Hey there ProfitFarmers!
Here are the biggest news, updates, and stats for August.
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Stricter Binance for Safer Users
Binance will now limit services for existing users unless they adhere to the new KYC and AML requirements.
Binance has been targeted once again by the all-seeing eye of jurisdiction as there were claims of it operating unlicensed businesses. These claims didn’t amount to anything, but to counteract the scrutiny, the crypto exchange has publicly announced new Know Your Customer (KYC) requirements for all users on the platform.
”Effective immediately, all new users are required to complete Intermediate Verification to access Binance’s products and service offerings, including cryptocurrency deposits, trades, and withdrawals,” a statement said.
Existing users who are not fully verified will only be allowed to process the following:
- order cancellation
- position close
According to Binance, the change in policy for existing users will be rolled out in phases to ensure minimal disruptions in user experience. However, immediate KYC verifications will allow the users to have complete access to Binance services. According to the company:
“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”
Currently, the basic verification in Binance is estimated to get processed in one day. However, with all the new KYC requirements, it will take a total of 20 days to review.
So if any ProfitFarmer reading this has an unverified Binance account, now is the time to get yours verified to protect yourself from inconvenience.
A Picture of a Rock just sold for Millions.
Real rock = Free, Digital Rock = $2.8 million
Welcome to the wild world of NFTs.
Current #EtherRock Price Floor: 678.88Ξ Ether ($2,266,474.82)— EtherRock Price (@etherrockprice) August 30, 2021
Rock ID 96 Ξ678.88 Eth
Rock ID 91 Ξ800 Eth
Rock ID 97 Ξ808.08 Eth
Rock ID 83 Ξ888.88 Eth
Rock ID 93 Ξ993 Eth
Rock ID 40 Ξ1000 Eth
Ξ888 Eth 2 days ago
Ξ555 Eth 4 days ago
Ξ888 Eth 2 days ago pic.twitter.com/feSdG6eUaD
Somebody just bought a picture of a rock for 2.8 million dollars. You cannot make this stuff up.
A clip art of a rock just sold for 888 ETH, or about $2.8 million, a few days ago. The transaction marks the latest sale of EtherRock, a brand of crypto collectible that’s been here since 2017 – which means these rocks are one of the oldest NFTs (Non-Fungible Tokens) in the space.
EtherRock is, Just as the name suggests, a JPEG of a rock – built and sold on the ethereum blockchain. There are only 100 out there, and you could say that scarcity is part of what’s driving up its value.
So, what are these rock jpeg images good for? Absolutely nothing, and that’s not just our opinion. According to the EtherRock website, “These virtual rocks serve NO PURPOSE beyond being able to be bought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game :)”
What could this mean for the crypto space?
It could mean that crypto is revving up for the second leg of this bullrun. The fact that NFTs are generating so much hype at this point in time means that there is a genuine demand for this kind of art at the moment (loosely using the term here) and that high demand is a good thing for the blockchain ecosystems to which they belong to, like Ethereum, Polkadot, Avalanche Etc, which will hopefully drive the price up and ultimately secure a win for crypto.
Or it could be early warning signs of hyperinflation. Only time will tell.
An Avalanche of Gains
Recently, there has been a rise in decentralized finance and nonfungible tokens which have transformed the blockchain ecosystem, all thanks to the strong foundation laid down by layer-one blockchain networks like Bitcoin and Ethereum.
Now, smart contracts and layer-two protocols look to revolutionize the logistics and finance industry.
Currently, most of the top layer-two projects operate on the Ethereum network which has resulted in congestion within the Ethereum ecosystem – this has led to high transaction costs and delayed confirmation times.
Enter AVAX, One of the biggest price gainers in August (increasing by more than 350%), the native token of the Avalanche protocol.
The smart contract chain within Avalanche has been dubbed as a better ecosystem than its predecessor, offering a wonderful experience for both user and builder. It offers fast finality, low fees, and high security, all an upgrade from the Ethereum network, which makes it very attractive to layer-two projects.
To make it even better, the team at Avalanche released the Avalanche Bridge at the end of July- this bridge supports cross-chain bridging between Avalanche and Ethereum, which means that layer-two projects in the Ethereum ecosystem can easily move over to the Avalanche network.
As of Aug. 24, the bridge has processed more than $1 billion worth of transfers between the two networks and plans to list new assets and stablecoins like USD Coin (USDC) within Avalanche are in the books.
Another major milestone that highlights the explosive growth of decentralized finance is that the liquidity market protocol Benqi reached $1 billion in total value locked within a week after launching on the Avalanche (AVAX) network.
It looks like a second DeFi boom is on the cards this year, with cryptocurrencies like AVAX leading the charge. ProfitFarmers made the best out of this opportunity as we traded the AVAX token furiously within the platform, leading to outstanding results. Just check out all these GAINS:
Getting in Touch with Customer Support
Some of the feedback we’ve received from members recently was that it was a bit difficult to get in touch with customer support. To make it easier, we’ve added the option “Contact Support” so you can directly contact Customer Support straight from your dashboard (you can find the button under the Help center section of the dashboard).
Our algorithms generated over 118 signals in 31 days across different strategies.
We saw a massive 82% of them hitting targets 1,2,3 and 4!
That’s 97 out of 118 signals offering up at least some profit potential! Only 18% (21) of our signals generated and vetted by the experts went directly to stop-loss.
When do we publish signals?
Our signals are produced algorithmically. They may appear at any time of the day! Here’s a graph showing when our signals were created for the month of August.
Our Favourite Trade
IOTXUSDT is our favorite trade over this period. It came on August 10, 2021 and the trade was closed on August 11, 2021.
Look at the chart
Behold, a picture-perfect trade where all Take Profit Targets were hit in just 1 day!
There’s really not that much to say, except that if you’ve entered this trade, you’d have 119.45% more than what you’ve begun with. Who doesn’t love being up by 119%?
Overall target spread and profit per target
Here’s the result of the final target after we broke down the winners to discover which targets were being hit.
Approximately 47% of all the signals that hit target 2, 3, or 4!
It’s safe to say that the platform was generating profitable opportunities in the month of August.
When we take a look at the average peak gains for each target, the results become even more impressive starting from T1 to T4.
34.75 % of trading signals generated hit Target 1 and achieved an average peak gain of +12%
25.42% of trading signals generated hit Target 2 and achieved an average peak gain of +28%!
10.17% of trading signals generated hit Target 3 and achieved an average peak gain of +47%!
11.86% of trading signals generated hit Target 4 and achieved an average peak gain of +65%!
Only 18% of our signals hit stop loss and had an average loss of 9%.
Based on the chart of our average depth, The overall average depth is ranging from 43-46%. The ideal way to play this month is to set your entry prices to around 42-45%* from the top of the buy zone if you were trading SPOT or Around 43-47%* if you were trading FUTURES.
If you are unsure of how to get the best entry zone, we highly suggest using our Laddering Feature!
Top 10 Trades in August
What an excellent month for ProfitFarmers! As you can see, our top 10 trades all generated peak gains of more than 50%. Our top 2 trades had peak gains of more than 100%! These are shocking numbers.
IOTXUSDT comes first with a peak gain of almost 119.45% in just 1 day, followed by ALICEBTC which reached an impressive peak gain of 100.23% in just 5 days!
Be more profitable and start making trading work for you again.
Join ProfitFarmers and:
- Copy expert trading signals in a few clicks
- Spend more time in the real world
- Get off the emotional rollercoaster
See you all next time!