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Bitcoin volume increases by 20%, can its price move up?

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In the last 24 hours, the crypto-market has shown a different pattern than it has shown in previous twelve days, with the price of Bitcoin going down by $200 after staggering at $6,400 for days.

Bitcoin, in particular, has seen an increment in its trading volume of about 20% from $3.5 billion – $4.1 billion, showing an increase in the trading trends of the crypto-exchange market on different trading platforms worldwide.

Bitcoin has formed several highs and lows in the past one-hour; hence, the recent increase on BTC, which has been stationary this month, could potentially increase its price on a short-term.

Bitcoin currently has two Fibonacci retracement levels: 50% and 61.8%. The 50% Fib level was its earlier support zone as this matches with 100 Small Moving Average. The 61.8% Fib level matches the 200 Small Moving Average, almost.

It is important to understand that BTC’s 100 SMA is quite lower than its 200 SMA, which shows that a down-trend might occur if it doesn’t sustain its current moment. BTC’s trading oscillator is showing a great selling pressure. Also, BTC’s RSI is gradually increasing at the moment, but it might move sidewards, forming a range-bound scenario.

Will Bitcoin Move up?

There have been lots of speculations that despite BTC’s price seems dormant for now, its price is garnering some momentum, and it’s poised for a breakout beyond the $6000 area.

Till yesterday, Bitcoin seemed to move up above the bull pennant on the 4-hour. Bitcoin closed-up and moved beyond 50 and 20-day EMA yesterday and the MACD is currently gathering some bull trends after some downfall earlier today.

The market saw a slight increase in the price of BTC on Saturday, despite the fact that crypto-exchange market was set to decrease over the weekend. The slight increase in the price of Bitcoin over the weekend shows a potential short-term increase in the coming days.

It is, however, more likely, that if Bitcoin can sustain its current momentum and see it go up in the next 7-days, it is possible that it will rise sharply, and so as other cryptos with a significant market capitalization (such as Ethereum and Ripple’s XRP).

It is also important to know that last week, we saw a sideward market trend, but that didn’t stop relatively little cryptocurrencies to record small profits – but other major coins like BTC, XRP, and ETH couldn’t show any sign of recovery.

The rise of Bitcoin’s trading volume comes as a good news and it has caused major BTC traders to wait for a considerable move in the market that can turn things around to the positive side.

There are certain upside actions that can cause a major breakout on the price of Bitcoin. We do know that SEC hasn’t approved the Bitcoin’s ETF, and an approval will definitely cause a big increase. Although, there are still prospects to look out for as institutional investments are coming up.

Subsequently, other factors such as the trade pressures and the Brexit discussions may cause BTC traders not to take up risk and invest.

Nonetheless, many crypto experts believe that the price of Bitcoin would increase for sure, but it will lie on the ability of Bitcoin to maintain its current trade volume and momentum in the next few days or so.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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.

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Bitcoin

How Casinos Are Embracing Cryptocurrency

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Digital currencies and blockchain technology have had an immense impact on several industries across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.

That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.

The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms. 

Crypto in Land-Based Casinos

Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all…

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Reaching true Bitcoin anonymity through the use of mixers

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There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet…

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The Bitcoin Meltdown is Chance to Double Your Bitcoin

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Most of the cryptocurrency holders have never felt a day so bad.

After a blustering day of trading which saw Bitcoin price drop from $7,950 to $3,800, the massacre caused the worst sell-off to set a new 2020 low which not seen since April 2019.

The history of bitcoin only has a day in 2013 to compare a 40% fall, at that time bitcoin once dropped from $266 to $50, that was also a day when despair defeated the belief of bitcoin and almost no one could foresee bitcoin can recover and prices will reach $10,000 in a few years.

“Be fearful when others are greedy and greedy when others are fearful.” This is what Warren Buffett said about stock market and you can see the stock market never dies, it is just rise and fall happen in a different order at different times.

So it is with bitcoin. The bitcoin meltdown is a chance for a few bitcoin traders while the others are running away.

One typical way is to short bitcoin. Futures trading allows traders to make profits out of the future price difference of the derivatives. However, when during horizontal movement of prices, futures trading may gain you fewer profits to cover the possible loss of the margin.

Is there…

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