As we all know, there are no absolute winners in the game of trading. You win some, and you lose some. And it seems like company giant Tesla finds itself on the losing side for a change. According to reports, Tesla will probably have to list its Bitcoin (BTC) holdings at a loss. And we have the scoop on this Tesla loss.
And just back in February, Tesla announced its $1,5 billion investment in this so-called “digital gold” coin. Bitcoin was worth around 38,000 dollars at the time. It’s also worth mentioning that the Securities and Exchange Commission (SEC) states that BTC (and other intangible assets) has to be listed as an impairment charge if BTC falls under the value it was bought at.
Seeing how Bitcoin price keeps falling and is around $31,000 at the moment, hitting levels last seen in January, this Tesla loss may mean the company will be facing an impairment charge. In other words, it has to report the drawdown in a disclosure to the SEC.
Some analysts say that anonymous yet reliable sources claim that the impairment charge can lead to a loss between $25 million and $100 million for Tesla on paper. Also, Tesla can’t mark up the Bitcoin price it holds until the position occurs as a sale.
The question on everyone’s minds in the crypto world is: did the electric car company sell any BTC in the quarter to cover some of the losses? We know that Tesla sold 10% of its BTC holdings in Q1 2021, but Chief Executive Officer Elon Musk claimed they did that to prove that BTC is liquid enough to replace holding cash on balance sheets.
Musk has been dividing crypto lovers for a while now. Is he an ally or just another opportunistic capitalist billionaire? Tesla’s interest in Bitcoin investing helped push the coin into record-high levels in never-seen-before rallies.
But then the company did somewhat of a 180 and suspended Bitcoin payments, claiming it was concerned about the environmental impact the famed crypto has due to its tasking mining operations. Moreover, Musk continued to lobby for the Twitter-based Dogecoin, earning the scorn of many crypto enthusiasts.
Adding fuel to the fire, on July 7th, a Reddit user u/StablecoinsFraud started a thread claiming they got a now-deleted screenshot from Musk’s Twitter account. They claim that the eccentric billionaire posted a picture and quickly deleted it. The problem? The picture may have been posted to pump up Bitcoin prices. Coincidence or conspiracy?
As we have mentioned, Bitcoin had quite the roller coaster in recent months. The second quarter of 2021 proved to be the toughest one yet for the cryptocurrency. It fell from record-high levels of more than $63,000 to record-lows of $30,000.
In Q1, Bitcoin saw fantastic returns of 102%, but Q2 brought that number to a meager -40%. Many larger companies began adopting Bitcoin as a payment method amid its surge, so they won’t be pleased with the news. Besides Tesla, other big names that have jumped on the bandwagon were PayPal, Visa, and many more.
Speaking about more, jump to our front page for more crypto-related news!
The token of Cardano, ADA, has exceeded other coins on top positions and just became the third-largest cryptocurrency worldwide. Now, developers of different networks aim to capitalize on the rise of DeFi that is taking the world by storm. At the moment, the currency is being traded on various exchange platforms. ADA challenged a big crash in price by a warning to jump into a historic high, going even above its previous record.
On Friday, August 20, the token’s rate went over $2.56, registering an increase of 154.54%. The culmination of a movement that had already begun on July 20. All of that despite expert’s opinions who warned about a fall in price. Now that the price of ADA skyrocketed by 50% only during last week, the trust in the advancements in new technologies has also grown.
The previous also boosts confidence that Cardano will enable payment systems on its platform earlier than expected. This improvement is known as the “Alonzo” upgrade, and its release has been officially scheduled for September 12. The investors of ADA keep driving the value of Cardano even higher in anticipation of said upgrade. The upgrade will present smart-contract functionality to the blockchain, which will allow Cardano to settle as a significant player in the DeFi universe.
Due to the low price, Cardano ADA has become one of the most sought-after currencies by traders. Now, with Cardano’s ability to work with smart contracts, the currency has been gaining consistently. On the other hand, its main competitor, Ethereum, dominates the $100,000 decentralized finance space.
These are also known as blockchain contracts and distinguish themselves for the methodology in which they ensure conformity between the parties involved in a transaction. These contracts are comparable to the standard traditional contracts. They function between two parties or more that don’t require the involvement of a third party to ensure the enforceability of the agreement.
Without traditional middlemen like banks, people who use DeFi can transfer financial functions straight onto digital ledgers. That allows them to lend cash or borrow it and collect interest in an account of savings.
The rises in crypto like Bitcoin, Ether, ADA, and others contributed to the market surpassing $2 trillion in total value last weekend. The first time it happened since the crash was in mid-May. And now, on September 12, all eyes will be on the Cardano ADA “Alonzo” upgrade. We’ll have to wait and see how this affects the whole crypto market. If it goes well, ADA could be considered a severe competitor for Ethereum, probably starting a new age in crypto history.
Cryptocurrency never seems to get out of the headlines these days. Further adoption of this new payment option is upon us, now, more than ever. The titles range from Bitcoin reaching a new all-time high of $63,000 to Elon Musk and Tesla pouring billions into the crypto space.
Currently, mining, buying, and selling crypto seems to be more of a mainstream rather than a trend; on the other hand, spending virtual coins of value appears to be an issue due to high market volatility.
Nonetheless, a growing number of companies implementing crypto as a viable payment option is proof that crypto spending is here to stay. Embracing cryptocurrency is the new trend on the block. Here are some well-known companies that give crypto as an official payment method for their goods and services.
Maybe the most well-known and largest companies on our list, Microsoft is paving the way for further Bitcoin payment acceptance and boosting overall confidence in utilizing crypto. In Microsoft, customers can use Bitcoin to pay for numerous services, including Skype and Xbox Live.
Microsoft and its newfound love of crypto and crypto technology don’t end there. The company launched a platform named ION. It serves as a two-step authentication platform placed on the Bitcoin network by using blockchain technology. Rather than accepting payments, the platform creates online IDs that authenticate digital identities.
Elon Musk and his on-again, off-again relationship with Bitcoin has been thoroughly documented in the press. Earlier this year, the company made headlines by saying that it will accept Bitcoin payments for vehicle purchases inside the U.S. Also, in February, the company invested as much as $1.5 billion into the coin.
However, there was a slight setback in the new purchase option plan. After rising environmental concerns and new regulation laws, Tesla will put Bitcoin transactions on hold until at least 50 percent of coins are mined using only renewable energy.
Confirmation took place at the end of March that the credit card company is getting ready to pilot a scheme platform via Crypto.com. The idea is to accept crypto for transactions on the payment Visa’s network. Visa will accept USD Coin (USDC), which is a stablecoin backed by the U.S. dollar.
After an extensive trial, Starbucks users received an invitation-only, early access program to test the new digital wallet as a payment method. Up to 500,000 people took up the invitation to the new Bakkt app and will soon be able to pay for drinks and goods with converted Bitcoin.
Amazon is one of the larger companies joining the ranks of tech giants like Facebook that are implementing crypto. It seems that the groundwork has been laid for Amazon’s cryptocurrency, which means that it doesn’t accept crypto directly just yet.
However, Amazon vouchers are available for purchase via a crypto-only company Bitrefill. The company’s main job is to convert Bitcoin into gift cards, refill phones, etc.
Allied Manufacturing and Trade Industries Limited, or Amatil, is the company’s bottler and distributor of the Asia-Pacific area. It has enabled crypto as a payment method through a partnership with Centrapay. The partnership resulted in more than 2,000 vending machines are in circulation all over Australia and New Zealand, which can accept crypto coins to pay for the company’s drinks.
More and more companies are joining the crypto acceptance route, making your purchase options broader and sometimes more efficient. Even though there are a few circumstances where using crypto as payment makes perfect sense, the practical answer is no for most people.
The crypto space and its high market volatility make the main argument for our negative stance on the issue. The price you pay for an item today might not be the item’s worth tomorrow. Also, all of these companies currently experimenting with crypto mainly use Bitcoin, which experts suggest is one of the worst choices.
Nevertheless, a rising interest in crypto is something that will likely change a no into a yes. Eventually. A little bit over 20 percent of U.S. adults says that they would purchase goods and services using this new payment method. When will this mass adoption of crypto coin payments take place? Well, only time will tell. Until then, you might want to experiment with crypto purchases. Just make sure not to go overboard, and keep it small.
The support and resistance levels are an essential tool to play a part in every financial market. Here is where the bullish and bearish forces collide, offer and demand, and only the winner prevails. It is the market makers setting these levels according to a trend. In simple terms, these are the levels where the price stops and continues with a different movement. Support is the level at which the price slows its decline to rise again. Resistance is the level at which the price stops growing and begins its descent.
The more times the price has carried out this behavior at these levels, the easier it will be to predict the price movement in the future. That is added to the fact that support and resistance levels are considered psychological levels. That is, traders tend to buy or sell at those points, which helps to strengthen them. Traders must pick the best positions to place their support and resistance levels; otherwise, the chart can turn out to be impossible to read. Also, it is essential to learn how to draw supports and resistances correctly.
One of the main problems when analyzing support and resistance is identifying the moment of change or break. While there are some accepted percentages, there is not a consensus. Given the high volatility of the markets, this has to be considered together with other indicators. It’s important to use supports and resistances as a signal and assess all circumstances affecting the value.
We could name many advantages when we talk about using support and resistance levels. Let’s sum it up in three main ones. One, it’s easy to use; even if you’re a newbie in the world of trading, it will be easy to keep up with this. If you find yourself having difficulties, there are many online articles explaining how to work with it, such as this one. Second, well-defined resistance and support points can potentially save you from significant losses. And last but not least, adjusting objective purchase and sale prices and not being subject to news or rumors can help you remove the human error factor.
In the end, we can conclude that every tool that you can use in your favor will be an ally in your quest to accomplish your goals. Although, that is no guarantee that you’ll end up becoming a millionaire overnight. It would be best if you tried learning about all these tools and constantly read about the markets. Also, you should never go straight into trades. Try testing yourself and your strategies first with a demo account. This way, you’ll be able to identify and correct your mistakes without suffering losses.
If you’re willing to dive into the world of day trading, there are some important tips to follow to achieve your goals. It all comes down to setting the right software and equipment. Also, how much you need to start, what to trade, when to do it, risk management, and building an effective strategy.
The first thing to choose is the market where you want to trade. It would be best to keep in mind that one market is not better than another; it’s all about what operations you choose. For example, the market of forex requires the least amount of capital for Day Trading. Although you can start with only a few hundred dollars, it is recommended to reach at least $500. Stocks require at least a couple of thousand dollars a day, making them the most intensive option. Requiring more capital doesn’t mean that a market is better or worse than another, your decisions should depend on your capabilities.
There are some essential tools needed for Day Trading, including a computer or laptop. Although it is preferable to have two monitors, it’s not mandatory, but you must have a computer with enough memory and a fast processor to run the trading programs. A reliable and fast internet connection is also needed and a trading platform adapted to the market and style of transactions.
Your strategies as a trader must be focused on consistency to act simultaneously during the day. It is common in Day Trading to find sessions of two or three hours a day. The best hours for stocks are the first after opening and the last before closing. Trading occurs 24 hours a day for the currency market, but the highest volatility occurs between 6:00 and 17:00 GMT.
Knowing a strategy does not translate into a successful implementation since no two days are the same in the market. It takes the practice of at least three months before accessing real capital. After meeting at least those three months with a good demo performance, it is advisable to switch to live trading. The focus should be on a single strategy, and you only trade in the market you chose for as long as you have decided.
In the last few years, technology has taken a significant role in our lives, cryptocurrency is part of it. Affecting and, most of the time, improving the way we deal with problems. The main advantage is that it offers new and fresh opportunities to make a living.
We’ve all heard about this industry that has grown tremendously, especially in recent years. But how did it all begin? Well, since 2009, when Bitcoin was launched, the whole industry skyrocketed. All of this, naturally followed by the flourishing of blockchain technology, resulted in the creation of thousands of projects. Also, different varieties of blockchain, and specifications.
Becoming a developer can be relatively easy if you’re a tech-savvy person. If that’s the case, you could get easily involved in constructing decentralized applications or helping the development of blockchain. Even improving the specifications of assets since multiple areas can be of interest to developers.
In many ways, trading crypto is very similar to trading stocks. The industry offers many different digital assets that change in price. The goal of cryptocurrency trading is to buy and sell a specific asset to obtain a profit at the end of the deal. This is also affected by the news; that way, they can decide based on expectations or hype. To better succeed in the cryptocurrency market, traders use price charts, follow patterns and indicators of price. Naturally, the main tool they use is technical analysis. Trading cryptocurrency may overlap the niche of the developers. Traders might like to get involved in building bots, chart indicators, or tools that could potentially improve their experience in the market.
This particular subject has attracted a lot of attention, creating controversy. This has become an area of focus as the industry keeps growing and developing for years since it first started. The classifications for many cryptocurrency assets have not been clear. For example, Ethereum and Bitcoin are seen as commodities, but many other cryptocurrencies don’t have any specific classification that makes their regulation a legal limbo. The role of social media has been key to the crypto industry. As a result, a door for people to share with the world their experiences and thoughts. They are making it all easier for anyone to understand and learn about the subject.
When it comes to both the crypto and other markets, the terms bulls and bears or “bearish” and “bullish” are used a lot. However, the use of it usually depends on the experience. They indicate the tendency to go high or low of a certain asset or market.
These terms are used to describe the general sentiment. When we talk about a bullish tendency, it means the rise in the price of an asset is expected. On the other hand, the term bearish points to negative expectations of the price.
One theory is based on the way both animals approach their prey; while bulls attack by throwing their horns in an ascending movement, bears attack on the way down, starting from a higher position. Although, where these expressions come from is not clear.
Usually, traders care more about being able to do trading in both directions than whether an asset or market is optimistic or pessimistic, which indicates that neither concept is good or bad. It is more important for traders to make sure they are right in their assumption of something being bearish or bullish in order to profit on their trades. They base their conclusions on the hype, news or other factors. Traders might be assuming that the prices on a certain asset or market will go up or down to decide the position they’ll take to accomplish their goals and eventually sell it while obtaining a profit.
Many factors can influence a person’s view, such as opinions, events, and timeframes, still in the end each one must come to their own conclusion regarding what they think, and what’s most important, to have clear that the goal is not to have a bullish or bearish approach, but to make sure that whichever, it’s aligned with our goals.
Are you planning to start investing in cryptocurrencies in 2021, given the current hype? There are over a thousand cryptocurrencies on the market right now, leaving you with a lot of options. So, how can you make a wise choice? This essay is intended to assist you.
To begin, you’ll need a way to purchase cryptocurrencies. This can be done using cryptocurrency exchanges or other methods like PayPal. To access crypto coins, you’ll also need a cryptocurrency wallet that can hold your blockchain link.
Now that you have all of the necessary facts to make an informed cryptocurrency investment, here are the top ten cryptocurrencies to consider.
Bitcoin, the king of all cryptocurrencies, was the first of its kind to have the most liquid value. This cryptocurrency aspires to be a completely decentralized, global, peer-to-peer digital currency with no restrictions.
Despite the market’s volatility, Bitcoin remains the most stable. Bitcoin’s popularity, demand, and usage are likely to skyrocket in the coming years, despite the fact that the word is synonymous with cryptocurrencies. Companies are already embracing the concept of accepting Bitcoins as payment, paving the way for the future.
Bitcoin’s price today in USD: $58,120.22
Because of its market capital and liquidity value, Litecoin is ranked second on our ranking. Unlike Bitcoin, which has a restricted quantity of 21 million coins, Litecoin has an 84 million coin limit and a block reward of 12.5 LTC, which is more than other cryptos.
Litecoin’s price today in USD: $388.92
Ethereum was the first cryptocurrency to feature smart contracts, which allow developers to create decentralized applications using blockchain technology on desktop and mobile devices. Since then, Ethereum has remained among the top cryptocurrencies of all time, and it has a devoted following of investors who back it up. After Bitcoins, this indicates Ethereum has a higher chance of keeping stable.
Ethereum’s price today in USD: $4,066
This is a low-cost cryptocurrency that is quickly becoming a cult favorite. With its Ouroboros blockchain, which consists of two blockchains instead of one, it has become a strong competitor in the industry since its establishment in 2015.
One blockchain will handle regular transactions, and the other will handle smart contracts. Cardano’s capacity to remain scalable and speedy is based on the fact that two types of transactions will not slow it down.
Another noteworthy piece of information about Cardano is that the majority of the cryptocurrency’s investors are from Japan. As a result, Cardano is dubbed the “Japanese Ethereum” since it employs the Proof of Stake method, which Ethereum has been considering for some time. Cardano’s market worth nearly reached $30.7 billion in February 2021.
Cardano’s price today in USD: $1.75
Because its vision differs from the rest of the coins on this list, Ripple is included in this list. Ripple is a venture-backed firm that provides financial settlement services to banks in order to facilitate transactions across national borders directly and quickly.It has worked with significant banks around the world, including Bank of America, over the years. As a result, it’s better suited to institutional rather than consumer investment.
The state of cryptocurrency cybersecurity is being shaken up. As the cryptocurrency craze grips the world more than ever, cybercriminals are using the opportunity to scam people and increase their profits through fraud and cyberattacks. Bitcoin’s price climbed by nearly 400% between October 2020 and April 2021, and cyber scams followed closely, growing by 192% for the same period.
How are these attacks being carried out? Criminals have primarily been impersonating cryptocurrency applications and issuing fake security signals to attempt and steal login details from cryptocurrency holders.
But not all users are faced with the same risk. Some users are more exposed just because their fellow countrymen are also buying into the crypto craze.
As Bitcoin’s usage grew around the world, so did its price. More and more businesses announced that they accept Bitcoin as a mainstream payment method. So, as Tesla, Visa, PayPal, and JPMorgan announced that they were adopting Bitcoin, the price of this “digital gold” grew.
Naturally, cyberattacks followed, growing by 192%. India had one of the highest numbers of drive-by download attacks and mining activities, according to Microsoft’s findings for 2020. Criminals in India and broader find cryptocurrency attacks enticing since the decentralized nature of virtual coins makes criminal activities a bit easier.
That led to a booming ransomware economy worth billions, cyber-extortion, and phishing. Not only are private individuals targeted, but essential infrastructure, as well. Such things mean that a country’s defense can even be at stake.
A hacker contacts the potential victim, claiming to have compromising video or details on the person. The gist is – if you don’t pay me the sum I’m asking for, I’m going to make this information public. This type of extortion is as old as time itself. Still, as Bitcoin began growing in popularity and price, cyberattacks became more rampant, and criminals became more sophisticated in their methods.
We have already mentioned that phishing scams are on the rise, as well as compromising business emails. Over the last eight months, they have been on the rise. Hackers are imitating e-wallets and similar cryptocurrency applications. Just as criminals used to mimic banks to get your financial information, they are now stealing login details with the help of fake applications.
Cybercriminals have been eagerly using Bitcoin (BTC) as part of their business email attacks, compromising them and impersonating workers of different businesses. The criminals target and personalize emails to lure victims into buying BTC, donating Bitcoins to non-existing charities, and paying a fake vendor invoice using crypto!
And while awareness of cryptocurrency cybersecurity risks is at record-high levels, we are still facing many challenges in preventing attacks. One can say that we are all just patching up a leaking pipe. There are unlimited chances for making an attack, and many attackers face no repercussions for their attempted fraudulent actions. And in time, some successful attacks are bound to happen.
Making ransomware a criminal activity is not enough, which we know from the example of the Colonial Pipeline that occurred recently. This company was forced to pay a 5 million ransom in US dollars after its IT network got hacked. While the investigative forces could recover a part of the Bitcoin sum used in the payment, the attack still left a mark, signaling that the cryptocurrency cybersecurity sector has a long way to go.