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What will be Bitcoin’s (BTC) bottom level (ever)?

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On August 8th, the SEC announced they are not ready to emit a decision on the Bitcoin ETF and that it will have to wait until next September 30th. The market reacted to this news by falling like a lead balloon.

There has been a bearish run on Bitcoin since last December 18th that hasn’t stopped ever since (if some fluctuations have been observed) and Bitcoin’s slippery slope has dragged the whole market behind it. But even in the current prolonged bearish trend, last Wednesday’s losses are nothing short of the epic which is prompting the question of how low can Bitcoin go before it bounces back?

It’s a relevant question for sure, but it’s also one that nobody can answer unless you believe in crystal balls. We don’t. Many crypto commentators are advancing predictions about the lowest possible threshold for the asset. 

Numbers such as $3,000.00, $5,800.00 or $6,200.00 (the value about a few days ago is $6,330.18) are tossed around like if nothing but very little if any, evidence or reasons are given to support such hypotheses.

So let’s take a moment to consider the current situation and give it some calmed, rational thought so we can figure out what the heck is going on and put things in perspective.

Let’s start with the ETF issue. Let’s realize something. We don’t need any ETF at all. Don’t get us wrong, it would be good to have one and, when the SEC finally approves at least one of the nine current proposals for an ETF, it will be a good thing, and it will probably be interpreted as an endorsement for Bitcoins in particular and digital assets that have never held and ICO in general. But the fact remains that there are plenty of accessible ways to buy and trade with Bitcoins so the ETF would be a sweet cherry on top of the crypto cake but it’s not the cake by any means.

Also, there’s not that much proof that it was the SEC announcement that prompted Wednesday’s (Aug 8) drop. It’s an assumption based on timing. Weird as it may seem, the crypto markets have shown themselves to be indifferent to the news for the most part so there is a chance that it could just be bad timing or a strange coincidence. We are not saying that we can explain the sudden drop in value that happened last day 8th. We are just saying that timing is not the same as cause and effect.

The next thing to consider is that the current market is driven by speculation and irrationality, as is usually the case in bearish trends in most markets. It’s the fear and perception that dominate the market instead of the objective value in it.

But the most important thing to realize is that today’s Bitcoin is not any worse than it was the last December when it went over 16,000 USD per token. It’s better, if anything because the hash difficulty is increasing thus improving security and the Lightning Network is online and working very well (with a few routing glitches that are being fixed as we write). Nothing is happening with Bitcoin in the real world that could suggest that is any less valuable now than it was nine months ago.

So the recent market (we are in green for a couple of days now though) could look like a nightmare but is, in fact, a dream come true. It could end up being the chance of a lifetime to buy low and sell high a few months or years down the road. 

It’s also worth remembering that, historically, in the crypto and every other market known to man, everytime a bearish run finishes, the following bullish run brings the market to higher levels than it had before.

While we are not going to give you any financial advice at all, we are confident that speculation and irrationality can be made to work to the advantage of the players that go for value and act with rationality, discipline, and patience. Don’t despair because, even if Bitcoin hits the 3,000 USD mark, sometime in the future it will surpass last December’s levels.

In the end, it doesn’t matter all that much how low Bitcoin goes except for the opportunity it affords us to buy cheap. The important thing is that, sooner or later, it will bounce back.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Yannis Papanastasopoulos on Unsplash

Bitcoin

Basic Guide on How to Spend Bitcoin and Other Cryptocurrencies

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In recent years, Bitcoin and other cryptocurrencies have entered more into the mainstream. Most people walking down the street have at least heard of Bitcoin. While a lot of people got involved in the buying and selling of cryptocurrencies to try and make a quick buck, most people who are enthusiastic about the world of blockchain are in it for the long haul. 

These are usually the people who are going to be more likely to actually use their Bitcoin and other cryptocurrencies as a payment tool and not just as a storage of wealth or a trading tool. This guide looks at a few different ways in which you can use your Bitcoin in spending capacity. 

Crypto Debit Cards

Perhaps the easiest way for you to spend your cryptocurrency is by linking up your holdings to a debit card. 

These days, many of the leading card providers such as MasterCard and Visa have these types of crypto-linking debit cards. These cards can be used just like you would a normal debit card that is linked to your fiat currency bank account. 

Naturally, the most popular type of crypto debit card is going to be for Bitcoin, but there are other cryptocurrencies catered for also. 

Prepaid Cards

There…

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Hybrid Bitcoin Casinos or Bitcoin-Only Casinos – Which Are Better?

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The rise of cryptocurrencies over recent years has had an impact on several industries. Gambling is one such industry, and many of the best online casinos offer Bitcoin as a payment method

Some of these casinos work exclusively with cryptocurrencies, while some are more traditional gambling sites that simply have integrated crypto on top of their fiat options.

This post will take a look at the advantages of joining a Bitcoin-exclusive casino on the web versus picking a hybrid one.

Advantages of Hybrid Bitcoin Casinos

Let’s start with the hybrid Bitcoin casinos. Usually, those are traditional gambling platforms that have been around for a long period of time. 

They offer classic payment methods such as Visa, PayPal, Skrill, and similar. At some point, they decided to add Bitcoin and potentially other cryptocurrencies to their portfolio. 

If you decide to join an online casino of this type, you will be able to enjoy the following benefits.

Lower Risks

Such online casinos often have a strong reputation and are licensed by respected gambling commissions such as the UK Gambling Commission, the Malta Gaming Authority, and similar regulators.

They are known for protecting the customers and monitoring all actions…

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Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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