How KuCoin Shares (KCS) Can Create a Stream of Passive Income
https://zycrypto.com/how-kucoin-shares-kcs-can-create-a-stream-of-passive-income/ https://zycrypto.com/how-kucoin-shares-kcs-can-create-a-stream-of-passive-income/#respond
Sun, 28 Feb 2021 16:03:41 +0000 https://zycrypto.com/?p=49167
Overview KuCoin Shares (KCS) is the native token of the KuCoin cryptocurrency exchange. It was launched in 2017 to serve as a profit-sharing token for traders to draw value from the exchange. KuCoin Shares are ERC-20 tokens that run on the Ethereum network and are supported by most Ethereum wallets. KCS has a fixed supply […]]]>
Overview
KuCoin Shares (KCS) is the native token of the KuCoin cryptocurrency exchange. It was launched in 2017 to serve as a profit-sharing token for traders to draw value from the exchange. KuCoin Shares are ERC-20 tokens that run on the Ethereum network and are supported by most Ethereum wallets. KCS has a fixed supply of 200 million tokens. However, KuCoin plans to buy back and burn 100 million of these tokens.
In the future, when the KuCoin decentralized trading solution goes live, KuCoin Shares will be used as the native asset. KCS will be both the governance token for the KuCoin community and the native asset of KuCoin’s decentralized financial services.
According to KuCoin, KCS will help to diversify the numerous benefits that holders can access on the KuCoin platform. With time, KCS will become the key to the whole KuCoin ecosystem.
The development of DEX and KuCoin is underway, and KCS will be the foundation of all future KuCoin decentralized products.
Why is KuCoin Special?
KuCoin provides a simple way for traders to earn passive income while also enjoying several other rewards. Also, KuCoin will give you up to a 20% discount on trading fees if you use KCS to pay. Imagine saving your coin on the KuCoin exchange and getting interest from it. Another interesting fact is that KCS has a fixed supply. Therefore, the value is expected to rise due to scarcity.
Uses of KuCoin Shares (KCS)
Although KCS is paid as a dividend to KuCoin exchange users, it is also a utility token. So, you can use the coin to pay for trading fees on the KuCoin platform. Also, KCS is the ticket for traders to participate in a token sale on KuCoin Spotlight. As a KCS holder, you can become a KuCoin VIP. You can also use the token as a payment method when you make hotel reservations, go shopping, etc.
Conclusion
KuCoin Shares is a nice means for investors to make some extra on top of their crypto investments. However, the volatility of the crypto market cannot be pushed aside. So, you have to do your due diligence before investing your money.
Here’s What Analysts Are Saying About Bitcoin’s Plunge To $46,000
https://zycrypto.com/heres-what-analysts-are-saying-about-bitcoins-plunge-to-46000/ https://zycrypto.com/heres-what-analysts-are-saying-about-bitcoins-plunge-to-46000/#respond
Sat, 27 Feb 2021 16:09:41 +0000 https://zycrypto.com/?p=49164
Bitcoin’s new all-time high of $58,000 attained a week ago was short-lived as two days later, prices tumbled and Bitcoin lost more than a fifth in value before a mild correction temporarily revived the market. Bitcoin’s decline to $46k left holders panicking, mostly because there were doubts about the leading asset making its usual healthy […]]]>
Bitcoin’s new all-time high of $58,000 attained a week ago was short-lived as two days later, prices tumbled and Bitcoin lost more than a fifth in value before a mild correction temporarily revived the market. Bitcoin’s decline to $46k left holders panicking, mostly because there were doubts about the leading asset making its usual healthy correction.
BTCUSD Chart By TradingView
Tether had fallen prey to American regulators who labeled it fraudulent, banned it from carrying out trading activities in New York, and slammed it with an $18.5 million fine. These events have been pointed to by many as the cause of Bitcoin’s decline. The brewing FUD is thriving on the notion that a crash to much lower levels is incoming. But here’s what analysts have to say about the asset, where it’s headed, and whether the red market is here to stay.
To buy or not to buy the dip?
Of course, these takes aren’t financial advice, but technical and fundamental analysis has guided their conclusion. Even though most analysts’ are as bullish as ever, CryptoWhale insists that dip buyers must take caution before tapping sellers. “Be careful with “buying the dips” early” he warns.
He recalls how the market didn’t move in favor of 2018 dip-buyers, saying;
“That turned out to be a fatal mistake. As we know, BTC plunged over 85%, and most alts went on a death spiral for 2 years, dropping 95-99%.”
In contrast, other analysts are sticking to a perceived upside flip bound to occur. The fundamental factors include Coinbase’s premium performance, miners’ activities, and futures funds movement.
Analyst Joseph Young bares it out in the tweet quoted below.
“I’m expecting a gradual Bitcoin recovery.
– Coinbase premium consistently positive
– Miners sold a lot of Bitcoin (peaked selling pressure)
– Futures funding rates completely reset
Some more stablecoin inflows and it would be more optimistic.”
Meanwhile, this head of a Crypto asset management fund is drawing traders’ attention to the possibility that whales are dumping prices to get retail traders to sell.
“Reminder- some folks holding Bitcoin have *weak hands*. People sold BTC 10% higher than where Elon just bought $1.5bn. People sold days after Tether risk was removed in its entirety.” Also keep in mind there are large players pushing prices down to fill bids. Act accordingly.”
As of publication, Bitcoin is striving to correct upwards. An overnight 4% surge is positioning Bitcoin for a swing to prior support. A breakout could usher in a fresh push to $48,000.
The US Government Just Unwittingly Made The Biggest PR Move For Bitcoin
https://zycrypto.com/the-us-government-just-unwittingly-made-the-biggest-pr-move-for-bitcoin/ https://zycrypto.com/the-us-government-just-unwittingly-made-the-biggest-pr-move-for-bitcoin/#respond
Sat, 27 Feb 2021 13:28:41 +0000 https://zycrypto.com/?p=49162
Bitcoin at $100,000 is a price prognosticated by pundits, courtesy of the fundamental factors that signaled the bullish rally. However, Bitcoin is receiving an external push from the same organization that steadily criticizes its credibility. The United States government in its usual fashion is helping the benchmark asset live up to analysts’ expectations with the […]]]>
Bitcoin at $100,000 is a price prognosticated by pundits, courtesy of the fundamental factors that signaled the bullish rally. However, Bitcoin is receiving an external push from the same organization that steadily criticizes its credibility. The United States government in its usual fashion is helping the benchmark asset live up to analysts’ expectations with the constant advertisement.
The $1.9 trillion Stimulus Package could change everything for Bitcoin
The last thing the US economy needs right now is more inflation. But the one thing needed for the US citizens to sustain their welfare through the global Covid-19 pandemic is a stimulus bill, according to the United States government.
For Bitcoin, this is a solid entry point for some of the biggest financial institutions and independent investors who will search for a dependable storage outlet for their wealth to get onboard. Last year, when the first check was sent out, the stock market suffered a major decline as inflation forced the wealthy to find shelter in Bitcoin. Gold dropped significantly too when investors began to question its scarcity and its historic performance to Bitcoin.
While whales are better positioned to secure the biggest amount in profit, smaller investors can outpace even the most skilled trader by simply holding just about half of a quarter of Bitcoin’s current price, which is only about $937 more than the incoming $2000 stimulus cheque.
Interestingly, some Bitcoiners who threw their previous stimulus check into the market have secured decent profits already. At the current market rate, the $1200 stimulus check allocated to US citizens would be worth nearly $10,000 if recipients invested it into Bitcoin.
The ironic Bitcoin Advertisement
Earlier today, it was announced that the $1.9 trillion stimulus package is set to be approved by the House and sent to the Senate. Following the announcement, Bitcoin tumbled upwards. Although the bullish recovery cannot be credited to the news, Bitcoin is bound to benefit from the result of the US fiat printers working overnight. Ironically, this comes shortly after Treasury Secretary Janet Yellen poked into the asset’s credibility.
“I don’t think that Bitcoin is widely used as a transaction mechanism
It is a highly speculative asset and I think people should be aware it can be extremely volatile. I do worry about potential losses that investors can suffer.” She told CNBC.
Yellen’s skepticism towards Bitcoin may influence future policies going forward, but Bitcoiners are keeping their fingers crossed in hopes for a positive turn out, seeing as the Secretary had previously spoken on the necessity of considering the benefits of digital currencies.
BTCUSD Chart By TradingView
In the near term however, Bitcoin is poised for a bullish takeover should the bill receive its final approval.
‘Bitcoin Doesn’t Behave Like A Payment Instrument’, Says Mastercard’s Vice-Chair
https://zycrypto.com/bitcoin-doesnt-behave-like-a-payment-instrument-says-mastercards-vice-chair/ https://zycrypto.com/bitcoin-doesnt-behave-like-a-payment-instrument-says-mastercards-vice-chair/#respond
Sat, 27 Feb 2021 10:23:30 +0000 https://zycrypto.com/?p=49158
Mastercard may have warmed up to cryptocurrencies recently, but if you’re expecting to use your debit cards to pay for your coffee, an executive at the payments giant has bad news for you. Ann Cairns, the executive vice chair at Mastercard stated in a recent conference that Bitcoin is too volatile for the company. Mastercard […]]]>
Mastercard may have warmed up to cryptocurrencies recently, but if you’re expecting to use your debit cards to pay for your coffee, an executive at the payments giant has bad news for you. Ann Cairns, the executive vice chair at Mastercard stated in a recent conference that Bitcoin is too volatile for the company.
Mastercard announced earlier this month it would incorporate digital currencies into its payments. As ZyCrypto revealed at the time, this would avail cryptos to Mastercard’s one billion users. It would allow them to pay using cryptos at over 30 million merchants worldwide.
“MasterCard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want,” the firm stated at the time.
However, according to Cairns, the New York-based giant is not about to incorporate Bitcoin. Speaking at the Future of Money conference, Cairns criticized the use of BTC for payments due to its long confirmation times.
She told the audience, “Bitcoin doesn’t behave like a payment instrument. It’s too volatile and it takes too long to transact.”
She added, “So if you and I went for a cup of coffee, and you know, I decided to pay with bitcoin, our coffee might cost me, I don’t know, 40% more by the time it was served — and it takes 10 minutes to actually settle the transaction.”
While she may have exaggerated the volatility, Bitcoin is indeed a volatile currency. In the past 48 hours, its price has ranged from $51,266 to $44,710, a 12% variation. The top crypto is currently trading at $46,907.
BTCUSD Chart By TradingView
Bitcoin Is a Store of Value, Not a Currency
Cairns went on to state that she sees Bitcoin as an asset class, drawing comparisons with gold. This comparison has persisted over the years, with Bitcoin becoming known as digital gold.
In a recent report, JPMorgan revealed that Bitcoin is indeed competing with gold as a safe haven asset. This narrative has been largely boosted by companies like MicroStrategy and Tesla which have invested billions of dollars in the crypto.
As per the bank’s report, investors are moving into Bitcoin as a hedge against inflation and an alternative to a depreciating dollar. The bank believes that if it could take over a fraction of gold’s market appeal, Bitcoin could shoot up to $146,000.
“Bitcoin’s competition with gold has already started in our mind. Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term.”
Others like Meltem Demirors, the chief strategy officer at London-based CoinShares, believes Bitcoin will outpace gold. She recently claimed that Bitcoin’s market cap will far exceed that of gold. This is despite gold’s market cap being over 10 times bigger than Bitcoin’s.
bitcoin is not digital gold.
it's so much bigger than that.
please let's stop anchoring bitcoin to gold. the market cap of bitcoin will far exceed that of gold, because one is a shiny rock that sits in a vault and the other is magical internet money.
PARSIQ Integrates Solana Blockchain on its Platform
https://zycrypto.com/parsiq-integrates-solana-blockchain-on-its-platform/ https://zycrypto.com/parsiq-integrates-solana-blockchain-on-its-platform/#respond
Sat, 27 Feb 2021 09:58:30 +0000 https://zycrypto.com/?p=49155
PARSIQ has integrated with Solana blockchain, allowing users to monitor, process, and connect to off-chain any events on the Solana blockchain in real-time. 27th February 2021, Road Town, BVI – PARSIQ has added support for the Solana blockchain on the PARSIQ Platform, allowing users to monitor any events on the Solana blockchain in real-time at […]]]>
PARSIQ has integrated with Solana blockchain, allowing users to monitor, process, and connect to off-chain any events on the Solana blockchain in real-time.
27th February 2021, Road Town, BVI – PARSIQ has added support for the Solana blockchain on the PARSIQ Platform, allowing users to monitor any events on the Solana blockchain in real-time at scale, process those events according to programmable logic and connect them to off-chain devices and apps for workflow automation.
With PARSIQ now integrated into Solana, users on the Solana network can now reap all the benefits from the PARSIQ ecosystem. Using PARSIQ’s push-based data-stream aggregator that adds a programmability level on top of real time data-streams. PARSIQ allows users to combine independent data streams and write arbitrary scenarios in reactive style using the easy scripting language. Developers too can now build on-chain to off-chain solutions on PARSIQ using ParsiQL language for the Solana blockchain.
Users don’t need to think about an environment, server configuration, runtime management. PARSIQ even provides users with their own programmable data storage where they can place their auxiliary data to use in their scripts.
PARSIQ scripts (called Smart Triggers) not only react, they can keep data, update it and react differently in future on basis of already processed data. In other words they can learn. So PARSIQ is an ideal platform not only for monitoring, it is a platform for deploying bots, strategies that can learn, AML compliance rules, automated accounting and so on.
PARSIQ recently introduced Smart Triggers to the crypto world, allowing real-time on-chain events to trigger off-chain actions, giving developers the possibility to automate workflows, creating endless ways to interact with real world applications, maximizing possibilities while focusing on being cost effective.
About Solana
Solana is touted as being one of the fastest blockchains, having launched their mainnet in beta in March 2020, they have since processed over 12 billion transactions with a reported rate of 50.000 TPS (Transactions Per Second). Speed isn’t the only thing going for Solana, with 652 Global Validators, the average transaction performed on the network costs only an estimated $0.00001.
Not only is Solana fast, they’ve also seen tremendous growth and user adoption on their platform, with 4.9 million unique wallets at EOY 2020. They’ve even seen popular DEX Serum launch exclusively on the Solana blockchain.
About PARSIQ
PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automations.
To read more about PARSIQ visit the website at https://www.parsiq.io/
Keep up with PARSIQ on Twitter: https://twitter.com/parsiq_net/
What are the risks of trading cryptocurrencies?
https://zycrypto.com/what-are-the-risks-of-trading-cryptocurrencies/ https://zycrypto.com/what-are-the-risks-of-trading-cryptocurrencies/#respond
Sat, 27 Feb 2021 09:13:06 +0000 https://zycrypto.com/?p=49151
Investing in crypto can be risky – especially if an investor’s expectations are removed from reality. In addition to risk factors like regulations, the cryptocurrency development space is extremely competitive. Bitcoin has been able to leverage its first-mover advantage to stay on top, but this market dynamic isn’t necessarily going to last forever. For all […]]]>
Investing in crypto can be risky – especially if an investor’s expectations are removed from reality.
In addition to risk factors like regulations, the cryptocurrency development space is extremely competitive. Bitcoin has been able to leverage its first-mover advantage to stay on top, but this market dynamic isn’t necessarily going to last forever.
For all the risks of crypto, anyone who has been patient with the space has been rewarded with incredible returns. There are also wild price swings in the crypto markets, which make it a prime space for active traders.
Let’s have a look at some of the most prominent risk factors in the crypto market, and why they could affect token prices over time.
Cryptos are a New Technology
It’s easy to be blinded by the massive price rises in the crypto markets – and forget that decentralized blockchain networks have only been around for a little over a decade.
Like any new technology, a big round of creative destruction could hit the crypto markets at any time, especially if Proof-of-Stake systems make a big impact on how decentralized blockchain networks operate.
While risks to which token will remain on top do exist, as more investors and companies adopt the technology, the total failure of cryptos becomes less likely. This risk is also assuaged by major governments and central banks, who are creating and spending fiat currency at historic highs.
The Crypto Markets Move Fast
Trading cryptos can be nerve rattling.
In fact, trading the crypto markets without some sort of trading assistant might not be a great idea. The crypto markets are open 24/7, so if you are day trading, it makes watching the charts pretty tough if you are a human that needs to eat and sleep.
While missed opportunities are one thing, the wild price swings in token prices can affect traders at an emotional level.
There are many ways to use automated trading systems in the crypto markets. Some are done with trading bots and allow the trader to use black-box trading systems that require zero human input, while others like Trality Code Editor allow a trader to use basic logic statements to create trading systems.
Whenever leverage is used in trading, the risk of catastrophic losses is very real. With some tokens moving 50% or more in a day, effective risk management and lightning-fast order execution can help a trader get out of a losing position as quickly as possible.
More Regulations are Coming
There is zero doubt that the body of global laws that will regulate crypto ownership and use will grow over the coming decade.
The recent SEC action against Ripple’s parent company, and a few members of senior management, represents a very real risk to any platform that has a company backing it, and also the cryptocurrency industry as a whole.
By deciding to classify XRP as a security under US law (retroactively, some argue), the SEC has made any official sales of XRP a criminal act – which it now plans to prosecute.
The effect on the price of XRP when the legal action was announced was substantial, but it is likely that the SEC is looking to create legal precedence for the entire crypto markets, which makes the current action against Ripple Labs unlikely to be the last.
Decentralization Makes Enforcement Harder
Unlike XRP, tokens like ETH and BTC don’t really have a company that can be pursued with legal action.
This makes it more difficult for governments to go after the tokens themselves, however, it forces legal action to be directed at crypto service companies, like cryptocurrency exchanges.
It is nearly impossible for the global crypto exchange markets to be shut down, as there are many nations that are more than happy to give major exchanges a home, and access to a robust financial system.
In addition, cryptos are now being mined by energy-rich nations like Russia and Iran (via state-centric companies), who also need access to foreign exchange assets, and aren’t on great terms with the nations that control the Western banking system.
An Increasingly Nuanced Market
The total loss of crypto’s value as an asset class is becoming increasingly unlikely. That said, with the advent of Central Bank Digital Currencies (CBDCs), as well as more blockchain platforms that are superior to Bitcoin at a technical level, there are serious risks to consider in the crypto markets.
On a shorter term perspective, trading crypto has never been easy, and today’s market is no different. In addition to heavy volatility, traders have to grapple with news flow that is increasingly global, and involves many more actors than it did even a few years ago.
Risk and Reward in Cryptocurrency
The good news is that with these risks comes opportunity, as many people still don’t understand the crypto markets, or are afraid to deploy investment capital into tokens.
One factor that is becoming increasingly important in the cryptocurrency market is major investors, like Elon Musk, who is likely acquiring Bitcoin as a long-term investment. This is more or less the case with many institutional investors, which does a lot to de-risk the Bitcoin market.
It is important to remember that major tokens are sitting at or new all-time highs in early 2021, which means that almost anyone who ever bought a token like Bitcoin or Ethereum is sitting on profits, as long as they were able to hold on to the position.
World’s First Bitcoin ETF Now Holds More Than 10,000 BTC
https://zycrypto.com/worlds-first-bitcoin-etf-now-holds-more-than-10000-btc/ https://zycrypto.com/worlds-first-bitcoin-etf-now-holds-more-than-10000-btc/#respond
Fri, 26 Feb 2021 21:42:32 +0000 https://zycrypto.com/?p=49148
The world’s first Bitcoin exchange-traded fund (ETF) has seen massive success in its first week. It has now surpassed the 10,000 BTC milestone for the first time as data from Glassnode shows. The on-chain data analytics firm has the ETF at 10,064 BTC at press time. Canadian firm Purpose Investment Inc. became the first company […]]]>
The world’s first Bitcoin exchange-traded fund (ETF) has seen massive success in its first week. It has now surpassed the 10,000 BTC milestone for the first time as data from Glassnode shows. The on-chain data analytics firm has the ETF at 10,064 BTC at press time.
Canadian firm Purpose Investment Inc. became the first company to launch a Bitcoin ETF in the North American market. The ETF trades under the ticker symbol ‘BTCC’ and is trading at the Toronto Stock Exchange. It was an instant hit, recording close to $400 million on its first day. This ranked it as one of the top five ETF debuts in the North American market.
The great demand for Purpose’ BTC ETF is proof of pent-up demand in the market, the company’s chief investment officer believes. Speaking to Yahoo Finance, Greg Taylor claimed his company has an edge as it’s open to ordinary investors. Other similar products, including Grayscale’s Bitcoin Trust, are closed-end, only serving institutional investors.
He stated, “A lot of people have wanted to get exposure to bitcoin but they haven’t really wanted to go through the hoops of opening up their own accounts or their own wallet to do so or trading some of the other closed-end funds. Having the ETF option I think has always been the holy grail out there and we’re happy to have it trading and we’re seeing some of the results of that pent-up demand.”
Taylor further revealed that the demand for BTCC is spread across jurisdictions. “It’s hard with an ETF to figure out exactly where the inflows are coming from, but we’ve had a lot of people reach out from around the world that want to get access to this product,” he remarked.
Via Glassnode
First Bitcoin ETF Causing Ripples in the Market
Purpose’s Bitcoin ETF has already started causing ripples in the market, despite being around for just a week. One of the effects has been the cooldown in interest for Grayscale’s Bitcoin Trust. For the first time in five years, shares of the Trust traded at a discount.
GBTC shares plunged by 22% yesterday to close the day 3.8% below the value of the Trust’s underlying holdings. The shares have been trading at a premium since its launch in 2013. This premium shot up to 132% in May 2017 at its peak. As recently as mid-2020, this premium was as high as 40%.
Nate Geraci, the president of the advisory firm ETF Store believes this is due to the rise of competing products. He told Bloomberg, “Since the beginning of the year, we’ve seen the launch of multiple competing products. The unpleasant truth for GBTC investors is that competition erodes demand for the product, which can lead to a collapsing premium or even a discount.”
In Canada, the Purpose Bitcoin ETF’s popularity is forcing its rivals to drop their fees to compete. Evolve Funds Group was the second company to launch a Bitcoin ETF, with its product debuting just a day after that of Purpose. However, as Purpose has soared to over $600 million, Evolve Funds is at a mere $28 million. The latter has turned to lower the fees to attract investors.
Evolve lowered the management fee from 1% to 0.75%. Raj Lala, the CEO commented, “We are very pleased to provide investors with the most cost-effective bitcoin ETF today. Our bitcoin ETF allows investors to access physical bitcoin in a fully-regulated manner in their brokerage account.”
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Mastercard may have warmed up to cryptocurrencies recently, but if you’re expecting to use your debit cards to pay for your coffee, an executive at the payments giant has bad news for you. Ann Cairns, the executive vice chair at Mastercard stated in a recent conference that Bitcoin is too volatile for the company. Mastercard […]]]>
PARSIQ has integrated with Solana blockchain, allowing users to monitor, process, and connect to off-chain any events on the Solana blockchain in real-time. 27th February 2021, Road Town, BVI – PARSIQ has added support for the Solana blockchain on the PARSIQ Platform, allowing users to monitor any events on the Solana blockchain in real-time at […]]]>
Investing in crypto can be risky – especially if an investor’s expectations are removed from reality. In addition to risk factors like regulations, the cryptocurrency development space is extremely competitive. Bitcoin has been able to leverage its first-mover advantage to stay on top, but this market dynamic isn’t necessarily going to last forever. For all […]]]>
The world’s first Bitcoin exchange-traded fund (ETF) has seen massive success in its first week. It has now surpassed the 10,000 BTC milestone for the first time as data from Glassnode shows. The on-chain data analytics firm has the ETF at 10,064 BTC at press time. Canadian firm Purpose Investment Inc. became the first company […]]]>
