Protecting your crypto assets is a vital aspect of staying alive within the market for traders. The growth of the cryptocurrency market has also, unfortunately, prompted the growth of cybercriminals infiltrating crypto spaces and leaving investors nursing extensive damages. For people who hold valuable coins like Bitcoin (BTC) or Cardano (ADA), being protected against such malicious attacks is critical. Fortunately, LockYourCrypto is a new platform that works as an excellent bulwark against hackers by providing you with a fortified digital vault to keep your investments safe.
The growth of cryptocurrency has caught the interest of the wider financial community, with banks, financial institutions, and even some developing economies showing interest in the activities of the crypto market. It's become a lucrative landscape that can transform someone's fortunes. Unfortunately, such a market will also draw hostile and malicious actors to it. With cryptocurrency being rooted in the digital world, it means it's often susceptible to cybercriminals.
To illustrate this, a report published by the United Nations revealed that in 2022 an alarming $3.8bn was stolen from crypto-related businesses. Quite tellingly, North Korea was responsible for $1.7 billion of it. As crypto transactions are recorded on blockchains that are circulated in the public ledger, it leaves investors out in the open and particularly vulnerable to experienced or skilled hackers who can obtain access to critical data belonging to the investors.
Lockyourcrypto.com counters this by providing a platform that inoculates crypto holders from such a risk by providing a secure online vault to stash valuable crypto assets. So if you have a BTC or ADA token that you need to put away for a period of time, LockYourCrypto allows you to do so. It sends you a certificate to verify your details and then seals away your crypto funds for a period until you are ready to withdraw them.
Bitcoin had been struggling to prevent a price fall as the Silvergate Capital implosion prompted widespread downturns in prices for major crypto coins, and Bitcoin was among those that bled the most. Yet, a beacon of hope for recovery was lit in the misfortunes of another bank as Silicon Bank Valley announced a share sale to stabilize its balance sheets. This prompted a capital flight as SVB customers withdrew funds, with the total deposit call amounting to $42 billion.
Bitcoin's price rallied as it overturned a price slump to climb up to $22,500 and a market cap of over $427 billion.
Like many of the largest cryptos, Cardano's price was hit by the bearish market and, to some extent, the fallout of the Silvergate crisis. But the ADA coin has displayed green health as its price begins to pick up once more with signs of a promising recovery. It's been regularly tipped as one of the most promising cryptos to buy in 2023, admired for both its scalability and sustainability. Right now, it sits seventh in the CoinMarketCap rankings with a market capitalization of over $11bn. Its price continues to make impressive gains as it slowly stabilizes itself.
If you would like to protect your crypto assets from hackers, then give LockYourCrypto's website a visit and see what it can offer you!
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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.