Pounce on crypto trading opportunities with Ovex’s new free instant deposits

Stablecoins are broadening their market share amid souring market conditions. This, as traders flee from risk-on investments to safer alternatives.

The contagion is not confined to the crypto-sphere either. The Nasdaq 100 is down more than 20% in the first half of this year. But it's not all doom and gloom.

Over the last couple week, the crypto market has been in recovery mode with market incumbent bitcoin breaking above its 200-day moving average for the first time since mid-June of this year. This, despite US inflation rising to its highest level in 40 years: a not so healthy 9.1%.

But despite rampant inflation and macroeconomic uncertainty, cryptocurrency projects continue to build and improve. Notably so is ethereum, which stole the spotlight with a 45% rally over the course of the week.

This positive sentiment is largely attributed to the project’s cadre of developers nearing the end of a multiyear, hyper-complicated upgrade of the chain’s consensus mechanism from proof-of-work to proof-of-stake.

This is testament to the resilience of this space as investors navigate multiple shock wave events which have upended many of the industry’s largest players over the past few months.

Notable shock waves include the collapse of Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which has now gone into liquidation. Not to mention the bankruptcy of one of DeFi’s biggest lenders: Celsius Network. 

But while this liquidity crises plays out, troves of investors have decided to wait patiently on the sidelines and pile up record-high stablecoin reserves. Tether’s USDT, Circle’s USDC, Binance’s BUSD and MakerDAO’s DAI stablecoins have all seen market capitalisation increases of about 20x from April 2020 to date.

This means an additional $140bn is ready to be deployed into bitcoin and alt coins alike. History has shown that when large amounts of stablecoins pile up on the sidelines, the crypto market seems to be nearing its relative bottom. And when it does — it is in your best interest to make the most of the sale.

With leading cryptocurrency exchange, Ovex, you can load up on an impressive selection of stablecoins and lock these up in Ovex's highly sought-after crypto interest accounts.

These work like 14 day call accounts that decimate the yields available in TradFi savings vehicles. Here you can earn upwards of an 8.5 average percentage rate (with your yield dependent on deposit size).

Then, when you are ready to enter the market, you can easily withdraw these funds and deploy them into Ovex's plethora of crypto offerings. The exchange boasts a wide selection of cryptocurrencies, giving investors no shortage of options.

Act swiftly with Ovex’s free instant deposits

When investing in crypto, timing can be everything. So being able to instantly fund your account to capitalise on these opportunities as and when they present themselves is crucial.

Previously, Ovex users looking to make a deposit had to perform a manual EFT and wait for banks to clear their funds before they hit their account. This latency poses a significant challenge in crypto trading, as markets can move rapidly.

Now the exchange has partnered with leading payments processor Stitch to offer its clients fast and efficient instant deposit. This means Ovex users can bank on every second with the ability to instantly fund their account and pounce on opportunities as and when they present themselves.

By selecting the Instant EFT option on the Ovex Deposits page, you're able to securely link an account to the Ovex platform and make one-click deposits via Instant EFT – removing the gap in settlement times and making it easier than ever to add funds.

This payment option is offered at no extra cost to the user.

Create an Ovex account today and chart your crypto journey.

This article is paid for by Ovex.