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The cryptocurrency market suffered a huge loss in value in 2022 which was undoubtedly a terrible year for cryptocurrencies, perhaps even an understatement. The FTX crash in November last year plummeted the prices of cryptocurrencies across the board and its effects are still felt in the industry which has prompted governments around the world to draft legislation to regulate crypto.
The FTX controversy has left a cloud of uncertainty causing the industry to trade in an alarmingly volatile state. What was once an industry with a global market capitalization of $2.86 trillion in 2021, now stands at $931.71 billion, a decrease of 6.58% from the previous day. The latest crumble comes as Silvergate Capital, a high profile US-based crypto-friendly bank announced its closure after failing to recover from the FTX crash.
Despite the woes, however, many believe that 2023 will be successful and cryptocurrencies are on the road to recovery. Given their features of being fast and secure, cryptocurrencies have made the process of transferring money across borders a lot easier. But regardless that the cryptocurrency market is open 24/7, guessing the right timing means a lot and for new crypto investors it is a far more complicated environment to understand.
Lockyourcrypto.com offers holders of Bitcoin (BTC) and Ethereum (ETH) as well as new investors a haven to store, secure, and control their assets for a period of time.
Lockyourcrypto.com is a platform to store and transfer cryptocurrencies in a more secure and reliable way. The sole purpose of the platform is to give new crypto users control of their assets with the opportunity to lock up their funds for a period of time to eliminate the chances of buying and selling too early or too late.
Lockyourcrypto.com employs industry-standard security measures, including high-level encryption, and secure storage practices, assuring crypto holders that their data and funds will remain secure for the duration of the chosen period.
The platform offers a simple process, which can be completed within just a few clicks, and Lockyourcrypto.com will not allow any withdrawals or transfers before the confirmed holding period has lapsed, except in cases of extreme emergency.
Bitcoin (BTC) is having its worst week since November 2022 as its price crashed below the $20,000 mark to trade at $19,918.07 after declining by roughly 8% overnight and a weekly downward movement of 11.06%.
The industry's oldest and most powerful currency has been in an extremely volatile state since the beginning of March as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.
Bitcoin has seen its 24-hour trading volume spike by over 73% to $37.5 billion as its market capitalization, at the time of writing, had dropped by 8.03% to $384 billion.
Ethereum (ETH), the industry's second most powerful cryptocurrency, fell sharply below the $1500 mark for the first time since January this year as its price slumped overnight by 8.24% to trade at $1,408.78 continuing its weekly downward decline of 10.27%.
Ethereum's price crash and the persistent downward trend are the aftermaths of Bitcoin's downward movement as analysts now suggest that a failure to close below a key level could result in Ethereum's price to dip below $1350.
The price slump comes after the Chair of Commodities Futures Trading Commission, Rostin Benham, recently called Ethereum a commodity in front of US senators and SEC Chair Garry Gensler tightens the screws around cryptocurrencies, terming them 'unregistered securities'.
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.
