Crypto
Cryptocurrency bleeds further: Jobs on line, concerns rise but not everyone is affected
![Cryptocurrency bleeds further: Jobs on line, concerns rise but not everyone is affected](https://images.cnbctv18.com/wp-content/uploads/2022/04/crypto-regulation-1000x573.jpg)
What started as a weekend tumble has led to a full-blown crash for the crypto market. It is the fourth straight day of dropping costs, with Bitcoin falling an extra 13.46 % within the final 24 hours, slipping to $21,916 on the time of writing.
Ethereum has additionally taken a beating, plummeting practically 14 % since Monday, buying and selling at $1,169 on the time of writing. The remainder of the market can also be seeing pink, with most cash recording double-digit losses over the previous couple of days.
Solana (SOL) is buying and selling at $30.24, an uptick of seven.21 in the previous couple of hours. Nevertheless, it is down greater than 22 % over the past week. It is just like Cardano (ADA), buying and selling at $0.49, up 2.68 % over the past 24 hours however down greater than 15 % for the week.
The worldwide crypto market capitalisation has additionally fallen from $2.19 trillion initially of 2022 to $927 billion on the time of writing. Collapsing costs have eroded hundreds of thousands of {dollars} of investor funds nearly in a single day.
Crypto corporations are struggling to navigate the stormy seas, and there appears to be no respite in sight. Now backed right into a nook, organisations are compelled to revaluate their working prices and cut back outgoings to maintain operations.
And a method to do that is thru job slashes.
On June 13, crypto lending and buying and selling platform BlockFi introduced a 20 % job reduce. Which means 170-200 people of its 850-member workforce might get the axe within the coming weeks. BlockFi CEO Zac Prince tweeted {that a} “dramatic shift in macroeconomic situations” was in charge for the unlucky end result.
Earlier than Prince took such a name, Kris Marszalek, CEO of Crypto.com, introduced in a collection of tweets on June 10 that the agency can be letting go of 5 % of its workforce as properly.
“Our method is to remain centered on executing in opposition to our roadmap and optimising for profitability as we achieve this,” he tweeted.
Final month, crypto biggies like Coinbase, Gemini and Rain Monetary reduce jobs, paused all hiring and rescinded present job gives.
Overwhelming 40-year excessive inflation ranges within the US and diminished demand pressured FinTechs to make extreme job cuts. Fortune reported that the sector witnessed extra job slashes in Might 2022 than the 4 earlier months mixed.
Market headwinds even pressured international lending platforms just like the Celsius Community to halt withdrawals for all its 1.7 million prospects.
“We perceive that this information is troublesome, however we imagine that our resolution to pause withdrawals, Swap, and transfers between accounts is essentially the most accountable motion we will take to guard our group. We’re working with a singular focus: to guard and protect property to satisfy our obligations to prospects,” learn the official announcement weblog.
The transfer brought about their CEL token to tumble from $0.4 to $0.16 on the identical day, a 60 % collapse. The token was buying and selling at $4.4 initially of 2022 and has misplaced 96 % of its worth since then.
However not all crypto corporations are crusing in the identical boat. On the Consensus 2022 occasion held not too long ago, Binance CEO Changpen Zhao (popularly referred to as CZ within the crypto group) stated that the corporate had growth plans. It could proceed hiring and make new acquisitions to broaden its footprint.
CZ defined that Binance had not engaged itself in heavy promotional exercise and had, due to this fact, not incurred hefty bills. However, Crypto.com expended $700 million in November 2021, and Coinbase fashioned sports activities partnerships in October 2021. Each corporations have been struggling to remain afloat these days.
“We’ve a really wholesome warfare chest. We, in reality, are increasing hiring proper now,” CZ stated on the convention. “If we’re in a crypto winter, we are going to leverage that; we are going to use that to the max,” he stated, including that the corporate is “kicking into excessive gear when it comes to M&A exercise.”
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Crypto
Top 8 Cryptocurrency Wallets For Your Digital Assets In 2024
![Top 8 Cryptocurrency Wallets For Your Digital Assets In 2024](https://usethebitcoin.com/wp-content/uploads/2024/06/Firefly-20240627151200-1024x585.png)
In no particular order, here are the top eight hardware and software cryptocurrency wallets for 2024:
Ledger
Ledger offers multiple hardware wallet models, with the most popular being the Ledger Nano S Plus and the Ledger Nano X.
These devices store the private keys for your cryptocurrencies offline and keep them safe. They can also be connected to a computer, allowing users to buy, sell, swap, and manage their crypto holdings.
If you want a more sophisticated kind of hardware wallet, you are in for a treat! Ledger recently announced their brand new hardware storage device called the Ledger Stax.
The Stax features a curved touchscreen made from e-ink, which is easy on the eyes and allows you to personalize the lock screen with your favorite picture or non-fungible token. The device also boasts the most extensive display among Ledger’s leading devices, with a 3.7-inch touchscreen and a resolution of 400 x 672 pixels.
While you can’t grab a Ledger Stax just yet, pre-orders are available on the Ledger website and at some authorized retailers.
Trezor
Trezor hardware wallets are known for their user-friendly design and top-notch security. They function as secure storage solutions for cryptocurrencies, similar to a physical vault for digital assets.
Trezor offers three models to cater to different user preferences:
- Trezor One – This is the most affordable and beginner-friendly option. It features a button-based interface and a smaller screen, making it a good choice for those prioritizing cost-effectiveness and ease of use.
- Trezor Model T – This more advanced model boasts a touchscreen display and faster processing power, offering a smoother user experience. It also caters to users who value additional functionalities like password management and two-factor authentication.
- Trezor Safe 3 – This latest addition to the Trezor family is a versatile vault designed for crypto and physical asset security. It features a touchscreen display, a larger storage capacity, and the ability to connect to a smartphone app for added convenience.
Tangem
Ever wished there was a way to store your cryptocurrency in a wallet the size of a credit card but with the security of a high-tech vault? Well, the Tangem wallet might be for you.
Tangem is a unique hardware wallet designed to look and feel like a regular credit card. But don’t be fooled by its sleek design! This wallet packs a powerful punch when it comes to security.
The wallet stores your cryptocurrency’s private keys on a secure chip. These keys are generated during activation and never leave the card, providing strong protection against digital theft.
If you want to purchase the Tangem Wallet, use our referral link or discount code to save money on your order. You can get reductions of up to 10% off the initial price!
Bitkey
Bitkey is a Jack Dorsey-backed crypto hardware wallet that features a hexagonal-shaped hardware device and a set of recovery tools that can be used to recover users’ assets in case they lose their hardware wallet or phone.
Bitkey began development in 2021 by Block Inc. (formerly known as Square) and was beta-tested in 40 countries in June 2023, along with Coinbase and Cash App partnerships. It was launched for pre-orders in December 2023 and started shipping recently in March 2024.
Note that Bitkey is intended for Bitcoin only, meaning it only supports BTC and not other cryptocurrencies. If you only invest in Bitcoin and are looking for a secure way to store it yourself, then Bitkey could be an excellent wallet to consider.
MetaMask
MetaMask has been a popular name in the crypto space since its launch in 2016. The wallet is recognizable by its signature fox logo, which follows your cursor on the screen.
It is a free and open-source hot wallet that allows you to store ETH and other tokens built on the Ethereum blockchain, which are generally known as ERC-20 tokens.
Notably, the wallet primarily functions as a gateway to the world of decentralized applications, allowing you to connect to them securely through your web browser or a mobile app.
Trust Wallet
Trust Wallet is a popular mobile and browser extension cryptocurrency wallet known for its user-friendly interface and support for many cryptocurrencies and tokens. It was founded in 2017 by Viktor Radchenko, who served as CEO until it was acquired by Binance in July 2018.
Recently, Trust Wallet underwent a significant rebranding to make the Web3 experience more accessible to everyday users.
Moreover, the wallet prides itself on being a secure gateway to the world of Web3. With over 122 million users worldwide, it is currently one of the leading self-custody multi-chain platforms available.
Rabby Wallet
Rabby Wallet is a multi-chain Web3 wallet for users interacting with decentralized applications built on the Ethereum blockchain and EVM-compatible blockchains.
The wallet supports many blockchains, including Ethereum, Polygon, Arbitrum, Optimism, and many more. The platform can even automatically switch to the correct chain when interacting with a dApp, making it a convenient option for DeFi users who frequently switch networks.
As a game-changing wallet for EVM-compatible blockchains, the platform is known for its user-friendly interface, which makes navigating and managing your digital assets fast and easy.
Rainbow Wallet
Rainbow Wallet is a popular cryptocurrency wallet explicitly designed for the Ethereum blockchain and its associated tokens. Similar to Rabby, Rainbow is known for being a user-friendly and secure platform, making it a good fit for both beginners and experienced crypto users.
Experience crypto in color with the platform’s visually appealing and intuitive interface, making it easy for newcomers to navigate the crypto space. At the same time, it provides powerful features for experienced users, allowing them to manage their assets efficiently.
Final Thoughts
Learning about the most popular hardware and software crypto wallets in the space today can significantly enhance your knowledge in protecting the security of your crypto holdings, especially if you value long-term investment and control over your digital assets. By carefully researching thoroughly, you can choose the best hardware and software wallets that suit your specific needs!
Crypto
Digital Asset Fund Outflows Slow, Signaling ‘Sentiment Is Turning’
![Digital Asset Fund Outflows Slow, Signaling ‘Sentiment Is Turning’](https://www.pymnts.com/wp-content/uploads/2024/05/cryptocurrency-bitcoin-blockchain.jpg)
Digital asset funds have seen outflows for three consecutive weeks, although the outflow slowed during the most recent week.
After experiencing outflows of $600 million in each of two consecutive weeks, these funds saw an outflow of $30 million during the week that ended June 29, Bloomberg reported Monday (July 1), citing data from CoinShares International.
Despite the slowdown in outflows, the three-week total marks the biggest outflow from digital asset funds since bitcoin exchange-traded funds (ETFs) were approved by the Securities and Exchange Commission in January, according to the report.
Bitcoin ETFs themselves had inflows totaling $10 million during the week ended June 29 after having two weeks of outflows, the report said.
Ether investment products had outflows of $60 million — up from $58 million the previous week and their largest outflows since August 2022, per the report.
The price of ether — which is the second-largest cryptocurrency, behind only bitcoin — leaped in May after the SEC approved an ether ETF, but it has since come down, according to the report.
In a Monday press release announcing the digital asset fund flows data, James Butterfill, head of research at CoinShares, wrote that the data shows signs that “sentiment is turning for bitcoin.”
Crypto firm Bakkt said in May that the SEC’s approval of bitcoin ETFs may lead to increased mainstream adoption of crypto and institutional investors playing a bigger role in the cryptocurrency trading market.
“As evidenced in our trading volumes in Q1, we’ve begun to see positive green shoots in the market and the overall demand environment improving, with more industry activity, higher coin prices and overall higher retail trading volume,” Bakkt President and CEO Andy Main said at the time.
It was reported June 16 that J.P. Morgan Chase said the state of the cryptocurrency market may not be sustainable.
While crypto net inflows were impressive at the time, driven by demand for spot bitcoin ETFs, J.P. Morgan Chase analyst Nikolaos Panigirtzoglou wrote that those inflows might not be entirely made up of new funds coming into the crypto space.
“We believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs,” Panigirtzoglou explained at the time.
Crypto
Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends
![Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends](https://www.crypto-news-flash.com/wp-content/uploads/2024/07/mexico-ranks-third-in-latin-america-for-cryptocurrency-ownership-blockchain-trends-e1719838062380.jpg)
- Currently, 3.1 million Mexicans own cryptocurrencies such as bitcoin, ethereum, solana, dogecoin, or binance.
- Coinbase aims to enter the Mexican market with cost-effective cryptocurrency withdrawal services, aiming for a 30% reduction.
The adoption of cryptocurrencies among Mexicans has seen substantial growth, with 3.1 million individuals owning digital assets such as bitcoin, ethereum, solana, dogecoin, or binance. This accounts for 2.5% of Mexico’s population, positioning the country as the third highest in Latin America for cryptocurrency adoption, trailing behind Brazil and Argentina.
Globally, Mexico ranks 16th in cryptocurrency adoption, according to the Chainalysis Global Crypto Adoption Index.
“Facilitate the withdrawal of cryptocurrencies and offer services up to 30% cheaper than traditional cross-border payment methods.”
Luiz Eduardo Abreu Hadad, Sherlock Communications Researcher and Blockchain Advisor, wrote:
“It seems that Latin America is ready to ride the crypto wave.”
Remittances have played a pivotal role in driving this adoption. In 2023, remittances sent to Mexico totaled $63.313 billion, marking a significant increase and fueling a 60% growth in cryptocurrency exchanges to local currency transactions through platforms like Bitso Business.
Continuing with the previous Crypto News Flash report, the interest in the Mexican market among crypto exchanges continues to rise. Coinbase, for instance, aims to enter the Mexican market by offering cryptocurrency withdrawal services that are up to 30% cheaper than traditional cross-border payment methods.
Luiz Eduardo Abreu Hadad, a researcher and blockchain advisor at Sherlock Communications, noted that “it seems Latin America is ready to ride the crypto wave,” reflecting the region’s growing enthusiasm for digital assets.
Brazil leads Latin America in cryptocurrency adoption, ranking 9th globally, driven by the approval of exchange-traded funds (ETFs) for digital assets and increased acceptance of cryptocurrencies by banks.
Argentina, on the other hand, ranks second in Latin America and 15th globally for cryptocurrency adoption, with 5 million citizens owning some form of digital currency. High inflation rates and stringent capital controls have spurred this adoption among the Argentine population.
In contrast, despite El Salvador’s adoption of bitcoin as legal tender, cryptocurrency adoption has declined. The country dropped from 55th place in 2022 to 95th place in 2023 in terms of public acceptance.
In a previous Crypto News Flash report, overall, the increasing adoption of cryptocurrencies in Mexico and across Latin America underscores a growing trend influenced by economic factors like remittances, inflation concerns, and regulatory developments that shape public perception and engagement with digital assets.
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