Cryptos have been on a downward trend for months, but last week’s price slump has caused holders to rush to cash in. Here’s how.
Also different crypto coins fell 30-60%, people looked for ways to cash out. Over the past few months, crypto prices have been on a downward trend, but in recent weeks they have crashed. Despite a slight rally, major cryptos like Bitcoin, Ethereum, Cardana, Solana and others are now trading at a new base value, significantly lower than last November.
Cryptocurrencies were less affected by local and international stocks and markets. But as digital coins become more popular, they also become more connected to the global economy. Like moves made in China, declines in the New York stock market, announcements of possible US crypto intervention or tax announcements, and crypto crackdown affect all cryptos, creating a domino effect. The latest drop scared off most newcomers to crypto, and crypto whales (large investors) spoke out to calm the markets.
Cryptocurrencies offer a 24/7/365 open market, but cashing out on crypto isn’t always as easy as buying despite this immediacy. Each wallet offers different ways to cash out. The most popular wallets like Coinbase Binance (available in the US, Canada, Europe and the UK) or Robinhood (currently only available in the US) allows users to opt out of web, IOS or Andriod in a matter of clicks. However, there are different withdrawal conditions.
To withdraw funds from Coinbase, early adopters must sell their Bitcoin, Ethereum, or USD-listed digital assets. The global action button in the Coinbase app will open a menu that gives users options to buy, sell, convert (to another crypto), send, or receive. Users must select sell and enter the amount they wish to sell, then press “Preview Sale”, review the details, then click “Sell Now”. Once the sale is complete, Coinbase allows immediate withdrawal of funds. Users only need to click on “Withdraw Funds”, then enter the amount they wish to withdraw, select the destination account and click on “Withdrawal Preview”. If everything looks good to the user, he should click “Cash Out Now” to complete the transaction.
Coinbase allows customers to pay for crypto and withdraw funds by linking different payment methods. Bank accounts, debit cards, bank transfers, Paypal accounts, Apple Pay or Google Pay accounts are the methods accepted by Coinbase. Each payment method has different steps to add them, and the withdrawal and commission times vary. Some withdrawal methods are instant, others may take several days. Coinbase withdrawal fees are not fixed. What Coinbase does is charge the user the fees for the transaction. These fees vary depending on many things, weather, market, withdrawal method and other conditions.
Robin Hood Withdrawals are very similar, but Robin Hood only accepts withdrawals to bank accounts. The process can take up to five days. To cash out the cryptos, the user must first sell them, converting them to USD, like in Coinbase. Robin Hood allows up to five withdrawals per business day per account. Withdrawals for an entire business day cannot exceed $50,000. Withdrawals at Robin Hood usually take up to two business days, but can take longer. Today, electronic wallets also offer VISA cards. Many users simply sell their crypto for USD and use the e-wallet VISA card as payment options or withdraw directly from ATMs. Those who decide to cash in their crypto should know that selling crypto for USD in the US is tax regulated.
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