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Bitcoin Climbs While Ethereum Struggles

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Bitcoin
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Bitcoin continues to be the leader of the pack while Ethereum and altcoins can’t make a move. Just this morning we witnessed Bitcoin blast through the 7350 double top on the daily charts. That spot was just too tempting for Crypto Arthur Hayes to run Bitcoin higher and hit all the shorts stops on BitMex.

Chart courtesy of tradingview.com

Bitcoin shorts keep coming

Over a two day span, the shorts built their positions from 22k from 34k. In all my time trading Bitcoin, I’ve never seen such a large buildup in short positions in such a short amount of time. The shorts have been rather relentless this year and must have been certain that Bitcoin was going lower after the 7350 resistance wall held firm.

Chart courtesy of tradingview.com

It seems this year that many are still betting on the Bitcoin seeing $5000. I believe that the bears had their chance this year when Bitcoin tested $5700. That strong support held and now we are sitting at $7400. I have been saying that Bitcoin is to be bought below $6500. Now that we are above $7300, us HODLers have to let things play out. While the bears will not go down without a fight, the momentum is with us bulls.

Ethereum is depressing

The talk among the Crypto Twitter universe this weekend was the article titled “The Collapse of ETH is Inevitable” by Jeremy Rubin. While I am not technologically savvy enough to determine whether there’s merits or not, I instead focus on what others are saying. The most interesting in my opinion came from Paul Everton who had an interesting response to Vitalik Buterin’s own rebuttal.

For me, I’m a trader and not a technologist, so I can only speak from a price perspective. Looking at the price of Ethereum and there is nothing to get excited about. While I am bullish Bitcoin, I believe Ethereum is heading lower. The Ethereum market is very weak and rallies are not sustainable. The ETH/BTC price keeps heading lower and I have no confidence that the market will turn. Here’s the daily chart for ETH/BTC.

Chart courtesy of tradingview.com

I expect Bitcoin to continue strengthening and that will put further pressure on Ethereum. Bitcoin has in effect became the safe haven for crypto traders. Articles on the death of Ethereum are not helping improve investor sentiment at the moment and while ETH is not a falling knife, it is at least a constant paper cut for those trying to pick the bottom. Unfortunately, I am an ETH HODLer and just watching the slow bleed take hold.

Bottom line

The next levels I am watching for Bitcoin are 7440 and then 7500. If we break above 7500, look for the market to test 7800 then 8000. I don’t expect it to be violent as we are not seeing the huge candles like before. I think Crypto Hayes just keeps running stops and gives the shorts enough confidence to come in and short again, only to be squeezed further at a later date of Arthur’s choosing. Overall, it is fun watching and I expect higher prices this week.

Happy Trading~

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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. This author is long Bitcoin and Ethereum.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

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Bitcoin

4 things you should know about bitcoin casinos

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Bitcoin casinos
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Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

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