Investing in the Cryptocurrency Industry Based on Sectoral Divisions: A Complete Guide

Investing in the Cryptocurrency Industry Based on Sectoral Divisions: A Complete Guide

With the growing boom in the cryptocurrency industry and the fear of missing out on a trending investment, many investors buy into crypto projects without knowing what they are or do. While cryptocurrencies are trendy and very profitable, it helps to know exactly what it is you are venturing into.

In this article, we will dive into the different kinds of cryptocurrency available in the market and what they entail. Let’s get right into it!

Sectoral Division of Cryptocurrency

Understanding the concept behind a digital asset and having insight into the seasonal cycle or beneficial undertones of that asset puts you, as an investor, ahead of the game. The key concepts behind cryptocurrencies classify them into niche sectors, giving them unique investment potentials. Listed below are the different classifications (sectors) of cryptocurrency:

Store of Value (SoV)

As the name implies, stores of values are cryptocurrencies that serve as a reserve or hedge assets against inflation. A store of value is an excellent investment tool and is highly recommended for fledgling investors.

Currently, only Bitcoin (BTC) falls into the SoV category. While Bitcoin is yet to reach its full potential, it has gained recognition as a store of value and is sometimes referred to as “digital gold.” This explains why many companies store a percentage of their cash reserves in Bitcoin.

Investment Recommendation: Excellent

Distributed Computing

Distributed computing cryptocurrencies, also called blockchain platforms, are the next most reliable crypto investment options being the SoV category (Bitcoin). This category involves cryptocurrency ecosystems, where developers build and distribute other cryptocurrencies. The future of the crypto industry relies heavily on this category, giving them a healthy level of durability and staying power in the financial industry.

The most prominent cryptocurrency in this category is Ethereum (ETH). Ethereum hosts a vast amount of developers, crypto assets, and crypto products and applications. Other top contenders in this category include Binance Smart Chain (BNB), Cardano (ADA), Tron (TRX), and several others.

Investment Recommendation: Excellent

Financial Services

One of the latest booms in the crypto industry is Decentralized Finance (DeFi), which has grown to a +100 billion dollar industry in just a year. While the sector involves many technicalities and niche knowledge, the payouts are worth the stress. Several reports have noted that DeFi is the future of finance due to its efficiency as a financial tool.

While investing in the DeFi sector (Financial Services) is relatively riskier than most other crypto-based investments, the profit potentials make it worthwhile.

Some prominent DeFi projects currently killing it in the market include Uniswap (UNI), Chainlink (LINK), Avalanche (AVAX), Aave (AAVE), PancakeSwap (CAKE), Maker (MKR), Compound (COMP), yearn.finance (YFI), and many others.

Investment Recommendation: Excellent

Exchange Tokens

Exchange tokens are cryptocurrencies used on blockchain ecosystems for a variety of purposes including, facilitating transactions, staking, voting, and many other functions. Most cryptocurrencies in the distributed computing sector fall into this category. However, traditional exchanges are difficult to operate given the continual risk of legal and regulatory challenges. Regardless, exchange tokens can be lucrative crypto ventures.

Investments Recommendation: Good

Stablecoins

Stablecoins, one of the fastest-growing sectors in the crypto industry, are digital currencies pegged to real-world assets (usually the US dollar). Because stablecoins are (usually) pegged to the dollar (meaning they mirror the dollar’s price action), they do not possess the typical volatility that comes with digital currencies.

That said, stablecoins are not ideal for profit-making ventures and can only get used as a reserve due to their non-risk nature.

Some examples of stablecoins include USDT (Tether), USDC (USD Coin), BUSD (Binance USD), DAI (Dai), TUSD (True USD), and many more.

Investment Recommendation: Good

Gaming

In some sense, blockchain economies are similar to video game economies, where you purchase real money to purchase virtual goods for the game. One popular gaming-like Crypto project is Decentraland (MANA), which allows users to buy virtual assets in a fully immersive VR world. Instead of purchasing real-world assets like real estate, the user could acquire virtual real estate in Decentraland.

While we cannot say for sure that Decentraland will still exist in the next ten years, virtual real estate is staying a trend of the future.

Investment Recommendation: Good

Meta Chains

These are crypto-based projects that provide network interoperability between blockchains, much like how there are companies that provide interoperability between Windows and Mac OS. For example, meta chain protects can facilitate data exchange between the Ethereum and Cardano blockchains.

Investment Recommendation: Good

Meme Coins

Over the last few months, the crypto industry has witnessed the rise (and sometimes fall) of a new breed of digital assets known as meme coins. Typically, meme coins possess no intrinsic value and often serve no purpose. As the name implies, they are digital assets created around jokes, images, or social media trends.

Not surprisingly, this category of cryptocurrency is the most volatile amongst other categories, as that is the whole idea behind them. While they usually lack a healthy community who believe in the technology behind the project, this crypto category relies on internet hype and promotion from influential personalities like Elon Musk.

Meme coins are often restricted to a few exchanges due to their unrestrained nature. We have seen meteoric rises and dips in several meme coins over the past few months, including the likes of Dogecoin (DOGE), Shiba Inu (SHIB), SafeMoon (SAFEMOON), and several others.

While many investors avoid meme coins because of their volatile nature, the payoffs are usually worth the risk.

Investment Recommendation: Good

Privacy Coins

While they claim to be anonymous, Bitcoin and other mainstream cryptocurrency are not completely anonymous. Transaction histories on mainstream cryptocurrencies are readily available to anyone interested in viewing it. With privacy coins, however, it is a different story. Transaction histories are totally out of reach from inquirers.

While transactions are used for legitimate purposes, like protection of privacy or avoidance of tyrannical governments, they are heavily used for shady transactions. This places privacy coins in a position where widespread or mainstream adoption is unlikely.

Investment Recommendation: Poor

Layer 2 ETH Solutions

Layer 2 ETH solutions are crypto projects built on top of a blockchain and require no changes to the Layer 1 network (Layer 1 refers to the underlying blockchain architecture being used and changes to this network are cashed Layer 1 solutions. Examples include Bitcoin and Ethereum).

While Layer 2 solutions have to leverage the security of the consensus mechanism of the host Layer 1 network, they are capable of increasing transaction speeds dramatically. On average, Ethereum’s Layer 1 can handle about 15 transactions per second, while Layer 2 projects can facilitate up to 4,000 transactions per second.

Some examples of Layer 2 ETH solutions include Polygon (MATIC), OMG Network (OMG), Cartesi (CTSI), and many others.

Investment Recommendation: Good

Conclusion

The primary objective of an investment-based venture (like trading cryptos), above everything else, is to realize profits. That said, it is advisable to take time in understanding exactly what it is you might be putting your capital into to give you a better knowledgeability grasp of your investment of choice. Investing in the crypto sector based on a sectoral perspective gives you an edge over the rest of the market.

 

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BSV Completes Publication of First Technical Standard

BSV Completes Publication of First Technical Standard

The BSV Technical Standards Committee (TSC) has completed the publication of the Merkle Proof standard under the OpenBSV license, which is the first-ever BSV technical standard. This big news is announced during the recently concluded CoinGeek Conference held in Zurich, Switzerland, by nChain CTO and TSC Chairman Steve Shadders and Two Hop Ventures founder and TSC founding member Alex Fauvel.

 

The BSV TSC

Headed by Shadders, the TSC is composed of 10 individuals from seven countries and different sectors within the BSV ecosystem. It encourages active participation of the BSV community in the creation of global standards to fulfill its objectives. The TSC mission is “to promote technical excellence and improve BSV utility by enhancing interoperability, through standardization,” and the publication of the Merkle Proof standard is a huge step towards this goal of interoperability.

 

The standardization process involves three stages: submission of ideas, internal and public reviews, and publication. First, the TSC collects proposals and ideas from members of the BSV community—anyone is encouraged to submit suggestions of what they need in their industry. The second stage involves the actual drafting of the proposed technical standard. Once a draft has been made, it goes through a series if internal reviews that includes all kinds of legalities, such as intellectual property. TSC members sign a non-disclosure agreement in order to ensure everything is kept confidential.

 

“Once we’re happy with the first draft and that’s done several cycles, we then publish it into the public where the public has a chance to comment on it. That is a two-month period and once we’ve incorporated that feedback, if it’s needed, we will publish it, which is the third stage. We then monitor the uptake of it in the industry to either rubber-stamp it and say we recommend the standard or we withdraw it, which we hope to not be doing,” Fauvel explained.

 

Even though a standard has already been published, it can still be revised or even withdrawn if necessary. “It’s simply a matter of somebody articulating an industry need for either an update or a replacement of a standard, and that gets submitted and will be evaluated by stakeholders, not just by the TSC,” Shadders said.

The Merkle Proof Standard

This standardized format indicates the data structure that stores the Merkle proof data during its transfer between users, like what transpires in simple payment verification (SPV) wallets that allows for greater interoperability between platforms and applications. The Merkle proof makes SPV possible, which is indispensable to BSV’s core functionality that enables users to validate BSV payments without having to run a full Bitcoin node or download the entire blockchain.

 

“Aside from a Bitcoin block header, a Merkle proof is probably one of the most fundamental data structures in Bitcoin. It’s what allows you to prove that a transaction is connected to a block, i.e., prove that miners have accepted that transaction, so there are a lot of different reasons why you would want to exchange a Merkle proof between parties,” Shadders pointed out.

 

“It is critical to peer-to-peer interaction because part of that interaction means sending bits of information with Merkle proofs attached, so that means many different wallets need to support it. So, if everyone is implementing it in a different way, then every time you want to attach to a service, you’ve got to work out a new way of doing it,” Shadders added.

 

The Merkle proof standard is composed of two elements: a representation of the proposed data structure format in binary and JavaScript Object Notation (JSON) and an explanation of the algorithm used to validate transactions against the Merkle proof once received in this format. The complete technical information of the Merkle proof standard can be found here.

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Ukraine Reveals Roadmap for Cryptocurrency Integration by 2024

Ukraine Reveals Roadmap for Cryptocurrency Integration by 2024

Being a county where cryptocurrencies have thrived, Ukraine has now announced its plans to develop its virtual asset market within the next three years. According to Forklog, an Estonia-based blockchain magazine, the new roadmap was presented by officials from the Ministry of Digital Transformation, including other government institutions and representatives of the private sector.

The proposed roadmap includes several regulatory, educational, and infrastructural campaigns. Already, participants in the undertaking have established about twelve working groups to achieve several objectives. One of the critical areas of focus for these groups is developing relevant legal terminology and integrating necessary by-laws.

To achieve this, the Ukrainian government has to start by adopting comprehensive legislation to govern its crypto industry. In December last year, the Ukrainian parliament (Supreme Council of Ukraine) voted through the First Reading of a draft law “On Virtual Assets.” This bill, intended to regulate cryptocurrency transactions in Ukraine, got revised recently, and, in June, the parliamentary Committee on Digital Transformation green-lighted its final adoption.

Ukraine Lawmakers Need to Approve Guidelines for Crypto Industry

The authors of the development strategy have expressed hopes for full implementation by the end of the year. That said, Ukrainian lawmakers now have to develop rules for cryptocurrency taxation and ascend an anti-money laundering (AML) policy for crypto exchanges and their users.

Other crucial tasks on the roadmap include the promotion of real asset tokenization and the launch of a pilot fiat-crypto gateway. Involved parties in the project also aim at establishing educational materials on cryptocurrency and developing a sandbox for projects in the crypto ecosystem.

The Digital Transformation Ministry and other involved parties plan to put Ukraine on the top ten list of countries with the highest levels of cryptocurrency integration. The authorities noted that the roadmap implementation protocol would get initiated if a minimum of 47% of the population uses cryptocurrency by 2024, 20% of Ukrainian companies engage in tokenized assets, and the country’s educational institutions have launched a master’s program in decentralized finance.

 

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South Korea to Sanction Crypto Exchanges that Fail to Register Before September

South Korea to Sanction Crypto Exchanges that Fail to Register Before September

According to the Financial Services Commission (FSC) in South Korea, foreign virtual asset services providers (VASPs), including cryptocurrency exchanges operating in the country, are mandated to register with the regulator before September 24th or risk getting blocked.

As reported in April by Learn2Trade, South Korea has implemented a new regulatory requirement threatening heavy sanctions and fines for all defaulting VASPs. While this legislation came into effect at the end of March this year, crypto exchanges in South Korea received a grace period, which expires in two months.

The FSC, via its Korean Financial Intelligence Unit (KoFIU), noted that VASPs have two months to register. As a result, the regulatory body has forwarded notices to 27 foreign companies to remind them of this necessity and what is at stake. The official statement from the FSC reads:

“The Act requires VASPs to register with the KoFIU as the law equally applies to foreign VASPs that conduct activities outside Korea but have domestic consequences within Korea.

Thus, if any VASPs conduct business operations targeting Koreans, they are required to register with the KoFIU and comply with requirements under the Act regarding their business operations targeting Koreans.”

Should any of these companies and organizations default on registration, they “shall cease their business operation targeting Koreans from September 25th, 2021.” Defaulting companies that choose to continue operations will face strict penalties, including up to five years behind bars or a fine of 50 million Korean won (approximately $44,000).

Smaller Crypto Exchanges in South Korea are Threatening Legal Action

Recently, South Korean authorities have tightened their grip on the crypto industry, especially crypto exchanges. Feeling threatened by the government’s recent actions on its operations, some smaller trading platforms are thinking of taking legal measures.

The government recently instructed local banks to cease rendering services to crypto exchanges, except prominent crypto exchanges in Korea like UPbit, Bithumb, Coinone, and Korbit.

 

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European Commission Proposes New Legislative Package to Ensure Full Crypto Traceability

European Commission Proposes New Legislative Package to Ensure Full Crypto Traceability

The European Commission introduced some legislative proposals on Tuesday to strengthen the European Union’s (EU) anti-money laundering and counter-terrorism (AML/CFT) rules. One part of the new proposal that stood out was the revision of the 2015 Regulation on Transfer of Funds “to trace transfers of crypto-assets.”

The Commission explained that the proposal considers “new and emerging challenges linked to technological innovation,” including “virtual currencies, more integrated financial flows in the Single Market and the global nature of terrorist organizations.”

At the center of the proposed legislation is the formulation of a new “EU-level Anti-Money Laundering Authority (AMLA).” It will be “the central authority coordinating national authorities to ensure the private sector correctly and consistently applies EU rules.”

As mentioned earlier, the proposal includes “full application of the EU AML/CFT rules to the crypto sector.” The regulatory body noted that presently, only a specific group of crypto service providers fall under the purview of the EU AML/CFT rules. The legislative proposal extended its recommendation to the entire sector, “obliging all service providers to conduct due diligence on their customers.” The European Commission argued that:

“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.”

European Commission to Restrict Anonymous Crypto Wallets

The proposal also noted that with the application of full EU AML/CFT rules to the crypto industry:

“Anonymous crypto asset wallets will be prohibited.”

The organization added that “anonymous bank accounts already [are] prohibited by EU AML/CFT rules.”

That said, the legislative proposal has gotten ascended and will get discussed in the European Parliament and Council. The Commission concluded its announcement noting that:

“The future AML Authority should be operational in 2024 and will start its work of direct supervision slightly later, once the Directive has [gotten] transposed and the new regulatory framework starts to apply.”

 

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Fidelity Digital Assets Reveals Significant Institutional Crypto Adoption in Coming Years

Fidelity Digital Assets Reveals Significant Institutional Crypto Adoption in Coming Years

According to a recent study organized by Fidelity Digital Assets, seven out of ten global institutional investors (70%) will likely purchase cryptocurrency in the future. Meanwhile, 50% of the participants in the survey revealed that they already own cryptocurrencies.

Most of the participants asserted that the highly volatile nature of digital assets was not enough to stop them from purchasing cryptos soon.

Of the 1,100 participants involved in the survey, 90% of those who exhibited an interest in cryptocurrency expect their portfolio or that of their customers to hold direct cryptocurrency investments within the next five years.

The survey consisted of institutional players like hedge funds, high net worth individuals, financial advisors, endowments, and family offices. Interestingly, Fidelity Digital Assets was one of the first financial services providers to adopt cryptocurrency.

Previous Surveys by Fidelity Digital Assets

The Boston-based financial services company carried out a similar survey last year, where it discovered that 36% of institutional investors admitted to owning digital assets or their derivatives. At the time, the financial services company asserted that 27% of all institutions based in the US had purchased cryptocurrency. Not surprisingly, about 25% of the participants held Bitcoin, while 11% held Ethereum.

Later in 2020, the company published a report terming Bitcoin an “aspirational store of value.” Fidelity noted that the benchmark cryptocurrency is still a relatively young asset class and is open for mass adoption.

While the company highlighted gold as the undisputed leader amongst traditional investment options, it argued that Bitcoin could catch up to it once it receives mass adoption. Speaking on the matter, investor John Pfeffer noted that:

“Most people in the world don’t yet see Bitcoin as digital gold. As soon as people see it in a different way, the price will adjust.”

 

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Binance Gets Warning from Bank of Lithuania Amongst Others

Binance Gets Warning from Bank of Lithuania Amongst Others

The Bank of Lithuania, the central bank of Lithuania, has joined the growing list of regulatory authorities to clamp down on Binance, the world’s largest cryptocurrency exchange.

The bank recently issued a warning to Binance UAB about its unlicensed investment services provided in Lithuania. The bank also “ordered the company to ensure that its publicly available information is not misleading.”

The apex bank noted that it has evaluated publicly available data and discovered that Binance is “acting as a virtual currency exchange operator and a custodian virtual currency wallet operator” in Lithuania. The bank detailed that:

“The Bank of Lithuania addressed Binance UAB … and warned the company about its unlicensed investment services provided in Lithuania as well as requested it to ensure that its publicly available information complies with legal requirements and is not misleading.”

Additionally, the bank also noted that “crypto-asset related services are not regulated or supervised thus consumers risk losing all their investments.”

Binance Under Fire from Multiple Regulatory Bodies

The Bank of Lithuania added that some online cryptocurrency exchanges allow their users to invest in crypto derivatives (such as futures and options), contracts for difference (CFD), cryptocurrency-linked securities. The bank asserted that these get treated as financial instruments, and the platforms offering them should have received licenses as financial service providers.

However, the bank noted that: “Companies that are registered in Lithuania as virtual currency exchange operators are not supervised as financial service providers,” adding that:

“They also have no right to provide any financial services, including investment services.”

Meanwhile, Italy issued a similar warning to Binance on Monday. Regulators in the UK, Japan, Cayman Islands, and Thailand have also issued warning notices to the crypto exchange. As a counter, Binance has suspended GBP withdrawals and EUR deposits through SEPA bank transfers.

 

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Perfect Crypto Investment Strategies – Part 2

Perfect Crypto Investment Strategies – Part 2

A POSITION TRADING STRATEGY FOR CRYPTOS
As it has been said before, the best way to make money from viable cryptos is to buy and hold them forever, since investments that are worthwhile are also investments that appear in your will.
Apart from a ‘buy and hold’ method of investing, there are other ways to make money from medium-term movements of cryptocurrencies.

While there are a plethora of worthless crypto trading systems out there, there are a few crypto trading techniques that have proven to be rare gems. One of them is discussed in this piece.

This is a position trading strategy, because we will hold a position for a certain amount of weeks. We also exit a non-performing trade after a fixed period of time.
WHEN NOT TO ENTER THE MARKET
Do not go against the major trend, since doing that will prove to be suicidal. Major trends are easily located on higher timeframes.

This is where many people get it wrong. Many traders enter the market at wrong times; they go long when prices have rallied significantly, and thus suffer when caught in pullbacks that invariably occur. They also go short when the markets are significantly bearish and ready for a serious bounce.

Granted, a market that appears oversold may still go further southwards, and vice versa for a market that is overbought. However, those who trade in such manner will often get whacked by inevitable corrections that follow. When a barber or a waiter starts talking like a trading genius, showing you how much they have made, then it is time to exit the market.

We want to follow the trend. We want to follow the line of the least resistance, for that makes a perfect rational and logical sense. Nonetheless, we want to enter only when the odds are properly stacked in our favor, since we just don’t want to buy because the market is going up and we don’t want to sell simply because the market is falling.

Yes, we don’t want to sell in a bear market that is crashing into long-term demand zones; and we don’t want to buy in a bull market when it is ramming into very strong supply zones.

WHEN TO ENTER THE MARKET
When the market is seriously weak, wait for a transient northwards movement before you go short. This makes you sell when there is a rally in the context of a downtrend. In order word, you are selling at a higher price in a downtrend.

When the market is significantly bullish, wait for a transitory dip before you go long. This makes you buy when the price is on sale, and in the context of an uptrend. In order word, you are buying at a lower price in an uptrend. That means you are buying at a lower rate.

By selling weak trading instruments at higher rates, and buying strong instruments at lower rates, you maximum you chances of making profits.

READINGS, TIMING AND PARAMETERS
The logic behind this trading technique has been summarized above, but some questions remain. What timeframe to use? When to enter exactly? When to take your profits? When to exit a non-performing trade?

For this crypto strategy, the condition for entry in a bear market is different from the condition for entry in a bull market.
Strategy snapshot
Strategy style: Position trading
Timeframe:*
Indicator: Exponential Moving Average (EMA)*
Instruments: Focus on the top 100 cryptos only
Entry rule in a bear market: When the EMA* is sloping downwards, go short on a coin that has rallied by x* percentage, provided price remains below the EMA*
Entry rule in a bull market: When the EMA* is sloping upwards, go long on a coin that has dropped by x* percentage, provided price remains above the EMA*
Exit rule for non-performing trades: Exit a trade that has proven to be non-performing for x* days
Exit rule for positive trades: Exit a positive trade that has been on for x* days
Position size: 2% per trade

AN EXAMPLE IN A BEARISH MARKET
Between June 26, 2021 and June 29, 2021, Internet Computer (ICPUSD) moved upwards by roughly x* percentage; whereas that happened within the context of a downtrend. Thus it would be illogical to go long then. Rather the best action was to go short because the line of the least resistance was in favor of sellers.

Since June 29, 2021, until the time of writing this article, ICP has fallen by close to 2300 pips.

While doing this, we take the risk management and position sizing recommendations serious.
You’ll never be a victorious trader until you master these 2 vital aspects of trading.

A GOOD ENTRY IN A BULLISH MARKET
In May 2021, EOS (EOSUSD), which was previously enjoying buying pressure, suddenly dropped heavily, losing more than x* percentage of its value. The price was still above the EMA (which was sloping upwards). This scenario proffered a clean entry signal, and we opened a long trade on EOSUSD.

EOSUSD eventually went upward and made a nice profit before we exited the trade.
A GAME OF PATIENCE
As outstanding as this crypto strategy is, the signals generated by it are few and far between.

First we focus on the top 100 cryptocurrencies only, because of their liquidity, high capitalization, potential and popularity. Second, we don’t enter the markets until our conditions for long or short trades are totally met. That is why patience is needed while using this strategy.

Think of how many trades you have taken in the past. Have you been profitable with them? Taking a few trades in a month or a quarter and making decent profits is better than taking numerous sub-optimal trades over short period of time and having drawdowns.

Valid signals generated by the strategy discussed here are scanty; but when it does generate a signal, then, believe me, it’s time to make money. We’ll always be patient for valid signals to be generated.

CONCLUSION
Dr. Van Tharp says you can only trade your beliefs about the market and that success in the markets depends upon how useful those beliefs are. That means when you have useless beliefs about the markets, you’ll find it difficult to trade victoriously. For you to be victorious, your beliefs about the markets must be useful.

The trading method discussed here is one of the systems we use to generate long-term signals for our subscribers in Learn2.trade Crypto Telegram channels. There are other strategies that generate intraday and swing trading signals, but the one discussed here is what will be used to generate position trading signals for our subscribers.

The next article in this series will discuss a magical/outstanding non-directional (market-neutral) trading methodology. Honestly, this ensures we make money no matter what the markets does.


*The exact parameters and readings are not disclosed as we use this strategy to generate signals for our paid subscribers.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

China Cryptocurrency Mining Clampdown: Anhui Joins the Growing List

China Cryptocurrency Mining Clampdown: Anhui Joins the Growing List

The Eastern province of Anhui in China has joined the growing list of Chinese regions to crack down on cryptocurrency mining companies and operations. According to local reports, authorities plan to shut down mining facilities in the province and prohibit new energy-intensive projects to manage the power deficit in the region.

According to a local media house owned by government-affiliated Hefei Media Group, the authorities plan to wean the region of mining facilities to manage the dwindling energy supply over the next three years.

Government officials expect electricity demand in Anhui to spike to 73.14 million kilowatts by 2024. The province currently produces only 48.4 million kilowatts, showing the stark inefficiency of its energy production capacity, which the government seeks to reduce. Aside from banning cryptocurrency mining activities and other energy-intensive projects, the province also plans to adjust electricity pricing to foster more economic power usage.

State Grid Corporation of China Distributes Closure Notices for Cryptocurrency Miners

Global Times, a newspaper manufacturer under the People’s Daily, tweeted about the new development, noting that: “By now, nearly 90% of #China’s #Bitcoin mining capacity has [gotten] shut down.” Although Anhui is not a mining hotspot in China, its decision accentuates the ongoing crypto crackdown in the country, which has seen mining hubs in hotspots like Sichuan, Xinjiang, Qinghai, Yunnan, and Inner Mongolia chase miners away.

Famous Chinese crypto advocate Colin Wu, popularly known as ‘Wu Blockchain,’ tweeted today that the State Grid Corporation of China (SGCC) has issued a closure notice for crypto miners across the country. Wu added that:

“At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it.”

The crypto advocate also revealed that Gansu, a Northwestern Chinese province, has received the memo from the SGCC as well. The crypto-journalist noted that the SGCC “manages the vast majority of China’s electricity, but this notification appears to be formal.”

 

You can purchase crypto coins here: Buy Tokens

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  • The Lowest Trading Costs
  • 50% Welcome Bonus
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$200 Min Deposit
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  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
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$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Greg Coffey: One of the Most Impressive Traders in the World

Greg Coffey: One of the Most Impressive Traders in the World

“When I encounter traders who lack enthusiasm for trading, I know their foray into the financial markets will be short lived. They seem puzzled that their mediocre efforts, and a tendency to be pessimistic, haven’t led to a bank account full of gold.” – Louise Bedford

Name: Greg Coffey
Date of birth: April 25, 1971
Nationality: Australian
Occupation: Trader and fund manager

THE WIZARD OF OZ
Greg Coffey is a London-based Australian trader. He obtained a Bachelor of Actuarial Science from Macquarie University. As a trader, he initially worked at Macquarie Bank, Bankers Trust, Deutsche Bank AG, Blueborder Partners (a fund related to George Soros), Bank Austria and GLG Partners.
He didn’t bother to continue working at GLG Partners (GLG), where he was enjoying a brilliant career, forfeiting about $250 million compensation plan. He then worked at Moore Europe Capital Management (a subsidiary of Moore Capital Management); as co-chief investment officer. He’s been so good at trading that he was dubbed “The Wizard of Oz.”

Recently, he earned £170 million in a single year. He bought a 12,000-acre sporting estate on the island of Jura in Scotland in 2008 when it was on the market for £3.5 million. A source says that the hunting estate includes several houses and cottages, prolific red deer stalking, ten miles of coastline and seven private islands.

Greg is worth $743 million; and he’s happily married with children.
What You Need to Know:
1. I can’t emphasize this enough: The best thing is to start trading as early as possible, because one would reach financial freedom early. Think of Anton Kreil, John Arnold, Kenneth Fisher, etc. After 20 years of his trading career, Greg Coffey announced his retirement at the age of 41. He’s become so rich that he felt he’d need to retire and do what he likes, rather than working continuously to please investors. It’s interesting that someone retired himself at the age of 41 when many far older people are sweating over pensions. This is one kind of freedom trading offers.

2. While many people stick with one monotonous job for life, a great skill could make you to be one of the most highly sought-after experts, like Greg, who had short stints at several big institutions and firms. He turned down an extremely lucrative offer of $250 million from his then employer, hedge fund GLG Partners, because he didn’t want to continue working for them. He worked for another firm with a very good pay package. He eats what he likes, lives where he likes and wears what he likes. There are many people doing poorly paid jobs, and yet they beg their employers not to fire them. What a pity! By not looking for trading mastery, using it as a means of self-liberation; many people condemn themselves to a lifetime of slavery. To make the matter worse, they have nothing to show for their labor of a lifetime.

3. How much do you think Greg made per annum when he was still trading professionally on a full-time basis? He was making an average of 22% per annum. Unlike those who want to make 22% per week. Can you see the difference? Great trading geniuses don’t double their accounts every week or every month or every quarter: they simply make 20% profits or more or less per annum. Isn’t that good? That’s around what you need to make per year so as to become rich at last, honestly speaking. You can even make far less or far more than this in a year, but you’ll be fine as long as your account is safe.
4. Greg knows that there’s life outside trading and therefore, he keeps trading in its proper perspective. Whenever he went on holiday, he would have his trading terminals deconstructed and flown to his hotel. More importantly, he retired himself from trading because he wanted to spend time with his wife and children. He also wanted to go back to his native land – Australia. Trading is great, but there are some other things in our life which are more important than trading, so we need a balanced view of everything. If you’re so rich and you decide to retire as a trader, that’s fine. If you think trading is a passion of a lifetime, that’s fine.

Conclusion: One prolific author says without being patient in a storm, he’d never learn how to protect himself and he’d never learn to recognize the signs of new storms approaching or leaving. Potential blessings often pass by while we fail to take advantage of them. Just because potential blessings, like trading, doesn’t present themselves in the most agreeable way to our mind, doesn’t mean they can’t help us achieve our dreams in life.

This piece is ended with the quote below:

“Why would we believe that if we lack discipline in our day-to-day lives that we would suddenly become disciplined in our trading? That’s just deluded thinking… But the reality is that without discipline all the market knowledge in the world will not help you become consistently profitable.” – Gabe Velazquez

Culled from the series, “WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS.”

  • Broker
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  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.