Investors always wish to take advantage of the volatility in the market by trading stocks to make a multi-fold profit. But they often forget that the market and mind are intertwined. The mood changes whenever the market experiences fluctuations. Therefore a single move in an anxious or exciting mental status could entirely change the outcome. It could reduce the chances of making a high profit or destroy the investment altogether. People who make these mistakes by selling their stocks in a rush, afraid of losing their funds are called paper hands. Lockyourcrypto.com is here to guide you toward monetary success by controlling your 'paper hands.'
No crypto analysts could've guesstimated what happened in the crypto market over the past week. After the subsequent collapse of crypto-friendly banks SVB, Silvergate, and Signature, the crypto market fell upside down in a matter of a few days. But after this terrible fall, crypto spring begins in the market.
Bitcoin, the top cryptocurrency in the market, reached its nine-month high value after slumping below $20K a few days ago. On 14th February BTC's price breached the $25K mark to reach 26,000 dollars for a brief period of time. Though the price came down to trade between $24K-$25K on Wednesday, the sudden surge in the market encouraged crypto investors.
The second-largest cryptocurrency in the market, Ethereum also experienced the same upbeat. It breached the $1,600 mark and was trading at above $1,700 on Tuesday. Although Bitcoin's price fell below the $25K mark, Ethereum still continues to trade above $1,700, at the time of writing.
This bullish trend in the market was propelled by the two important indexes that were released on Tuesday. Although the US government announced that it would help depositors of insolvent banks to get their money, it was the FRA-OIS index that helped the market recover. Forward Rate Agreement -Overnight Swap Rate index is an important measurement used in the banking sector to evaluate the difficulties in the interbank lending market that could lead to liquidity risk and insolvency crisis. The recently released FRA-OIS spread surged to 54.00, the highest since March 2020. It gave hope that the US Fed could pause the rate hike cycle which led to the dip in the crypto market.
Another piece of data from the Bureau of labour statistics brought good news to the US economy. According to the press release, the US Consumer Price Index increased 6% year on year in February. It will help the Federal Reserve to lower the interest rates which has been focusing on tackling inflation by rising interest rates that fueled the insolvency crisis in major banks. The new data also triggered 300 million dollars of liquidation in the cryptocurrency market.
Both these indexes have helped Bitcoin and Ethereum to gain 12.5% and 9.9% respectively in the past 24 hours.
Is your crypto investment in safe hands? It is the first question that arises every time the market enjoys a bullish trend, multiplying the values of your investments in multifold.
When the crypto market faces extreme fluctuations like the one it's been experiencing for the past two weeks, investors tend to sell and buy their currencies. Hackers use these times to steal currencies by taking advantage of the anxiety prevailing over the market.
Lockyourcrypto.com provides a safe vault to keep cryptocurrencies away from such hackers. The users can deposit their currencies and choose the length of time for them to be locked up. During this time period, the platform will not allow any transform or withdrawals using the deposited funds except in case of extreme emergency. The users will receive a certificate verifying the amount deposited and the length of time. The platform employs high-level encryption to ensure the safety, security, and privacy of the users' data and funds. As the platform does not allow users to handle the deposited fund within the lock-up period, it limits their paper hands.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.