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Investing in Cryptocurrencies during this economic shutdown; here’s your need to know

Selecting which crypto coin to invest in can be complex decision, especially for beginners. It is, therefore, recommended to always check the latest fundamentals and seek  expert advice.

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Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin could hit above $100,000 by August 2021, Hedge funds, Institutional investors rush to have a stake in Bitcoin, An unknown Bitcoin whale moved $1.3 billion in few mins. Binance, Bitfinex Coinbase, Huobi, receive about 40% of all BTCs , How to buy and sell bitcoins in Nigeria, Investors Are Selling Gold Etf for Cryptocurrency, Investors Are Selling Gold Etf for Cryptocurrency

Investing in crypto assets has always been a hot trend among investors around the globe. However, selecting cryptocurrencies to invest in is often complex, especially for beginners.

According to CoinMarketCap, there are over 5000 crypto-coins to select from, although not all of them are worth investing your hard-earned capital in.

Recently, the Coronavirus pandemic has distorted the entire global financial markets. Even the crypto industry could not escape from the onslaught from the virus, having witnessed the most plunge.

Bitcoin: It has plunged about 45% and fallen from $10,500 to $6,579 lately. Interestingly, not long after the sudden drop in Bitcoin price, search engines such as Google recorded an increase in the number of people looking for how to buy Bitcoin.

(READ MORE: Cryptocurrency: Discern investors’ goldmine)

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Now that the cryptocurrencies market is anything but stable, you are probably one of those prospecting about what crypto to invest in today in order to make it a safe long-term bet.

Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level

Well, you are making a good move because crypto will always be a good form of investment. Although it suffered a pullback when its price dropped from $10, 000 in February to $4,000 in middle March, Bitcoin has managed to gradually appreciate back at $6,699.

According to a famous cryptocurrency and Bitcoin investor, Tyler Winklevoss, the digital coin is expected to appreciate more in value as individuals across the world recover from the first shock of the deadly COVID-19 outbreak.

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Ethereum: Ethereum has always supported its status as another profitable digital coin for investors. At the time of writing, it traded near the starting point of the $152. Analysts are predicting that it is not going to remain at this level for long, expecting the coin to see another uptrend sooner than later.

Ripples: Although Bitcoin is the number one choice for cryptocurrency trading, Ripple is another popular investment choice among individuals.

Unlike most digital crypto-currencies that target people, Ripples are designed as a payment alternative to financial institutions.

Currently, XRP is trading between $0.18264. Analysts are predicting a bull run to $0.21608 if the price goes above $0.19468.

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Bitcoin Cash: The crypto asset started at about $200 at the beginning of the year. It currently stands at about $220 while crypto experts predict a rise to $350 at the end.

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(READ ALSO: Bulls push Bitcoin pass $7,200 mark)

It should be noted that over the last few years, the cryptocurrency market has experienced difficulties. For this reason, it recommended that crypto investors always check the latest fundamentals such as market trends. They should also always endeavour to seek  expert advice.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Enny

    June 1, 2020 at 7:21 pm

    Good evening sir,
    Please I need your advise on Crypto currency trading and investment,I saw it on one platform, how legist it’s.How can someone invest and what are the likely risks.
    Thank you.

  2. jacob willson

    August 29, 2020 at 7:27 am

    This is the way of the future working with this expert , and this should interest absolutely anyone who is looking for an opportunity to diversify and grow their asset portfolio. This includes investors who are interested in adding to their traditional portfolio options such as fixed investments, stocks, property, gold and so on, this experts recommended will be the best to fit in for any bitcoin issue, stolen bitcoin, lost wallet or hacked transactions, i emailed this team at :[email protected] for a solution of my stolen bitcoin, well i thought i sent my money to another scammer but no not this time, it was real ,i got it back but unfortunately they recovered just little of my stolen bitcoin, then i asked if i could invest my bitcoin to get profit, yes, you can invest your money or bitcoin with this team,i invested $2k bitcoin with this team ,few days later i was asked to send my wallet address for my profit which i received with bonus , Thanks to this team for the hard work and time dedicated for my work.you are the best

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Cryptocurrency

McCaleb, co-founder of Ripple sells 28.6 million XRP

McCaleb the co-founder of Ripple sold 28.6 million XRP — roughly $8.5 million

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Crypto analyst, Leonidas Hadjiloizou, recently revealed via his Twitter handle that McCaleb, the co-founder of Ripple, sold 28.6 million XRP — roughly $8.5 million at the time of drafting this report — following 25 days of no sale activity after news broke of the Ripple SEC lawsuit.

At the time of writing this report, XRP traded at  $0.288355 with a daily trading volume of $5.6 billion. XRP is down 1.09% for the day.

READ: Fear of U.S Financial regulators cripple XRP, tumbles by 61%

Recall that some days ago, Nairametrics revealed Ripple’s co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

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Despite Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

READ: Winklevoss brothers become crypto billionaires

  • It’s important to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
    According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

READ: Ripple is selling 33% of its ownership in MoneyGram

Recently, XRP has been losing value at record levels since reports that the world’s most valuable crypto exchange, Coinbase, announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

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Cryptocurrency

Investors worry over future of Crypto under a Joe Biden Presidency

U.S Treasury Secretary nominee, Janet Yellen has referred to cryptos to be of a “particular concern”.

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Bitcoin suffers worst financial loss in minutes

Global investors and crypto traders are becoming wary of what the future holds for crypto under a Joe Biden Presidency.

This is because the person expected to lead the  U.S Treasury, Janet Yellen referred to crypto as of  “particular concern” when it comes to terrorist financing and money laundering.

  • The incoming finance leader believes that most cryptos are used for illicit financing.
  • She raised such bias during her Senate confirmation hearing yesterday.

READ: Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari 

Responding to a question from a U.S senator on how to tackle threats relating to terrorist financing, she elaborated on the role digital assets played as regards such channels.

“We need to make sure that our methods for dealing with these matters — with terrorist financing — change along with changing technology […] Cryptocurrencies are a particular concern. I think many are used at least in a transaction sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said.

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READ: EFCC and CBN intensifies fight against financial fraudsters

What you should know: At press time, the crypto market was down by 2.69% with a total market value of $1.01 trillion, trading at $35,200 with a daily trading volume of $57.5 billion. Bitcoin is down 4.04% for the day.

Also, according to a recent survey conducted by one of Europe’s biggest banks, several market experts anticipate that the flagship crypto asset, Bitcoin, and a leading tech company have their prices highly inflated.

More than half of the market experts that took part in the survey disclosed that the most popular crypto could lose about 50% of its present value ad thus more likely to drop to the $18k range over the next year.

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READ: Africa’s richest woman has been dragged to court for corruption 

Deutsche Bank’s strategist, Jim Reid pointed out that Bitcoin was giving signs of a market bubble. He said:

“When asked specifically about the 12-month fate of bitcoin and Tesla—a stock emblematic of a potential tech bubble—a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers.”

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Cryptocurrency

Ethereum on rampage, breaks above its 2 year high

The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The world’s utility crypto is fired up on all cylinders on the basis it just ascended past its 2 years high.

At the time of drafting this report, Ethereum traded at $1,415 with a daily trading volume of $35.3 billion. Ethereum is up 13.95% for the day.

What you should know: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

  • Ethereum 2.0 is an upgrade to the Ethereum network that helps in improving the network’s scalability.
    Through the implementation of several, efficiency, enhancements, scalability, and speed the Ethereum network becomes better without compromising its decentralization and security.

What this means: Key reasons attributed to the remarkable rise of Ethereum include the rise of many #DeFi projects running on the #Ethereum network as seen in 2020, #Ethereum flipped Bitcoin in terms of network fees.

  • Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.

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