All about crypto currencies
Mike Martin formerly served as the Head of Content for tastycrypto. Before joining tastycrypto, Michael worked in the active trader divisions of thinkorswim, TD Ameritrade, and Charles Schwab best real money casino apps. He also served as a writer and editor for projectfinance.
It is a win-win game. You — as a crypto user — are going to learn new concepts and earn some crypto rewards. And the crypto projects are going to promote their coins/tokens and reach more people using these programs.
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All about celsius crypto
Celsius had been using the crypto custodian Prime Trust to store some customer assets since March 2020. This relationship ended in June 2021, when Prime Trust’s risk team expressed concern about Celsius’s strategy of «endlessly re-hypothecating assets … lending the same assets over and over and over again to juice yields». Prime Trust founder Scott Purcell suggested that re-hypothecating «would be destined for failure as any sharp market movement in either direction would be catastrophic to such a ridiculously leveraged business model». Celsius sued Prime Trust in August 2022, accusing the custodian of retaining $17 million worth of assets after the relationship ended.
The company facilitated lending and borrowing for its users. Depositors earned interest by depositing qualifying cryptocurrencies, with the rate of interest dependent upon the cryptocurrency deposited (e.g., up to 6.2% interest on bitcoin). The company paid the interest in cryptocurrencies, including in its own CEL token. Borrowers paid between zero and 8.95% on bitcoin-backed loans, depending on the loan-to-value ratio. Some of the money that Celsius used to fund the loans came from hedge funds that were looking for higher yields than banks pay.
In September 2021, authorities in a number of US states said that Celsius’s interest-bearing cryptocurrency accounts constitute an unregistered securities offering. The attorney general of New Jersey ordered Celsius to stop issuing interest-bearing cryptocurrency products via a cease-and-desist order. Texas state regulators filed a notice seeking a hearing in February 2022 to determine whether to take similar action. Kentucky’s securities regulator told Celsius to cease and desist from offering its interest-paying accounts in the state. Celsius CEO Alex Mashinsky said he was «very confident» that none of Celsius’s products in the United States were securities. Celsius said it was working with US states in order to provide clarity about its business operations.
Celsius had been using the crypto custodian Prime Trust to store some customer assets since March 2020. This relationship ended in June 2021, when Prime Trust’s risk team expressed concern about Celsius’s strategy of «endlessly re-hypothecating assets … lending the same assets over and over and over again to juice yields». Prime Trust founder Scott Purcell suggested that re-hypothecating «would be destined for failure as any sharp market movement in either direction would be catastrophic to such a ridiculously leveraged business model». Celsius sued Prime Trust in August 2022, accusing the custodian of retaining $17 million worth of assets after the relationship ended.
The company facilitated lending and borrowing for its users. Depositors earned interest by depositing qualifying cryptocurrencies, with the rate of interest dependent upon the cryptocurrency deposited (e.g., up to 6.2% interest on bitcoin). The company paid the interest in cryptocurrencies, including in its own CEL token. Borrowers paid between zero and 8.95% on bitcoin-backed loans, depending on the loan-to-value ratio. Some of the money that Celsius used to fund the loans came from hedge funds that were looking for higher yields than banks pay.
All about crypto trading
Dogecoin (DOGE) is a meme-inspired coin that was launched in 2013. Dogecoin skyrocketed in value in 2021 when celebrities like Elon Musk promoted the coin. Compared to other blockchain networks, Dogecoin offers little utility.
Crypto can be a good investment for someone who enjoys speculating and can financially tolerate losing everything invested. However, it is not a wise investment for someone seeking to grow their retirement portfolio or for placing savings into it for growth.
Trades set up through this strategy could take months and sometimes years. It is an ideal strategy for investors favoring a more hands-off approach. This strategy is sometimes called ‘HODL’ (or Hold On for Dear Fife) in cryptocurrency. The term is derived from a play on the word ‘hold’ – to buy and hold. A crypto trader would invest in a coin or token and hold it even when the prices are plummeting. Such a trader would thus be called a ‘Hodler.’
