Cryptocurrency Heard for the Month: 1 April 2023
As of March 31, our 2023 Cryptocurrency suggested portfolio managed to be up 32.14% average ROI, versus 32.85%, in March 15, 2023.
Suggested Crypto-currency Portfolio Review
The following were our suggested entry price for:
Bitcoin (BTC): $16,526.92
Dogecoin (DOGE): $0.068
Polygon (MATIC): $0.76
Cosmos (ATOM): $9.33
Ethereum (ETH): $1,194.68
Binance (BNB): $244.97
Polkadot (DOT): $4.30
Tether (USDT): $1.00
Bitcoin (BTC) Current Price: $27,847.12 UP 68.50%
Dodge Coin (DOGE) Current Price: $0.07 UP 2.94%
Polygon (MATIC) Current Price: $1.09 UP 43.42%
Ethereum (ETH) Current Price: $1,794.03 UP 50.17%
Binance Token (BNB) Current Price: $316.75 UP 29.30%
Polkadot (DOT) Current Price: $ $6.18 UP 43.72%
Cosmos (ATOM) Current Price: $11.11 UP 19.08%
Tether(USDT): Current Price: $1.00 UP 0.00%
In the news, Coinbase Crypto Exchange Taps Former Shopify Executive to Lead Canadian Expansion.
Coinbase cryptocurrency exchange has appointed a former executive from Shopify as its new country director in Canada. This move is part of Coinbase’s strategy to adjust to the evolving regulatory landscape in Canada.
In a recent blog post, Coinbase revealed that it had taken a number of new measures as the exchange eyes expansion in Canada despite moves by the country to tighten rules around crypto amid the recent collapse of some high-profile digital asset firms. For one, the exchange has tapped Lucas Matheson as its country director in Canada.
In the announcement, Coinbase said Lucas brings a wealth of experience from his time at Shopify and with leading financial institutions in Canada, and can also help the exchange with its planned expansion. Furthermore, Coinbase said that it is investing significant resources in local Canadian innovation. The company said it has hired over 200 engineers in the country in a bid to scale up a tech hub.
“Additionally, our global leadership team will be making frequent trips to Canada to engage with regulators, partners, and the community, to better understand the Canadian market and its unique needs.”
Coinbase also unveiled that it has signed an enhanced Pre-Registration Undertaking (PRU) in Canada, which is required by Canadian Securities Administrators (CSA) members as a precondition to members allowing unregistered crypto asset trading platforms (CTPs) to continue to operate.
“We continue to work with policymakers on a strong crypto regulatory framework for Canadians,” the exchange said in the announcement, adding that it supports Canadian regulators’ efforts to bring clarity to the industry.
The move by Coinbase comes after the CSA announced earlier this month that it will tighten requirements for cryptocurrency exchanges operating in the country.
Following the announcement, crypto exchange OKX informed its Canadian users via email that the platform “will no longer provide services or allow users to open new accounts in Canada starting on Mar. 24, 2023, 12:00 AM EST,” citing new regulations.
There have also been reports that Binance, the world’s largest cryptocurrency exchange in terms of trading volume, plans to leave Canada amid souring regulatory conditions.
Coinbase Considers Overseas Trading Platform Amid U.S. Crypto Crackdown. Coinbase is considering setting up a digital asset exchange outside the United States amid increasing regulatory pressure and a souring banking climate for crypto firms.
The potential expansion plan by Coinbase comes in the wake of heightened regulatory scrutiny in the US. Specifically, the SEC has launched an aggressive crackdown on crypto companies in the wake of the recent market downturn. Just last week, the agency sent a “Wells notice” to Coinbase, threatening the crypto exchange with legal actions regarding some of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
Meanwhile, Coinbase CEO Brian Armstrong has warned that a hostile regulatory approach by the SEC could drive the crypto industry outside of the United States. The crypto boss said that almost all major financial hubs, including Singapore, Hong Kong, London, and most recently, the European Union, have introduced comprehensive crypto legislation, adding that the US should also follow suit if it doesn’t want to lag behind.
Investment Diversification
Before investing in any financial vehicle, please note diversification is key to any good investment strategy, and this holds true, when you are investing in cryptocurrency. Do not put all your money in Bitcoin, for example, just because that is the name you know or most hear on the street.
There are thousands of options, and it is better to spread your investment across several currencies. Hopefully, the following articles in the subject will help you make better investment decisions, when investing in Cryptocurrencies, which are in nature a speculative investment.
Until next article, wishing all of you wealthy trading!
Disclosures: The cryptocurrency market is highly volatile, so be prepared for ups and downs. Investors may experience dramatic swings in prices. Investors, who do not have high risk tolerance, cryptocurrency might not be a wise choice of investment. Cryptocurrency is all the rage right now, but investors should remember, it is still in its relative infancy and is considered highly speculative. Investing in something new comes with challenges. Investors, who plan to invest in Cryptocurrency should do their own research, and invest according to their risk tolerance.
Tags: Asset Management, Automated Trading, bitcoin, Cryptocurrency, mam, Money Management, Multi Account Management, PAMM
