Cryptocurrency
Big mistake: Ripple’s CTO sold his Bitcoin for $750
Ripple’s CTO stated that he sold some Bitcoins for $750, 40,000 Ether (ETH) for $1 each
Many times in the investment world, patience can be golden. This theme was prevalent when Ripple’s Chief Technology Officer, David Schwartz, had recently revealed with regrets that he and his wife made bad decisions for their crypto portfolio in 2012 — resulting in the eight-figures worth of missed profit at current prices.
In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million in today’s prices.
READ: Stanbic IBTC creates a phenomenal experience of tech and agric
Ripple’s David Schwartz also admits that "derisking" by selling BTC at $750 and XRP at $0.10 "hurt". https://t.co/4N7ScChkxA
— Cointelegraph (@Cointelegraph) October 13, 2020
Investing in crypto assets has always been a hot trend among investors around the globe. However, selecting which cryptocurrencies to invest in is often complex, especially for beginners.
READ: Large BTC entity transfers over $100 million worth of Crypto
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.
For you to be a successful crypto trader, you must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in the BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time.
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Chris Ani, a professional BTC trader, in a phone chat interview, explained to Nairametrics in detail, the major attributes every successful BTC trader must possess, including the need to have basic trading skills. He said;
“To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one.
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“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan. You must also master technical and fundamental analysis and most importantly, the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.”
READ: Two strange Bitcoin whales transfer $290 million worth of Crypto
Cryptocurrency
Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse
The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.
Cryptocurrency
Bank of England considers digital currency
If approved, the digital currency would exist alongside other payment options, rather than replacing them.
The UK government and the Bank of England are taking landmark steps towards the creation of a central bank digital currency, joining other nations that include China and Bahamas in the digital currency drive.
A press release issued on the government’s website announced the creation of a body with the mandate to coordinate on the possibility of a Bank of England-issued digital money for use by households and businesses.
If approved, the digital currency would exist alongside other payment options, rather than replace them.
READ: Bank of Canada quickens up its digital currency launch
Speaking at Fintech Week, Chancellor Rishi Sunak spoke on the initiatives put in place with regulatory support and structural reforms toward the British drive on a central bank digital currency.
Chancellor of the Exchequer, Rishi Sunak said:
“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.
A new Taskforce, bringing together HM Treasury and the Bank of England, will be established to explore a possible UK central bank digital currency (CBDC).
READ: U.S Central Bank leader says no rush into crypto dollar
Two new forums will also be established to engage technical experts and key stakeholders (including financial institutions, merchants, business users, civil society groups, and consumers) through the process.”
A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the British pound or Naira, for instance.
Digital currencies can be decentralized, a situation where the control over cash supply can come from diverse sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way central banks work.
READ: Crypto crash: 3 major risks involved in investing in Crypto
The U.S government is also considering a framework for creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.
