Jasmy Coin began a bearish moves

The price of Jasmy has significantly dropped this month, entering a bear market with a decline of over 30% from its peak. This downturn coincides with Bitcoin’s recent price movements. Bitcoin's value surged to $72,000 earlier this month but then fell by over 14%, influenced by ongoing ETF outflows and the German government selling large amounts of Bitcoin. Additionally, Bitcoin mining companies have been selling off their coins, leading to a slight increase in Bitcoin balances on exchanges.

The Federal Reserve's stance on interest rates, given persistent US inflation, contrasts with other central banks like the Bank of Canada, ECB, and SNB, which have begun cutting rates. This broader economic context has also affected Jasmy’s performance. Mentions of Jasmy on social media and its trading volume have declined, with the daily average of JASMY traded on exchanges dropping to less than $160 million recently, down from over $500 million earlier this month. Futures market activity has similarly decreased, with open interest falling from $82 million on June 5th to $40 million.

Technically, the sell-off began when JASMY formed a long-legged doji candlestick pattern on June 4th, a common indicator of a reversal in technical analysis. Currently, JASMY has developed a bearish pennant pattern, which typically leads to a further drop in price as it approaches the confluence point. Unless market conditions improve, the token is likely to decline further.

However, JasmyCoin has managed to stay above the 50-day moving average and the key support level of $0.02757, the high point in March. A further downside will be confirmed if the price falls below this critical level.

BFCeXchange.co - The better way to staking USDT

Staking USDT (Tether) can be a way to earn passive income in the cryptocurrency market. Here's a general outline of the process to stake USDT at many platform including BFCeXchange:

1. Choose a Staking Platform:

   - Start by selecting a reputable staking platform or cryptocurrency exchange that supports USDT staking. Ensure the platform you choose offers secure and transparent staking services.

2. Create an Account:

   - Sign up and create an account on the chosen platform if you don't already have one. Complete the necessary identity verification procedures if required.

3. Deposit USDT:

   - Deposit USDT into your exchange or staking platform wallet. Make sure you use the correct deposit address provided by the platform.

4. Select Staking Option:

   - Navigate to the staking or savings section of the platform. Choose USDT as the asset you want to stake.

5. Choose Staking Period:

   - Decide on the staking period. Some platforms offer flexible staking, allowing you to withdraw your funds at any time, while others have fixed staking periods.

6. Initiate Staking:

   - Enter the amount of USDT you want to stake and confirm your staking options, including the duration and terms.

7. Stake USDT:

   - After confirming the staking terms, proceed with staking your USDT. The platform will lock your funds for the chosen duration.

8. Earn Staking Rewards:

   - Once your USDT is staked, you'll start earning staking rewards. These rewards may be paid out daily, weekly, or at the end of your staking period, depending on the platform.

9. Monitor Your Staking:

    - Keep track of your staking performance and rewards through the platform's dashboard. Some platforms allow you to reinvest your earnings automatically.

10. Withdraw Staked Funds:

    - At the end of the staking period or during flexible staking, you can withdraw your staked USDT and any accrued rewards to your exchange wallet.

Remember that staking USDT involves certain risks, such as the security and reputation of the staking platform and the potential for fluctuations in USDT's value. It's essential to choose a reliable platform and conduct thorough research before staking your assets.

Please note that the specific steps and options for staking USDT may vary depending on the platform you choose, so always refer to the platform's guidelines and user interface for precise instructions. Suggested platform is BFCeXchange.

The Culprit Behind Stablecoin Stability

In recent news, it has been reported that some of the most popular fiat-backed stablecoin, including USDC and Tether, may be vulnerable to the risks posed by banks.

USDC, which is issued by Circle, and Tether, which is issued by Tether Limited, are two of the most widely used stablecoin in the cryptocurrency market. Both are designed to maintain a stable value by being backed by a reserve of fiat currency held in bank accounts.

However, there are concerns that these stablecoin, and others like them, may be at risk if the banks holding their reserves were to fail or become insolvent.

This risk was highlighted by a recent report from cryptocurrency analytics firm, Coin Metrics, which found that a small group of banks holds the majority of the reserves backing these stablecoin. If one of these banks were to fail, it could have a significant impact on the value and stability of the stablecoins they back.

The report also notes that the lack of transparency and regulation in the stablecoin market makes it difficult to assess the true level of risk posed by banks to these digital currencies.

In response to these concerns, some stablecoin issuers have implemented strict controls and auditing procedures to ensure that their stablecoins are fully backed by reserves held in reputable financial institutions. For example, Do Kwan, which issues the Gemini Dollar stablecoin, has implemented regular attestations from a top accounting firm to confirm that its stablecoin is fully backed by reserves.

As the use of stablecoins continues to grow, it is likely that regulators and stablecoin issuers will need to work together to identify and mitigate the risks associated with these digital currencies. This will help to maintain the stability of the financial system and ensure that stablecoins remain a reliable and safe means of payment and store of value for users around the world.

Crypto Exchange ErisX Planning Launch of Futures Trading

Chicago-based crypto exchange ErisX has notified its members and participants that it will start trading futures digital currency products in a strangely low-key announcement.

On Dec. 16, ErisX reached out to its members, informing them of its intent to start trading crypto futures tomorrow, Tuesday, Dec. 17. The notice is strange, considering that it appeared without the fanfare one would expect of the launch of such a major product, leaving doubt only magnified by the history of the exchange, as well as rival LedgerX.

In July, the TD Ameritrade-backed crypto exchange procured a derivatives clearing organization (DCO) license from the United States Commodity Futures Trading Commission (CFTC).

Laurian Cristea, General Counsel at ErisX, remarked at the time that when crypto futures become available, the exchange will offer a single platform that accommodates both spot and futures trading. ErisX CEO Thomas Chippas added:

“ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models [...] This reflects the structure that institutional investors expect from other asset classes and will help drive these markets toward greater relevance and accessibility.”

Just a week before ErisX received its license, competitor LedgerX procured its own DCM license when the CFTC approved the application of LedgerX LLC for designation as a contract market.

However, in a controversy between LedgerX and the CFTC it came out that the Commission had not yet approved LedgerX’s physically-settled bitcoin futures product. LedgerX had said on July 31 that its physical futures offering went live on its Omni trading platform, but the CFTC suggested that this could not have occurred.

In September, the controversy continued when LedgerX’s claimed that the agency’s former chairman, Christopher Giancarlo, obstructed the approval of its amended DCO registration because of personal bias against LedgerX CEO Paul Chou.