NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Yesterday's breaking news for all crypto lovers was inspiring - for the first time in a long while, top cryptos on CoinMarketCap were in green again. The leaders of this Wednesday are as follows: Cardano gained 14%, Ethereum is up by 11%, Solana goes with a 10% growth, and Dogecoin surged by 7% per day. Bitcoin added 4% to its value and surpassed the $20,000 mark.
Let's go through the reasons and potential for the crypto community.
Why Is Crypto Up?
Why did crypto go up on Oct. 25? The first reason comes from the U.K. - Rishi Sunak, the new British Prime Minister, is a proponent of crypto. The crypto experts who worked with Sunak in previous years hailed his appointment today.
During his tenure as finance minister, Sunak introduced the Financial Services and Markets Bill with the U.K. economic strategy. And here's the second answer to the question "Why is crypto up?" - on October 25, the lower house of the British parliament voted to recognize crypto as "regulated financial instruments" in this bill. This means that the government will bring stablecoins into the U.K. payments system and "enable consumers to use stablecoin payment services with confidence."
The third answer comes from the U.S., where equity markets are soaring these days - Nasdaq is up 1.7% and S&P 500 gained 1.2%. Bitcoin and other cryptocurrencies are largely correlated with the U.S. tech stocks, and their price dynamic strongly affects the crypto market.
Crypto Volatility vs Instant Exchange Tools
While it may be early to judge if the new bull run is upon us, the market has reacted: ChangeNOW is experiencing a surge in exchange activity as you read this. Users made almost 15% more cryptocurrency swaps compared to the previous days.
It means that crypto enthusiasts are quickly seizing the opportunity to profit that the market offers. They understand that in a volatile environment, fast decisions are king. Leading crypto exchanges and services understand this very well, providing the crypto community with better trading experience.
ChangeNOW, a non-custodial instant exchange service, is not an exception. Its users can freeze the exchange rate for 2 min and swap almost 1,000 cryptocurrencies in just four clicks. There's no hassle with signing up and entering the account - the service is registration-free.
If cryptocurrencies do grow over the next weeks, now may be the perfect time to enter the market - as the accumulation phase unfolds. Please, don't take this as financial advice and do your own research prior to any trade.
How To Protect Funds in a Bull Run
When the market activity soars, all risks grow - including those related to security of funds. Hackers become more active and hunt for poorly secured wallets. Centralized exchanges are well-protected, but still not truly secure - they store private data that may be leaked, and also they have the technical means to freeze the account if they find it necessary.
In NOW Wallet, the dev team took care of all these threats - users' private keys are stored locally on their devices and protected by several layers of encryption. The traders are the owners of their coins. Once the uptrend reaches its highest point, the user can easily exchange or sell crypto right within NOW Wallet or via ChangeNOW instant swap platform.
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ChangeNOW is a user-friendly platform for instant, limitless, and registration-free cryptocurrency exchange, founded in 2017. Currently, there are almost 1,000 coins available on the platform for exchange. As a non-custodial service, it doesn't store users' funds.
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