Connect with us

Bitcoin

Staking rises to rescue investors despite Bitcoin [BTC] and other cryptocurrency plunge

Priya

Published

on

Staking rises to rescue investors despite Bitcoin [BTC] and other cryptocurrency plunge
Source: Unsplash

Ever since Bitcoin [BTC] and other cryptocurrencies hit their all-time high, they witnessed a massive plunge in terms of their price and market cap. This reverse trend of the cryptocurrency market left a majority of the investors and traders devastated as they believed that the value of the coins would continue to skyrocket.

Now, it’s been over a year since all the currencies reached their ATH and since then, a majority of the coins have lost more than 90% of their value. Bitcoin [BTC], the largest cryptocurrency by market cap, has lost over 80% of its value and Ethereum [ETH], the third largest cryptocurrency has lost around 92% of its value when compared to their all-time high. To add on, some market investors speculate that crypto-winter has just begun and that it is going to last longer than the previous one. However, some investors and market players have turned even this bearish market to their advantage.

According to a report by Bloomberg, there is a rise in a practice known as staking. Here, investors tokens are collected in its respective cryptocurrency wallet and this is then used to validate transactions. All the investors taking part in this practice are later rewarded in coins. The returns range anywhere between 5% to 150% and are influenced by the number of coins held by the investors. This method is applicable for all the coins based on proof-of-stake [PoS] consensus algorithms such as Tezos, EOS, and Livepeer.

This practice is followed by many in the industry with the leading players noted to be Staked, Figment and EON Staking Inc. Based on the report, the firm Staked raised around $4.5 million from investors including Digital Currency Group, Coinbase and Pantera.



Kyle Samani, the Managing Partner at Multicoin Capital Management said in an interview with Bloomberg:

“Regardless of market conditions, staking provides returns denominated in the asset being staked. If you’re going to be long, you might as well stake.”

Paul Veradittakit, a Partner at Menlo Park, said:

“As we see more proof-of-stake protocols emerge, the ability to stake your tokens and earn interest from staking is a great way to make money. An ability to make strong consistent returns.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending