Courtesy of Cointelegraph
Years back, Bitcoin and Altcoins in general ... rarely or didn't react to stock market indexes, gold price, politics or government influence.
These days, pretty well all the above have at times and will probably increase as 'influencers' with more to come. The latest 'here say' is about new President Biden 'perhaps' introducing new laws on Bitcoin that could limit it's price and other government departments reigning the crypto market even more.
However, none of that is concrete but floating around to make crypto enthusiasts aware I assume. One should never bet the farm on crypto or stocks unless you have additional funds you can put in these risky markets.
Looks like Canada has to slow up for now on the Vaccine rollout where supply due to the latest news ...
"Canada is scaling back its COVID-19 vaccination efforts because of a looming shortage of shots, with some provinces ordering a halt to nearly all first-dose appointments outside of the country’s hard-hit seniors’ facilities.
Provincial governments, hospital executives and local public-health officials spent the weekend scrambling to ration doses after vaccine-maker Pfizer-BioNTech announced on Friday that it would halve shipments to Canada in late January and the first three weeks of February while the company expands a manufacturing plant in Belgium.
The news threw a wrench into vaccination plans across the country."
In the Stock Market, there are always daily shifts with the news of the day and portray a general snapshot of the fear (sell) or 'more buying' mood with investors. Long term investors should ignore all that if they want to stay on course with their DIY (Do It Yourself) plans for the future.
However, short term traders generally keep on top of the daily scuttlebutt, however crazy and 'makes no sense' stuff at times but ... it generally moves the market place on a daily basis.
Bitcoin is slowly moving off it's holding pattern the last couple of days and Altcoins are reacting to BTC where Bitcoin is the main .. how do you call it ... 'mover and shaker' in that world.
De-Fi coins are moving up in price I see, as interest in that sector has suddenly flared up again. For example; COMP or Compound: within a week from $178 to a high of $234 USD.
On a personal level, I've been watching Litecoin lately (LTC) and been trading the LTC/USD pair. It's making that roller coaster pattern I prefer.
Cash is King they say and where I've been watching the extra volatile crypto market from the fence these days, I keep my Trading funds in USD with zero risk until I trade into a pair other than Stablecoin related.
However, Altcoins have been going up in price recently to start 2021... with a trend more bullish than before.
Where I enjoy and anxious to get in on Trades, I'm not sure when this activity will calm down so I wait rather than buy and an Altcoin like Tezos suddenly crashes in price and comes back down to earth or 'normal' ... whatever that is these days.
Ideal for short term Trading in crypto and stocks, is a decent 'roller coaster' pattern in the charts and that's what I seek.
Meanwhile, down south, attention had shifted to President Biden to end the week with a 1.9 trillion stimulus plan and pushing to get more Americans the vaccine quicker. Next week, Biden gets sworn in as President with an army of National Guards ready to protect the proceedings.
Here in Nova Scotia, a slow and orderly roll out of the vaccine continues. By spring, high age groups of seniors will be next to get the 'needle' and then descending age groups are next. Probably be early summer before I'll be in line to get a vaccine shot perhaps. Latest news is that Nova Scotia has the one of the lowest virus stats in Canada and around the World. I recently read that Qatar is practically virus free. Not sure how they managed that but they are doing something right.
January - Wednesday
While Ontario is grappling with the virus explosion in that province and (once again) impeach proceedings are under way for Mr. Trump in the US ... major airlines in Canada continue to scale back ... cutting routes and more layoffs. That alone has an impact on the economy where business people are their bread and butter along with seasonal holidays.
The Feds continue to work on some kind of stimulus package for the airlines while Air Canada continues to streamline and configure more of their larger aircraft for cargo duty to bring in revenue from that side of the business.
The head honchos of our major banks had a meeting recently and figure around mid year or the 4th quarter, things should start to improve with the economy and build from there as long as vaccines continue to come in and give millions more the needle to combat the virus spread.
In the crypto world, Bitcoin's been kind of on hold after millions of dollars worth were sold recently causing a drop. Meanwhile, BTC is on a slow climb at the time of this posting. A mild stirring of the 'Bulls' perhaps. From the past week or so, 30 grand USD seems to be the bottom point ... staying above that for now
Good to see the NHL decide what they are going to do about this shortened season and got that all finalized with Montreal and Toronto starting the season on Wednesday in their new northern or 'all Canada' division because of the covid and to avoid teams travelling back and forth across the border.
Bitcoin is big in the news today as it took a major tumble ... I was expecting that to come sooner or later. Looks like it's holding now in the lower 30 grand range USD. Meanwhile, Altcoins are coming down in price as well. See what happens when the dust settles with the 'coins'. Too early to tell yet about my continuing trading with the Altcoins I like.
There are so many directions a person can take to earn a 'coin' these days in the crypto world that it's mind boggling and a brain drain keeping up with it all. There's 'interest paying' sites, getting easy loans for leverage to try and make that big score (not a route I would take but some know the ins and outs and make a handsome profit), airdrops, futures, crypto related stocks and Trading ... to name a few.
Personally, I look for the decent 'interest paying' sites like Nexo ( no 'onsite' fees) but I always factor in exchanger transaction fees and keep it in long enough to accumulate a nice gross return ... or a waste of time. That's were folks can get burned with other De-Fi sites if not keeping up on Ether 'gas' fee rates, which can skyrocket at times. I avoid all that.
I Trade crypto pairs but I'm on hold for now where the whole scene is too hot and prices inflated until it cools down.
And ... a very easy method to conclude this post ... plain sit back and watch while holding or 'HODL'ing' in crypto terms. Just sitting on Bitcoin and/or Ether and watching the Wallet balances grow during these times.
Volatile ... is the word for today as Bitcoin cools down some for now as the average investor trades back some funds to altcoins or stable coins in Exchanges and those prices rise depending on the 'coin'. On my end, where I do the bulk of my Trading with some of these altcoins ... I wait, where prices are higher than normal ...for now.
On the stock market, crypto and blockchain related stocks/funds have increased in price as well along with the Bitcoin craze and high activity on blockchains that favor 'Miner' outfits likeHut 8 Mining
3iQ, I mentioned in The FinTrek, took off recently with it's Bitcoin and Ether Fund (doubling in price since inception price of $10 on December 10th on the TSX, Toronto Stock Exchange) where Ether is over $1000 in value at this time so that relates. I rate this is as a volatile 'fund'.
Getting in early on all this would generate nice gains but as we know, hindsight is 20/20, while keeping money in cash has no risk of loss.
I'm sure most are looking forward to a better year with regards to 2020's isolation as much as possible, no travel recommended and keep your distance socially while vaccines start to do the job on the virus over the next few months.
Meanwhile, we got a couple months here of the usually worst of the winter in Atlantic Canada with mid March looking more like Spring has come. So far, a fairly mild start with very little snow accumulation with off and on rain days coming next week.
Markets and money ... 2020 ended well in that regard and look for that to continue into 2021. Stock and Crypto markets ended on a high from last March while Bitcoin continues to climb beyond anyone's expectations. No way of predicting anything when it comes to Bitcoin... will it level off in stages or take a dive to a much lower price? Time will tell.
There will be more coins and projects but also more government rules coming in as the US seems to be rolling out more every other day lately as Crypto is now in their sights to regulate.
Happy New Year
This year will end with vaccines coming into Canada while the nation continues to try and get the virus spread minimized first and hopefully under control by the end of 2021.
Despite that, money markets have improved; far beyond expectations I'm sure.
Bitcoin is on a surge once again today after a hiatus since Sunday. Ether, which has a lot more useful applications is expected to grow further in popularity and expand in 2021.
On my end, I'm getting deeper into daily crypto Trading as I get more comfortable, while watching the Markets and the daily news. Gets addictive real quick I find while I keep a reign on going overboard with 'buy' amounts.
De-Fi ... I entered that crypto sector that burst on the scene this year but didn't stay long and moved out of it again after a couple of weeks. There are a few 'original' sites that have good security and continue to grow while several others have been hacked to the tune of millions ... almost like a pattern for awhile with the same amounts ... around 7 million ... knowing the backdoor or how to confuse and fool the systems to send them illegal fortunes. Certainly a buyer beware plus the crazy high Ether fees when withdrawing swallowing a lot or all of gains.
But ... some have made fortunes so like all that is investing ... accept the risk before entering.
The US finally got their trillion dollar stimulus package signed to keep the country rolling during the pandemic, with a new strain of that coming in areas from across the Big Pond out of the UK. Vaccine makers figure their potion should work on any variant of the covid-19 virus. Time well tell.
Meanwhile in Atlantic Canada, new daily cases are low, while others recover, which is a good thing.
Bitcoin pulled back as expected from the 28 grand USD record run and holding in the high 26 grand range for now. Meanwhile the Altcoin prices I'm interested in came up with the usual fluctuations that occur 24/7.
That Bitcoin ... Altcoin relationship will continue as Traders go from Altcoins to Bitcoin seeking gains and back when Bitcoin falls back.
Following Christmas, Bitcoin is on the move up once again, passing 25 grand USD and heading for 26 grand at this time while Altcoins in general, have shrunk back some. More than likely a shift in the overall crypto market balance as Traders sell Altcoins/Stablecoins(or fiat like USD) to get in on the Bitcoin surge ... and trade back when Bitcoin slows or pulls back again.
For crypto currency holders it would be wise to keep tabs on the latest news about the US Feds and other countries as they begin further reigning in of coins, specially coins the US SEC deems as 'securities' and illegal in the US unless registered. Those who own Ripple (US origin), or XRP saw their holding's price drop so much as 50% already where the SEC pounced with a probable high penalty fee calling Ripple a security with court case to come later... Ripple will challenge that is the latest. What coin is next or is that it for now? Apparently, Bitcoin and Ether are not in their sights. Hopefully, it will stay that way.
It's going to be a mild Christmas here in Nova Scotia until at least mid week so far. Although 2020 will be a year to remember, or just want to forget quickly and put it in the rear view mirror ... on the money side of things, the stock and crypto markets made a lot of noise in the last quarter with increases and records broke for highs. I look forward to more of the same but there are always unexpected bumps in the road ahead that suddenly pop up in the news and cause trouble like 2020 has been famous for.
Moderna is the latest vaccine approved by Canada in the fight to flatten the curve in the covid-19 spike while Ontario goes into lockdown on Boxing Day. In Atlantic Canada, daily case counts remain low but folks are reminded to stick with the protocols over the holidays.
In crypto news, Coinbase plans to open an office in Canada. Hopefully, with some funding and withdrawal options that are available up here. Look forward to seeing that expansion by that large firm.
While Bitcoin is hanging on to that mid 23 grand range, my choice of altcoins I trade have come down to the range I prefer to buy so look forward to gains once again in the short tern when I sell back to USD.
We are heading into Christmas week and it's certainly going to be different this year just like 2020 all around and probably most of 2021 according to the latest news on the spike of virus cases while 2 different vaccines will now be coming in to battle the covid-19.
In Nova Scotia, just 2 cases yesterday, although 2 too many but in central Canada infections are exploding while more severe lockdowns are coming into place for now impacting business big time I'm sure, for this time of year.
While Bitcoin continues into overvalued territory ... but welcome as a Bitcoin holder, I won't be doing Trading until I see some leveling off in this unpredictable crypto world. No need to .. while I just watch my Bitcoin's value go up in price these days.
The Coinbase CEO has a recent post about all this ... The Bitcoin Surge
Interesting, where I play in the stock and crypto markets ... Coinbase has sent in an application to be listed on the US stock market. No date or opening price yet.
Coinbase filed preliminary paperwork to go public, beginning the long road to what could be the first major Bitcoin company trading on U.S. stock exchanges. This summer, rumors swirled that the firm, last valued at $8 billion, would pursue a “direct listing” rather than the bank-heavy traditional route of an initial public offering – though Thursday’s “confidential” filing offers few clues. Messari estimates the firm could fetch $28 billion on the open market.
A milestone for Bitcoin, breaching the 20 grand level USD this year and getting close to 21 grand. I expect a pull back soon where some will want to take the gains but good to see. Quite a few 'big money' financial outfits in North America are getting involved with the Bitcoin in one form another.
The first vaccines for the virus arrived but just under 2000 doses. It's a start. Be a few months before all the population has access to the covid-19 vaccines.
December - Sunday
2020 has been quite the year of changing 'normals' and it's not over yet where there's concerns about Santy and Christmas Eve with quarantine rules in place. A unique article here ... Toronto asks governments to ensure Santa is exempt from travel restrictions.
A snippet from that article
Toronto is looking to make it official—Santa Claus should be considered an essential service and should not have to adhere to any travel restrictions come Christmas Eve.
A motion expected to be presented at Wednesday’s city council meeting asks the Ontario government to deem Santa Claus an essential service and calls on the federal government to ensure the man in red, along with his reindeer, are exempt from all quarantine measures.
“With other countries like Trinidad and Tobago, Ireland, Belgium and Australia already taking steps to exempt Santa from COVID-19 related restrictions, governments in Canada should similarly take action to assure Canadian children that, despite the current pandemic, Santa will still be able to visit Canadian homes and make spirits bright.
Yesterday, on the 12th ... Bitcoin shook off off the 'Bear' pressure in steady selling and began moving up in price as the Bitcoin Bulls took over ... once again with a price of more than 19 grand USD and moving up for now.
Along with crypto, I have an interest in the stock world and more crypto related assets are entering that Market. Canada based 3iQ launched an Ether (2nd largest in market cap) based fund yesterday morning on Canada's TSX stock market. Ether has gained a lot of interest this year with the De-Fi coming on the scene and now Ether 2 on the go ...
The world’s first Ether-based fund to be listed on a major stock exchange opened for trading on Thursday, but not without some hiccups. Listed on the Toronto Stock Exchange, The Ether Fund (TSX:QETH.U) opened for trading at $10.80 per share after completing a successful IPO in which $76.5 million was raised.
Bitcoin and the majority of Altcoins have 'pulled back' some for now. BTC got very close to that 20 grand threshold the Bitcoin 'Bulls' wanted to surpass and now wait to see if there will be another run at that peak.
From Nexo, a good explanation of their current 'Buyback program' and the resulting impact on the NEXO Token I hold, which has increased in value. A 173% increase since October 27th
After the past DeFi explosion onto the Crypto scene, things are leveling out there after multiple highs in that 'pump and dump' world. Some are merging together to make a bigger impact in that market.
Meanwhile, something new has started and growing ... outfits behind popular coins out there like Ether, Ripple and Tezos are rewarding folks that stake those coins in their certain protocols.
With these and other coins, the Market Capitalization or total amount worth of a coin grows the price of a coin over time between all the buying and selling.
So there are two things happening here; these outfits are rewarding those who 'stake' with them but as funds pour into the 'accounts' or what ever term they use, it also builds value in the coins held as Market Cap builds.
But one also has to remember these coins fluctuate in price.
Kraken ... which has some interesting 'Staking' plans that I'm involved with added Ether yesterday 'but' it's locked until released at some point in the future with gains between 5 and 17% per year with returns paid weekly.
Staking is enabled on the Ethereum network as part of the first phase of a major upgrade called Ethereum 2.0 that is expected to greatly improve the speed, scalability, security and efficiency of the network.
Staking is primarily for long-term ETH holders
Clients should be aware that staked ETH cannot be unstaked, and along with staking rewards, cannot be transferred for an unknown period of time. This means that clients should only stake ETH that they plan to hold long-term. This limitation is not specific to Kraken – it is a limitation on the Ethereum network itself.
Coming soon: As a courtesy to clients who may wish to exchange their staked ETH for unstaked ETH, Kraken will provide a special trading pair for this purpose until the ability to unstake ETH is available on the Ethereum network. We expect to launch this trading pair in approximately one week. (This option is not available for US or Canadian clients).
Unlike Tezos (XTZ) for example, which an be pulled out of Staking at any time, this new ETH addition can't be ... so basically it's about ETH (or funds) you can do without in the short term but also gain interest on amounts added.
Canada is fast tracking approval of covid-19 vaccines produced by 3 companies so far ... hopefully with a Jan, 2021 start for distribution while England starts next week already.
Folks I talk to about the vaccine are around 50% on the fence about taking it when available ... probably worried about side effects. Even now there is a shortage of the 'flu needle' but I had mine soon as it was available.
Stock markets remain bullish on this news along with other factors. Bitcoin in the crypto world seems to have a holding pattern at around $19,300 USD after the recent ups and downs.
Meanwhile, it's not to a lockdown stage yet here in Nova Scotia but folks asked to stay in their counties and avoid any travel except work, groceries/pharma, etc and back home. Kind of depressing having another round of this but better to stay safe for now.
Both stock and Crypto Markets are on a high these days. Probably overvalued for the times but the vaccine news is keeping things up. With Bitcoin, it's mainly about making pure profit for keen Traders and investors and still in the hunt to surpass that $20 grand level. Came close yesterday.
Facebook's entry into the crypto world is pushing forward with it's token and wallet and that's making news once again. The Wallet provider's name is Novi.
Libra is ready to launch its first stablecoin, the “Diem dollar,” as soon as the new entity is licensed through the Swiss Financial Market Supervisory Authority (FINMA). The Financial Times first reported that a dollar-pegged coin could launch last week but still in the works
That's still causing a stir with Banks and financial institutions where Facebook's huge membership could cause some rumblings ...
'But despite the new name, some central banks continue to worry about the ramifications of a private company launching its own digital currency — fearful that it could undermine fiat currencies and put financial stability at risk.'
A couple bubbles popped this past week. The Atlantic Bubble is no more for now. The 4 provinces including Nova Scotia all have separate travel quarantine measures of 14 days in place now. Sort of a province isolation thing which should help some in curbing the infection rate.
Bitcoin took about a 3 grand drop recently and that's to be expected with those watching the numbers as they climb ... sell for gains at some point. BTC has regained since then and there's still chatter about reaching that 20 grand level. Common in any market place about that drop and the taking of gains at certain times of the year.
Speaking of Markets, the stock market continues on a high to end the week while the historical safe haven, Gold has fallen near 5% this past month. They usually go opposite of each other; Markets take a plunge, Gold rises and vise versa. I've been watching Bitcoin and Blockchain related stocks move up as Bitcoin took a run at the 19 grand level,
HIVE Blockchain Technologies Ltd out of Vancouver, BC went from 0.52 on November 16th to $1.12 on November 24th. Double your money scenario in quick time. HIVE is into crypto mining with Mining Farms in Quebec and Norway, recently purchasing the latest Mining Rigs. The explosion of Ether fees in the DeFi sector also helped their business.
As business fears of lockdowns increase, this 2nd wave of the covid-19 seems to be spreading more rapidly here than back in March. Colder weather and more people inside now they figure is a contributing factor for the fast spread.
The march to 20 grand with Bitcoin continues with a sudden jump today from the $18,500 USD range it's been in for a few days. Folks using the new PayPal crypto option and buying Bitcoin steady seems to be one reason.
Over in the De-Fi sector of the crypto scene, Hackers are moving millions out of several of these sites recently and I suspect that will continue. With coding knowledge these crooks are finding ways to manipulate the smart contract codes. 7 million dollars worth at a time seems to be the average amount swiped.
It doesn't take long for the virus to spread once it gets a foothold. In the Atlantic Bubble, infected people coming into the Bubble related to travel has caused a spread and the first restrictions on gatherings plus eateries/bars, since they were lifted months back is already in place here in Nova Scotia.
Canada's stock market seen gains this past week. Higher, I suspect than what's really going on in the country as the virus spreads more rapidly again and what effect this will have on businesses. It's still 2020 and not a lot of good news this year.
The crypto world is all excited about the continued rise of Bitcoin at this time while I watch and concentrate on my fav coin ... Tezos. The coin spiked nicely overnight and I traded for USD today. I'll continue on that track while I watch other popular coins/tokens that make the headlines on a daily basis.
Mid-November and the weather remains decent here in Nova Scotia so far. According to top health officials, North America is heavy into the 2nd wave of covid-19 as predicted back in the summer and things will get worse before they get better. Lots of talk about a Vaccine coming in January and the sooner the better to try and flatten the virus curve.
I watched lots of selling and buying going on with Bitcoin yesterday as many figured it was a good time to sell for gains at the $16,000 USD level. 'Whales' selling and a news highlight was about one transaction for 100 million dollars worth. Smart move where highly unpredictable.
In the past that would drop the price considerably but not these days as BTC once again edges over 16 grand at this time.
I shifted some Bitcoin to stablecoins as well .. mainly DAI which recently seen a market cap go over a billion dollars worth held but folks and crypto outfits.
MetaMask now has the option of swapping between the popular coins out there (as well as DeFi coins) with more coming; with a 0.875% fee per transaction. I haven't experimented with that option yet but I will in the near future ... mainly to see about that fee and if that is standard across the board as quoted and what gains I can get with the swaps.
"A service fee of 0.875% is automatically factored into each quote, which supports ongoing development to make MetaMask even better."
The only site I have linked to MetaMask currently is ousd.com where I'm into their OUSD coin from the start; currently with a 60.45% - 7 DAY APY.
I made a couple Trades today watching Bitcoin breach $16,000 USD. Figured it was time to sell some BTC while it's high. What's the next level to get over... $17,000 USD? Shaping to be something like the 2017 run to 20 grand in December of that year but circumstance are different this time for various reasons.
I seen Tezos drop about ten cents each as well today so bought. No guarantee it will go up right away where I'll sell once again for the gains but it has a history of doing so at the level it's at now. ($2.05 USD at the time of this posting)
Kind of a seesaw effect between funds pouring into Bitcoin and less interest in Altcoin to swinging the other way.
In the Stock Markets, it's back to 'what's going on today' in the economy and world rather than the start of the week with Biden preparing to be President of the US and the future rollout of covid vaccines. Down some today from the past highs of the week.
While Biden waits to take over from Trump as the US President, there is positive news about the Covid Vaccine. Now the world waits for mass production. Here in Canada, the timeline is early 2021 for the vaccine.
There are some scary stories about fees in the crypto world. With a Bank, fees are set in stone and we are or should be notified of any changes.
Moving crypto around comes with fees and they fluctuate from the normal low to the wicked high. It's very easy to control if in a transaction and see the fee is too high above the 'norm' ... just don't follow through and wait for them to come down if not in a hurry.
Traders hunt the gains and if the price is right, 'Sell' comes to mind. This is usually done as quickly as possible before the price drops. In the hast and even sometimes panic, mistakes can be made with regards to the fees. Very costly mistakes when not double-checking or even overlooking the fact that the fee being asked for is erasing all the gains plus some of the principal (or all and more). Here is a story of what to avoid and you have to feel for the guy ...
I regularly close a transaction and don't follow through when I'm not happy with the fee requested.
The worst of this is making a mistake and then asking for a refund. It's cut throat and no mercy from the Miners keeping the overpaid fees. Terrible of course and no consideration of the financial burned in can put a person into.
So, if your into moving crypto around, please understand about how the fees work and when they are way too high to consider.
Looks like the new President of the USA will be Joe Biden with 273 Votes so far, 270 required to win. Next is see what kind of stonewalling Mr. Trump will put up with talks of legal action already. Quite the interesting week with the elections.
Bitcoin continues to rally in November after a boost in October. After dropping some and not moving much, some altcoins like Tezos are increasing in value once again.
Meanwhile, the DeFi sector continues to attract yield hunters, or harvesters. Unlike a bank, many of these offer an APY interest rate, which gets added to a daily balance and compounds the following day. Those putting in big bucks (or coins) see their principal building at a good pace.
A recent post was about Uniswap having a wicked 15 billion dollars worth of Trades in September, 2 billion more than Coinbase. Mind boggling
It will be an interesting start to the month with the Presidential Elections in the US held on Tuesday, November 3rd. The clocks rolled back an hour here so that will mess up my internal clock for a couple days.
I assume there is some satisfaction with the Bitcoin Bulls pushing Bitcoin over the $14 grand USD hump yesterday to end the month on a high. It's not a good time to trade Altcoins like Tezos for gains where there's probably a lot of swapping to Bitcoin for now. Nothing wrong with buying 'low' though and wait it out for the Bitcoin fever to die down some.
Just sitting back and watching Bitcoin go up in price after buying a few weeks, months or years back is one of the easiest way to make gains. You can buy and trade 24/7 not like the stock market where there are only so many trading hours in a day, Monday to Friday.
With the stocks and into short term trading ... wanting to get a buy or sell in on a given day, you know your on the clock to make a decision where it's in the range planned for and knowing it could/will move in price and not what's preferred.
Or ... pass on it and wait if that Spidey Sense is tingling. Not a good time right now. I'm too stressed over it. That's the better move to get back in control and not let the Market movements control you.
Like the stock market, Bitcoin is risky if looking for gains because it's a lot more volatile. Some will probably argue that point these days where the stock markets are like a roller coaster, always have been and always will be.
With Halloween over, it's full bore into Christmas now with the retail sector and I already seen that today. I'm a guy who usually waits until the last couple days to get my Christmas stuff done. Perhaps they are trying to tell me something.
Everything is different this year and Halloween is no exception. Health authorities in Canada are asking folks to make the right choices with the covid-19 amongst us. Hard for the young ones to understand that I'm sure where it's about fun and going from door to door. Here in the Atlantic Bubble, I'm not sure if there will be limited trick or treating or any at all where social distancing is the normal until things change.
Kind of a scary and horrifying start to the week where the stock markets crashed some. Investor's drive to make money caved to the bigger issues around the world that can and has affected companies.
Crypto Markets are different and at times react to stock market moves but more and more ... it's kind of a rush to what 'coin' is going up or what attractive interest rate is available in the Defi sector where werewolves lurk in the form of scams and hackers as more and more sites come online. Then comes a time when Bitcoin, which started it all ... is once again the talk of crypto land. How much farther will it go up? Will this uptrend bubble pop and drop back to a new bottom or maintain the level it's at currently?
Stay safe and keep the risk factor in mind.
Keen bitcoin traders are making a good 'coin' these days as the price swings around $500 USD up and down. The center of attention in the crypto world for now despite all the fanfare in the DeFi market.
There was talk of a possible push by the Bitcoin 'Bulls' to reach 20 grand but first it's about breaching one $1000 level at a time... $14,000 USD is the target now. Falls back? Bottom at $12,500 seems to be the consensus.
Shopping with Bitcoin? With PayPal suggesting they will bring that in next year, Coinbase is rolling out a crypto visa debit card for US members with rewards attached.
Currently on Nexo, I'm earning 10% APY on my stablecoins. They have now added a feature that members can add an additional 2% APY for 12% total if they want their interest accrued on their Nexo tokens. This also applies to their fiat options, USD, EURO and GDP.
One of the biggest news stories is the US Election next week. Biden or Trump ... who will be the winner?
Who ever wins will have a ton of issues on his plate, which hasn't changed much since last March ... probably getting worse now with no containing the 2nd wave of covd-19 so far in hot zones.
Bitcoin continues to break records this month as the Bull run continues while the overall stock market is blah again to start this week. Over-vauled comes to mind so I watch but don't further fund in case of a sudden crash. Meanwhile, I work with various altcoins to earn gains.
DeFi compensation plans continue to interest me 'outside' of the Ether based semi-auto sites that come with high fees. Mainly, I'm into Nexo, Binance and ousd.com.
'ousd' is under Origin Protocol and their latest update is about expansion of future income generation plans for the ousd coin. This is the only one where I have to deal with Ether 'Gas' fees. I'll be patient and wait for the lowest fee when it comes time to move my ousd, which is comprised of the stable coins (each equal to $1 USD) DAI, USDT and USDC
I like this overall view of Defi apart from above ...
The fast-evolving realm of decentralized finance, or DeFi, has attracted large sums of money this year from venture capitalists and traders alike. At last count, some $11 billion of bitcoin and other cryptocurrencies had been socked into the semi-automated, blockchain-based trading and lending platforms as collateral, a 16-fold increase since the start of the year.
But every month or so, the fledgling industry produces a debacle so suddenly and bizarrely that sane observers have no choice but to step back and remember that the whole exercise is really just a giant game, played with real money. Or a laboratory. Or both.
We are heading for the final week of October in this crazy year of 2020, the weather remains warm for this time of year and mild. The tourist industry here in the Atlantic provinces is probably about. "That figures!" ... specially with no lucrative Cruise Ships coming in to the port of Halifax this year and normally there's a lot of retired folks visiting the sites here from across Canada and the USA.
PayPal made a big splash into the crypto pond this week. Probably one of the main factors driving the price of Bitcoin up with the announcement they will have services for Bitcoin like buy, sell and 'move' available along with other coins for US members.
Plus, crypto shopping next year. Buy that much wanted tech device with Bitcoin plus much more. When a purchase is made, PayPal will convert Bitcoin to USD automatically when needed for the merchant requesting payment for the goods bought.
No word yet if that will be coming to Canada later or not. I use PayPal but after I transfer the desired amount of crypto to fiat or cash and then send to PayPal.
With Bitcoin and the highest prices this year so far ... I read patient BTC 'hodlers' have been making transactions the last few days after being idle and watching for a year or more.
China, one of the world's largest importer/exporter of goods next to the USA and where the covid started ... reported an improving economy to start the week while other areas of the world are dealing with a rising 2nd wave.
Not sure if that coincides with the sudden rise in Bitcoin the last couple days but a bull run is on ... probably stall at around 12 grand USD or above where 'Sellers' wait to rake in the gains.
Thinking about getting in on the DeFi hooplah with the majority based on Ether smart contracts? First thing to look at it is ... how much will the fees affect my bottom line. This is an average example about a withdraw of $100 (including gains) worth of coin. Today that will cost an average of $20 in Ether 'Gas' fees. (Also factor in the Ether Gas fee to deposit). But that also depends on how busy the Ether miners are and with DeFi, that's most of a given day.
In that example, I came out ahead with the $100 in coin withdraw but the Ether needed for the fund and withdraw probably cost me $25+. So, a $75 net in the end after an initial $90 deposit. Doesn't compute to me where it's an overall loss.
Unless a person is going in with big bucks to absorb the fees, not something I'm into. I want to make money, not lose it in fees.
With my search for 'DeFi like' compensation plans without those 'Gas' fees, I've been investigating Binance, which I joined awhile back. Binance is the top crypto exchanger in the world when it comes to volume moved per day and they have a traditional Wallet, marketplace and a variety of crypto plans. And, Canadians can participate.
My first interest is their Savings plan. I got involved with that and I'll share the results after a week. I'm using Stable Coins where the coins are just that ... stable and equal to the US Dollar. USDT, DAI and USDC where an interest rate posted for a savings plan will be very close to what is calculated in dollars and cents going in ... shown on the site.
Using Bitcoin, for example, the posted rate will deliver different amounts as BTC goes up and down in value.
There's much to explore on Binance with the various Plans, tutorials and general information. Their limited time 'Launch Pool' also looks interesting.
It's Mid October and while the rest of Canada grapples with the 2nd wave of the virus, so far ... so good here while our border province New Brunswick is kind of a hot spot in the Atlantic Bubble with 100 active cases. That all started quickly in a retirement home with a few cases .. suspected travel to Quebec and back with out required quarantine.
In crypto and outside of DeFi, some exchangers are getting in on that action hosting 'DeFi like' farming and interest bearing savings accounts. I've been checking out some of these exchangers but some have restrictions to Canada and the US due to our tougher crypto regulations and Gov't crypto watchdogs.
I figure these are safer then many of the new DeFi sites with the associated high risk of loss and the high fees to move coin on top.
One example of a traditional exchange is Huobi Global, ranked number 3 in the world with volume/traffic offering a variety of popular earning options outside of their trade/market page. Up my alley some of those options but blocked to Canadians. More will be adding DeFi like options I'm sure where the attraction of making additional money thru fees for them and gains for members.
Bitcoin has been fairly steady lately. The stock market is about the same as main factors weigh in currently, like a timeline for a covid-19 vaccine to be ready for use on the general public and a possible trillion dollar boost from the US to further jump start it's economy ... probably an after Election thing. Their economy further sparks ours when it gets rolling with positive numbers
When I started out outline, I was looking for what is a common term today ... side hustle. I had a starting cash amount set aside and began my search. It was like taking a run up an ice covered slope .... not gaining an inch to get to the top... steady sliding back as I quickly learned about that unforgiving online world.
Then I discovered Revenue Sharing and HYIP's, High Yield Investment Programs. Cool .... make a buck passively or as an option ... more if I promote. That was great and kind of entered it in a 1/3 of the way of a growing bubble with lucrative sites on the go. Eventually the best of that time, peaked and started to slow some.
What I stayed away from was the crazy HYIP promotions of a 1000%, etc. I preferred a decent to low percentage per day.
Fast Forward to today ... as I continue to read up on and explore the DeFi crypto world, the actual rave is about what I avoided in the HYIP's I mentioned above. Many are full time into finding and entering tokens that pop up offering 1000% APY or around there. Deposit, gain on the compounding daily percentage and withdraw ... wait for the next one while paying wicked high Ether fees. (Looks like that could change and go lower with the fees perhaps while 'Ether 2' is coming in to play soon)
This isn't just 1000's that circulate in and out of HYIP's .... I'm talking millions of dollars for thirsty 'high percentage' investors.
Meanwhile the original fairly low risk De-Fi projects continue to build up on funded crypto ... some over the billion dollar mark.
That's what's kept me interested all these years ... there's always new trends that come along to explore.
I am in a couple that are DeFi related I mentioned in earlier posts.
I'm gaining more confidence with Nexo, that started a couple years ago from a parent company, Credissimo; serving millions of customer for 10 years in Europe.
With ousd.dapp, I continue to test that one. One positive is as their new feature grows, the APY has doubled since I joined ... around 4.40% but that fluctuates with member participation.
There will be others as I watch from a fence, avoiding any with crazy high fees.
What's in it for me? .... gaining interest on my normally idle crypto in traditional Wallets. When I need the crypto ... I route it back to my Wallet; more in value than when it left.
It's the Thanksgiving long weekend here in Canada and normally a family/close friends affair but travelling to be with family depends where you are these days with the virus situation. Hopefully, here in the Atlantic Bubble ... people will respect the rules that come with it. Travelling outside and coming back in ... or folks coming in to visit, need to quarantine for 14 days unfortunately so probably be wise to stay within the Bubble this year.
Recently in the news, some are trying to skirt around that 14 quarantine and again ... just puts others at risk
There's an interesting prediction floating around about 2021 with Bitcoin. The speculation is that folks that went into DeFi starting with Bitcoin and swapping to the many different coins within that realm will eventually be swapping back to Bitcoin in mass sometime in the future when the bubble pops in the DeFi space, which is still growing like crazy at this time. All those millions worth coming back into Bitcoin will drive up the price.
The thing is, some are already waiting for that to happen and holding their current Bitcoin stash. Interesting to see what the future holds for that theory.
I could see that happening for all bubbles pop eventually, returning to somewhat normal levels after all the panic selling is over and the smoke has cleared.
Good to see Bitcoin back in the spotlight after the steady DeFi commotion. It tends to give some BTC watchers more interest and trust in the coin when some heavy weight companies decide to buy a big chunk to hold. This time it was Square, a payment processor and it's owner worth billions buying 1% of capital in Bitcoin ... around 50 million worth.
That sparked buying since then along with Trump now wanting to push through a covid stimulus package while Bitcoin's went over $11,400 for awhile .... currently around $11,300 with more movement ahead I'm sure. Eventually the sellers will tip the scales as they look to collect the gains as the price drops ... but not yet.
More news about MetaMask I use on a daily basis now ... they are bringing in swapping of coins on the app/site soon where it remains an efficient 'go between' to transfer coins/tokens. I favour that move where it can make it into a 'one stop' shopping experience. Users exploded on MetaMask as the DeFi bubble increased with billions involved today.
It looks like ... taking Ether (Gas) fees as a measure ... the latest news is that fees are coming down and Ether use is slowing up from the heavy traffic and congestion before (causing fees to go up to get a transaction completed in fairly quick time via Ether Miners) as some top touted coins are losing value for now.
Is that bubble bursting? Too early to tell but like all bubbles, there will be some well managed outfits that continue to provide incentives which will rule the roost while other 'fly by nights' .. will fade away.
Beautiful fall colors are in the woods now and looks like our temp is going to dip lower towards the weekend. I'll soon see a first frost ... where's that windshield scraper?
The Trump circus continues down south, even in quarantine as the election day draws closer. Up here in Canada, our Prime Minister, Trudeau is once again heavily involved in trying to get this 2nd wave of virus under control. Some say, it's his responsibility. Sure, that's a given where he's our Federal leader but it comes down to being everybody's responsibility to do their part.
Some protest against the mask, don't bother isolating, even going so far as threatening provincial health leaders and their families. That endangers everybody around them. But, that's the crazy world we live in today.
In the crypto world, the top coin in market cap, Bitcoin is not moving much these days but that can change in a hurry. Always better than a dip but Traders are not keen on the narrow movements. Chasing heavily inflated new coins and chasing volatile high interest coins conjured up on a whim at 1000$ APY in the DeFi world is the high risk craze these days. I like some excitement but also have to know what your doing at those risky high rates that are here today, gone tomorrow. However, some are making big bucks doing the leapfrogging thing.
On September 26th ... I mentioned how popular MetaMask is this year. Here's an update about surpassing 1 million users in a month ...
There's always plenty of news daily with the crypto world where it's getting more diversified into different fields and lots of talk about what's the most popular site(s) of the day/week attracting a lot of money. At times, moving too fast and that trend is already fading before looking it over ... next! Leapfrogging I call it.
These days, it's De-Fi as it evolves rapidly based on semi-automatic or fully automatic code. But, there are many that stick with the coin that started it all ... Bitcoin and for keen investors/traders, they can build anywhere from taking care of living expenses, dining out ... to building a tidy fortune. Depends how serious one gets because there's still the risk to consider.
We are into the final quarter of 2020 and things aren't getting better dealing with the evolving 'new normal' as the 2nd wave of the virus is on the go. Such as wearing a mask. Months back it was a foreign thing to me and I didn't like wearing it but today ... I wear it without a second thought. It will probably initially feel weird walking into shops in the future and not have to wear one with the virus under control and in the past.