Cryptocurrency

NewsCrypto Launches New Trading Simulator 2.0 Tool

Published

1 Monat ago

November 15, 2020

Like the vast majority of tools and features on NewsCrypto, the Trading Simulator is provided free of charge to all registered users. 

This year, the vast majority of cryptocurrencies have exploded in value, and many are now at or close to their highest value in 2020 so far. As a result, there has been a surge in interest in the market, and a large number of cryptocurrency traders are pulling in impressive returns.

But it isn’t without its risks. Cryptocurrency trading can be a double-edged sword, where the knowledgeable and experienced tend to fare far better than those that jump into the market full of hope but lacking in practice. Instead, these hopeful newbies more often than not end up suffering losses as a result of poor trading strategy.

This is an issue NewsCrypto looks to solve with its newly released Crypto Simulator 2.0 tool – a demo trading platform that allows traders to test out their trading strategies without incurring any risk.

Learn to Trade without Risks

Though cryptocurrency trading can be a lucrative endeavor, a large proportion of traders jump into the market with little to no experience. As a result, the majority of cryptocurrency traders end up losing money in their first trades, rather than gaining it when venturing into the market.

Up until recently, the only way to learn how to trade cryptocurrencies was to study market theory, chart patterns, technical analysis, and trading strategy, before diving into live markets and risking money to put this knowledge to the test. While this is more effective than simply jumping in unprepared, it is far from optimal, since hands-on experience and direct exposure to markets is needed to truly get a grip on the nature of complicated cryptocurrency markets.

To help bridge this divide, NewsCrypto launched its Trading Simulator tool earlier this year, allowing users to get hands-on experience trading cryptocurrency markets with zero risks, by using play money to open trades using live exchange data. Now, NewsCrypto has launched an updated version of the tool, known as Trading Simulator 2.0 – allowing users to easily feel their way around a wide variety of crypto markets and trade them just like when using a real exchange.

The Trading Simulator platform – which was sponsored by the cryptocurrency exchange KuCoin, aims to give budding cryptocurrency traders the best shot at profitable trading, by ensuring they know their way around an order book and cryptocurrency market before they risk any real funds.

This week’s activities at NewsCrypto:

• NWC partnered with KuCoin and released Trading Simulator 2.0

• $NWC App insights
• Trading competition launched
• AMA with the Team
• $WAVES Trade Setup
• CBDCs report
• Weekly Crypto overview

Full report:https://t.co/8ptiVckc4C pic.twitter.com/p0bOvbk9Qb

— Newscrypto.io (@NwcPublic) November 8, 2020

When combined with NewsCrypto’s wide array of other resources, including its trading education platform NewsCrypto School, and the numerous technical indicator and market insights tools it offers, the platform provides a simple place for beginner traders to build the confidence and experience necessary to succeed in cryptocurrency trading.

For more experienced traders, Trading Simulator 2.0 represents a simple way to test new and/or experimental strategies, without incurring any risk while doing so.

Using the Trading Simulator

Like the vast majority of tools and features on NewsCrypto, the Trading Simulator is provided free of charge to all registered users. 

Once logged in, the Trading Simulator feature will be visible under the beginner’s section of the lefthand tools menu. Upon opening the Simulator, you will be able to select from a wide range of supported trading pairs on the right. This includes more than two dozen of the most popular cryptocurrency trading pairs with live data sourced directly from KuCoin.

On the left of the Trading Simulator, you will find the order panel. This can be used to set a variety of simulated order types, including limit, market, and stop orders using demo funds. Once these orders are placed, they will be matched against demo order books populated based on live data taken from KuCoin. 

Once placed, orders will become visible in the ‘History’ section of the dashboard, where you are able to check the execution price of each order. Limit orders, on the other hand, will show in the ‘Trades’ section, and stop orders will show in the ‘STOP’ section before they are executed.

Since you start with a demo balance of $10,000, you can easily check your trading performance by looking at your equity. If you’re net negative, your equity will be lower than this starting value, whereas if you’re net positive, it will be higher. Once you are able to consistently bring your demo equity to above its starting level, you can be confident that you will fare similarly well on live markets.

If you run out of demo balance, you will be able to recharge it using NewsCrypto Coin (NWC) tokens to buy credits. These credit packages start from just 1,000 NWC – currently around $2, giving you 200 credits worth of demo funds to play with. 

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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Cryptocurrency

Hackers Exploit DeFi Project Cover Protocol, COVER Token Price Tanks 90%

Published

57 Minuten ago

Dezember 29, 2020

In one of the biggest attacks in the DeFi space, hackers exploited the DeFi project Cover Protocol by liquidating nearly 12K COVER coins and injecting an additional supply of 40 quintillion Cover “coins”.

DeFi project COVER staking protocol has recently been the victim of a suspected attack while artificially inflating the COVER token supply. The hackers have reported exploited the Cover protocol with millions of stolen cover tokens amounting to a massive $2 trillion.

Allegedly, the hackers infused an additional supply of over 40 quintillion Cover “coins”. This resulted in the COVER coin price crashing nearly 90%. On Monday, December 28, the COVER token price crashed all the way from $735 to $53, as per the data on CoinGecko.

The hacker – may be an individual or a small group – has taken responsibility for the attack. In a dramatic, the suspected attacker also returned the funds saying “Next time, take care of your own shit”.

Ethereum wallet explorer Nansen also presented some key details of the event. Soon after inflating the token supply in the initial exploit, the attacker liquidated nearly 12K COVER coins on decentralized exchange aggregator 1inch. In a message on the Discord Group, the Cover Protocol noted:

“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”

The Cover Protocol team said that the issue has only affected the token supply. However, the funds in the “claim/noclaim” pools are still safe.

Exploring a New Cover Protocol Token

Soon after the attack on Monday, Cover Protocol also announced that it is exploring a new Cover token after a snapshot of the LP token holders. In a message on its Twitter handle, the Cover Protocol team noted.

Hello everyone, we are exploring providing a NEW $COVER token through a snapshot before the minting exploit was abused. The 4350 ETH that has been returned by the attacker will also be handled through a snapshot to the LP token holders.We are still investigating. Do NOT buy COVER

— Cover Protocol (@CoverProtocol) December 28, 2020

Interestingly, soon after getting the alert message, all developers from Yearn Ecosystem came to support the Cover team. The team noted that they “are working with multiple teams and individuals within the Yearn Ecosystem. We will provide updates as they come. We can not thank everyone enough for their help in this unfortunate situation.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Cryptocurrency

Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week

Published

2 Stunden ago

Dezember 29, 2020

Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.

Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.

Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.

Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.

While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700 for the first time since May 2018.

Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)

Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.

Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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Cryptocurrency

XRP Crashes Below $0.25 as Coinbase Announces XRP Trading Suspension

Published

9 Stunden ago

Dezember 29, 2020

Some of the popular crypto exchanges have announced XRP trading suspension following the SEC lawsuit. This is seriously going to hurt XRP investors’ interest over a long period of time.

XRP investors have met with an unfortunate fate. It has been a rocky ride for XRP investors as the cryptocurrency has been heading south after the SEC lawsuit. From its monthly high of $0.66 on December 1st, XRP has reduced to only 1/3rd of the price. At press time, XRP is trading 20% trading at $0.22 with a market cap of $10.3 billion. The latest price crash comes amid crypto exchange Coinbase announcing its plan to suspend XRP trading starting January 19, 2020.

Coinbase Chief Legal Officer Paul Grewar writes that the latest suspension comes amid the SEC lawsuit against Ripple Labs. Also, in the official announcement, Grewar writes:

“We have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. PST. The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Wallet”.

Coinbase joins Bitstamp as one of the top crypto exchanges to suspend XRP trading in recent times. There have been several other exchanges that have announced XRP trading suspension in recent times. Following the Coinbase announcement today, another major crypto exchange Crypto.com also announced its decision to delist the crypto asset.

$XRP will be delisted from the https://t.co/vCNztABJoG App in the U.S. effective Jan 19th, 2021 at 10am UTC.

Details: https://t.co/aja3yrhxCe

— Crypto.com (@cryptocom) December 29, 2020

The Road to XRP Recovery Isn’t an Easy One with Measures by Coinbase and Others

It looks like XRP’s road to recovery ain’t going to be an easy one! Over the last few years, the SEC has conducted a crackdown on several such crypto projects. Speaking to CoinTelegraph, Bybit CEO Ben Zhou said:

“SEC and Ripple will have their day in court with due process of law, so we shall not prejudge the case in the court of public opinion. It is of course likely that the case will take up much of Ripple’s attention and resources. […] We hope a clear precedent and framework emerge from these proceedings.”

Furthermore, the SEC has accused Ripple of selling unregistered XRP securities under Section 5 of the Securities Act of 1993. Also, the case will proceed further in the New York Federal Court. Todd Crosland, CEO of cryptocurrency exchange CoinZoom said that the lawsuit will have a long-lasting impact on XRP price.

XRP which has already been a laggard performer over the last two years will continue trading at lower levels even further. While institutional players have been betting big on crypto, they will refrain from having any exposure to XRP.

“Lack of institutional support will hurt liquidity. Institutions will not bet against the SEC, and will be unloading their positions and will avoid taking new positions in XRP until the lawsuit is resolved,” said Crosland.

The only hope for XRP currently is the appointment of new crypto-friendly SEC chairman Elad Roisman. Soon after filing the lawsuit complaint, previous SEC chairman Jay Clayton submitted his resignation. However, we don’t expect things to improve anytime soon.

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