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This week has seen a few of the leading cryptos trading in the green but with little signs of being able to sustain a bullish run. The aftermath of multiple banking collapses has left investors tentatively trading within the crypto market, as reflected in the unpredictable price swings of multiple tokens.
Yet Bitcoin (BTC) and Cosmos (ATOM) stand firm in how they have defied negative pressures and continued trading in the green. This week's volatility of the crypto market has underlined why many feel uncertain within the crypto industry. In such times, the need to protect your crypto assets is imperative. A new digital vault, LockYourCrypto.com, may have the answers people trading in cryptocurrency seek.
The crypto market has been in a scramble for stability following the recent Silvergate Capital crash. The crypto bank failed after the FTX crash strained customers' confidence, with a withdrawal of $8.1bn in deposits and losing more than 60% of its deposits in just one quarter. The loss of confidence prompted Silvergate's demise and sparked a downtrend in the prices of multiple cryptos.
The BTC token saw its price pounded by the Silvergate crash as it was trading near $19,500. Yet the Silicon Valley Bank crisis has seemingly changed its fortunes. The SVB ran into a crisis when it announced it would hold a share sale to stabilise its financial sheets. This triggered a bank run as SVB customers lost confidence and withdrew billions in deposits.
This initially caused an issue in prices for stablecoins. Still, as the U.S. federal government stepped in to guarantee all deposits for SVB and Signature depositors, this sparked a rally in the prices for major cryptos like Bitcoin.
In the hours after the SVB crash, the BTC token has been trading over $24,000 with an upward price change of around 15% across the previous seven days. This has highlighted the confidence BTC traders have in Bitcoin's resilience.
Cosmos (ATOM) has held on by 18.29% across the past week as other cryptocurrencies surrendered their weekly gains and slipped back into a bearish mode. It has mostly recorded impressive price rallies this week and scored notable improvements on the 10th and 11th of March, with it now trading around $12.60.
While other cryptos have fallen to the bears, ATOM has stayed strong and could embark on a bullish run. It has an ecosystem that many believe has influenced its positive price surge. It has made many upgrades to its system, including upgrading to V9 (Lambda Upgrade), which would function as a replicated security on Cosmos Hub. The Lambda hub is igniting bullish confidence within the Cosmos community and might contribute to ATOM rallying strongly this week.
In 2022, the United Nations published a report detailing how the crypto industry suffered $3.8bn in losses to cyber criminals. It underlines the challenges that are posed to crypto investors in trading.
LockYourCrypto.com is a solution to this. You can safely deposit your funds in its digital vault and determine how long they will stay there. Depositors are sent a certificate to confirm details so that the deposit can be verified.
There are three steps: first, you select the vault. Then you choose the period with LockYourCrypto.com, offering options for six months, 12 months, and a custom period. After you do this, enter the amount of crypto you want to lock away and confirm the process. Then once this is done, you will receive the certificate to verify that your crypto assets have been locked away for a specified amount of time. The certificate is yours to keep as proof of ownership. It's a simple yet effective way of staying safe within the crypto market.
LockYourCrypto – https://lockyourcrypto.com/
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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.
