Madelina Feliks

28
Jan
2022

New Developments Transpire in US Cryptocurrency Market as Price Continues to Plummet

The slump that the cryptocurrency market has been experiencing since last week is regarded as being the worst plunge in months. Bitcoin (BTC) plummeted to $34,000 while Ethereum (ETH) sunk below $2,200. The huge price drop came after the Federal Reserve’s report on a possible government-issued digital currency. This was during the middle of the stock market’s worst week for almost two years. According to the CoinMarketCap statistics, crypto market cap went below $2 trillion between the sell-off.

The great news though came this Monday, although it wasn’t until Wednesday that the delayed recovery effect was felt. investors placed $14 million into crypto funds but mainly to take advantage of the price dip. According to the report, the inflows last week mostly went to Bitcoin-focused accounts totalling USD 13.8 million.

US Government to Issue Its Own Digital Currency

The Biden government announced plans of issuing its own U.S digital currency and has taken the first step to determine the potential impact of such plan. The Federal Reserve is asking the opinion of citizens on the possible release of a digital dollar, tentatively called the Central Bank Digital Currency (CBDC).

Apparently the US Central Bank will issue and support the digitalized cash. Actually, if this pushes through, the U.S. will simply follow suit to China and Sweden, the firsts to experiment the adoption of cryptocurrencies

Posted by Madelina Feliks in Cryptocurrency
24
Sep
2021

Robinhood Poised to Add Crypto Wallet to Its Stock Trading App

Popular provider of stock trading app Robinhood recently announced intentions of delving further into cryptocurrencies, by offering crypto wallets to app users. The new feature won’t be officially released until next year as the feature will be up for beta testing by next month.

During the testing stage, shortlisted Robinhood app users for will have the capability to send, receive, and trade crypto tokens by using the app’s crypto wallet. Apparently, the feature has been highly requested by users as around 60% of their users bought cryptocurrencies like Bitcoin and Dogecoin during the past quarter, However, Robinhood customers who do so, have been unable to send and/or trade their crypto assets elsewhere.

Robinhood’s COO Christine Brown expounded that they have developed an app feature that customers participating in cryptocurrency transactions have been requesting for quite some time. Giving in to the clamor will actually open up opportunities for Robinhood to take part in the crypto space, allowing the stock trading app to compete against leading crypto exchange site Coinbase.

Is the Forthcoming Robinhood Feature Free?

The Robinhood crypto wallet will be free as the company wants to make it easy and affordable for their users to take part in the crypto market, using a crypto wallet that works similarly to the one offered by Coinbase.

However, users should take note that they will still be required to pay related fees for any cryptocurrency transactions made using the app, including transfers of digital assets to the crypto wallet.

Posted by Madelina Feliks in Cryptocurrency
11
Jul
2021

Bitcoin and Altcoins Prices Continue to Fall

The prices of bitcoin and ethereum continue to drop as investors give in to fears of another global economic slump caused by the quick-spreading delta variant. Although vaccines have become available, the newest COVID-19 variant appears to be much stronger than the original coronavirus strain. Moreover, most countries including the U.S. are faced with anti-vaxxers who remain vulnerable to risks of contracting and spreading the new variant that originated in India.

At present the current investing is centered on government-backed treasure bonds that financial analysts believe are the safest gambling products.

Last Thursday at around 4:00 a.m. EST, bitcoin price dropped below $32,500; but was able to slowly gain ground, which led to a current trading price of 33,316. The problem though is that with cryptocurrency trading, drops in bitcoin prices usually affect the prices of altcoins. The price of ethereum for one, has sunk and is currently trading at $2150, a price that is 8.7% when compared to the previous price index for ether.

Since May, BTC prices began to take a downward trend coming from an all time-high of $65,000 achieved in April. Some traders had hoped that the price falls were temporary and that a turnabout will eventually take place. However, others are saying that BTC prices will sink to $20,000, before institutional investors resume with their buying activities.

CNBC’s Squawk Box Interview with Galaxy CEO Links the Price Drops to China

Mike Novogratz , the CEO of Galaxy Digital who appeared as Squawk Box guest las Thursday said the BTC price drops are results of China’s war against cryptocurrencies. BTC investors in China have been selling off their digital assets, while U.S. investors are buying them. According to Novogratz, China’s crackdown on entities involved in crypto exchanges in China is all part of the “cold war” being waged against the U.S.

On Tuesday last week, another China-based company suspected of rendering software as a service for entities facilitating digital currency transactions, was shut down by China’s central bank. Shut down orders have been regularly taking place in connection with the country’s existing ban against the local cryptocurrency industry.

The price-backslides in bitcoin markets, were triggered by the state of emerg ency declared by Japan. As had been anticipated, the country’s COVID-19 cases spiked after officials of the country insisted on holding the Tokyo Olympic games. As a result trading on equity markets went on a decline, as news of Japan’s emergency declaration sowed fears of another global economic catastrophe.

Posted by Madelina Feliks