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Celsius Stops Withdrawals, Worsening Widespread Panic
The widespread panic in the crypto industry took another turn this week as top DeFi platform Celsius paused withdrawals, citing a need to "stabilize liquidity and operations".
Celsius previously rode on promises of high interest rates to attract customers. However, it was forced to activate protective measures following the ongoing recession which triggered a liquidity crisis at the crypto staking and lending platform.
In a Medium post addressed to community members, the company defended its unpopular move as a "necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets."
"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," read the statement, which has been the subject of hot debate on social media.
Analysts across the board suggested that the bear market is poised to claim its next victim. Celsius is just the latest high profile crypto platform to run into troubled waters since the current dip began. Its apparent impending collapse will no doubt fuel crypto skeptics in their beliefs that the entire industry runs an unsustainable model.
“The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official while speaking to the New York Times. Most crypto businesses operate without official supervision and cook up all kinds of fantastical offers to entice users. Exceptions are the major centralized exchanges, and growing ones like Kyrrex that take the initiative to meet regulatory approval.
Before its current troubles, Celsius operated like a traditional bank, but for cryptocurrencies. It accepted deposits, mostly in bitcoin and Ethereum, from crypto holders and offered APRs of up to 18%. The company claimed it had 1.7m unique wallets/users and managed total assets of close to $12 billion.
In 2018, the company launched CEL, its own native token, to raise money for expansion. The digital asset fell almost 100% after Monday's shock announcement but surged back to trade around $0.6 on Wednesday,
But this seems like a brief respite for Celsius, in particular, and the crypto market in general. The platform's freeze of customer money had sent prices tumbling industrywide. Bitcoin fell to 52-week lows and most major altcoins weren't spared from the massive selling pressure.
Some small good news: The people at Celsius seem determined to fight to the bitter end instead of taking the easy way out and declaring bankruptcy. The Wall Street Journal reported on Tuesday that the crypto lender has hired a legal team to advise on how best to resolve its liquidity issues.
How this plays out remains anyone's guess. But this is surely another negative incident in a year full of them for crypto. In May, the algorithmic stablecoin TerraUSD (UST) lost its peg to the dollar, unleashing a vicious chain of transactions that wiped away $60 billion of investors' funds.
While Celsius fights for its life, and with the fall of the Terra Network as a cautionary tale, many people have grown pessimistic about crypto as reality sets in. For other crypto platforms, especially DeFi, there is fear of being caught in the crossfire. Some CEOs of leading platforms are wary of a backlash from users who start withdrawing their funds, either converting them into stabecoins or removing them from the crypto market entirely.
"Their potential insolvency matters to all crypto investors because they were a major player who had assets deployed on multiple DeFi protocols on different blockchains. If it is forced into full-on liquidation, then the withdrawal of those assets may begin a chain reaction of falling prices and forced liquidations for other DeFi users," Omar Malekan, an adjunct professor, explained while speaking to Forbes.
But there is also a lesson to learn and a potential way forward. The sobering incidents with Terra and Celsius have shown the dangers of offering unrealistic benefits to attract customers. Be it a centralized exchange or a DeFi platform, modest interest rates that don't put too much pressure on liquidity in times of downtrend is the way forward.
Any platform that doesn't heed the warning is likely to learn the hard way.
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Big Trading Opportunities with Kyrrex: How to Maximize Your Profits in Cryptocurrency Trading
The cryptocurrency market is a rapidly evolving landscape that offers big opportunities for profit. However, navigating this market can be challenging, particularly for those who are new to the space. In this article, we will explore how you can maximize your profitability in cryptocurrency trading by taking advantage of Kyrrex's wide range of trading opportunities.
The Relationship Between Open Crypto Trades and Profitability
Open trades are trades that have not yet been closed. These trades can have a significant impact on profitability, as they represent potential gains or losses. In general, having more open trades can increase profitability, as long as they are managed effectively.
One way to manage open trades is to use stop-loss orders. A stop-loss order is an order that automatically closes a trade when a certain price is reached. By using stop-loss orders, traders can limit their losses and protect their profits.
For example, if a trader buys a coin at $10,000 and sets a stop-loss order at $9,500, the trade will automatically close if the price falls to $9,500. This can help the trader get out of a bad trade before their loss becomes bigger.
Another way to manage open trades is to stay up-to-date with market trends. By staying informed on market trends and using technical analysis, traders can identify potential trading opportunities early and make informed trading decisions.
For example, if a trader notices that the price of a particular cryptocurrency is trending upwards, they may decide to open a long position (i.e. buy the cryptocurrency) with the expectation that the price will continue to rise.
However, it is important to remember that open trades are never risk-free. If the market moves against the trader, they may end up losing money on the trade. To minimize this risk, it is important to use appropriate risk management strategies, such as setting stop-loss orders and diversifying your portfolio. Stop-loss on a winning trade locks in your profits while a diversified portfolio helps to spread risk around.
The Importance of Trading a Wide Range of Cryptocurrencies
Trading several cryptocurrencies, instead of just one or a few, is essential for maximizing profitability. By limiting yourself to a small number of cryptocurrencies, you are potentially missing out on gains that could be made by trading in other coins. Additionally, trading more cryptocurrencies can help to minimize risk, as losses in one coin can be offset by gains in another.
Here are some benefits of a diverse cryptocurrency portfolio:
- Increased exposure to potential gains: By trading in a diverse range of cryptocurrencies, traders can increase their exposure to potential gains in the market.
- Minimized risk: By trading in a diverse range of cryptocurrencies, traders can minimize their risk by offsetting losses in one coin with gains in another.
- More opportunities for profit: Traders can open more orders in more cryptocurrency pairs, which increases the potential for profits.
Wide Crypto Trading Opportunities with Kyrrex
Kyrrex is a leading crypto-fiat platform that offers comprehensive services for individuals and institutional clients alike. With its advanced trading, storage, and payment technologies, Kyrrex is designed to meet the needs of modern cryptocurrency enthusiasts.
One of the main advantages of Kyrrex is its wide range of trading opportunities. Users can access the built-in trading terminal, which allows for seamless transactions in cryptocurrency pairs. Currently, Kyrrex offers a total of 20 currency pairs, including popular options such as AVAX/USDT, ETH/USDT, and XRP/BTC. By offering a diverse range of currency pairs, Kyrrex enables users to trade in a way that best suits their needs and preferences.
The Kyrrex trading platform boasts flexible functionality. Users can easily analyze and track quotes around the clock, select limit and market orders, and enjoy reduced trading commissions. These features make it easy for users to make more trades and analyze market trends, thereby increasing the chances for gains.
In addition to its trading capabilities, Kyrrex offers a comprehensive set of features to help users manage their cryptocurrency assets. With its state-of-the-art storage technologies, Kyrrex ensures the safety and security of user funds. Users can also take advantage of the platform's advanced payment technologies, which enable them to make and receive payments in a variety of currencies.
Conclusion
Maximizing profitability in cryptocurrency trading requires a combination of trading in a wide range of cryptocurrencies and effectively managing open trades. Kyrrex's wide range of trading opportunities, advanced trading tools, low trading fees, and real-time market data make it an ideal platform for those looking to engage with the cryptocurrency market.
5min reads
BTCUSDT: Analyzing Bitcoin's Performance on TradingView
Bitcoin (BTC) has emerged as one of the most popular cryptocurrencies in the world, and its value has skyrocketed in recent years. As a result, traders and investors have become increasingly interested in BTCUSDT trading on platforms like TradingView.
TradingView is a popular charting platform that allows users to analyze and trade financial markets. With BTCUSDT trading, traders can track the performance of Bitcoin against Tether (USDT), a stablecoin that is pegged to the US dollar. This pairing is commonly used on crypto exchanges, and TradingView provides comprehensive BTCUSDT charts and indicators for traders to make informed decisions.
BTCUSDT Price Action
BTCUSDT's price action has been volatile, with sharp price swings and fluctuations. However, the overall trend for BTC has been bullish, with the cryptocurrency hitting all-time highs in recent years. TradingView's BTCUSDT charts provide traders with the ability to track BTC's price movements in real-time, as well as view historical price data.
Technical Analysis on BTCUSDT TradingView
Technical analysis is a popular method for traders to analyze financial markets, and BTCUSDT trading is no exception. TradingView provides a wide range of technical indicators and charting tools to help traders analyze BTC's performance.
One popular indicator used in BTCUSDT trading is the Moving Average Convergence Divergence (MACD) indicator. This indicator can help traders identify trend reversals, as well as potential entry and exit points. Additionally, traders can use other technical indicators like Relative Strength Index (RSI), Bollinger Bands, and Fibonacci retracement levels to gain further insight into BTC's price action.
Fundamental Analysis on BTCUSDT TradingView
In addition to technical analysis, fundamental analysis is also important in BTCUSDT trading. Fundamental analysis involves analyzing the underlying factors that affect BTC's price, such as adoption rates, regulatory changes, and economic events.
TradingView provides traders with access to news feeds and economic calendars, which can help traders stay up-to-date on the latest developments that may affect BTC's price. Additionally, traders can use TradingView's social networking features to discuss and share information with other traders and investors.
Final Thoughts
BTCUSDT trading on TradingView offers traders a comprehensive set of tools and indicators to analyze Bitcoin's performance. With both technical and fundamental analysis options available, traders can make informed decisions about when to enter and exit the market. However, as with any financial market, BTCUSDT trading carries risks and traders should exercise caution and conduct their own research before making any investment decisions.
5min reads
Top 5 Crypto Charities
There are two sides to everything, though humans tend to focus on one side of the coin. The latest weapons can help through deterrence, not just destruction. Artificial intelligence is an incredibly useful tool despite its dangers. And cryptocurrency, just like everything else, can be a force for good in the world.
Crypto is about PnLs, market and limit orders, DeFi and staking, coin offerings and L1s. It is also about borderless payments which can facilitate goodwill donations by anyone from anywhere to any organization that works towards a noble cause.
The philanthropic space, just like health, finance and sports, has realized the benefits of adopting crypto. Some of the best known global and regional charities have created channels for crypto donations.
Bitcoin, Ethereum and stables like USDT are the most popular coins supported by charities accepting crypto. Depending on the type of crypto charity, other popular digital coins like Dogecoin, Monero, Bitcoin Cash and Litecoin may also be accepted.
So if you're moved to reserve some of your cryptocurrency holdings or trading gains for a worthy cause, there are lots of charity crypto projects that would be happy to receive your donation
These crypto-affiliated charities vary by mission. Some are dedicated to helping oppressed peoples in war-torn areas like Ukraine to stand up to the aggressors. Others utilize blockchain technology to support next-gen ideas and technology like effective altruism and AI.
These organizations all have noble goals and have thrived through the benevolence of citizens who use some of their crypto for charity. This article presents 5 reliable and dependable crypto charity projects. So if you're looking for charities that accept crypto, you've come to the right place.
1. Electronic Freedom Foundation
The Electronic Freedom Foundation (EFF) is a U.S. 501(c)(3) nonprofit that has a mission to defend civil liberties and human rights both online and offline, but especially online. It supports outreach and legislation that protect digital rights and provides funding for projects that promote the rights of the individual to free expression in the digital space.
The EFF sees increased legislation and user restrictions in the digital age as a wall that stifles creativity and infringes on the rights to liberty. Thus, it campaigns hard against moves that seek to restrict people's rights and freedoms, especially online. The organization has a long and proud history of canvassing change and is one of the best charity crypto projects around. It accepts Bitcoin, Bitcoin Cash and Ethereum from individual donors and you can also elect to receive some cool swag if you donate at least $100.
2. Kyrrex Charity
The start of the war in Ukraine has led to a groundswell of governmental, institutional and individual support for the beleaguered country which continues to maintain its independence in the face of overwhelming odds. The Kyrrex Charity is the social arm of Kyrrex, a regulated crypto-fiat ecosystem. Its goal is to work towards the war's end and victory for Ukraine by supporting the country's civilians, volunteers and defenders through financial aid.
The foundation organizes charity events and fundraisers all over the western world to raise money which it then distributes to various agencies across Ukraine.
Because of the difficulties caused by the war, crypto donations to Ukraine is one of the best ways to get money across to those who need it on the ground. That is why the Kyrrex Charity's main vehicle is a crypto charity fund. Benevolent individuals and organizations can directly donate Bitcoin, Ether and USDT through the foundation's Ukraine crypto donations wallets and be rest assured the money will be used for a worthy cause.
So if you have excess coins gathering dust in your wallet or cold storage and wondering how to donate crypto to Ukraine, you can send your coins to a Kyrrex Charity wallet and sleep easy knowing you've just done a great deed for humankind.
3. UNICEF Cryptocurrency Fund
Unicef, or the United Nations Children Fund, works in 190 countries across six continents to help children overcome developmental and geographical challenges and achieve their full potential from early childhood to adolescence. It's long been one of the most visible agencies of the UN and its impact has been felt in every corner of the globe for decades.
In 2019, UNICEF launched a crypto fund to simplify fundraising and grants distribution and reach their networks of donors and beneficiaries faster than the complicated web of traditional finance would allow. Donors can send BTC and ETH directly to the UNICEF CryptoFund. To date, the fund has received 8 BTC and 2527 ETH which is distributed to open-source frontier tech solutions showing promising results.
All donations made by the funds are done in BTC and ETH only and capped to $100k. Through this scheme, UNICEF has invested 52 ETH in a digital cash and voucher transfer platform in Nigeria, 43.5 ETH in a platform for digital healthcare savings in DR Congo, and 21 ETH in a tool for visual eye tests to detect vision disorders among children in the UAE.
4. The Giving Block
Would you like more control and flexibility over your charity crypto donations? Then you can check out The Giving Block. This donations service is like a crypto charity marketplace that allows you to give crypto to a nonprofit, charity, university, faith organization, environmental NGO or any other mission-driven agency of your choice.
The Giving Block emphasizes choice and flexibility. Donors are free to choose any of the 100+ organizations that accept crypto donations through the service. You can use their search tool to filter available organizations. For example, a "crypto donations Ukraine" search brings up the Ukrainian American Coordinating Council, the US-Ukraine Foundation and similar organizations. You can also switch to "Impact index funds" and donate crypto to a particular cause, such as the war in Ukraine, women and girls empowerment, or arts and culture.
Another big draw of The Giving Block is the versatility provided for those who use the platform to donate crypto to charity. Most blockchain-positive philanthropic platforms support just a few cryptocurrencies. But on The Giving Block, you have your pick of more than 70 crypto options to donate with such BTC, ETH, USDC, USDT, DAI, MAKER, AVAX, SOL, and many more.
5. The Tor Project
Tor, or The Onion Router, is the free and open-source browser that enables anonymous communication through a network of volunteer nodes spread across the world. The Tor project and its browser allow users to bypass censorship and restrictions on internet usage. It generates a semblance of digital privacy and independence in an environment rife with governmental policy.
The Tor Project accepts donations in crypto and other avenues to keep the Tor network running and protected against intrusion by global institutions and governments. Tor accepts crypto donations in 9 currencies including Bitcoin, Ethereum, Dogecoin, Augur, Dash, Litecoin, Monero, Stellar Lumen, and ZCash.
Donating Crypto to Charity
If you'd love to donate crypto to charity, you can try one of the organizations on this list or another one that accepts digital currencies. You can donate your crypto directly—no need to convert into a stablecoin or fiat money first. Moreover, if you have a stablecoin in your portfolio, you can donate that. The price of a stable fluctuates less compared to traditional cryptocurrencies, which can benefit the charity of your choice more than a volatile coin would.
Making donations to a charity actually helps fulfill one of the founding principles of cryptocurrencies—anonymity. By donating through crypto, you show that you truly care about a cause and aren't donating just to look good in the news or on social media.
5min reads