Do you have the bear market blues? Wondering when we’re going to catch a break? Well, the outlook might not be all that bad.
Bitcoin prices have finally been bullishly picking up since last week. Although prices are still quite volatile, a recent CoinTelegraph report notes an interesting correlation with the sudden increase in oil price as a result of the Russia-Ukraine war, and goes on to predict that we may see a US$60 thousand Bitcoin price once again within just a few months.
Bitcoin prices also famously tend to correlate with the S&P500 — a stock index composed mostly of tech darlings — which has also been tanking since hitting an all-time high this January. Some blame the recent economic decline on the Fed’s January announcement of a U-turn on crypto policy and an upcoming increase in the federal funds rate as a measure to combat runaway inflation. The first rate hike is coming just next week, with two more raises scheduled for later this year.
Foreign politics also play a part — ICX fans the world over rejoiced to see the Korea-developed altcoin rocket 70% following the South Korean presidential election of crypto-friendly candidate Yoon Suk-yeol. Concerning Bitcoin and other cryptos, it’s anyone’s guess as to how the war in Ukraine will affect the overall crypto market (and certainly, there are much more important things at stake).
Regarding everything that is going on, it’s probably safe to assume the next couple of months could be quite volatile as well. So, what to do with your Bitcoin and Ethereum while you wait for prices to rally again? Definitely don’t sell! Rather, it may be smarter to keep those funds in a savings account that can passively add to your purse.
Earn Compound Interest With ICONFI Savings Accounts for BTC, ETH, USDT & USDC
ICONFI savings wallets are a great way to hold on to your crypto while earning a bit on the side as well. In fact, you could end up earning a lot on the side, with up to 11 percent compound interest on USDT and USDC stablecoins in a 180-day fixed account. Flexible accounts are available, too, for those who prefer to not lock their funds up. Compound interest rates break down thusly:
|Fixed Savings Wallet||Flexible Savings Wallet|
What’s especially great about ICONFI savings wallets is that users receive compound interest every 4 hours. Furthermore, while many other crypto savings platforms have a tiered system that drops interest rates dramatically for larger deposits, ICONFI’s rates are not tiered. And for those who do most of their trading on Binance, ICONFI wallets also support Binance Smart Chain (BSC) with transaction fees of less than US$1 and the same compound interest rates.
“ICONFi’s goal is to redesign finance using Blockchain,” said ICONFI CEO Sean Kim. “So many crypto users trade on exchanges, and statistically more people would lose their money than earning since it is a zero-sum game. ICONFi wants to make crypto simple and easy for anyone. Stop the zero-sum game and start the compound interest – then time will be your ally.”
For fans of the ICON blockchain’s ICX token, ICONFI also offers ICX staking. ICONFI connects directly to the ICON mainnet (the app’s built on the eponymic ICON blockchain) and features a convenient ‘Auto Stake’ function that automatically claims staking rewards and re-stakes them immediately, thus creating a compound earnings effect on ICX held in the wallet. Staking support for other tokens — including Solana (SOL), Polkadot (DOT), BAND Protocol (BAND), Near Protocol (NEAR), Edgeware (EDG) and Moonbeam (GLMR) — are in the works and coming soon, thanks to ICON’s upcoming BTP and ICE blockchain interoperability features.
For more information about the ICONFI savings wallet — including a handy-dandy compound interest rate calculator — head on over to their website. ICONFI is a mobile wallet available for iOS and Android (just scan the QR code on their site and you’ll be taken directly to your app store).
Happy passive earning!