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    Published On : Mon, Oct 5th, 2020
    Featured | By Nagpur Today Nagpur News

    Crypto Updates- What Are The Latest Trends And Happenings Of The Crypto Market?

     

    Cryptocurrency always remains a topic of interest among the people. It is getting high visibility due to people all over the globe who are still willing to get crypto updates. It was a digital form of decentralized currency that is designed to serve the purpose of foreign exchange. People who find the standard method of banking transaction hassling got attracted to this new form of trade and started working with it.

     

    Basic information regarding cryptocurrency

     

     It is a blockchain process in which you send some coins to the receiver which carries some defined value. The significant benefit of cryptos was that it was a fast and user-friendly process. You can smoothly perform the task of transferring money with just an internet connection and a device supporting crypto softwares. For some years it was used as a platform for only sharing money, but lately, people and software designers realized that it could also be used as an investment and trading platform. Then the trading ion cryptocurrency started, and a lot of cryptos also gets introduced to the markets.

     

    Each transaction made through cryptocurrency is secured by a web network which ensures the safety of your money. The cryptocurrency is not handled by the government of any country and is a decentralized form of online money. Bitcoin was the first-ever released crypto in the world people interacted with and still considered as the best form for trading and transaction. The transactions done in the crypto is irreversible but is secured and recorded on an online ledger called the blockchain.

     

    While trading in the cryptocurrency, you have to take care of some of the fundamental points. The biggest and the foremost point is that it is a very volatile currency, so you have to make a game plan and a strategy on how you will control your transaction and manage the profit and losses. The other thing that you should remember that only the owner of the account with the key can access the account. So it would help if you never forgot your key. While making a transaction or trading online, you will notice one thing, i.e., the person’s identity is never revealed in the cryptocurrency. They always provide you with a user name which works as your identity hen ever a transaction is made.

     

    Latest Cryptos Updates

     

    Not only the price, but cryptocurrency also shows high volatility in the global market news. The trading and dealing in cryptocurrency is always the concern of every government in the world and the most significant reason behind is that this form is currency is not operated by any country and they can not control any action related to this currency. Some of the latest crypto updates are:-

     

    • China lately in this year is hot about the crypto trading. They are considered as one of the biggest miners of cryptocurrency. They are trying to pushing cryptocurrency to the state sponsors and mainstream media. They are focusing on the Bitcoin and Entherium, which are the top-performing assets of this year.
    • India is planning to formulate some new regulations on the cryptocurrencies trade. It is reported that the federal government is keen to encourage the technology that is working behind the cryptos. In March 2020; the supreme court has uplifted the ban saying that the RBI can not ban the cryptos. Amid this decision by the Supreme Cout, the Bitcoin market of India reported a growth of 833%.
    • The price swings of the cryptos that are the primary concern among the traders are returned when the Bitcoin crashed around 500 dollars in a day after achieving its highs. Market strategists say that the Bitcoin want to achieve its 2019 price of 13,800 dollars but failed n that.
    • In an African country, a business person has started to make his payment to the suppliers in bitcoins. The reason behind is currency devaluations and charges he has to pay to the government to convert his money into dollars. Seeing the example, other people also started using Bitcoin in their professional life and increased the profits earned.
    • The lending of the cryptocurrency due to corona pandemic has increased many folds. People are approaching cryptos for the loan instead of traditional banks, and the reason behind is that the borrower gets money at less interest than the bank and the lender who kept cryptos as the collateral are earning around 20% interest because of the price volatility of the cryptos. It is a win-win situation for both parties. Since March, a loan of about 3.7 billion dollars has been taken from the various crypto money lending sources.
    • Gold was considered as the best source of investment all around the world, but 2020 has changed this situation too. It is noticed that crypto has beaten the numbers of gold in the term of the investment. It is seen that the investment in this decentralized online money has increased to around 9 billion dollars in the year 2020.
    • It is reported that an Asian crypto KuCoin has faced a security breach. It is detected that there is a massive withdrawal of Bitcoins and Ethereum happened. It has been said that the security servers are hacked, and around 150 million dollars or cryptocurrency is withdrawn. The source of the transaction is unknown.
    • According to Cambridge, there are around 100 million people in the world who are using crypto-based assets. This is considered to be a 189% increase in both the terms of numbers of accounts and the investment that is done on the crypto platforms.
    • The European Commission is trying to adopt a finance package that they can offer for the blockchain technology that is used in the operations and handling of cryptocurrencies.

     

     

    These are some of the latest crypto updates that have happened in the world of cryptocurrencies. The increased in the numbers of traders and investment in cryptocurrency can be related to the benefits and profits that are offered in the crypto dealing. It will be much easier to act foreign exchange transactions if the world adopts cryptocurrency more often.

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