Crypto Markets Update
This week was rather turbulent for the financial markets, following the most recent actions taken by the Fed to combat inflation. In particular on Wednesday, they announced an interest rate hike of 0.75%, and stated their intention to continue their attempts to bring inflation down. These statements and actions have had a negative effect on risk assets, a category where most investors include Bitcoin and other cryptocurrencies. However, price crashes were followed by a timid recovery, and at the end of it all Bitcoin is trading around the $19,000 level; barely 4% lower than last week.
This disproportionally small reaction to such an important event could be a sign that hike rates and other central bank measures against inflation are mostly priced in. If indeed such macro events stop having an effect on prices, we could soon have the beginning of a recovery for the Crypto markets. The Crypto Fear & Greed Index also shows values that would be consistent with a market bottom.
Moreover, the drastic actions taken by the Fed against inflation have had a big effect on other assets such as government bonds and the US dollar. If borrowing costs for governments continue to grow at this rate, central banks could find themselves unable to maintain their current contractive monetary policy. There were already some signs of that this week, as government bonds in the UK took a dive on Friday sending the Pound to its lowest value in almost 40 years.
As problems of this sort continue to accumulate, central banks will have no choice but to relax their monetary policy, and the additional liquidity will doubtlessly be good news for the Crypto markets.
StakeCube in Numbers
While user count and pool value growth was very healthy this week, SCC still lost quite some value and is trading again below 20 cents. Exchange volume remained at a high level throughout the week, experiencing a huge spike this Friday thanks to the SAPP/BTC pair.
- User Count: 148,718 +0.29%
- Pool Value: 654.75 BTC +1.77%
- SCC Price: $0.199 -15.32%
- SCC Market Cap: $2,152,000 -15.38%
- Daily Exchange Volume $129,409 -13.57%
- Daily SCP Transactions: 19 +26.67%
Top 5 Gainers
This week’s great protagonist was PNY, almost doubling in value with respect to last week. This is great news for many Stakecube users, as PNY is one of our most popular coins. Our holdings of PNY are now worth more than 100 BTC.
- PNY +89.9
- MERGE +46.3
- SYS +12.3%
- GHOST +12.2%
- DOGE +7.2%
Earn System News
As we informed a few weeks ago, we are constantly balancing the number of coins in staking wallets and masternode wallets in order to maximize earnings for our users. You can read more about our optimization systems here:
This week has seen a ramping up of the number of masternodes deployed for suitable coins within the Earn system. Users will already be able to see an increase in earnings for some coins and for others should see an increase over the next few days as initial rewards come in from new masternodes.
Please note that PRIV has now been added to the Earn system. As part of this process we have now launched a number of PRIV masternodes to generate Earn rewards. As usual for the Earn system, these rewards will be credited daily to all PRIV holders.
GHOST Hard Fork
GHOST will soon undergo a hard fork, that will be applied at block height 591,621 . Starting on Monday the 26th we will stop deposits and withdrawals to facilitate the transition. If you want to withdraw or deposit GHOST, please do it before this date or wait until the hard fork implementation is complete. You can keep track of the block height for GHOST on their official explorer:
As part of the process of delisting for KTS, KTS Hot Nodes have been stopped this week, with coins returning to the balance of their owners. Cold Nodes will be stopped after the delisting process is complete. This will be on the 15th of October, 2022.
If you want to know more about this delisting, you can read our announcement from last week:
Wallet Maintenance News
We updated the following wallets:
Previous version: 0.21.1.10
New version: 0.22.0.0
Update in preparation for the hard fork (expected Monday).
Please read the following information regarding the security of your account and funds:
The StakeCube.net team will:
- Never contact you first
- Never ask you to send them or move coins to some other address
- Never ask you for remote access or to install any third party software
- Never ask you for your password or 2FA codes
- Never provide support using direct messages
If you observe any of these listed behaviors, someone is trying to steal money from you. This applies to all of our social media channels. Our team will post official messages in the appropriate channels, and we only offer support through our ticket system on our support email:
Please, also take into account the following measures to keep your account secure:
- Enable 2FA in the account settings
- Enable IP verification in the account settings
- Use a strong password
- Change the password regularly
- Never share your password with others
- Never allow remote access to your devices
- If you require assistance, use only the official channels
- Download software only from verified sources
SCP Wallet is now signed with JSKitty’s public PGP key. This allows users to verify that the wallet has been cryptographically signed and approved by him. Even if our GitHub is compromised, the downloads are still safe as long as the PGP verification confirms that the files have not been tampered with. If you download SCP, please verify the binary against our developer’s public key:
Social Media and Other Important Links:
- Discord: https://discord.gg/RTJKjdwEsY
- Telegram: https://t.me/Stakecube
- Facebook Group: https://www.facebook.com/groups/964396784312480
- Facebook Fan Page: https://www.facebook.com/StakeCubeEcosystem
- Twitter: https://mobile.twitter.com/stakecube
- Instagram: https://www.instagram.com/stakecube/
- SCPScan: https://scpscan.net/
- SCC Explorer: http://126.96.36.199/