Peer-to-Pool mechanism enables unlimited liquidity and minimized slippage, ensuring fairness across all users.
Kine is proud to be a feature-packed exchange that offers a smooth trading experience with milliseconds-level execution. The platform’s Cross Margin/Isolated Margin options and up to 200x leverage maximizes capital utilization, while the Merge/Split functions provide unparalleled flexibility in position management. To further enhance the user experience, Kine’s newly released AI Trading Signals are readily available to guide traders at every step of their journey, from novice to professional.
With these features, Kine Protocol redefines the decentralized trading space, empowering traders with innovative tools and opportunities. Kine is rapidly becoming a top choice for traders seeking a secure, transparent, and seamless trading platform.
Support KINE and Thrive in Derivatives Trading Together
Kine Protocol welcomes collaborations from traders, Web3 communities, and projects to enter its ecosystem and build the best-decentralized derivatives trading platform together.
Through its newly launched Global Affiliate Program, Kine Protocol offers high commissions, 24/7 customer support, dedicated account managers, an affiliate dashboard for tracking data, and a special KOL incubator plan to provide additional benefits for its allies.
About Kine Protocol:
KINE Protocol is an Ethereum-based decentralized derivatives protocol designed to build an infinitely liquid derivatives marketplace and help users trade derivatives fast, transparently, and conveniently.
All transactions are supported by the industry’s innovative [Peer-to-Pool] engine, which maximizes capital efficiency based on optimal leverage through a state-of-the-art cross-margin function.
Contact:
Kine Business Team
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their research before taking any actions related to the company.
The image used in the article is been obtained from a third party and is used for informational purposes only. Coinpedia should not be held responsible for image copyright issues. Please contact us immediately if you have any issues or concerns. |
Astra Network’s Deep Learning Model Demonstrates High Accuracy and Profitability in Cryptocurrency Trading Competition
Automated trading in crypto has gained significant popularity and profitability in recent times as AI technologies and algorithms have become more developed. As a result, neural networks have become increasingly important. One of the most advanced platforms for algorithmic trading Quantopian saw a rise in popularity and interest in neural network competitions in recent years, attracting many investors and developers.
In a 2020 competition held on the Quantopian platform, more than 30 teams from various countries competed in trading cryptocurrencies. Astra Network’s neural network developer team was among the participants, achieving second place in the contest.
Astra Network Dominates Cryptocurrency Trading Competition
Astra Network is a neural network designed by a team of technology and finance experts to enhance cryptocurrency trading strategies. Using deep learning algorithms, the neural network generates highly accurate predictions, improving the efficiency of cryptocurrency trading.
During the contest, participants were tasked with developing a neural network model that uses historical data to make cryptocurrency trading decisions, maximizing profits while minimizing risks. The Astra Network team utilized deep learning and other machine learning algorithms to analyze historical data on cryptocurrency prices and trading volumes. They then trained the neural network model to make informed decisions on buying and selling cryptocurrencies based on current market conditions.
The Astra Network team demonstrated a high level of accuracy and profitability in their model, resulting in their second-place finish. They tested their model on various cryptocurrency exchanges and showed substantial improvement compared to other teams.
The team faced several challenges, including improving the accuracy and speed of their model, optimizing algorithms and adapting to new conditions in the crypto market. Despite these challenges, careful work and diligence allowed the team to achieve top results. The Astra Network team also employed ensemble modelling techniques, which helped improve the accuracy of their cryptocurrency price forecasting. In addition, the Astra Network team also actively used cloud computing and other modern technologies, which gave them a significant advantage over others.
Astra Network’s Neural Network Growth Points
The Astra Network team has announced that their neural network is currently optimized for short-term investments in cryptocurrencies. However, they have plans to extend its capabilities for long-term investments in the future. The team believes that their neural network can assist investors and traders in maximizing profits while minimizing risks.
The team’s recent success in the Quantopian competition has demonstrated their expertise in both neural networks and cryptocurrency trading. Their performance indicates that neural networks can be a valuable tool in this field, paving the way for the development of automated trading strategies in the crypto market. The Astra Network team hopes that their innovations will be embraced by investors and traders, and lead to substantial profits for all.
WonderFi Joins Forces with Coinsquare and CoinSmart to Create Canada’s Biggest and Most Secure Crypto Trading Platform
Canada’s crypto trading platforms are set to face ‘enhanced’ rules under new regulations as the country’s financial regulators seek to increase oversight and address concerns over money laundering and fraud. While the new regulations may be seen as a burden by some in the crypto industry, many firms are taking steps to comply with the new rules and are forming secured and regulated crypto platforms. In recent news, WonderFi, a leading digital asset platform, has merged with Coinsquare and CoinSmart to create Canada’s largest regulated crypto trading platform. This marks a significant milestone in the Canadian cryptocurrency landscape, as the merger brings together three of the most trusted and secure platforms in the industry.
Canada Gets Its Largest Crypto Trading Platform
WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc., all Canadian-based companies, have announced their merger to create the largest regulated crypto asset trading platform in Canada.
With over 1.65 million registered users, the new entity will offer Canadians a comprehensive range of products and services. These include retail and institutional crypto trading, staking products, business-to-business crypto payment processing, sports betting, and gaming. The newly-merged company has transacted over $17 billion since 2017 and has over $600 million in assets under custody.
After the merger, the combined company aims to broaden its revenue potential by expanding its product offerings, which are expected to attract a wider range of customers. The newly formed company is projected to have at least $50 million in cash and investments, with no outstanding debt.
Crypto Firms to Follow Canada’s Strict Crypto Rules
In September of last year, Coinsquare acquired CoinSmart, a cryptocurrency exchange established in 2018, for an undisclosed sum. Just a month later, in October, Coinsquare became the first crypto exchange to receive dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). As a result of IIROC’s regulatory requirements, Coinsquare must report its financial position and maintain sufficient capital for liabilities. In exchange, customer accounts are safeguarded by the Canadian Investment Protection Fund in case of insolvency.
WonderFi president and interim CEO Dean Skurka said,
“What we will deliver with the combination of both Coinsquare and CoinSmart is a unique platform where users will trade, earn and pay with crypto, invest in equities, and soon, place wagers all in one compliant ecosystem.”
The merger of WonderFi, Coinsquare, and CoinSmart is a significant development for the Canadian cryptocurrency industry. It brings together the expertise, experience, and resources of three leading players in the market, creating a platform that is both secure and innovative. The new platform is expected to set a new standard for crypto trading in Canada and provide investors with an unparalleled trading experience.
XRP Trading Skyrockets on South Korean Exchanges: What’s Behind the Surge?
Due to its legal battle with the SEC, XRP has been in the news frequently over the past few months. Once again, it has made news, but this time, XRP supporters and investors can rejoice. Trading volume for XRP increased to billions of dollars in South Korea as the token increased by 26% in the last week.
Billions of Dollars in XRP Trading Volumes on South Korean Crypto Exchanges
Trading volume for XRP skyrocketed to billions of dollars on UpBit, Bithumb, and Korbit, three of Korea’s major exchanges by volume, as a result of the token’s 26% spike in the previous week. The majority of trading activity on these exchanges typically involves bitcoin (BTC) and ether (ETH), therefore the spike in XRP volume is unusual.
UpBit led worldwide XRP trading volumes with nearly $790 million worth of tokens traded, while Binance traded $720 million.
Also Read: David Gokhshtein Predicts XRP Price Surge if Ripple Prevails in SEC Case
What is the reason for this type of rally?
South Korean traders are well known in crypto circles for driving exuberant rallies on tokens. The so-called Kimchi Premium comes from the area, where local demand has caused bitcoin prices on local exchanges to trade at a premium of up to 30% over those of their international counterparts.
Some of such volume might be the result of wash trading, a deceptive tactic in which traders repeatedly buy and sell the same item to inflate volumes and give the appearance of active markets.
Furthermore, interest in XRP comes amid rumors that the token may be categorized as a commodity by the United States Commodity Futures Trading Commission (CFTC), following the CFTC’s classification of bitcoin and ether as commodities in a lawsuit against Binance.
XRP appears to have a bullish outlook in the markets right now. This comes from a hope that Ripple will win its lawsuit against the SEC.
The current price today of XRP is $0.541709 USD with a market cap of $27,994,564,278 USD.
Also Read : Ripple(XRP) Price Stuck around $0.54-Are Bulls Driven Away or Preparing for the Next Gaint Leap?
Crypto Exchange Bitget Launches Index Futures Trading
Crypto derivatives exchange Bitget has announced the launch of its latest product – the Index Futures service. The product is intended to provide investors with native futures trading services that grant the possibility of investing in low-risk instruments that generate yields based on aggregated market indicators.
The new Index Futures service from Bitget will provide investors with the option of tracking bundled asset indicators. This allows investors to track specific indices and reduce risks, diversify portfolios, and sell multiple assets simultaneously to generate positive yields. Spot currencies are used as benchmarks for the indices, reflecting general market dynamics and sentiment by correlating with specific asset classes.
Bitget will launch the BGHOT10 product first as part of its Index Futures introduction, giving users access to 10 of the most dynamic assets on the exchange. A maximum leverage of 20X will be provided to expand trading opportunities. At present, the basket of the top 10 traded assets on the Bitget exchange includes SOL, ADA, MATIC, ATOM, AVAX, DYDX, SUSHI, ETC, XRP, and APT. Such a composition is currently indicative of overall market sentiment and possible future changes.
“There are virtually no index trading platforms on the cryptocurrency market at present and we are proud to become the leading exchange in the domain of offering investors such a versatile and low-risk option. Our technology allows us to provide clear and readable indices that users can leverage to mimic their operations on traditional markets,” as stated by Gracy Chen, the Managing Director of Bitget.
The main advantage of the new product is that it allows investors to significantly diversify their portfolios and reduce risks while expanding trading opportunities. The instrument allows for taking a variety of positions, including long, short or leveraged and rely on aggregated market data when making investment decisions. Another significant advantage is that index futures generate average market returns, thus keeping investors’ appetites both realistic and consistently in positive territory.
As part of its strategy of expanding the services and product lineup, Bitget has recently launched spot ETFs, presenting the Arbitrum ecosystem’s ARBETF as the first option on offer. The product tracks price trends on various trending assets within the ecosystem and gives users an advantage in selecting potentially profitable ones. At present, ARBTEF includes GMX (40%), MAGIC (30%), GNS (25%) and RDNT (5%). The proportion of assets is dynamic and is subject to change based on market movements in the future.
The launch of the new Index Futures is in line with Bitget’s new approach to integrating CeFi and DeFi. Index Futures are a popular option among investors, with legendary investor Warren Buffet routinely supporting their use as a reliable and low-cost means of capital buildup. The exchange’s management is confident that such developments will help attract new users and streamline the trading experience along with entry into Web3 space.
Binance Froze $2M From an Address Associated with Insider Trading Amid Heightened Regulatory Scrutiny
Binance, a cryptocurrency exchange that holds over 536,274 Bitcoins in its balance, has experienced significant regulatory upheavals in the recent past. However, the firm has remained determined to push cryptocurrency adoption globally amid rising inflation. Moreover, the company is trusted by over 120 million registered users from all over the world.
Following the collapse of FTX and Alameda Research late last year, United States financial regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), have intensified their crackdown on cryptocurrency-related companies. For instance, the CFTC charged Binance.US and CEO Changpeng Zhao (CZ) for operating “illegally” in the United States and helping residents evade set regulations.
Binance Defense in Action
According to a report by Twitter user @FatManTerra, an anonymous individual front-ran Binance listing pumps and bagged 7-figure profits. A report by Overlords on medium outlined 16 instances of potential Binance insider trading with a net profit of about $1.4 million.
Among the mentioned crypto projects that were affected by insider trading include Frax Share (FXS) and MANTRA DAO, among many others. According to on-chain data, the anonymous Binance insider trader spaced the transactions to avoid detection. For instance, the anonymous Binance insider trader purchased FXS in six days from Uniswap before the listing was announced.
In another instance, the Binance insider trader purchased 131 Ether of TVK two days before the official listing. The trader then sold all the TVK after listing and cashed out 277 ETH. The effects of insider trading on the token listing are mainly suppressing tokens’ upward volatility at the expense of retail traders.
In response to the report, Binance’s CZ noted that the exchange froze $2 million associated with the anonymous insider trader.
Binance and CEO Changpeng Zhao Face Legal Action by U.S. CFTC For Alleged Derivatives Trading Violations
Binance, one of the world’s largest cryptocurrency exchanges, has been facing regulatory concerns from authorities around the world. The exchange has been accused of violating a number of regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) rules. Recently, Binance has been sued by the US CFTC for alleged derivatives trading violations.
Binance Faces Legal Action By CFTC
The regulatory concerns regarding Binance’s crypto business are bringing FUD situations for investors as the crypto exchange is facing increased regulatory scrutiny from authorities. According to court documents filed on Monday, the Commodity Futures and Trading Commission (CFTC) has filed a complaint against Binance, one of the world’s largest cryptocurrency exchanges, and its co-founder, Changpeng Zhao. The complaint alleges that Binance has actively solicited users from the United States and undermined the exchange’s own compliance program, which the CFTC claims to be ineffective.
The complaint claimed that Zhao and Samuel Lim, the ex-chief compliance officer, deliberately sought to attract profitable and valuable “VIP” clients, including institutional customers based in the United States.
According to the filing, Zhao’s company is facing a lawsuit for reportedly violating regulations on trading and derivatives. Additionally, the exchange has failed to register with the CFTC and has disregarded U.S. financial market laws that are designed to prevent and detect illicit activities such as money laundering and terrorism financing.
Binance Failed to Supervise Its Activities
The agency pointed out that Binance’s revenue from derivatives transactions had surged from $63 million in August 2020 to $1.14 billion by May 2021. However, approximately 16% of Binance’s accounts were held by customers based in the United States. According to a lawsuit by the CFTC, Binance engaged in trading on their own platform through 300 accounts that were either directly or indirectly linked to their CEO CZ.
The filing further alleged that Zhao and other senior management members at Binance had neglected their responsibility to oversee the exchange’s operations and had even played an active role in facilitating violations of U.S. laws. This included assisting and instructing U.S.-based customers to evade compliance controls that were intended to detect and prevent such violations.
The CFTC previously launched an investigation into Binance over concerns that it enabled U.S. citizens to place wagers that contravened U.S. regulations. Binance has not yet publicly responded to the CFTC’s complaint. However, the exchange has previously stated that it takes compliance very seriously and has made efforts to improve its compliance procedures in recent months. Despite this, Binance’s regulatory issues continue to mount, which could have serious consequences for the exchange’s future operations.
Arbitrum’s ARB Token to Start Trading On 23 March! Here’s How You Can Profit from the Launch
The eyes of the crypto market are currently on Arbitrum as it seeks to revolutionize the industry in the upcoming days. Arbitrum’s highly anticipated ARB token is set to start trading on 23rd March, so the buzz around this launch is palpable. Furthermore, as an innovative Layer 2 scaling solution for Ethereum, Arbitrum has garnered significant attention within the crypto community. Hence, investors are eagerly waiting for the launch to make significant profits with the ongoing hype.
Is ARB Token’s Launch a Big Deal?
As the popularity of Ethereum and DeFi applications continues to grow, the demand for Layer 2 solutions like Arbitrum is also rising. With its innovative technology and ability to significantly improve Ethereum’s performance, the ARB token launch is poised to attract considerable interest from the crypto community.
With Arbitrum’s potential to revolutionize Ethereum’s scalability and reduce transaction fees, early adopters of the ARB token could reap the rewards of the platform’s success. With Thursday’s claim event looming, both centralized and decentralized exchanges are launching derivative markets for the Arbitrum (ARB) token.
The decentralized platform, Clober, now offers traders the opportunity to purchase put options on ARB at strike prices ranging from 50 cents to $16. Since their introduction, these options have generated over $50,000 in trading volumes over the past 24 hours, hinting at the market’s craze on the ARB token’s launch.
Here’s How Traders Can Profit on the Launch Day
As the countdown to the Arbitrum (ARB) token launch on 23 March draws closer, traders eagerly anticipate the potential profit opportunities. Traders are looking to capitalize on the hype surrounding the ARB launch by taking advantage of the potential price volatility that often accompanies such events.
A well-known crypto analyst, Mac, outlined certain points which will take place on ARB token’s launch day:
- On the day of the ARB launch, there may be a significant decrease in liquidity for other altcoins on major centralized exchanges (CEX). As a result, it may not be advisable to hold long positions in other altcoins during the launch.
- ARB token’s price may follow a similar pattern to that of BLUR and UNI. Market-makers and airdrop claimers may tend to sell their tokens, resulting in a temporary price decrease. Once the airdrop claim rate reaches around 60-80%, investors may witness a bounce in the price.
- Following the initial price pump, there may be an extended distribution period before accumulation, and a significant price increase several weeks later can be observed.
The analyst further points out the opportunities for traders to make overwhelming profits on 23 March. According to him, a short-term price under $1 for the ARB token is ideal. The analyst advises closely monitoring the market and analyzing the airdrop claim rate using the Dune dashboard.
Once the claim rate reaches around 60%, traders can start purchasing tokens. Following the launch, an initial price pump will likely only last a few days at most. Hence, it is better to sell during this pump to capitalize on any short-term gains.