Bitcoin prices have seen a large spike in price since March 2020. This sudden price spike is primarily because of excess liquidity in the market. The Federal Reserve has agreed to higher inflation in 2021. The crazy amount of money being printed to meet stimulus requirements for U.S citizens has never been seen before.
S&P and the crypto market have risen to their all-time high and continue to increase. As a trader, I maintain my exposure to crypto assets while keeping some USD assets to take opportunities from time to time. The question often comes of putting USD assets to use to counter the new challenge of hyperinflation. Here my experience with Decentralized finance platforms such as Aave and Compound has not been great due to the sudden rise in Ethereum protocol fees, nor a 10%-12% APY excites me. The other alternative that has come is a Centralized platform such as FTX -
FTX has constantly been providing 50% to 100% APY for USD assets lending. Lending on FTX comes at a risk of funds being lost in case of a hack. It is a boon for the traders willing to take that risk.
I am sharing my experience with lending on FTX exchange with a capital of $1426 only.
[ Screenshot of My Lending history from FTX ]
Hourly APY is fluctuating between 30%-100%
This represents the effect of the crypto bull market in the interest rate markets. This APY is never seen in traditional financial markets.
Note: FTX is a centralized crypto exchange prone to hack. The Crypto market has seen large hacks from mtgox to bitfinex to recent binance hack. If you are OK with losing money deposited in the FTX exchange, you can deposit funds there. I am OK with losing $1426 and consider my decision to lend money as a calculated risk. You should think and make decisions based on your risk appetite.
FTX signup link for 5% discount - https://ftx.com/#a=rajatvkl
THIS IS NOT A FINANCIAL ADVICE.
Hello, @rajatvkl! This is @anggreklestari from @OCD team. We saw that you already posted your first post here in Hive! Congratulations and welcome! However, it would be awesome if you do an introduction post. As a sample of what an intro post is, you can refer to this intro post for reference:
Keeping Up With the Buzz - My Introduction to the Hive Community
There's no specific format on how you do your intro post, but there are some suggested content that we would love to see in your post. Information like who are you and where you're from, how did you discover Hive or who invited you, what types of content you want to see here and the types that you want produce, and what are your expectations in this platform. There's no pressure on this. You can choose on whatever information you would like to share.
If you have questions, you can hop into OCD's Discord server and we'll gladly answer your questions. For now, @lovesniper will follow you and we are looking forward to your intro post!