Market News | Crypto News: Should You Take Your Money out of Crypto?
Crypto is collapsing and it’s been a very tough year for cryptocurrency holders as exchanges face the possibility of bankruptcy.
BlockFi is preparing for potential bankruptcy after halting withdrawals of customer deposits and acknowledging it has significant exposure to the now bankrupt exchange FTX, per the WSJ.
BlockFi paused withdrawals and limited activity on its platform last week, saying it couldn’t operate business as usual given the uncertainty surrounding FTX.
The exchange is now planning to lay off workers as the troubled firm prepares for a possible chapter 11 bankruptcy, said people familiar with the matter.
The Coinbase Pro cryptocurrency platform is also shutting down for good, per NerdWallet.
And a Hong Kong-based AAX crypto exchange is suspending all of its operations, per Watcher. Guru.
Crypto has had its ups and downs, but what’s occurring today seems like it’s going to have a longer effect on investors.
Should investors take their money out of crypto now?
Now venture capitalists who invested in FTX are considering suing Sam Bankman-Fried for alleged fraud.
Confidence in the crypto space has fallen amidst the collapse of these exchanges.
The worst part is the number of investors who have been caught up in this mess.
According to the Washington Examiner, celebrities such as Tom Brady have lost most if not all of their investment in FTX.
Other athletes include Stephen Curry who had also signed previous agreements with FTX to promote the company.
Now Bitcoin Magazine and Unusual Whales are saying to get your money out of Bitcoin and crypto exchanges, signaling that matters could get worse before they get better.
The current crypto crash we’re seeing today has been the result of centralized financial errors, according to CoinDesk.
“The meltdown of Sam Bankman-Fried’s crypto trading empire could not, and would not, have happened to a decentralized and transparent protocol”, says the Amanda Cassatt.
JP Morgan has also identified centralized players as the root cause of recent crypto collapses.
Will cryptocurrencies go back up?
With time and with investor confidence, the crypto market will eventually recuperate.
Should investors take their money out today?
This is going to depend on the individual’s need for liquidity.
With an economy that is currently fighting inflation, and unemployment rates rising, having capital at hand might just prove to be useful as today’s uncertainty only becomes more uncertain.
But I’d love to hear your thoughts on this.
Let’s start a discussion, leave your thoughts below.
Should you get in on ApeCoin or stay the hell away from it!?
ApeCoin was made available to retail investors on Wednesday, March 16th.
The cryptocurrency comes from a partnership between The Bored Ape Yacht Club and a decentralized company, ApeCoin DAO.
The new cryptocurrency has gained the attention of the retail community primarily invested in NFTs and crypto.
But stocks, crypto, NFTs, that’s what the new generation is all about.
ApeCoin started at $1 per token and is currently trading over $14!
Will the cryptocurrency continue to go up in value?
Let’s talk about it.
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What is ApeCoin?
ApeCoin is a cryptocurrency deriving from the Ethereum blockchain launched by the Bored Ape Yacht Club (BAYC).
If you don’t know who BAYC is chances are you might have seen their popular NFTs online at some point.
They depict creative and stylish bored apes that sell tremendously high on the market!
Below is a gallery of their work.
Bored Ape Yacht Club NFTS
The company Yuga Labs is the creator of both the Bored Ape Yacht Club and now ApeCoin.
ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund.
What is the purpose of ApeCoin?
ApeCoin ($APE) is a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.
The cryptocurrency is essentially creating a token for members of its community to further enrich its NFT culture.
Will Yuga Labs’ new cryptocurrency have the same ‘status’ as Bored Ape Yacht Club NFTs do?
It’s certainly possible, but I’d love to hear your thoughts on this in the comment section at the end of the article.
The project is looking to create value within the blockchain culture, which has many possibilities that are still to this date unknown.
Just like when the internet was new, this new culture of blockchain technology is going to change the world.
Crypto, NFTs, and everything that we currently know in the space is just the beginning.
Something curious happened when the new cryptocurrency launched, it was available on every major crypto exchange.
The crypto is still fairly new and I anticipate as it continues to gain more attention, more retail investors will take a position.
How many ApeCoin tokens are in circulation?
Will ApeCoin keep going up?
ApeCoin has a total max supply of 1 billion tokens and 277.5 million are currently in circulation, which equivalates to only 28% of the total supply.
ApeCoin’s total max supply is less than Cardano (ADA, 45b), Ripple (XRP, 100b), and Algorand (ALGO, 10b).
While the new cryptocurrencies circulating supply is relatively low compared to its max supply, investors must be aware that developers may increase the circulating supply at any moment.
Increasing the supply (like any other cryptocurrency) would lower the price of ApeCoin.
The cryptocurrency is still a highly speculative play and investors should always due extensive research to identify and estimate whether the cryptocurrency will continue to go up in value.
So far, around 110 million APE tokens have been claimed by NFT holders.
Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation.
140 million $APE will go to the companies and people that helped initiate the project.
The 80 million $APE going to its founders of Yuga Labs will be locked for the first 12 months so holders cannot cash out and tank the price.
So, is APE worth buying and holding for a year?
Let me know what you think in the comment section below.
How is ApeCoin being used?
Will Ape Coin go up
A mobile game called Benji Bananas, developed by Animoca Brands (whose co-founder, Yat Siu, is on the board of the Ape Foundation), is adopting ApeCoin as a kind of in-game currency.
For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game.
Those tokens can then be swapped for actual ApeCoins.
So far, this is the only utility of APE as it’s relatively new.
ApeCoin is part of the Bored Ape Yacht Club’s ecosystem and I expect a lot more utility will be offered in the future as we enter the metaverse and blockchain technology becomes more familiar.
What we do know is that APE will be used to access merchandise, events, and services later on.
How much is $APE worth?
At the time of this article, ApeCoin is currently trading in the market for $23.85.
Its current market cap is $7.1B with a typical hold time of 25 days according to Coinbase.
An improvement from earlier this March as seen below.
APE Market Stats – Will Ape Coin go up?
If retail investors decide to go long on APE then we can expect the typical hold time to increase.
ApeCoin is up more than 2,300% since its inception and has gained a lot of popularity across multiple crypto exchanges.
The $12-$13 price range seemed to be a foundation for APE although the cryptocurrency has begun to set new ATHs.
Granted, it’s only been two months, but I’d love to know your thoughts on how high this crypto asset can go.
Crypto for beginners – Understanding crypto – A simple crypto guide
Published by FrankNez Team
There’s no denying that cryptocurrencies have had unmatched popularity over the past few years. As of February 2022, there are about 10,000 different cryptocurrencies in circulation, and this number is growing at an unprecedented pace.
Such pace has further fueled the growth and development of blockchain technology, with projections suggesting the international blockchain market will reach a value of $23.3 billion by the end of 2023.
Despite this growing prevalence and popularity of cryptocurrencies, widespread confusion still remains associated with them.
Are you someone with a similar confusion too? Let’s take this opportunity to better understand cryptocurrencies and what they are all about.
Understanding crypto – what are cryptocurrencies? Crypto guide
Cryptocurrencies are decentralized digital money based on blockchain technology and secured by cryptography. Three primary terminologies make cryptocurrencies what they are. These terminologies include decentralization, blockchain, and cryptography.
Decentralized money is very different from fiat currencies backed by governing authorities such as banks and governments. With cryptocurrencies, there is no authority to take responsibility for the ups and downs in the prices of cryptocurrencies. This enables people to carry out their transactions based on cryptographic evidence instead of trust.
Blockchain is a digital ledger with distributed access among authorized users. This technology is used to record transactions associated with assets, which is cryptocurrency. Blockchain offers unrivaled transparency about all the information regarding crypto transactions. This recorded information cannot be tampered with or modified even by the administrators, making it one of the most secure ledgers.
Cryptography is a process of using encryption technologies to protect data from unauthorized access. The defining characteristics of cryptocurrencies, such as immutability and privacy, are the result of cryptography.
Cryptocurrencies were initially introduced in 2009 in the form of Bitcoins. The currency was created by a group of individuals who go by the pseudonym of Satoshi Nakamoto. However, even after its successful launch, it would take years before Bitcoin gained formal recognition and the prominence it boasts today.
How Does Cryptocurrency Work?
Crypto for beginners – Understanding crypto – Crypto guide
As mentioned earlier, cryptocurrencies are not regulated or backed by any authority. Therefore, this works outside the conventional banking system. So, let’s get a better understanding of the working principles of cryptocurrencies.
Mining
Mining is a digital process where one can generate cryptocurrencies by solving complex mathematical puzzles. One will require potent and specially equipped commuting systems to solve these puzzles and get Bitcoins in exchange. This process is very complex, and it can even take thirty days for one to complete the process ideally.
Buying, Selling, And Storing Cryptocurrencies
Fortunately, one does not have to deal with the complexities of mining to get their hands on cryptocurrencies. The more straightforward way to get cryptocurrencies is to purchase them from crypto exchanges or other platforms.
Once bought, cryptocurrencies can be stored in digital wallets, which can be either hot or cold wallets. The hot ones are connected to the internet, while the cold wallets are safer as they are not connected to the internet.
Investing Or Transacting
Transferring your cryptocurrencies from one digital wallet to the other is very simple. All you will need is a smartphone and access to the internet to transfer your cryptocurrencies. There are also many platforms where you can exchange your cryptocurrencies with fiat currencies. Other than that, you can also get crypto debit cards to withdraw cash, just as you do in an ATM. Aside from that, an increasing number of businesses are accepting cryptocurrency payments.
Crypto payment getaways, such as Coingate, provide secure crypto storage and transactions, making your financial life with cryptocurrencies safe, fast, and more convenient.
How Did Cryptocurrencies Become So Popular?
Open an account with Coinbase – Crypto for beginners
Everybody is aware of the growing popularity of cryptocurrencies, and there are many factors fueling that factor. These factors include the low transaction fees, as crypto transactions are much cheaper than conventional transactions.
Other than that, the enhanced control and security offered by cryptocurrencies as a single private is the only way to access the cryptocurrencies. This is much appreciated by crypto users who have been battered by the uncontrollable ups and downs of the conventional financial market.
However, the most crucial factor behind the growing popularity of cryptocurrencies is the profit potential. Many people have made great fortunes through crypto investments making it an appealing investment.
Conclusion: Should I Invest in Cryptocurrency?
Crypto for beginners – A simple crypto guide – understanding crypto
Cryptocurrencies come with numerous advantages making them a safe investment for many. However, they also have their fair share of disadvantages. A couple of qualities shared cryptocurrencies, such as their decentralized nature, unmatched privacy, and security. In addition, the limited and regulated supply of cryptocurrencies makes them a profitable investment.
However, one must not get carried away with these qualities because investment in cryptocurrencies also comes with risks. The highly volatile nature of these currencies makes it very challenging to predict their future value accurately.
Given these factors, it is always best if investors weigh the pros and cons and take calculated risks to invest in cryptocurrencies. Calculated risks can increase the chances of making a profit on your investment.
