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The crypto market has never been a stranger to inconsistencies and sudden changes, and this week has been no different. In this article, we'll look at how the crypto market is possibly on the verge of entering a new bullish run as major cryptos like Bitcoin (BTC) and Ethereum (ETH) rally strongly after weeks of sinking prices. Can they sustain these strong rallies and continue trading with positive price swings? These are the questions to ponder. We'll also have a look at a new crypto vault called Lockyourcrypto.com, which offers protection for your cryptos.
The crypto market has recently faced a price slump due to a variety of factors, including the collapse of crypto banks in the U.S., such as Silvergate and Signature. It started with Silvergate, which had been struggling since the FTX crash, and customers withdrew over $8.1bn while more than 60% of deposits were withdrawn in just one quarter. The crypto market was then compounded by the crisis of Signature Bank. These banking collapses had negative effects on the prices of major cryptos like Bitcoin.
But the BTC token has rallied this week and has now blown through key price levels prompting fresh indications of a new bull market emerging. Bitcoin has risen over 6% and is now trading near $26,700, with an astonishing price upswing of over 35% across the previous seven days. Given that Bitcoin briefly dropped below $20,000 earlier in March, this is an impressive recovery, with the BTC token now looking to break past $28,000.
Ethereum (ETH), the second-largest cryptocurrency in the market, has also rallied strongly this week as it looks to sustain itself for a bullish run. Right now, it is trading at around $1,756 on the market and has enjoyed an increase in its value of around 27% across the past seven days.
This comes as Ethereum's developers announced a date for its highly anticipated Shanghai upgrade, which would allow ETH traders to access their staked tokens. The 12th of April has been set for when the crucial upgrade will take place. The key function it holds is to allow validator staking withdrawals on the main network, something that was not a part of Ethereum's transition to proof-of-stake (PoS) consensus following the Merge upgrade last September.
An unfortunate reality of trading in the crypto market is the threats posed by cybercriminals. A report in 2022 published by the United Nations revealed that crypto-related businesses had lost $3.8bn due to cybercriminal activity, underlining the challenges that crypto investors have to confront in trading.
Lockyourcrypto.com is a timely response to this growing problem. It allows traders to deposit their funds in its vault and determine how long the crypto assets will stay there. There are three steps to this, first, depositors select the vault. Then they choose the amount of time they wish to keep their funds there, with the options being six months, twelve months, and a custom period. Once this is done, they have to enter the amount of crypto they wish to lock away. Depositors are then sent a certificate to verify that the crypto assets have been sealed away, with the certificate serving as proof of ownership.
It's a simple process yet one that is sorely needed to protect investors from cyber criminals and allow them to continue trading in cryptocurrency without fear of theft.
Website – 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.
