Category Archives: Cryptocurrency

People living near the cryptocurrency mining building on Coulee Boulevard in Electric City might have a point when they complain about the noise.

Decibel meter readings performed by the city seem to justify the claim made in multiple complaints that the noise from exhaust fans on top of the building is too loud.

The building managers own readings are lower, however, although he says hell do whats necessary to keep the city happy.

People have reported having difficulty sleeping because of the noise, Mayor Diane Kohout told The Star previously.

At Electric Citys Nov. 9 council meeting, Code Enforcement Officer Mike Shear presented his findings after using a decibel reader to measure the noise level at various locations near the building, both in the daytime and at night.

City code puts a 65-decibel noise limit in commercial zones. That reduces down to 55 between the hours of 10 p.m. and 7 a.m. for commercial properties adjacent to residential zones.

In residential zones, the limit is 60 decibels, dropping to 50 between 10 p.m. and 7 a.m.

Shear reported readings as high as 80 close to the building, and around 60 on nearby Kent Avenue, which borders the building to the side, and 55 decibels on Kelso Avenue on the other side of residences behind the building.

He also noted that a more expensive decibel reader might record higher numbers than the one he was using.

The people living there have a valid point, he told the council. Its noisy.

Shear said that he spoke to Brad Long of MKH Electric City Holdings, which owns and manages the building and rents it to people who want to mine cryptocurrencies. That creates a lot of heat from the specialized computers that do the work, which is pumped out through roof fans.

Long told Shear that they are going to insulate the building.

Long confirmed this to The Star over the phone on Tuesday and said that they would do what it takes to keep the city happy.

He said his own decibel meter shows a reading of 68 inside the building, and lower outside, and that when a car or truck drives by on the nearby highway it jumps to around 85 decibels.

City Clerk Peggy Nevsimal told The Star that they were looking at other noise codes from Washington state, as well as for direction from the Environmental Protection Agency regarding how long certain noise levels should be sustained.

Cock-a-doodle-doo

Another noise-related issue was brought up earlier in the meeting when Hillcrest Avenue resident Melissa Robison expressed wanting roosters to be allowed within the city, saying the roosters help keep the hens calm, reducing their stress, and leading to higher egg production and higher quality eggs.

A post on backyardchickens.com had the anecdotal evidence of someone using a decibel meter four feet from their rooster recording the roosters crow at 98.5 decibels.

That person reported being able to easily hear the rooster from their house, 150 feet away, with their windows closed.

An article on science.org describes an average reading of 130 decibels from a device strapped to the heads of three roosters heads, comparable to standing 15 meters away from a jet taking off.

Asked how she would deal with noise complaints, Robison said that she has a henhouse personally, and also said that rooster crows are comparable in volume to dogs barking.

Citiquiet.com, among other sources, reports a barking dog to be about 100 decibels, which is certainly comparable to the rooster numbers.

City code allows noise limits to be exceeded for limited amounts of time, allowing for an excess of five decibels for up to 15 minutes within an hour, an excess of 10 decibels for up to five minutes within an hour, and an excess of 15 decibels for up to 1.5 minutes within an hour.

The city code allows for six hens but no roosters.

Wanting the city to consider allowing roosters, Kohout said her comments would be taken under consideration.

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The sounds of cryptocurrency and roosters - The Star - The Star of Grand Coulee

Crypto exchange Binance has announced that it is working with developers to identify the bad actors involved with the recent Squid Game inspired cryptocurrency token, after the token creators siphoned off millions of dollars of investors money. The exchange also promised to share the information obtained from the investigation with the appropriate law enforcement agency.

As a goodwill gesture, cryptocurrency exchange Binance will now investigate the recent scam around the Squid crypto token that downed investors' money in an exit scam. The exchange has also announced ways in which it will prohibit accounts linked to the scam from its own network.

A cryptocurrency based on the popular Netflix series Squid Game recently gained interest among crypto investors, rallying to a peak value of $2,861 within a week of its launch. The currency soon dropped to about $0, as the creators of the cryptocurrency cashed out the tokens and left the project with no liquidity for any more trade. It is estimated that the creators managed to siphon off $3.38 million, or about Rs 25.3 crore, through the project.

Binance has now stepped forward to take action against the scam. The exchange, in a recent statement, announced that it will investigate the crash of the Squid token. It cleared that it considers it a scam and that Binance will now explore options "to help those harmed" in the crash.

For this, the company will prevent any withdrawals from Binance accounts which were found to be linked to the scam. In a note to CoinDesk, it explains that it will use blockchain analytics "to identify the bad actors, and will blacklist the addresses linked to them. More importantly, Binance will share all the information gathered through the investigation to the appropriate law enforcement agency.

The Squid token was built on Binance Smart Chain (BSC). Though Binance has no obligations to it, as BSC is an open-source network that enables developers to build decentralized applications. What the applications are used for, is anybody's guess

It is easy money for scammers. The hype around cryptocurrency, especially when mixed with the trending topic of the digital space, makes crypto investors anxious to get in. The get-rich-quick instinct kicks in for many, having seen the meteoric rise of several cryptocurrencies in the recent few years.

Of course, crypto investors are more than often advised by experts to be careful while putting in their money on such purposely hyped cryptocurrencies. Binance reasserted this, as its spokesperson mentioned how such scam projects have become too common in the Decentralized finance (DeFi) space and suggested a caution against such schemes for the investors.

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Squid Game cryptocurrency scam under investigation by ...

1. Robinhoods data breach involved about 7 million customers

Online brokerage Robinhood announced on Mondaythat a Nov. 3 data breach involved exposure of personal information for about 7 million customers, CNBC reported.

For 5 million of them, email address were accessed. Another 2 million had their full names revealed. For about 310 users, name, date of birth and ZIP code were exposed. About 10 customers had more extensive account details revealed.

Robinhood said it is alerting affected individuals, and noted that based on its investigation, no Social Security numbers, bank account or debit card numbers were exposed.

On Tuesday, Ripple announced that it is set to launch a product called Liquidity Hub, which will allow financial services firms to offer their customers access to cryptocurrencies, CNBC reported.

The San Francisco-based fintech start-up will offer trading in cryptocurrencies such as bitcoin, Ethereum, litecoin, ethereum classic, bitcoin cash and XRP. The Liquidity Hub feature will launch in 2022.

Ripple is in a legal battle with the U.S. Securities and Exchange Commission (SEC) over XRP, a cryptocurrency with which it is closely associated. The SEC issuing Rippleand its executives for allegedly raising funds through an unregistered securities offering. Ripple is fighting the suit.

"I think it's reasonable to own it as part of a diversified portfolio," Cook told Andrew Ross Sorkin at The New York Times DealBook conference. "I'm not giving anyone investment advice by the way."

Cook added that he had been interested in cryptocurrency "for a while," but clarified that his views are personal and that Apple isn't accepting cryptocurrency as payment or buying cryptocurrency itself.

Coinbase missed analysts' revenue estimates on Tuesday after reporting its third-quarter earnings. Following, the stock sank more than 13% in extended trading.

The cryptocurrency exchange also said its monthly transacting users fell to 7.4 million from 8.8 million in the second quarter. In addition, trading volume fell from $462 billion to $327 billion in the previous quarter.

Taproot, a highly anticipated upgrade tobitcoin, went into effect on Sunday at block 709,632.

This is bitcoin's first major upgrade since 2017, and it will impact the blockchain in a number of ways.

Taproot will introduce what's called Schnorr signatures, which will help bitcoin transactions become more private, efficient and less expensive. Most importantly, the upgrade will better enable bitcoin to executesmart contractson the blockchain.

Read more about Taproot here.

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Infrastructure bill's crypto tax provisions to be signed into lawand 5 other crypto updates you should know - CNBC

Cryptocurrency prices today plunged Bitcoin trading below $63,000 mark. The world's most popular and largest cryptocurrency by market capitalization plunged over 6% $62,054. Bitcoin, which recently hit record high of around $69,000, is up over 114% this year (year-to-date or YTD) so far.

Ether, the coin linked to ethereum blockchain and the second largest crypto, also declined more than 6% to $4,400. Ether has been trading around an all-time high, catching up with bitcoin's rally and riding on news of wider blockchain adoption.

Dogecoin price fell over 4% to at $0.25 whereas Shiba Inu tumbled over 2% to $0.000051, as per CoinDesk. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with cuts over the last 24 hours.

Meanwhile, Bitcoin went through a major upgrade on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currency's use cases and making it a little more competitive with Ethereum for processing smart contracts.

The enhancement, called Taproot, is the most significant change to the bitcoin protocol since the SegWit (Segregated Witness) block capacity change in 2017. SegWit effectively increased the amount of transactions that could fit into a block by pulling data on signatures from bitcoin transactions.

Bitcoin's ride has been volatile as the most popular digital token plunged below $30,000 in June amid criticism of its energy consumption and Chinas cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to Chinas broadsides.

(With inputs from agencies)

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Bitcoin, ether, dogecoin, Shiba Inu, other cryptos plunge today. Check cryptocurrency prices - Mint

Little-known cryptocurrencies surging and falling thousands of percentage points within a matter of hours is becoming a latest trend these days. This also indicates the risks and volatility in crpto-based trading.

Recently, Kokoswap, a not-well known cryptocurrency, has surged from $0.01005 to $7.22 in just 24 hours on November 10, surging by a massive 71,000%. Shiba Inu, an internet sensation of late, has also seen a jaw-dropping rally.

The latest to join this trend is HUSKYX, again a crypto which is little-known to regular investors. The cryptocurrency has seen a massive rally of over 45,000% in just 24 hours, jumping from a low of $0.000000004089 to $0.000001878, coinmarket data showed. At 5: pm (IST) on Monday, the coin is currently trading at $0.000001828.

The token has a $1.8 billion market capitalisation.

HUSKYX is a deflationary token which means the total supply is always decreasing, making it more and more rare. Each HUSKYX transaction is taxed, and a small percentage of the coins are burned, but holding does reward in the end.

HUSKYX token is deployed on the Binance Smart Chain which combines a rebase function and dividend rewards.

Rebase, also known as elastic supply, works in a way that increases or decrease the circulating supply through a function called rebasing. When a rebase occurs, tokens may decrease but however they will stay relative to the market cap of the token and the value of one's tokens will remain the same.

The rebase will be used when there are dips in the chart to counter every dip and keep the chart looking healthy.

HUSKYX says it aims to go above and beyond for its community, by providing investors and degenerates alike with ample opportunities on the Binance Smart Chain.

Cryptocurrency craze among investors is growing day by day as more and more individuals become aware of its reliability and sustenance.

The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality.

Recently, the overall market cap of cryptocurrencies has topped $3 trillion, with Bitcoin leading the way in terms of largest digital asset.

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This cryptocurrency surges over 45,000% in just over 24 hours - Mint

Employees work at the Coinbase Inc. office in San Francisco, California.

Michael Short | Bloomberg | Getty Images

Cryptocurrencies including bitcoin are reaching all-time high prices, but Wall Street is sending shares of cryptocurrency leader Coinbase lower after its Tuesday earnings and weak quarter for crypto trading.

Coinbase reported monthly transacting users fell from the prior period, dropping to 7.4 million from 8.8 million in the second quarter, though up from 6.1 million a year earlier. Trading volume fell to $327 billion from $462 billion in the previous quarter and it disappointed the street on quarterly revenue.

Losses narrowed after a Tuesday after-hours decline as steep as 13%, and some on Wall Street remain bullish on the company's outlook with price targets as high as $500 its shares were trading below $350 on Wednesday.

"We don't think the sequential decline in revenue should have been a surprise," BTIG equity analyst Mark Palmer told CNBC on Wednesday. He expects this quarter to be Coinbase's biggest quarter ever after the slowdown in trading over the summer.

In ashareholder letter, the company noted its business is volatile, and it tried to make the case it should not be thought about as "a quarter-to-quarter investment."

A survey conducted among members of the CNBC CFO Council earlier this year found greater acceptance of bitcoin as a financial instrument, with more than half saying it is "for real," though chief financial officers expressed concerns about pegging a reasonable value on the cryptocurrency. Among U.S.-based CFOs, specifically, the percentage saying bitcoin is for real doubled from 33% to 65% in the March survey.

Coinbase CFO Alesia Haas laid out several key strategies for the $70 billion company during its earnings call and in response to questions from equity analysts.

While crypto trading volumes were down a factor in Q3 that also slammed brokerage company Robinhood Haas stressed that the company doesn't think of itself as a trading business.

"We don't think of ourselves as primarily competing on fees today," Haas told analysts.

That's because trading is inherently a commoditized business.

The Coinbase CFO said on the retail side of the cryptocurrency market, the company is competing "on access to assets."

Use of future staking, transacting with products like its Visa debit Coinbase Card, and the ability to interact with DeFi, or decentralized finance, will be bigger business markers for the company, not a single quarter's trading volume or revenue.

"Fees is not the primary aspect that we compete on," Haas said.

And fees are going to be compressed in the future, she added.

Alesia Haas, Chief Financial Officer, Coinbase, listens during the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California.

Patrick T. Fallon | AFP | Getty Images

In periods of low volatility, which occurred during the summer, there is more activity among institutions and its Coinbase Pro users than retail, and the opposite is true for periods of high volatility, which occurred again in September and October.

"We do think in the long term, though, zooming out a little, that we will see fee compression as more and more products will become commoditized in crypto," Haas said. "And so, we've already begun focusing on diversifying our revenue."

Coinbase is betting that as crypto enters what the CFO called "the utility phase," users won't be coming to its platform just to transact, to buy and sell crypto.

"They're also engaging with products like staking, earn, borrow, lend. And this is just the beginning," Haas said of its efforts to diversify revenue streams and lower quarter-to-quarter revenue volatility.

At a $70 billion valuation, though, investors may continue to be worried that competition in those additional markets will also be high.

Coinbase also has faced blowback from regulators over a previously planned lending program.

The Coinbase CFO said there is a "new type of institutional investor" deciding to make an allocation to crypto and it is an adoption curve that "starts with bitcoin, typically then moves to ethereum but is quickly then picking up to other crypto-assets."

Haas says the company is seeing those investors looking for broader allocation to DeFi and bets in the crypto sector more broadly as an alternative to traditional financial systems.

"It feels less speculative and more driven by utility and broader adoption of crypto in more traditional use cases," Haas said.

The Securities and Exchange Commission recently approved the first ETF linked to bitcoin futures and Coinbase is rooting for the SEC to approve more bitcoin ETFs. Haas said that will benefit trading volumes in the crypto ecosystem and add to broader adoption because some institutions don't have the ability to invest in the underlying spot crypto.

But the Coinbase CFO stressed that it's a different market than the current crypto market.

"Crypto spot markets are 24/7 global, there's never a dull moment in them. But the ETF market, obviously, follows the traditional security timeline," Haas said.

This means the ETF market will attract different investors and different use cases.

Bitcoin ETFs will benefit the broader spot market, and Coinbase is looking to be a custodian for that market and is "actively having conversations there how we can support the broader ETF adoption," Haas said.

While its business is currently only in the spot crypto market, she said Coinbase does have ambitions of launching a futures trading business in the U.S. and has filed applications for that process.

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Coinbase CFO's outlook on the future of cryptocurrency - CNBC

The vast majority of U.S. adults have heard at least a little about cryptocurrencies like Bitcoin or Ether, and 16% say they personally have invested in, traded or otherwise used one, according to a new Pew Research Center survey. Men ages 18 to 29 are particularly likely to say they have used cryptocurrencies.

Overall, 86% of Americans say they have heard at least a little about cryptocurrencies, including 24% who say they have heard a lot about them, according to the survey of U.S. adults, conducted Sept. 13-19, 2021. Some 13% say they have heard nothing at all.

In 2015, the Center asked Americans different questions that were focused exclusively on Bitcoin. At the time, 48% of adults said they had heard of Bitcoin (to any degree), and just 1% said they had ever collected, traded or used it.

Pew Research Center has conducted several studies about Americans and cryptocurrency. This survey was conducted among 10,371 U.S. adults from Sept. 13-19, 2021. Everyone who took part is a member of the Centers American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. This way nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATPs methodology. Here are the questions used for this report, along with responses, and its methodology.

This survey includes a total sample size of 362 Asian Americans. The sample includes English-speaking Asian Americans only and, therefore, may not be representative of the overall Asian American population. Despite this limitation, it is important to report the views of Asian Americans on the topics in this study. As always, Asian Americans responses are incorporated into the general population figures throughout this report. Because of the relatively small sample size and a reduction in precision due to weighting, we are not able to analyze Asian American respondents by demographic categories, such as gender, age or education.

In the new survey, certain demographic groups are particularly likely to say they have used cryptocurrencies, with some of the largest differences by age and gender.

Roughly three-in-ten Americans ages 18 to 29 (31%) say they have ever invested in, traded or used a cryptocurrency such as Bitcoin or Ether, compared with smaller shares of adults in older age groups. Men are about twice as likely as women to say they ever used a cryptocurrency (22% vs. 10%).

These differences are especially pronounced when looking at age and gender together. About four-in-ten men ages 18 to 29 (43%), for example, say they have ever invested in, traded or used a cryptocurrency, compared with 19% of women in the same age range. Among both men and women, the likelihood of having invested in, traded or used cryptocurrency decreases with age.

Asian, Black and Hispanic adults are more likely than White adults to say they have ever invested in, traded or used a cryptocurrency. There are no statistically significant differences by household income.

While majorities across demographic groups say they have heard at least a little about cryptocurrency, smaller shares say they have heard a lot. For example, adults under 50 (31%) and men (35%) are more likely than older Americans (16%) and women (15%), respectively, to say they have heard a lot.

The share of adults who have heard a lot about cryptocurrency also varies by race, ethnicity and household income. For example, 43% of Asian Americans say they have heard a lot about cryptocurrency, compared with 29% of Hispanic adults and about a quarter of Black or White adults. Americans with higher incomes (31%) are more likely than those with middle (25%) and lower incomes (21%) to have heard a lot about cryptocurrency.

These findings emerge as government leaders and others debate the regulation of cryptocurrency which has been defined as a medium of exchange that is digital, encrypted and decentralized, with no central authority that manages and maintains its value. Financial regulators have worried about policing cryptocurrencies and have raised concerns about the long-term viability of such currencies, such as Bitcoin.

China recently banned transactions using cryptocurrencies. U.S. Federal Reserve Board Chairman Jerome Powell said this summer that these currencies need more regulation, and the Biden administration is trying to combat ransomware by cracking down on cryptocurrency payments. At the same time, El Salvador in September became the first country to declare Bitcoin as legal tender.

Note: Here are the questions used for this report, along with responses, and its methodology.

Originally posted here:
16% of Americans say they have ever invested in, traded or used cryptocurrency - Pew Research Center

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says that he has never shorted any cryptocurrency. He further warned that the current bubble is the biggest one.

Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, has confirmed on Twitter that he has never shorted cryptocurrency.

Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in The Big Short, a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.

He tweeted Sunday:

Ive never shorted any cryptocurrency. This is my third bubble, and the biggest. Ive learned a thing or two. 30 year Treasuries on the other hand

In October, he said, I believe that cryptocurrencies are in a bubble. However, he clarified in an interview with CNBC that he had not been shorting cryptocurrencies despite tweeting about how to short them.

How do you short a cryptocurrency? Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think its best not to short, but Im thinking out loud here, He wrote.

In June, Burry warned of the mother of all crashes. He described at the time, When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History aint changed.

The Big Short investor is not the only one predicting a devastating bubble. Earlier this month, billionaire investor Stan Druckenmiller said that everything is in a bubble. Crypto, meme stocks, art, wine, equities This bubble is in everything, every asset on the planet, he cautioned.

Meanwhile, Rich Dad Poor Dad author Robert Kiyosaki has repeatedly warned of an impending crash. At the end of October, he predicted that a giant crash is coming, followed by a new depression. He recommends investors buy gold, silver, and bitcoin.

What do you think about Michael Burrys comments? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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'Big Short' Investor Michael Burry Says 'I've Never Shorted Any Cryptocurrency' Warns of the Biggest Bubble Finance Bitcoin News - Bitcoin News

Apple CEO Tim Cook

Michel Porro | Getty Images

Apple CEO Tim Cook said he personally owns cryptocurrency after he was asked at The New York Times DealBook conference if he owns bitcoin or ethereum.

"I do. I think it's reasonable to own it as part of a diversified portfolio," Cook told Andrew Ross Sorkin in an interview that aired Tuesday. "I'm not giving anyone investment advice by the way."

Cook said that he had been interested in cryptocurrency "for a while" and that he had been researching the topic.

However, Cook said that his interest was from a "personal point of view" and dismissed suggestions that Apple might take cryptocurrency in exchange for products as tender.

Cook also rejected the possibility of Apple buying cryptocurrency with corporate funds as an investment.

"I wouldn't go invest in crypto, not because I wouldn't invest my own money, but because I don't think people buy Apple stock to get exposure to crypto," he said.

In August, Cook received 5 million shares of Apple stock worth $750 million at the time. He will get additional grants of Apple stock through 2026, of which the number of shares of depends on Apple stock performance. He has said he plans to donate his entire fortune to charity.

Bitcoin and ether hit all-time highs Tuesday morning.

Apple doesn't currently have any cryptocurrency products or services. It does allow crypto wallet apps on its iPhone App Store, but it also prohibits mining apps.

Apple has released financial services through its Wallet app, which includes contactless Apple Pay, peer-to-peer payments and the Apple Card credit card.

If Apple does introduce cryptocurrency products or services, they are many years away. An Apple Pay executive said in 2019 that the company saw "long-term potential" in cryptocurrency.

Cook said Tuesday that while Apple was looking at cryptocurrency technology, it's "not something we have immediate plans to do."

Correction: Apple CEO Tim Cook spoke with Andrew Ross Sorkin in an interview that aired Tuesday. An earlier version mischaracterized the timing.

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Tim Cook says he owns cryptocurrency and he's been 'interested in it for a while' - CNBC

ONE major cryptocurrency Aave has endured volatility lately but some are wondering where the price will wind up if it gets out of its slump.

In the past 24 hoursAavehas fallen 1% to $313.50, according toCoinMarketCap.

1

Over the past month, thecryptocurrencyhas only risen 3%.

When it comes to cryptocurrencies in general make sure you are careful because there is extreme volatility in the industry.

This means you could lose a lot of money quickly.

For example, Aave hit an all-time high of $666.86 in May. But then in the following month, it fell below $200.

Plus, the crypto space can be filled with complexity, so make sure you understand what youre investing in.

Established in 2017 by Stani Kulechov, Aave operates as a decentralized finance (DeFi) protocol, which aims to disrupt the finance world to allow users to lend or borrow in peer-to-peer networks, without needing a middleman.

In addition, users can earn interest on all crypto assets.

Specifically, Aave users can borrow or lend various distinct types of cryptocurrencies includingDecentraland(MANA), andEthereum.

Speaking of Ethereum, Aave runs on its blockchain, and smart contractors can borrow without a collateral.

A collateral operates an asset that the lender takes as security for a loan.

"The ability to borrow instantly with no collateral with smart protocols in place that return the liquidity back to the pool in one transaction is truly game changing in the DeFi space," DeFi and NFT expert Rio Rocket told The Sun.

Moreover, Aave (AAVE) tokens are used to power the network, which launched in October 2020.

Aave is currently listed as the 48th largest cryptocurrency on CoinMarketCap with its value exceeding $4.1billion.

Given the volatility that Aave has seen lately, predicting where the price will end up in the future might be difficult.

To hit $700, the price Aave would have to more than double from its current level.

Mr Rocket said he is bullish on Aave gaining "over time" because of its token being available on four major exchanges with "high confidence."

Furthermore, Mr Rocket noted that Aave is in its "boring phase" where investors mainly hold.

"Usually infrastructure projects have a tremendous run-up and then the big profit-takers liquidate in which we see a more stable trading pattern for a while."

He added that he feels "the price will remain relatively stable until the fundamentals come back into play for another spike in price."

Also, some price prediction websites have forecasts.

For instance,Wallet Investorsees the price of Aave hitting $524.80 in 12 months time and then exploding to $1,354.28 in five years.

Meanwhile, Coin Price Forecast is a little less bullish than Wallet Investor.

By the middle of next year, itpredictsthe price to reach $371.

It isnt until 2033 when the coin prediction website expects the price will break $1,000.

But both do predict in five years from now that Aave will reach $700 so it could just be a matter of time.

Also, keep in mind, that price predictions could change if more bullish or bearish trends occur.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, has previously told The Sun: "These are dark pools of lending, with no regulation but huge risk.

"Its a speculative twilight world, where currencies lent out can soar or fall in value, mirroring chatter on social media forums."

Weve done price predictions forBitcoin,Ethereum,Dogecoin,Shiba Inu,dYdX,EOS,Saitama,Loopring,Decentraland,Ethereum Name Service, andDogeZilla.

We explain meme cryptos includingShiba and Dogecoin and TigerKing.

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Aave price prediction: Can the cryptocurrency hit $700?... - The Sun