Rehab Centers Add Services for Crypto Trading Addicts

A high-end rehabilitation facility in Spain has lately begun offering treatment for an addiction to cryptocurrency trading, which is a relatively fresh kind of addiction.

The institution, named “The Balance,” is a Switzerland-founded wellness centre, with its main location situated on the Spanish island of Mallorca along with subsidiaries in London and Zurich.

While it has long treated addictions such as alcohol, narcotics and mental health, it just started providing therapies geared towards fighting crypto trading addiction, according to a report from the BBC.

The Feb. 5 article indicated that one of the center’s customers sought out so that he could “wean off crypto” after apparently pouring in $200,000 worth of transactions per week.

The treatment requires a stay of four weeks and consists of various therapies, massages, and yoga sessions. The bill might be upward of $75,000.

In another area of the globe, Castle Craig Hospital — a Scottish-based addiction rehabilitation clinic treating high-adrenaline crypto traders since 2018 — has seen over 100 clients come in with “dangerous” cryptocurrency issues.

Diamond Rehabilitation, a wellness facility situated in Thailand that began operations in 2019, is one of the establishments in Asia that has launched services devoted to the rehabilitation and treatment of bitcoin addiction.

The business claims it addresses recovery via the use of Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT), as part of its comprehensive, multi-stage strategy to assist traders conquer their addiction.

It is claimed that the ecstatic highs and shattering lows of the fast-paced, 24 hours a day, seven days a week arena of cryptocurrency trading have brought about a genuine need for rehabilitation clinics that provide assistance for those who are addicted to trading.

According to an article published by Family Addiction Specialist and based on statistics regarding gambling disorders, it is estimated that approximately one percent of cryptocurrency traders will develop a severe pathological addiction, while ten percent will experience other problems in addition to a loss of financial capital.

According to a Family Addiction Specialist, one of the symptoms of this addiction is a persistent need to check the prices online, especially in the middle of the night.

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Digital Asset Investments Surge to $117 Million

The European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report” on January 30. The report revealed that investments in digital assets experienced a surge in inflows last week, reaching $117 million, the highest amount since July 2022. CoinShares is a European investment firm that specialises in cryptocurrencies.

According to a research by CoinShares, the total assets under management for the sector increased to $28 billion, representing a 43% gain from its lows in November 2022. The rise in the volume of investment products exchanged during the week was obvious, totaling $1.3 billion, which represents a 17% increase in comparison to the average for the first 10 months of the year. During this time, weekly trading volumes on the market for digital assets have increased by an average of 11%.

After Germany, Canada, the United States of America, and Switzerland, which each got $30 million, $26 million, and $23 million correspondingly, the country that had the biggest inflows over the last week was Germany, which accounted for 40% of the total ($46 million). The majority of the inflows, totaling $116 million, were invested in Bitcoin (BTC) products, whilst just $4.4 million was invested in short-Bitcoin products, demonstrating that investors had conflicting opinions about the cryptocurrency.

In addition, the report disclosed that multi-asset investment products had seen withdrawals of funds for the ninth week in a row, with the total amount reaching $6.4 million. This seems to indicate, according to James Butterfill, who is in charge of research at CoinShares, that investors are choosing to put their money into more specialised projects. Altcoins such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) witnessed inflows as a result of this trend. On the other hand, Bitcoin Cash (BCH), Stellar (XLM), and Uniswap (UNI) suffered slight outflows.

In addition, investors shown interest in blockchain equities, contributing a total of $2.4 million in new capital. On the other hand, a more in-depth investigation finds that opinions continue to vary depending on the supplier.

The market for digital assets as a whole saw substantial growth over the course of the last week, with investment products witnessing record inflows and better volumes.

The overall trend indicates that investors are becoming more choosy in their investments, with mixed feelings concerning blockchain stocks, despite the fact that this attitude is consistent with the trend.

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Litecoin Enters Top 20, Soared Over 28% in The Last 7 Days, Here Is Why

According to CoinMarketCap, Litecoin’s price shows an impressive bullish trend, which is worth analyzing.  The token price has risen by 28.05% in the past seven days and has subsequently entered the top 20, as per the price-tracking website for crypto assets.

At the time of writing, the price of Litecoin (LTC) was $68.65, with a 24-hour trading volume of $1,400,844,453. The token has been down 1.59% over the last 24 hours. The cryptocurrency is ranked #19, with a live market cap of $4,912,922,846, according to CoinMarketCap.

On October 21, Litecoin was worth $51.18 per coin. Like many cryptocurrencies, the coin has been affected by the overall crypto market downturn and is down 74% in the past year and 65% year to date. In comparison, Bitcoin is down about 69% over the past year and 59% year to date.

Litecoin opened in 2022 at $150.80, and today it is down by 54.39%. At the time of writing, the LTC price is $68.65, up 0.76% from the previous trading day.

On November 1, the price of Litecoin jumped nearly 8% after the payments company MoneyGram enabled users to trade and store several crypto assets, including Litecoin, on its app.

Besides Litecoin, Moneygram also allows users to trade and store Bitcoin and Ethereum. However, with Litecoin having a much smaller market cap and much less of a following, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.

Moneygram announced that users in almost all US states and the District of Columbia can purchase, sell and hold Litecoin and other cryptocurrencies. As a result, Litecoin has recently disassociated itself from altcoins and posted a massive rally against Bitcoin.

The price of Litecoin is rallying after temporary decoupling from the crypto market. The token has experienced an increase in the number of addresses holding 1,000 or more LTCs. Litecoin has added 314 new whale addresses; these wallets hold large volumes of LTC and contribute to a huge increase in on-chain activity.

The recent activity in Litecoin price comes after months of consolidation at the $55 level. Litecoin value is now past the key resistance level at $60, which has served as a barrier to a breakout on several occasions.

Besides the price boost, a few days ago, Litecoin mining difficulty set a new record high, peaking at just under 18 million hashes. Blockchian.News reported the matter on November 6. The rise in Litecoin’s mining difficulty means the competition rises as more miners enter the crypto network to reap the rewards.

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Fantom Price Surges 20% amid Andre Cronje’s Unexpected Comeback

Fantom (FTM) price has seen a bullish trend, which is worth analyzing. At the time of writing, Fantom’s price was trading at $0.261536 with a 24-hour trading volume of $407,044,934, as per CoinMarketCap. Data shows that the token was up 20.28% in the last 24 hours and ranked #67, with a live market cap of $665,610,896.

Based on the below chart analysis, Fantom crossed the $3 threshold twice in 2021 while trading at $0.2-$0.4 at the beginning of the year.

During that year, FTM recorded a 10x growth, setting two all-time highs at almost the same level in a span of 12 months. The first highs were witnessed at the time of the overall market growth in February and May. The second highs were seen in September 2021 and January 2022, when Fantom was worth $3.16 and $3.3, respectively, when the crypto market recorded its peak growth.

Numerous developments contributed to the growth of Fantom’s value throughout 2021. In May last year, the Fantom Foundation supported a few native projects, such as SpiritSwap and SpookySwap, as part of the Fantom ecosystem.

Furthermore, several protocols, like Geist Finance, Scream, Reaper Farm, RoboVault, and others, appeared within the Fantom ecosystem during that year. Also, Fantom blockchain started partnering with multiple projects from different fields, such as Coti (Payment), Suterusu (Privacy), V-ID (Identity), Travala (Travel), and others.

Fantom’s price evolved and achieved its latest all-time high point in 2021; so far, the record has never been surpassed.

As it can be seen in the chart, since the early part of this year, the token experienced some significant challenges, which pointed to why it cooled its steam. On 10 March, Fantom announced the departure of one of its key developers, Andre Cronje, from the project as of the end of March 2022. Blockchain.News further reported the matter. As a result, the update caused the price of FTM to drop by over 20% over 24 hours and trade low.

Besides that, Fantom prices also have been trading low this year due to the wider crypto winter that started seriously at the end of April.

But for the last 30 days, Fantom’s price went up by 19.49%, 21.25% surged for the last seven days, and 24% up over the last 24 hours. Market report associates the latest bullishness with rumours that DeFi trailblazer Andre Cronje is returning to the industry. The total volume of assets locked in Fantom also rose 3.10% in the last 24 hours to $517.22 million, thus reacting positively to the speculation.

Rumours about Cronje’s return started last week when he published a medium post talking about various matters that led to the recent market downturn. The DeFi developer also used that opportunity to call for more regulatory reforms within the sector.

However, the crypto community members were divided based on the post, with some arguing that the publishing was not from Cronje. But early yesterday, Cronje updated his LinkedIn profile to read that he is the Vice President of Memes at the Fantom Foundation, and stated he started the position this month. He also shared a tweet via his verified Twitter account that showed he was back in the industry. All these confirm the speculation that Cronje has finally returned.

Cronje is widely regarded as the father of DeFi for his various contributions to the space. He is credited with developing several projects such as Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2, and many more. He was Chairman of the Fantom Foundation and served as the project’s technical advisor.

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Polygon MATIC Price Surges to $0.951, Driven by Major Institutional Network Adoptions

Polygon (Matic) has been one of the major gainers for the last 24 hours in the cryptocurrency trading sector, according to CoinMarketCap. Polygon has risen its value by 4.33% in the past 7 days. The price increased by 11.44% in the last 24 hours.

At the time of writing, Polygon’s price was $0.951668 with a 24-hour trading volume of $1,147,593,937; and ranked #11, with a live market cap of $8,312,170,483.   

With Matic topping $0.951668, it emerged as the best-performing asset among the top-ranking cryptocurrencies on November 3, as per CoinMarketCap’s price-tracking website for crypto assets.

Indeed, the crypto market has enjoyed a bit of relief across all assets, which explains why Polygon (MATIC) is showing some short-term price momentum. However, MATIC’s network growth has significantly contributed to the latest decent uptick.

Courtesy: TradingView

On November 2, Instagram parent company Meta announced plans to introduce a number of a nonfungible token (NFT)-related tools that will enable creators to mint, show and sell NFTs. The tech firm tapped the Polygon blockchain as an initial partner for functionality that would allow its creators to make digital collectables and sell them on and off Instagram.

Banking giant JP Morgan also announced on November 2 that it successfully executed its first-ever cross-border transaction using decentralized finance (DeFi) on the layer-2 network Polygon blockchain. JPMorgan said it used Polygon to conduct its first live trade (worth around $71,000) on the blockchain technology, marking a crucial step toward integrating crypto assets into traditional financial frameworks.

After the above announcements, MATIC rose its value by over 13% to $0.985, accompanied by a surge in its daily trading volume.

In the last few months, multiple household names chose Polygon blockchain as their preferred partner to get their foot into Web3. Top-tier brands such as Coca-Cola, Reddit, DraftKings, Bentley Motors, Quadrata, NFTically, and Starbucks launched their NFTs on the Polygon network.

Despite Polygon seeing a considerable uptick in its value prompted by its network growth, it is still early days for the token to maintain its momentum at its $0.90 level. Macro risks threatening the ongoing crypto market recovery may hurt its bullishness and trigger its downsides.

Polygon cryptocurrency is expected to see slow yet steady growth that would maintain its average trading price of around $ 0.889911 and even climb to a maximum level of $1.15 throughout part of this year.

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Bitcoin Holds Steady at $20,000 Level as The Fed Hikes Rates as Expected

The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by 75 basis points to a range of 3.75% to 4%, a move that market participants, including cryptocurrency traders, highly expected.

It is the fourth consecutive rate hike introduced by the Fed this year, designed to cool the economy and fight record inflation.

Bitcoin reacted with an immediate 3% upside swing, climbing at $20,700 on the 18:00 (UTC) candle. But the crypto lost 0.60% of its gains after Federal Reserve Chairman Jerome Powell sent up mixed messages in the press conference.

The Fed stated that it was considering slowing down interest-rate increases. The announcement prompted Bitcoin to initially rally up to almost $20,800 after the central bank said it “will take into account the cumulative tightening” and “the lags with which monetary policy affects economic activity and inflation” when it next decides rates.

But Bitcoin reversed its course when Powell said a more mixed message on the Fed’s plans: “We still have some ways to go,” and further, the Fed’s chair said, “incoming data … suggests that the ultimate level of interest rates will be higher than previously expected.”

Bitcoin fell below the $20,200 level based on the comment on Wednesday afternoon after nearly hitting $20,800 before the Fed Rate hike. The world’s largest cryptocurrency is still up from roughly $19,300 last Monday. Meanwhile, Ethereum is below $1,520 after it dropped from $1,634 over the weekend. ETH is still well above its $1,340 level at the beginning of last week.

Cryptocurrencies exhibited the same price movement witnessed in the stock market. The Dow Jones Industrial Average and S&P 500 dropped 1.5% and 2.4% Wednesday, respectively. And this reminded crypto traders that the correlation to equities still remains intact as the central bank is the one pulling the strings. The current environment of high inflation and rising interest rates has dampened demand for risky assets.

The flagship cryptocurrency looks vulnerable to falling its value below the $20,000 level and moving back into the $19,000 to $20,000 range, where it has been trading for most of the past two months.

Edward Moya, an analyst at broker Oanda, commented on the market development: “The initial Fed reaction was rather strong for most risky assets, but it was not sustained as the central bank will remain dependent on the next round of inflation data.”

Michael Safai, a partner at trading firm Dexterity Capital, also said: “The devil was not in the data but in the language. All eyes will turn towards next week’s CPI reaU.S. [of U.S. inflation]. If the data isn’t as hopeful as the Fed’s ambitions, crypto investors could pull back once more.”

U.S.e next U.S. Fed Reserve FOMC Meeting is scheduled for December 14-15, when market participants will gauge whether Powell intends to slow down with the pace of rate increases.

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HUSD Stablecoin Drops 56% From Dollar Peg Following Huobi Delisting

Fresh data according to CoinMarketCap shows that HUSD stablecoin has fallen massively from its $1 peg, dropping to a low of $0.32 following delisting from crypto exchange Huobi on Friday last week.

At the time of writing, HUSD price is trading at $0.323073 USD with a 24-hour trading volume of $1,424,702 USD. HUSD stablecoin is down 56.59% in the last 24 hours, ranked #292, with a live market cap of $71,913,967 USD, according to CoinMarketCap.

The once-popular stablecoin was trading below the peg since October 28 and maintained its value around $0.76 over the weekend. On Monday, October 31, morning at 4 a.m., the stablecoin sharply plummeted to a low of $0.28 before bouncing slightly.

Huobi delisted HUSD on Friday, October 28 and subsequently converted users’ assets to the stablecoin Tether (USDT), according to an announcement passed across by the exchange on Thursday, October 27.  Huobi stated that users can still exchange HUSD tokens for tether (USDT), the industry’s largest stablecoin by market cap.

It is unclear why Huobi decided to abandon its preferred stablecoin, but it appears that the exchange is simply not prioritizing the stablecoin anymore. According to an update on Thursday, Huobi detailed that it is “delisting HUSD in compliance with Article 11 of Huobi Global Token Management Rules.”

The termination and delisting period began on Friday amid the delisting period running up until Friday, November 4, 2022. Huobi’s customers will see their HUSD auto-converted into tether (USDT) at a 1:1 ratio, the trading platform said.

Huobi is not the issuer of HUSD stablecoin but has been active in marketing the token since its launch in 2018. HUSD was first introduced by Huobi on October 19, 2018, though the Hong Kong-based firm Stable Universal has been in charge of the issuance and management of the stablecoin.

The HUSD delisting and auto-conversions to USDT follow Binance’s move to auto-convert three different stablecoins into BUSD.

In early September, Binance announced that its users would undergo a conversion of balances in three stablecoins USDC, USDP, TUSD into its own BUSD coin. The exchange said the move was designed to improve liquidity and capital efficiency for users.

Auto-conversion started on September 29, and now users’ balances are automatically converted into BUSD. The action effectively removed the USDC stablecoin, which is the second largest stablecoin with a market capitalization of $43.9 billion (against the $69.10 billion of the first USDT) from the tradable assets on Binance’s platform. Wazirx also opted for auto-conversion of its users’ stablecoin assets into BUSD.

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Dogecoin Becomes The 8th Largest Cryptocurrency, Overtaking Cardano

According to CoinMarketCap, Dogecoin has replaced Cardano as the eighth-largest cryptocurrency by market capitalization. On Saturday evening, Dogecoin quickly jumped ahead of Cardono to claim the eighth spot.

The price of Doge has risen by 131.23% in the past 7 days. At the time of writing, the Dogecoin price stood at $0.1344, 50.34% up in the last 24 hours, with a 24-hour trading volume of $15,024,853,397 USD.

Doge is currently ranked #8, with a live market cap of $17,968,371,819 USD – ahead of now ninth-placed Cardano and tenth-placed Solana with $14.4 billion and $11.9 billion respectively.

The meme token rallied on Monday when rumors emerged that Elon Musk, CEO of Tesla Motors, was about to buy Twitter’s social media platform. Doge’s bullishness remained throughout the week anchored by two crucial factors.

Dogecoin price surged by 14.52% on Wednesday, bringing the 24-hour rise to 21.22%, with the coin trading at $0.072. The crypto market cap rising and crossing above the $1 trillion mark has been a factor that contributed to DOGE’s rise this week.

Besides that, Doge’s uptick was immensely contributed by Elon Musk’s advancement to seal the Twitter acquisition deal. The billionaire made a presence at the Twitter HQ on Wednesday and eventually closed the deal on Friday, October 28, bringing the six-month-long ordeal to an end. Blockchain.News reported the matter.

Dogecoin is doing pretty well in the market because of the impact that it might integrate on the Twitter platform. In the past, Musk suggested using DOGE to limit spam and bots on Twitter and charge users for their tweets.

Billionaire Elon Musk has been a huge advocate of Dogecoin. In January, Tesla began accepting the Dogecoin cryptocurrency for its merchandise such as the “Giga Texas” belt buckle and mini models of electric vehicles.

Being that Elon Musk is now at the helm of Twitter, social media is likely to make a similar move that is set to see Dogecoins’ prices explode due to its mass adoption.

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Binance Confirms Equity Investment in Musk’s Acquisition, Dogecoin Stimulated over the Deal

Dogecoin has been trading up 35% since Monday following the news about Elon Musk has completed the deal to acquire Twitter’s social media giant. Doge soared its price by 10% up after the Tesla chief executive changed his Twitter bio to read “Chief of Twit” on Wednesday.

After a month of long battle between Musk and Twitter over the sale, Musk closed the deal on Friday. According to the CNBC report, Tesla CEO Elon Musk is now in charge of the social media and online news platform Twitter in a $44 billion deal. 

Musk also decided to lay off the major executives, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter’s CEO Parag Agarwal and Chief Financial Officer Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be returning.”

Musk expressed his excitement about closing Twitter’s deal on Thursday – he disclosed the reason for acquiring the social networking platform in a tweet: “Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Faber expects more changes are likely within Twitter as he believes that Musk will lay off some of the company’s employees, as that number could be up to “three-quarters of the staff.”

Meanwhile, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal, Bloomberg reported.

“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.

The report citing a Binance spokesperson, said Friday “our initial commitment remains the same”, and flagged the possibility of growing the partnership.

In May, Binance said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3. After one month, the crypto exchange has announced to raise $500 million crypto funds to enhance blockchain & Web3 adoption.

Crypto market is also stimulate by Musk’s deal. Dogecoin has been in a steady decline for several months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly turned up, recovering 25% on the week and surging 16% on Wednesday.  The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down by 2.64% and now trading at $0.0745, according to CoinMarketCap.

Source: TradingView

Doge’s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.

Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

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Binance Confirms Equity Investment in Musk’s Acquisition, Dogecoin Stimulated over the Deal

Dogecoin has been trading up 35% since Monday following the news about Elon Musk has completed the deal to acquire Twitter’s social media giant. Doge soared its price by 10% up after the Tesla chief executive changed his Twitter bio to read “Chief of Twit” on Wednesday.

According to the CNBC report, Tesla CEO Elon Musk is now in charge of the social media and online news platform Twitter in a $44 billion deal. 

After a month of long battle between Musk and Twitter over the sale, Musk closed the deal on Friday. 

Musk also decided to lay off the major executives, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter’s CEO Parag Agarwal and Chief Financial Officer Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be returning.”

Musk expressed his excitement about closing Twitter’s deal on Thursday – he disclosed the reason for acquiring the social networking platform in a tweet: “Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Faber expects more changes are likely within Twitter as he believes that Musk will lay off some of the company’s employees, as that number could be up to “three-quarters of the staff.”

Meanwhile, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal, Bloomberg reported.

“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.

The report citing a Binance spokesperson, said Friday “our initial commitment remains the same”, and flagged the possibility of growing the partnership.

In May, Binance said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3. After one month, the crypto exchange has announced to raise $500 million crypto funds to enhance blockchain & Web3 adoption.

Crypto market is also stimulate by Musk’s deal. Dogecoin has been in a steady decline for several months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly turned up, recovering 25% on the week and surging 16% on Wednesday.  The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down by 2.64% and now trading at $0.0745, according to CoinMarketCap.

Source: TradingView

Doge’s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.

Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

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Bitcoin (BTC) $ 27,253.30 1.67%
Ethereum (ETH) $ 1,875.24 1.40%
Litecoin (LTC) $ 90.65 1.81%
Bitcoin Cash (BCH) $ 113.30 0.70%