The Ultimate Crypto Boom Guide Of 2023

Return to Crypto blogs
Crypto Boom
February 15,2023

The Crypto Boom trading bot promises consumers daily earnings of up to 60% from trading cryptocurrencies. You may test the waters using the platforms demo mode and the low commission rate to determine whether its a good match before committing to real money.

Is Crypto Boom a fraud or an actual service? In this Crypto Boom review, well discover!

Explaining The Concept Of The Crypto Boom.

Crypto Boom is a programme that facilitates automated cryptocurrency exchange. An AI-powered system monitors the cryptocurrency market and makes transactions in your stead as needed on the site.

Users, according to Crypto Boom, may make as much as 60% every day in profits. Crypto Boom claims it can enhance your transaction size and fund growth by a factor of up to 5,000:1. If you simply have a few extra bucks to trade with, high leverage might boost your higher earnings. This may raise your profits with certain Bitcoin robots, but it could also boost your losses.

There are zero licence or registration costs associated with using Crypto Boom. A 2% commission of gross sales is all that is required of you. In other words, you dont have to worry about shelling out any cash until you start earning any.

The Crypto Boom: How Does It Operate?

The foundation of the Crypto Boom is an exclusive trading algorithm based on artificial intelligence. Thanks to its extensive training on market data spanning many years, this program can identify price patterns that are highly indicative of a successful transaction.

The algorithm behind Crypto Boom makes orders to purchase and sell cryptocurrencies when it detects a trading signal. When making these kinds of deals, traders often make advantage of the leveraging of up to 5,000:1.

A sell order will be issued by the algorithm when the predetermined price is achieved or when the trades momentum starts to wane. 

To trade successfully with Crypto Boom, traders dont need to keep a close eye on their accounts. It has a claimed 85% victory record in normal market circumstances and can operate around the clock. Crypto Boom claims a high percentage of success, however, we were unable to confirm this. Remember that employing leverage raises the possibility of your trading losses, which is something to keep in mind while engaging in any kind of trading.

Demo trading mode also allows you to test out different settings for the trading algorithm. To fine-tune the algorithm or instruct it to trade more or less aggressively, tinkering with the parameters might be useful.

Distinctive Characteristics of the Crypto Boom

In this section of our evaluation of the Crypto Boom, lets examine the main characteristics of this trading programme in more detail.

Purported Daily ROI of 60%

Crypto Boom boasts a 60 percent daily profit potential, which is one of the most eye-catching aspects of the service. In other words, if you invest $250, you have a chance of ending the first day with $150 more. Earnings would increase to $240 the next day, and another day after that, and so on. The trading algorithm may operate at all hours.

Remember that we couldnt confirm Crypto Booms promised success rate or daily return. The possibility of financial loss is inherent in trading, and this includes trading on Crypto Boom.

Utilise A Leverage Ratio

When trading CFD pairings involving cryptocurrencies, Crypto Boom claims to utilise the leverage of up to 5,000:1. If you simply possess a few extra bucks in your trading account, high leverage may help you make bigger trades.

Keep in mind that if your transaction goes against you, the high leverage will magnify your losses as well.

Buying And Selling In 14 Different Asset Classes

According to our Crypto Boom review, you may use this exchange to buy and sell 14 different digital currencies.

The Bitcoin CFD market also allows for the trading of altcoins. In this way, Crypto Boom provides traders with access to a wide variety of marketplaces.

Practice Market Mode

If youre interested in giving Crypto Boom a try but dont want to commit any real cash, you may use the softwares demo trading mode. This is significant since you can tweak the algorithms parameters in a practice trading environment. Before you start trading for real money, use the Crypto Boom demo mode to fine-tune your settings to the current market.

Commissions on the Crypto Boom

According to our analysis of Crypto Boom, there are no subscription or account fees associated with using this programme. Instead, Crypto Boom charges a 2% fee on all trading gains. Although a two percent fee might add up quickly for large accounts, this model ensures that you only pay for the software if and when it generates a profit for you.

To What Extent Is Crypto Boom Profitable?

Many investors want to know whether they can boost their earnings by using the crypto trading robot. The amount of money you make trading with this robot depends on how hard you work and how thoroughly you study the markets. Although Crypto Boom is programmed to manage your bitcoin holdings, you should still keep a close eye on your transactions.

Keep in mind that even though the Crypto Boom bot boasts a 95% success record, there is still a chance that it may miss out on certain profitable trends. Using Crypto Boom carries no assurance of financial success.

Can You Tell Me How To Close My Account At Crypto Boom?

If you know your way around the trading interface, closing your account on Crypto Boom is a breeze. This takes just a minute or two, but before you do it, you should phone their customer service and let them know what youre up to.

If they no longer want to use Crypto Boom, traders may cancel their accounts by contacting their corresponding broker. If you remove your brokers trading account, you will lose all associated data. If you want to succeed, you need to be prepared for the fallout of your approach, whatever it may be.

The Judgement

Our analysis of Crypto Boom showed that their trading platform allows users to delegate decision-making to an AI system that can trade cryptocurrencies around the clock.

The Crypto Boom website claims a success rate of 85% for the algorithm and claims that traders can expect daily earnings of 60%. Its important to remember that theres always a chance you might lose money if you decide to trade with Crypto Boom. We were unable to confirm Crypto Booms claims of success.

At Crypto Boom, you wont have to worry about paying any fees just to use your account or make a deposit. You may get started with as little as $250, and you only pay to utilise the platform when you generate money.


Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.

May 28,2023

JPMorgan Chase Introduces New Product To Rival ChatGPT.

The banking giant recently filed a trademark application for a new generative AI tool known as IndexGPT with the US Patent and Trademark Office, indicating their intention to utilize it in various business areas such as advertising, business consulting, and finance-focused software solutions which also includes crypto based offerings.

The decision to develop IndexGPT aligns with the perspective of CEO Jamie Dimon, who has previously expressed a keen interest in AI. Dimon previously mentioned that the company already has more than 300 AI use cases in production, covering areas like risk assessment, marketing, customer experience, and fraud prevention.

While numerous technology giants are eagerly adopting generative AI tools across different sectors, Apple has taken a different approach by imposing restrictions on the use of ChatGPT and similar tools. This decision was prompted by concerns about the potential compromise of sensitive data. An internal document highlighted specific restriction by Apple on the usage of Copilot, an AI tool owned by GitHub that automates software code writing.

May 27,2023

ERC-6551 Can Turn Any NFT Into A Wallet

The ERC-6551 protocol has introduced token-bound accounts, enabling individual NFTs to function as a wallet of sorts. This innovation was discussed by Benny Giang, the co-founder of Future Primitive and the renowned CryptoKitties NFT collection.

The concept behind this development originated from a collaboration between Giang and streetwear designer Jeff Staple called Sapienz. They sought to reimagine the future of storytelling, streetwear, and fashion through profile pictures (PFPs).

By assigning each NFT its own smart contract account or wallet, which became ERC-6551, a breakthrough was achieved. According to Giang, all NFTs on the Ethereum mainnet, from CryptoKitties to the latest projects, now possess their own account addresses capable of holding various tokens.

Token-bound accounts endow NFTs with two significant properties. Firstly, they can own assets, including ETH, USDC, and other NFTs. Secondly, they can participate in social governance. As Giang explains, NFTs can become signers on multisig transactions, possess their own ENS sub-domains, and engage in voting on proposals.

Giang metaphorically describes this as granting NFTs a passport, providing users access to diverse functions like bank accounts and voting. Taking it a step further, Giang suggests that incorporating AI into NFTs could infuse them with personalities, allowing them to tweet and execute on-chain actions.

Ultimately, Giang views this as a natural progression for human interaction and digital interfaces, facilitating deeper engagement and interaction among users worldwide.

May 25,2023

Binance Officially Enters NFT Lending Sector Via Ether Loans

Binance has finally made its entry into the NFT lending space by introducing a new feature on its NFT marketplace. Users can now borrow cryptocurrencies by using NFTs as collateral.

Initially, the feature supports borrowing ETH against blue-chip NFTs such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. The current interest rate for NFT loans stands at 7.91% per annum, and the loan-to-value ratio ranges from 40% to 60%. Notably, there are no gas fees or Ethereum transaction charges associated with these loans.

Binance launched its NFT marketplace in June 2021 and plans to add support for Ordinals (Bitcoin NFTs) in addition to the existing blockchain systems of Ethereum, Polygon, and BNB Chain.

This move follows the recent introduction of Blend, an NFT lending protocol by the NFT marketplace giant, Blur. Blend allows lenders to determine their own interest rates and loan-to-value ratios, showcasing its rapid growth and potential to revolutionize the lending landscape.

In other news, Binance also recently gained its first Southeast Asian license from Thailand as the team gets ready to launch a new Thai crypto exchange in late 2023.

May 25,2023

Binance Officially Enters NFT Lending Sector Via Ether Loans

Binance has finally made its entry into the NFT lending space by introducing a new feature on its NFT marketplace. Users can now borrow cryptocurrencies by using NFTs as collateral.

Initially, the feature supports borrowing ETH against blue-chip NFTs such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. The current interest rate for NFT loans stands at 7.91% per annum, and the loan-to-value ratio ranges from 40% to 60%. Notably, there are no gas fees or Ethereum transaction charges associated with these loans.

Binance launched its NFT marketplace in June 2021 and plans to add support for Ordinals (Bitcoin NFTs) in addition to the existing blockchain systems of Ethereum, Polygon, and BNB Chain.

This move follows the recent introduction of Blend, an NFT lending protocol by the NFT marketplace giant, Blur. Blend allows lenders to determine their own interest rates and loan-to-value ratios, showcasing its rapid growth and potential to revolutionize the lending landscape.

In other news, Binance also recently gained its first Southeast Asian license from Thailand as the team gets ready to launch a new Thai crypto exchange in late 2023.

May 23,2023

Crypto Exchange License Applications Will Soon Be Accepted By Hong Kong Securities Regulator

Starting June 1st, the Hong Kong Securities and Futures Commission (SFC) will begin accepting applications for licenses from cryptocurrency exchanges. The SFC has issued guidelines that prohibit the offering of crypto gifts aimed at incentivizing retail investments, including airdrops. It has also stated that stablecoins should not be allowed for retail trading until they are regulated.

According to the latest consultation on policy recommendations, licensed virtual asset providers will be allowed to serve retail investors as long as they assess the overall understanding of the investors and associated risks. The SFC sought public feedback on its initial policy recommendations in February before finalizing them.

The guidelines place the responsibility on platform operators to conduct thorough due diligence, emphasizing that meeting the minimum requirement of being included in two acceptable indices is not sufficient for listing a cryptocurrency for trading.

Under the new rules, crypto exchanges must also maintain a minimum capital of $640,000 (USD) at all times. They are also required to submit reports on available and required liquid capital, a summary of bank loans and credit facilities, and profit and loss analyses to the SFC on a monthly basis. In addition, approved tokens on regulated exchanges must have a 12-month track record.

The SFC mentioned that it will separately consult on the inclusion of derivatives, which are crucial for institutional investors. Regarding the implementation of the travel rule by the FATF, which involves sharing information on crypto transactions between financial institutions, the SFC will accept delayed submission of required information until January 1st, 2024, if immediate submission is not feasible during the virtual asset transfer.

May 21,2023

Ledger Defends New Recovery Feature Despite Ongoing Backlash

Ledger, the renowned cryptocurrency hardware wallet manufacturer, recently introduced a new Bitcoin (BTC) key recovery feature, aiming to provide users with an additional layer of convenience and security as it will reportedly enable them to back up their private keys so that they may be recovered if lost.

However, the introduction of this feature has not been without controversy, as experts and critics raise doubts about its safety and effectiveness. More importantly, it is indicative of how Ledger may have violated the trust of its user base with potentially catastrophic consequences.

Safety or violation of trust?

When it comes to user satisfaction and building trust, being technically correct is not enough. It is impossible to overestimate the importance of addressing user concerns and striking a balance between security and convenience, as while the new feature may be useful in the long run as far as Ledger is concerned, the crypto community remains unconvinced and feels betrayed.

Since then, Ledger has responded to the criticism and concerns expressed about their new wallet recovery service. The company talks about the specifics and how it intends to help users recover lost or inaccessible Bitcoin keys. Despite the controversy, Ledger defends the implemented security measures and emphasizes their commitment to protecting user assets.

Still, experts have expressed concerns about the security of the new Bitcoin key recovery feature. They evaluate the technical aspects while also examining potential vulnerabilities and risks associated with the recovery process. Twitter user foobar told his 132,000 followers to stop using Ledger hardware wallets as soon as possible, claiming that the company has shown nothing but gross incompetence and wild misunderstanding of their own purposes. Similarly, Polygon Labs CISO Mudit Gupta informed his 61,000 followers that the new recovery feature is a horrendous idea and that no one in their right minds would support it.

What comes next?

While it is optional, the new feature will split the private keys of the users into three encrypted fragments which would be stored by three different companies, including Ledger. Users who once trusted that it was next to impossible for their private keys to ever leave their Ledger devices are understandably livid with this new feature, as they believe it defeats the purpose of having a hardware wallet in the first place.

As to why Ledger would do this, the official statement was that the feature will make it easy for anyone to own crypto by eliminating the confusing and complicated terminologies and processes associated with private keys and crypto wallets. Nevertheless, many believe that this is indeed a violation of trust and numerous Ledger users are now shifting to alternative options like Argent and Trezor.

May 20,2023

Crypto Regulations Discussed Ahead Of Upcoming G-7 Summit

G-7 finance ministers reportedly held discussions on the regulation of cryptocurrencies prior to the upcoming Japan summit. The representatives expressed their commitment to adhering to the standards established by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) regarding crypto assets and central bank digital currencies (CBDCs).

FSB will be providing final recommendations by July 2023 and pledged to implement effective regulatory frameworks for crypto assets and stablecoin arrangements in accordance with the appropriate guidance and standards established by standard-setting bodies (SSBs).

Many also expressed their support for the Financial Action Task Force (FATF) and its efforts to expedite the global implementation of the travel rule, which mandates the exchange of information on fund transfers between financial institutions both domestically and internationally.

Everyone involved is eagerly awaiting the progress report by the FATF on the travel rule implementation due to the increasing threats posed by illicit activities like money laundering and terrorist financing, among others.

Furthermore, the IMF will be providing its own recommendations on CBDCs, to be published later this year and discussed during the upcoming summit. The G-7 consists of the United States, United Kingdom, Canada, France, Germany, Italy, and Japan, with additional representatives from the European Union, Australia, India, and other jurisdictions invited to participate in the event.

May 19,2023

Governments Can Now Issue CBDCs Via New Ripple Platform

Ripple has introduced a new platform that enables governments to issue their own digital currencies in the form of CBDCs (Central Bank Digital Currencies). With this announcement, Ripple looks to continue its innovative solutions for digital payments and cross-border transactions.

On May 18th, the launch of the Ripple CBDC Platform took place, which leverages the same blockchain technology used in the XRP Ledger (XRPL). The platform empowers central banks, financial service providers, and governments to holistically manage and customize the entire life cycle of fiat-based CBDCs, including transactions and distribution.

The new platform facilitates inter-institutional settlement and distribution operations for financial institutions utilizing CBDCs. It also enables global central banks to issue both retail and wholesale digital currencies. The capabilities are also exemplified through the e-HKD pilot, a CBDC program initiated by the central bank of Hong Kong (HKMA). Additionally, Ripple is working with Fubon Bank in Taiwan to develop a solution for real estate asset tokenization and equity distribution.

The CBDC platform offers four key features, namely Ledger technology, Issuer, Operator, and End-User Wallets. The platform builds upon the Private Ledger function, which was initially introduced by Ripple in 2021 for CBDC issuance.

James Wallis, VP of Central Bank Engagements and CBDCs at Ripple, expressed confidence in the platform and its ability to address challenges faced by central banks and governments while developing strategies for CBDC implementations. Ripple is also collaborating with several central banks to help establish it as a trusted partner in this space.

May 16,2023

Supreme Court Sides With Crypto To Push SEC Out

Many crypto businesses are hoping that a new US Supreme Court doctrine will set a legal precedent that could theoritically force the SEC to step aside, however federal regulators remain skeptical.

In a decision issued last June, the Supreme Court sided with states challenging the authority of the EPA to regulate greenhouse gas emissions. The institution had decided to adopt a formal doctrine that actively seeks to limit the power of federal agencies.

According to the doctrine, Congress should not delegate deciding the fate of extraordinary cases involving matters of significant political and economic impact to federal agencies such as the EPA or SEC.

In its April 2023 response to the Wells notice issued to the exchange by the SEC, Coinbase talked about how the agency has no authority to make crypto decisions unilaterally, especially when it comes to token classification.

In response to the request made by Coinbase for more regulatory clarity in the crypto space, Gary Gensler claimed that this industry has more than enough information to operate within the legal framework of the country.

Gensler further stated that many cryptocurrencies have been non-compliant in the past, and that the SEC has issued rules defining what it means to be an exchange, a broker dealer, an advisor or custody asset, and how to register a securities offering.

Those rules exist, Gensler continued, before saying that there is nothing about crypto or any new technology for that matter which would make it incompatible with pre-existing public policies.

May 14,2023

Traders Remain Optimistic Despite BTC Ordinals Coming Under Scrutiny

There is an ongoing heated debate amongst Bitcoin developers regarding the censorship of a new type of transaction called Ordinals BRC-20s. This development has also had a significant impact on the mining of Bitcoin, causing transaction fees to surpass the mining reward for the first time in years.

Ordinals BRC-20s are a new type of transaction on the Bitcoin blockchain that allow for the creation of smart contracts on top of the Bitcoin network. These transactions can also enable other blockchain platforms to interact with Bitcoin. However, some developers are concerned that these transactions may be harmful to the overall health of the Bitcoin network, leading to a debate amongst developers on whether or not to censor them.

Ordinals, which require significantly more computing power to process than standard Bitcoin transactions, have been causing mining fees to skyrocket. This has led to concerns among some experts that mining fees may become prohibitively expensive for small-scale miners, causing centralization in the mining industry.

These concerns have led some Bitcoin developers to advocate for a spam filter to be put in place to limit the number of Ordinals transactions being processed on the network. Some have even suggested that all Ordinals transactions be blocked until a solution can be found to mitigate their impact on mining fees.

Despite the controversy surrounding Ordinals, many remain optimistic. Ordinals could help Bitcoin maintain its status by allowing for the creation of more complex smart contracts and enabling interoperability with other blockchains.

May 14,2023

Cardano Looks To Take 2023 By Storm As Hydra Gets Launched

Cardano (ADA) is a blockchain platform that is rapidly gaining global popularity due to its focus on scalability, security, and interoperability. Most recently, the Cardano Foundation CEO, Frederik Gregaard, provided some insight into some potential use cases, wherein he envisions a future where Cardano will play a key role in areas such as supply chain management, digital identity, and DeFi.

What has Cardano accomplished lately?

Speaking of DeFi, a new platform called Empowa has been launched on the Cardano network, aiming to tackle the housing crisis in Africa. Empower is a DeFi platform that provides affordable housing loans to low income families in the country, and is fully powered by Cardano.

In addition, Cardano has a scalability solution known as Hydra which recently went live on its mainnet. Hydra is a layer 2 scaling solution that can handle a high volume of transactions per second without compromising the security and decentralization of the Cardano network. This could be particularly useful as Ethereum gas fees continue to surge and people look for an alternative.

What comes next?

Cardano Founder and Ethereum Co-Founder Charles Hoskinson has often gone on record to say that true decentralization is the only solution the world desperately needs and that Cardano has and always will work in this direction. Ultimately, the focus on scalability, security, and interoperability is making it an attractive platform for developers and entrepreneurs who want to build decentralized applications with practical use cases.

With the launch of Empowa and the rollout of Alonzo, Cardano is certainly showing that it possesses the potential to become a major player in DeFi and smart contract spaces going forward. The implementation of Hydra will further solidify its position as a scalable and secure blockchain platform.

May 13,2023

Digital Currencies Added To Texas Bill Of Rights

Texas legislators recently voted to amend their Bill of Rights to include digital currencies, allowing individuals to own, keep, and use digital currencies such as Bitcoin (BTC) and Ethereum (ETH).

The lawmakers overwhelmingly supported the amendment, possibly indicating how they feel about digital currencies in general. Only two lawmakers voted against it, with 139 voting in favor.

The amendment was included in a bill introduced by State Representative Giovani Capriglione, titled Bill HJR 146. Individuals will now have the right to use a mutually agreed-upon medium of exchange, such as digital currencies, tokens, or cash, for contracting goods and services and trading.

According to the bill, no government will prohibit or hinder the ownership or holding of any amount of form of money or other currency going forward.

The Texas Bill of Rights, like the US Bill of Rights, protects fundamental rights like free speech, religion, and the press. However, the Texas Bill of Rights includes state-specific provisions such as the right to a speedy trial and the right to possess and carry self-defense weapons.

The Texas Constitutional Enforcement group commented on the development, saying that including digital currencies in the Texas Bill of Rights is critical in protecting the financial privacy and well-being of the citizens.