Kategorie: Bitcoin News

Bitcoin has lost more than 20% of its value over the last seven days and could record further losses this week.

The cryptocurrency market has recorded perhaps its worst week so far this week. Bitcoin and the other leading cryptocurrencies have been underperforming over the past few days.

Bitcoin, the world’s leading cryptocurrency, has lost more than 20% of its value over the last seven days. It was trading above $20k per coin a week ago but is now trading around $16,500 per week.

The bearish performance comes following the collapse of the cryptocurrency exchange FTX. FTX was one of the top five crypto exchanges in the world, and its collapse has thrown the crypto market into a deep bearish trend.

The crypto exchange filed for Chapter 11 bankruptcy last week following its collapse. The total cryptocurrency market currently stands at around $831 billion, having lost more than $150 billion over the past few days. 

With Bitcoin holding its ground above $16k, the leading cryptocurrency could record further losses over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is extremely bearish, as Bitcoin has been underperforming over the past few days. Bitcoin’s technical indicators show that the bears are currently in control. 

BTC/USD Chart By TradingView

The MACD line is deep within the negative territory, indicating that the bulls might not regain control for a while. The 14-day relative strength index of 35 shows that Bitcoin could enter the oversold region if the bearish trend continues.

At press time, BTC is trading at $16,620 per coin, down by more than 1% in the last 24 hours. With the bears still in control, BTC could dip below the $16,004 support level in the near term.

In the event of an extended bearish run, Bitcoin could trade around the $15,669 level for the second time in a week. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy BTC with Skilling today Disclaimer

The post Bitcoin maintains its price above $16k but could dip lower soon appeared first on CoinJournal.

I published an analysis three weeks ago outlining that I feared Bitcoin was one bad news event from a plunge down towards $15,000.

And hell, did we get that event.

Now I didn’t quite predict this. My piece made no reference to anything to do with FTX. Not only that, but I have waxed lyrical in the past about Bankman-Fried’s acumen. I misread his character massively, and I was very wrong.

In an examination of FTX’s solvency published on Monday morning, I still believed it was highly unlikely that FTX were insolvent. 

I have also gone on record many a time repeating the same old adage: playing with Bitcoin in the short-term is akin to spinning a roulette wheel.

But as we hung around $20,000, and headed into a winter awash with ominous variables like an energy crisis, high inflation, a nasty geopolitical climate and political upheaval in the US, UK and in many nations across Europe, risk was extremely high.

And then an extraneous variable – FTX imploding. And in the words of the wonderful Black Eyed Peas, “it’s going down now and not a tad bit later”.

Is it time to buy the dip?

I don’t like this question for two reasons.

The first is that, being a random boy on the Internet, how am I meant to know? Like I said a few sentences ago, betting short-term on Bitcoin is like spinning a roulette wheel. My opinion on whether I fancy red or black would be just as valid as to what I think about Bitcoin’s short-term action will be.

The second reason is that this question is almost a muscle-memory reaction to crypto prices falling. Born out of the culture in the space, I suppose. Central to it is people pointing to past cycles and referencing how Bitcoin has always returned. But they fail to realise something.

Bitcoin was launched in January 2009, into one of the longest and most explosive bull runs in history. As of this year, that is no longer the case. The free money has been turned off – then Federal Reserve raising interest rates at historically fast rates, with inflation at levels not seen since the 70’s.

This is the first time that Bitcoin has ever experienced a wider economy bear market. And for that reason, all bets are off. And it is now trading at levels lower than it was five years ago in December 2017.  

There is no such thing as buying dips and laughing your way to the bank. A glance at the above chart will show quite how many dips there have been this year. This thing is hard. Trading is hard. Crypto is a volatile game. For every screenshot of 100X gains you see on Twitter, there are 100 more people who lost it all. 

Don’t take eyes off wider economy

FTX imploding is wild. And it’s incredibly bearish for the crypto economy at large. Expect some contagion to ripple out of this, as we don’t know yet who was exposed to who – but FTX, as such a large player in the industry, will no doubt drag a few bodies down with them.

But don’t take your eyes off the bigger trend. Crypto is following the stock market. Blue chip assets like Bitcoin and Ethereum are the tail on the dog, with the dog being the stock market. And that stock market is oscillating back and forth over inflation readings and the Federal Reserve’s approach to interest rates.

I wrote last month about how this correlation between stocks and Bitcoin is as high as it has ever been. It picked up markedly in April 2022, right as we transitioned to this high-interest rate environment.

In the short-term, this FTX episode needs to play out. Contagion will ripple, news will break, surprises will come out. And then after that, it’s back to watching the stock market. If it wasn’t clear already – the crypto markets are merciless. Don’t forget that, and stay safe.

The post FTX insolvent – what next for crypto? appeared first on CoinJournal.

Bitcoin price fell more than 12% to touch lows of $17,114 on crypto exchange Coinbase.

Bitcoin declined more than 12% on Tuesday as a stunned crypto world descended into sell-off territory on news that Binance, led by Changpeng Zhao, had signed a letter of intent (LOI) for the acquisition of crypto exchange FTX.

Bitcoin sell-off pushes BTC below June 2022 lows

After an initial upward spike for the crypto market amid a positive take, Bitcoin nosedived to lows of $17,114 on crypto exchange Coinbase. 

The downside marks Bitcoin’s fall to its lowest price level since the crypto bloodbath in June, when the aftermath of the crash of Luna and Three Arrows Capital bankruptcy coincided with Bitcoin printing a low of $17,592.

With the sell-off crashing the FTX (FTT) token as much as 85% within hours on Tuesday – from highs of $22 to lows of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

Ethereum had fallen below $1,300 and Solana was getting smoked near $23.80 at the time of writing.

Coinbase and Kraken report connectivity issues

Meanwhile, leading crypto exchanges Kraken and Coinbase reported connectivity issues that only fueled the negative sentiment. 

Kraken announced an investigation into reports that certain users were having connectivity issues on its website as well as via mobile.

Coinbase also reported connectivity issues affecting its Coinbase.com, Coinbase Pro and Coinbase Prime platforms. An update the US-based crypto exchange posted an hour later noted improvement in network latency, but users were reportedly still having difficulty accessing the exchange’s various platforms.

The post Bitcoin drops below June lows as FTX stuns crypto world appeared first on CoinJournal.

• HC Wainwright’s assessment of bitcoin’s future potentiality comes in the wake of Bitcoin 2022 held in Amsterdam from October 12-14.

Bitcoin price may be stuck around $20,000 and miners in increasing pain as fear, uncertainty and doubt spike, but according to corporate investor HC Wainwright is Bitcoin is “alive and well.” 

The rating company’s latest view of Bitcoin mining and the crypto space is that a bullish flip is inevitable, especially in an environment of positive money supply. In short, reports of the flagship cryptocurrency being dead, even amid the troubles around public mining firms, are ‘greatly exaggerated.’

Rising hashrate reflects confidence in crypto’s future

In an industry update published 2 November, HC Wainwright’s Kevin Dede says rumblings over the future of Bitcoin have gone a notch higher since Ethereum’s merge.

These have also been accelerated by the increase in network hash rates to all-time highs above 280 EH/s over the past few weeks as price stagnated around $20,000 has not helped but fuel fear of miner capitulation and further pain in the market.

And amid all these are questions around bitcoin’s inflation-hedge worthiness, regulation and other many other exogenous factors.

HC Wainwright’s assessment is that the rising network hashrate is “a direct reflection of the confidence in crypto’s future powered by investments miners made mostly last year.”

As such, the investment banking provider expects the bitcoin mining industry will continue to feel the effects of the crypto winter. The pain could persist to the next halving and failing to plan operations with this scenario in mind would be sloppy.

So what next for BTC price and the bitcoin mining ecosystem? HC Wainwright offered what it believes constitutes a bullish outlook for the world’s largest cryptocurrency by market cap. One factor to watch is the Fed’s monetary policy.

“Our more bullish sentiment lies on the side of a moderation in the Fed’s tightening monetary policy. A normalized money supply may bring investors back to risk-on assets, a bucket into which the current bear market seems to have dumped crypto,” Dede wrote.

The post Reports of Bitcoin’s death are greatly exaggerated- HC Wainwright appeared first on CoinJournal.

Looking for a good cryptocurrency exchange where you can invest in cryptocurrencies, especially in Europe, can be quite a challenge. There are many scams now claiming to offer crypto exchange platforms while in actual sense they are after stealing your hard-earned money.

We have done a comprehensive review of the Coinmate exchange to find out if it is legit or not. To find out more about Coinmate’s pros and cons and how it works, please continue reading.

How Coinmate works

Coinmate is a cryptocurrency exchange that was founded in 2014. It is registered in London and focuses its operations in Europe, especially Eastern Europe.

To start out, you have to first open an account with Coinmate. You can choose to use BankID which is the fastest and safest way to sign up or choose to manually input your personal details.

Once you have an account, you can choose between “Trade” and “Quick Buy” or “Quick Sell” options.

The “Trade’ option allows you to trade various cryptocurrencies. You can access an order book, and charting containing crypto prices, the history of their transactions and an area where you can create new orders.

On the other hand, the “Quick Buy” option allows you to make easy and quick purchases of various cryptocurrencies at their market price while the “Quick Sell” option allows you to make easily and quickly sell cryptocurrencies.

Coinmate currently supports about eight cryptocurrencies. It supports Bitcoin, USDT, Ethereum, Cardano, Solana, Litecoin, Ripple, and Dash. It also allows the use of three main currencies to purchase cryptocurrencies which are EUR, CZK, and BTC.

Key features

Types of accounts: Coinmate offers three types of accounts: basic account, verified account, and VIP account.

Trading Fees: Coinmate uses the Maker/Taker model. The maker’s fee is 0.05% while the taker’s fee is 0.35%.

Withdrawal fees: The deposit and withdrawal fees depend on the payment method you choose to use. Depositing using vouchers or domestic Czech and Poland currencies is however free.

Deposits and Withdrawals: the available methods to fund your account depending on your account verification level. The first level, which is for the basic account allows the use of OkCoin, MoneyPolo, and Vouchers. For verified and VIP accounts, you can use OkCoin, MoneyPolo, Vouchers, SEPA, Sofort and standard wires.

Withdrawal limit: For the basic account, the daily withdrawal limit is €1,000. For the verified account, the limit is €5,000 while for the VIP account the limit is €12,500. You can however adjust the limit for the VIP account higher by requesting.

Customer support: Coinmate only offers one customer support method which is through email.

Security: Coinmate is quite secure since it has a three-tiered verification for all types of accounts. Depending on your verification level, Coinmate will require users to do a video call showing the authorities clicking the pictures of the necessary documents by themselves.

Coinmate Pros and Cons

Pros

It allows users to directly purchase cryptocurrencies using the EUR and CZK fiat currencies which is a great plus especially if you are from Eastern Europe.

Its trading fees are relatively low compared to some of the popular cryptocurrency exchanges.

Although it has focused more on Europe, Coinmate also allows people from other parts of the world to sign up and use its services.

It supports a wide selection of payment methods.

Coinmate’s user interface is simple to use making it a good choice even for beginners.

Cons

While Coinmate offers a great crypto trading experience, it offers a very limited list of cryptocurrencies.

The exchange does not have a dedicated mobile platform that can allow you to easily buy, sell, and trade cryptocurrencies while on the go. Its website is mobile-friendly and seamlessly fits the smaller screen of smartphones and tablets.

While Coinmate generally allows clients from any part of the world to register with them, the exchange does not accept customers from the US.

The only form of customer support on Coinmate is email, which takes about a day to get a reply. This can be quite demoralizing especially if you have an urgent issue.

Coinmate does not offer a wide selection of crypto investment options. It only allows for purchasing, selling and trading. It does not have services like staking or liquidity mining.

Why you should use Coinmate to trade crypto

If you are in Europe and want a simple crypto exchange that you can use to start investing in cryptocurrencies, then Coinmate could be a great choice. Besides, its user-friendly user interface, the exchange also offers a lot of useful information about cryptocurrencies through its blog.

You can also be able to purchase cryptocurrencies using the EUR or the CZK.

Final Verdict

Selecting a good crypto exchange can be quite challenging, especially in a market as volatile as the crypto market.

We however hope the above Coinmate review gives you some insight to help determine if Coinmate is a good fit for you.

The post Coinmate review: what you should know appeared first on CoinJournal.