YouHodler Month in Review: May 2020
Well, here we are. Another month has gone just as fast as it came. If there's one word that sums up the month of May, it’s volatility. Volatility existed in more ways than one but ultimately, it ended on a positive note. Centered around the third ever Bitcoin halving event, May taught us a lot about expectations and reality. An important lesson we will carry with us through June and beyond. So let’s take a few moments to review the eventful month that was May 2020.
Early May: The days leading up to Bitcoin halving
The first several days were full of excitement and hype regarding the third halving in Bitcoin’s young history. To kick off the month, YouHodler hosted a live Webinar/ “Ask Us Anything.” From our perspective, the webinar was amazing and it was great to interact with so many of you in this live setting to field direct questions from the community. This webinar proved our YouHodler community is growing stronger by the day and is made up of highly intelligent participants. While the main focal point of this discussion was to answer the most popular questions, we also touched base on the Bitcoin halving and gave our own opinions on the matter. Thanks again for those that participated and we look forward to many more webinars in the future.
Bitcoin halving comes and goes; still bullish in the long term
Bitcoin halving didn’t exactly arrive with a “bang.” Ultimately, many crypto enthusiasts were upset with the results. Bitcoin failed to blast past $10,000 and instead, sunk dramatically to the low $8,000’s in a matter of minutes. Since then, BTC managed to crawl it’s way back for some impressive rallies but it still does not impress the most bullish enthusiasts.
YouHodler, however, remains hopeful. We stand by our claims that this Bitcoin halving will result in a bullish scenario, albeit in the long term. So don’t lose hope and start selling now. If anything, it’s time to start activating your portfolio and putting it to work with signs of a brighter future.
YouHodler adds Dai and HUSD stablecoins amidst an economic crisis
With the potential for fiat currency debasement looming around the corner and unemployment rates shooting sky-high, the world is looking around in panic for a safe place to store their money. As a result, stablecoins of all kinds are making big headlines due to their stable nature. To meet this demand, YouHodler added two of the most popular stablecoins in the industry with Dai (Maker Foundation) and HUSD (Stable Universal).
Unlike centralized and fiat-backed stablecoins on the market, Dai is backed by cryptocurrency and decentralized. With over 550 live Dai integrations, the Dai stablecoin is one of the most popular and recognized in the industry and its numbers continue to grow. As for HUSD, Stable Universal guarantees that each HUSD token is fully backed by U.S. dollars and held in reserves by Paxos Trust Company with monthly attestation reports conducted by an independent U.S. audit firm. Paxos Trust Company is a fiduciary and qualified custodian licensed by the New York State Department of Financial Services (NYDFS).
YouHodler users can earn 12% interest on both Dai and HUSD via stablecoin savings accounts. Furthermore, both are compatible to use with YouHodler’s Multi HODL feature which helps boost savings rates even higher by capitalizing on crypto market volatility.
YouHodler CEO Becomes New Crypto Valley Association Western Chapter Chair
This month, we were pleased to announce that YouHodler CEO Ilya Volkov has been appointed into the position of The Crypto Valley Association Western Chapter Chair. It’s a non-profit, non-commercial position with the main target of developing the community and industry while pushing the boundaries of innovation. In this position, Ilya will coordinate the Crypto Valley Association's activities in the Western part of Switzerland, Western Europe, and abroad, from the CVA’s Western chapter HQ in Lausanne, canton of Vaud.
"I’m convinced that my business can only thrive if the entire industry is successful. My personal motivation is to develop the industry and be part of it until it reaches it’s true potential and beyond. To develop my company, I’m interested in the development of the industry’s infrastructure." -- Ilya Volkov, YouHodler CEO and CVA Western Chapter Chair
Top Multi HODLer Profits +192.57% in Multi HODL contest
To celebrate the third Bitcoin halving event, YouHodler created a “Smartphone for Active HODLers” contest to help people take advantage of Bitcoin’s volatility before and after the event using our Multi HODL tool. Hundreds of you came out to participate and as we saw in the rankings, many of you found some amazing profits using Multi HODL. As for the grand prize though, Taaniel from Estonia came home with a profit of +192.57%.
So many of you came close though and we urge you to keep practicing your Multi HODL skills because there will be many more events like this in the future.
Lock Trading + Multi HODL: A New Way to Profit on YouHodler
Speaking of new ways to practice using Multi HODL, YouHodler came up with a new strategy that will help you manage your risk and increase your probability of profiting. The Lock Trading strategy involves opening up two Multi HODL positions simultaneously, waiting for both to profit, and then closing each deal. YouHodler charges 1% commission on Multi HODL deals so you just need to wait for both to reach at least 1.1% of price change.
This strategy can also be used as a hedging mechanism in times of large drops or surges in the market, with the profitable deal offsetting the losses from the other deal in the opposite direction. We’ve outlined Lock Trading in great detail in this blog post, so check it out and let us know if you have any questions.
What’s in store for June?
The crypto market is going in the direction of a positive end to a volatile month but who knows what June will bring. Goldman Sach’s just told their entire client base to avoid crypto while other large companies like Visa are thinking of making its own Ethereum-based token. That’s sums up a typical month in the cryptosphere. More uncertainty, volatility, and surprises are in store next month and YouHodler will be there with you every step of the way
In June, we will have more features to help you navigate the market more efficiently than ever. To keep up to date on the latest tips, industry news, and YouHodler updates, follow all our social media channels. See you there and have a happy June!