YouHodler Month in Review: October 2020
October is a symphony of permanence and change. – Bonaro W. Overstreet
This month in the northern hemisphere (where YouHodler is based), the trees exhibit a colorful presentation as they prepare for the big changes in the cold months ahead. In October, various plants shed their leaves and die, however, plant roots and tree trunks remain strong, collecting more nutrients over the winter so they are healthier in the spring. As a platform, YouHodler also experienced change this month. Our foundation is firmly rooted but just like the trees of the northern hemisphere, we continue to grow stronger throughout the seasons. So let’s celebrate this productive month with a short recap and a glimpse into what’s coming in November.
EOS savings accounts: Earn 5% APY on crypto
For YouHodler, October was the month of savings accounts as we introduced several new interest-earning options to our community. The first coin to kick off this sprint was EOS. Following the recent news about Google and EOS, EOS immediately exhibited some volatility. To help users capitalize on this volatility while also offering a new option for a passive income, we enabled EOS savings accounts where users can earn 5% AP on their EOS deposits.
Litecoin savings account: Earn 5.5% on LTC
Next up we wanted to meet Litecoin fan demand with an LTC savings account. Several notable crypto analysts are predicting LTC to have a bullish Q4 of 2020 and a good 2021 as well. As a result, we had a few community members approach us about an LTC savings account and we delivered with one that provides 5.5% APY.
Investment Bonds vs YouHodler savings account
Last month, we did an investigative piece on the popularity of investment bonds in 2020. Due to their safe and stable nature, investment bonds like the Morningstar UK 10+ saw returns of 10%. Profits like that haven’t been seen in several years for investment bonds. While one can’t argue with those numbers, there is an even better investment this year with high yields and more stability. YouHodler savings accounts offer up to 12% APY on stablecoin deposits. That is a fixed rate that does not change throughout the course of the year, unlike investment bonds which may present an uncertain future for many investors.
Bitcoin Cash: Earn 5.5% APY on BCH
Bitcoin Cash had an excellent month in October. With increased eyes on BCH, we decided to capitalize on this opportunity and add yet another interest account. Like LTC, this savings account also features 5.5% APY with compounding interest and weekly payouts.
Dash savings account: Earn 5.5% APY on DASH
Last month, Dash decided to experiment with DeFi as they announced a unique collaboration with StakeHound that helps Dash HODLers earn staking rewards while simultaneously accessing DeFi services. With all the DeFi hype this year, DASH’s price naturally experienced a generous leap. Hence, YouHodler thought we would help our community also cash in on this news with a new DASH savings account. Now, users can earn 5.5% APY on their DASH and also multiply DASH up to x30 via Multi HODL.
YouHodler gets its first Euro-backed stablecoin
Up until this month, YouHodler has only had USD-backed stablecoins like USDT, TUSD, USDC, and PAX. However, in recent months we’ve got numerous requests from our European community to add a EUR-backed stablecoin. After a little wait, those voices were finally heard with our addition of the EURS stablecoin. Powered by STASIS, EURS is a great asset for European investors that will protect them during high volatility while also helping them earn a passive income of 12% APY on the YouHodler platform. With banks offering zero, (or negative) interest rates, this is a great opportunity to step into the world of cryptocurrency for the first time and experience the power of the new digital economy.
Bitcoin (BTC) crosses the $13,000 mark
Perhaps the most important month in October was Bitcoin crossing the $13,000 mark. This monumental event brought life back into the market, which was experiencing a dull few weeks. Suddenly, the eyes of the world were on Bitcoin once again as it courageously climbed upwards to $14,000. While yet to soar to new highs since 2017, it’s safe to say Bitcoin is back again and there are many opportunities to be had.
Speaking of opportunities, Bitcoin, and overall market volatility, presented many of them to fans of our Multi HODL feature. With the market swinging violently in both directions, Multi HODL presents the chance to profit in every which way. While we can’t say anything specific, several users took advantage of our x30 multiplier with great success. We think Bitcoin has a lot left in the tank in November so if you’re not familiar with our Multi HODL tool already, check it out today.
Glimpse into the future: What does the US election mean for crypto?
With the USA election process coming to an end this week, we will finally have an answer on the country’s president for the next four years. Whatever the outcome, there will likely be a huge effect on financial markets across the globe, just like in elections past. Hence, it’s wise to start planning how you can benefit from this event. As already mentioned, Multi HODL is the perfect tool to help you long or short the market. Simply choose your preferred crypto to multiply, then make an educated guess how the market will behave after the new USA president is announced. From there, you can follow the price movement of your crypto inside the app and manage your position with our tools.
Don’t forget you can set Take Profit or Margin Call levels to your preference so you have the utmost control over your position. Predicting the crypto market is never 100% guaranteed but at least with Multi HODL, you can manage your risk as much as possible with the hopeful outcome of a profit.