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Cardano ADA’s One Year Surprising ROI

Cardano ADA’s One Year ROI Surprisingly Transcends Returns From Bitcoin and Ether

By David Kariuki – August 17, 2021

Bitcoin may have become the best-performing asset class of the decade this year when its price jumped to over $63,000, then followed by Ethereum, but the two are nowhere close to Cardano’s return on investment performance this year so far.

ADA is now one of the top coins with the highest ROI this year according to data from CryptocurrencyChart. Going by this data, if you had invested in ADA at the start of this year, you would have seen a massive 1,421% annualized growth in the investment. Bitcoin has returned only +277% and Ethereum +625% in the last year.

ADA has been so hot in the market in the last week that it is now ranked top 4 largest cryptocurrencies by market cap in the world as per data from CoinGecko. In the last one week, ADA’s ROI is 48% compared to Bitcoin’s +2% and Ethereum’s +1%.


ADAUSD Chart by TradingView(Click image for larger view)

Not only that, ADA reached $2 per coin for the first time this week, which is a huge milestone. That was a massive 1,400% gain in price. Bulls have been riding on the wave of pending smart contracts which will launch next month. In cryptocurrencies, news of pending launches and other important events usually ignites pumps much earlier than the occurrence of those events. However, for ADA, it doesn’t seem to stop there because the launch of smart contracts is expected to bring dApp enthusiasm to the network.

A lot of many people have now heard of Dogecoin, Bitcoin, and Ethereum, but not so many have yet heard of Cardano or ADA. Additionally, the network has encountered massive criticism coming from people who thought the blockchain would never launch smart contracts.

Billionaire Michael Novogratz who is founder and CEO of Galaxy Digital alleged last month that ADA was a weird cult given the surprising valuation, and this and other criticisms seem to have not stopped the coin from exceeding expectations. Today he commented again alleging that there is a better alternative to ADA in the likes of $LUNA and $SOL but confessed he learned that there is a strong community behind ADA and Cardano.

Charles Hoskinson has responded to critics including in yesterday’s live stream saying that the launch of smart contracts on September 12 will silence criticism.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by David Kariuki and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Magnificent Bitcoin Supercycle Is Here

The Magnificent Bitcoin Supercycle Is Here; Here’s Why You Should Expect Everything Bullish

By Olivia Brooke – August 17, 2021

The “Bitcoin supercycle” is the concept of Bitcoin surging significantly due to incoming mass adoption as indicated by technical factors.

While many do not believe that the cycle is trustworthy, it still does a good job of highlighting the rate at which adoption is taking place and where that could lead the financial market to In in the near term. It certainly isn’t 100% accurate like many other crypto theories, but it does have its function.

“Bitcoin, as the tip of the spear for the entire crypto industry essentially was a Pandora’s box moment that unleashed the biggest growth trend in decades, and is a once in a lifetime opportunity for immense wealth creation.” writes investor Lark Davis, in respect to the Bitcoin super cycle.

Bitcoin super cycle on wealth creation

It is not inaccurate to say that Bitcoin made millionaires and Billionaires within the last decade. Impressively, the wealth accumulation process was faster than what one could expect to get from the traditional finance market. Not only were a handful of Bitcoin millionaires documented in the 2010 to 2014 era, this year saw Bitcoin record a large number of billionaire founders in the market.

Given that the present market is by far more stable than the last, and that adoption is rising at a higher rate, generation wealth accumulation through Bitcoin investments, like Lark notes, will take off rapidly throughout the next decade.


BTCUSD Chart by TradingView(Click image for larger view)

The Bitcoin/Crypto takeover has already begun

Setting the state for the Bitcoin super cycle is the rate at which macroeconomic factors like inflation have surged. This opens an entry channel for the spotlight to be on a more promising store of value; Bitcoin.

Regulation is becoming more flexible as we are witnessing new laws designed to embrace crypto utility.

Further down into the funnel, is the “fiat on-ramp” increase. Bitcoin ATM machines are increasing, PayPal is bringing a huge market to the industry, NYDIG’s partnership with Bitcoin firms is huge, banks offering cryptocurrencies are on the rise, and Bitcoin ETF proposals have reached their highest levels. Keep in mind that retail traders are giving way for the largest institutions to step into the market.

Davis perfectly sums up the fact that the financial revolution that crypto/Bitcoin was envisioned to bring to life is already happening, and with the above statistics, which is only one amongst many, it is accurate to say the Bitcoin super-cycle has some elements of truth to it.

“We are literally witnessing the birth of a new asset class which will redefine ownership, finance, identity, communities, markets, real estate, and much more. I know you are probably “bullish” on crypto, but chances are you are not even close to being bullish enough.” -alarm Davis.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Wealth Managers Gain Exposure to Bitcoin via Grayscale

Wealth managers gain exposure to Bitcoin via Grayscale, according to new SEC filings

The Grayscale Bitcoin Trust, which trades under the ticker symbol GBTC, is being snatched up by institutional managers looking for more traditional exposure to digital assets.


Image courtesy of CoinTelegraph

            AUGUST 14, 2021

New filings with the United States Securities and Exchange Commission, or SEC, reveal that four wealth management companies have acquired shares of Grayscale’s Bitcoin Investment Trust, offering further evidence of institutional adoption of digital assets.

As first reported by MacroScope, a Twitter feed devoted to institutional trading and asset management, the firms disclosed their GBTC holdings in new filings for the period ending June 30, 2021.

Clear Perspective Advisors, an Illinois-based wealth manager, revealed direct ownership of 7,790 GBTC shares on Friday.

Ohio-based Ancora Advisors scooped up 13,945 shares of GBTC as of June 30. While that’s a small position for the multi-billion-dollar asset manager, it reflects an important strategic move given that the company has a long-term investment perspective.

Meanwhile, two additional firms added to their GBTC holdings for the June 30 reporting period. Boston Private Wealth, which had previously reported 88,189 GBTC shares as of March 31, increased its exposure to 103,469 shares. Ohio-based manager Parkwood boosteits holdings to 125,000 shares from 93,000 at the end of March.

Related: GBTC premium matches Bitcoin price crash levels as unlocking fear fades

Major firms are finding new and diverse ways for gaining exposure to Bitcoin and other virtual assets. As Cointelegraph reported, tech giant Intel recently disclosed a sizable position in Coinbase stock, which provides direct exposure to the digital currency market.

Institutions are likely to increase their exposure to digital assets in the coming months — provided that the bullish narrative continues to play out. Many crypto observers subscribe to four-year cycle theory, which attempts to explain and forecast Bitcoin’s price from one cycle low to another. With the crypto asset class returning above $2 trillion this week — representing a $700 billion recovery from the local bottom — it appears that the next phase of the bull cycle is gaining traction.

Related: Bitcoin’s off-chain data points to more upward momentum for BTC price

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Original article posted on the CoinTelegraph.com site, by Sam Bourgi.

Article re-posted on Markethive by Jeffrey Sloe

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ETH XRP ADA Lead Crypto Market

Ethereum, XRP and Cardano Lead Crypto Market’s $95 Billion Boost

ETH, XRP, and ADA aren't the only cryptocurrency assets doing well today.

By Jeff Benson           2 min read • Aug 13, 2021

Cryptocurrency markets are having a very good week. Of the top 50 tokens by market cap according to data provider Nomics, none have lost ground.

That streak—which took a day off yesterday as markets fell—got going again today, led by Cardano (up 13%), XRP (6%), and Ethereum (5%). The result was a 6.7% increase, roughly $95 billion, to the crypto market cap in 24 hours.

If you're looking for reasons, you don't have to search hard to find them.

Cardano, an Ethereum competitor, teased the rollout of smart contracts to its platform earlier this week. The contracts, set to come with the Alonzo network upgrade in about a month, will allow decentralized finance (DeFi) applications on the network for the first time. DeFi replaces financial intermediaries such as banks and brokers with automated code in the form of smart contracts, enabling everything from loans and interest to asset swaps and derivatives trading. Cardano's ADA coin has now crested the $2.00 mark to hit a three-month high.

Ethereum, meanwhile, is still riding high from its own network upgrade last week, which brought with it a code change called EIP-1559. That modified the network's transaction fee structure, charging a transaction fee and then destroying it. By taking money out of circulation—over 38,000 ETH ($123 million) has already been "burned"—it created deflationary pressure on the asset. Less supply, more demand. ETH has now stayed above $3,000 for a week, the first time it has done so since May.

For its part, Ripple continues to rack up small victories in its $1.3 billion battle with the SEC over an alleged unregistered securities offering of XRP, giving some clients enough confidence to partner with it. On Wednesday, for example, large South Korean firm GME Remittance announced it had joined the RippleNet payment network. XRP is now back above $1 for the first time since early June.

Things are going swimmingly elsewhere, too, with Bitcoin, Dogecoin, Polkadot and Uniswap all showing solid gains.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Jeff Benson.

Article re-posted on Markethive by Jeffrey Sloe

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Peter Brandt Flips Bullish on ADA

Veteran Trader Peter Brandt Updates Outlook on Cardano (ADA)

By Daily Hodl Staff • August 12, 2021 // ALTCOINS // BITCOIN

Veteran analyst and trader Peter Brandt is taking a fresh look at Cardano (ADA) following its recent rally.

After previously cautioning that ADA could follow Litecoin’s bearish 2018 trajectory, the popular trader says Cardano’s price structure is now looking significantly more bullish.

According to Brandt, ADA needs to show it can hold onto a key level of support.

“New development in Cardano ADAUSD. The advance through the July 4 high goes a long way to negate the potential bearishness of the H&S [head-and-shoulders] top in this crypto.

In fact, this price action can be viewed as bullish as long as price remains above $1.25.”


(Click image for larger view)

Cardano is trading at $1.85 at time of writing and is up 34.3% in the past seven days, according to CoinGecko.

Earlier this month, Cardano got the green light for listing on exchanges operating in Japan.

On August 6th, Input Output Hong Kong (IOHK) said it was preparing to roll out the final phase of Cardano’s Alonzo update, which will bring smart contract capabilities to the platform.

The Cardano developer said the Alonzo Purple testnet is up and running and is currently undergoing an onboarding process.

IOHK says that it’s aiming for Cardano to launch full smart contract compatibility in the coming weeks.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ReneGamper

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase’s Q2 Profits Hit 223 Billion

Thanks To Ethereum Thumping Bitcoin, Coinbase’s Q2 Profits Hit $2.23 Billion

By Olivia Brooke – August 11, 2021

Analysts had written Coinbase off a while back, opining strongly that the company’s shares would underperform. In a surprising turn of events, Coinbase shares outperformed the market’s expectations as shown in the company’s second-quarter revenue record.

Coinbase earnings report beats bearish market forecasts

On the 10th of August, Coinbase rolled out its Q2 earnings report, and the records were as surprising as they were commendable. The company recorded a $1.6 billion upsurge in net profit, which is an estimated 4,900% increase from its revenue this time last year.

Total revenue sat at an attractive $2.03 billion, significantly higher than the $1.821 billion predictions that market players called, while shares surged to $6.42, again higher than the $2.32 predictions analysts’ made in the past.

Coinbase, which is currently the largest cryptocurrency exchange in the United States, has been the middleman between cryptocurrencies and large institutions seeking a low-risk entry method into the crypto market.

For the first time in nine years, Ether outperforms BTC on the exchange platform

Recall that Glassnode postulated that Ether had been outperforming Bitcoin for the last two years. The “Ethereum takeover” seems to be resounding its dominance once again, as trading volume on Coinbase unseats Bitcoin’s.


ETHUSD Chart by TradingView (Click image for larger view)

For the first time since Coinbase’s inception, Bitcoin had raked in the highest trading volume for the company. But this time the opposite was the case, as BTC’s trading volume dropped by 39% while Ether surged by 23%.

Coinbase noted the rise of NFTs, DeFi, and Eth 2.0 played a huge role in the performance of Ether’s trading volume, as demands continue to explode to unprecedented highs.

It seems to be all up from here for Coinbase, which had previously seen its IPO shares prices rise significantly. Having built enough momentum to flush out the downtrend, Blue Line Capital founder and President Bill Baruch is now telling CNBC that bears have been flushed out. He further adds that user adoption will outperform in the future. 

“I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activities where they get paid as well. I think that’s going to pick up even if major crypto assets such as bitcoin or ethereum struggle.” Baruch reckoned.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Binance Moves Towards Compliance

Binance CEO Unveils New Approach to Compliance Amid Regulatory Setbacks

By Daily Hodl Staff • August 7, 2021 // BITCOIN // REGULATORS

Binance CEO Changpeng Zhao says the cryptocurrency exchange is taking a proactive approach towards regulatory compliance.

Zhao states in a tweet that Binance is ‘pivoting’ after weeks of facing multiple regulatory setbacks across the globe.

“Binance pivoting from reactive compliance to proactive compliance. Stay tuned.”

The Binance CEO further says that ‘one of many’ steps the cryptocurrency exchange will adopt as it embraces ‘proactive compliance’ is banning Hong Kong users from opening new derivatives products accounts.

“New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users. This is one of many proactive measures Binance is taking to help establish crypto compliance best practices worldwide.”

Hong Kong users will have a grace period of 90 days within which to exit existing futures positions. Binance will not permit new positions to be opened during the grace period.

Over the past couple of weeks, the cryptocurrency exchange has withdrawn various products and changed operating practices that could attract the ire of regulators.

For instance, Binance lowered the maximum amount of Bitcoin that users who have only undergone a basic know-your-customer verification procedure can withdraw. The cryptocurrency exchange also limited the amount of leverage offered to a maximum of 20x while stopping the use of select fiat currency pairs in margin trading.

Zhao’s announcement follows a string of regulations-related setbacks, including losing payment services provided by traditional financial institutions. Early last month, amid the regulatory pressures, Binance announced it would be expanding its compliance team.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mopic

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Whales Suddenly Move 17B in BTC

Bitcoin Whales Suddenly Move $1,700,000,000 in BTC, Santiment Says Holdings of Crypto Millionaires Near All-Time High

By Daily Hodl Staff • August 7, 2021 // BITCOIN // TRADING

Bitcoin (BTC) whales are moving massive amounts of BTC as the leading crypto asset prints a new 30-day high at $43,271.

Blockchain tracker Whale Alert spotted four large Bitcoin transactions in which crypto whales relocated 41,671 BTC, worth $1.78 billion, in a span of one hour.

As Bitcoin and other crypto markets recover from May 2021 downturns, crypto analytics firm Santiment says that whales continue to increase their BTC holdings.

According to Santiment, the percentage of BTC ownership among the “millionaire tier” cohort, or investors holding between 100 and 10,000 BTC, has risen sharply since June, allowing the deep-pocketed investors to accumulate nearly half of Bitcoin’s total supply.

“Bitcoin addresses that hold 100 to 10,000 BTC currently own 49.11% of the total Bitcoin supply, and they’re still very near the [all-time high] of 49.18% made just last week. This key group of whales is one of our most solid indicators to watch.”


Source: Santiment/Twitter (Click image for larger view)

Santiment adds that Bitcoin’s jump to a 30-day high comes just as trader euphoria on the BTC market is waning.

“Bitcoin has taken off on a bullish crypto Friday, touching above $43,000 for the first time since May 18th. The spike comes as traders were cooling down on BTC, as markets historically move the opposite way of crowd expectation.”


Source: Santiment/Twitter (Click image for larger view)

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Willyam Bradberry

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

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Ukraine Proposes Bill Crypto Bill

Ukraine Proposes Bill To Enable Use Of Cryptocurrency For Payments

By Brenda Ngari – August 6, 2021

Ukraine, one of the world’s most active cryptocurrency nations, is striving to become the utopia jurisdiction for businesses. Legislators in the country are working on a package of bills that would essentially integrate cryptocurrency into its legal and financial system.

One of these bills entails allowing businesses to make and accept cryptocurrency payments freely, according to Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine.

 

Bornyakov told a local news outlet that this draft bill is already being prepared in the parliament for second reading, and he believes it would be legal to pay with crypto assets in the country via payment intermediaries allowing fiat-crypto conversions.

He emphasized that the bill on digital assets clearly stipulates that crypto is not legal tender in the East European country. This means that while Ukraine’s bill would allow cryptocurrency payments, it falls short of making bitcoin legal tender.

He went on to indicate that the new bill will legalize cryptocurrency holding, trading, and reporting. “We expect that there will be a whole market of intermediary services for payment of goods by cryptocurrencies, their storage, and exchange. This will expand the possibilities of their use,” Bornyakov explained.

If the proposed bill is passed into law, crypto-related companies registered abroad will only need work permits — not licenses— in order to work with Ukrainian citizens. The process of obtaining these permits will be pretty easy as the businesses will only prove that they have adequate capital and that none of the founders is on the sanctions list.

As aforementioned, Ukraine seems determined to keep its crypto-friendly stance by taking significant steps to foster a productive environment. In a noteworthy announcement in June, Bornyakov postulated that his ministry had advocated for the adoption of an updated bill “On Virtual Assets” in the second reading.

Last month, Ukraine unveiled a comprehensive roadmap to incorporate digital assets into its educational and infrastructural activities within the next three years. The roadmap will also prioritize cryptocurrency education and the establishment of a sandbox for various projects in the crypto industry.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Biggest Thing for Bitcoin Right Now

Why Squares' $29 Billion Afterpay Acquisition Deal is the Biggest Thing for Bitcoin Right Now

By Olivia Brooke – August 5, 2021

Square is relentless in its efforts to increase the adoption rate of Bitcoin and it already seems to be paying off for both the payment giant and the Bitcoin market. Square is beginning to earn the title of one of the most valuable companies in the Bitcoin market and it seems the company is not ready to exit anytime soon.

How Square’s move will change the Bitcoin market

Recently, Square revealed it was buying the Australian fintech platform Afterpay, for a deal of $29 billion. The deal is estimated to be around 30% premium to Afterpay’s last closing price. Following the big reveal on Sunday evening, Afterpay’s shares surged and closed by an attractive 19% the following day. But Afterpay’s stock buyers were not the only ones excited. Bitcoiners were well within their rights to celebrate this win as the acquisition will reportedly enable Bitcoin users to buy Bitcoin.

Market players are gunning for the app’s integration to allow Bitcoiners to buy Bitcoin and pay later; a one of a kind gesture that will undoubtedly skyrocket the adoption rate of the benchmark asset. Although neither Jack Dorsey nor Square’s representatives have spoken in affirmation, the feature will be just as useful for retail and institutional investors who are looking to purchase Bitcoin at a different pace.

Speaking on the importance of Afterpay’s services for Square, Jack Dorsey noted the following in a statement, which reads in part ;

Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”

Meanwhile, Square’s CFO Amrita Ahuja established the company’s intent with advancing customer experience, something that the platform has been doing with Square’s Cash App services. Hinting that in typical Square fashion, Bitcoin buying and selling patterns could be stretched with new options using Afterpay.

We see a real opportunity to enable the next-gen consumer that’s looking for different ways and, in this experience, an interest-free way of expanding the purchase potential,said Ahuja.

What that ends up doing is merchants pay for the Afterpay experience but they get higher average order volumes, they get greater conversion, they get greater frequency and lower returns and they get a marketing channel from Afterpay… which is ultimately helping those merchants grow there business and that’s what Square is all about.” She added.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe