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Bitcoin to $20k or $40k? Why ‘this setup is different…’

Can Bitcoin surge and break the resistance? Can it cross the $40k mark? These are some of the many speculations that have been going around. Well, on the flip side, there have been a couple of bearish

The post Bitcoin to $20k or $40k? Why ‘this setup is different…’ appeared first on AMBCrypto.

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Can Bitcoin surge and break the resistance? Can it cross the $40k mark? These are some of the many speculations that have been going around. Well, on the flip side, there have been a couple of bearish projections as well about the largest cryptocurrency in the world.

At the time of writing, Bitcoin was trading just above the $36k mark with a correction of about 1.5% in the last 24 hours.

This Veteran trader and analyst had an interesting projection, both bullish and bearish, with regard to Bitcoin.

Peter Brandt had this to say regarding a potential uptrend.

Even after recent setbacks that Bitcoin had in recent times, Brandt reiterated a similar vote of confidence, he stated:

“When BCL (Bitcoin Live) began in late 2018 I thought BTC had a 50% chance for $100,000, $1 million, whatever, and 50% chance for zero. I am much more constructive now. Call it 70%/30%, but the job of the bull is to shake out FOMO (fear of missing out) buyers.”

He also gave his take on the extent of the correction that bitcoin could see.

As per the tweet, Bitcoin, after a price consolidation at the $30k mark, could see freefall to around $21,000 in a worst-case scenario. This narrative comes right after Bitcoin peaked at $64,854 on Apr 14 but it then retraced all the way back to $30,000 on May 19.

Source: Coinbase

Brandt even posted a challenge to all the crypto proponents in the community on his Twitter feed. He stated:

“In the past 10 years (since May 2011) please identify a single (even one) instance:

1. When a 50%-plus correction did not lead to at least a 70% correction

2. When a 50%+ correction made a new ATH within 7 months”

Here’s how the community responded.

Continuing the same thread, many BTC enthusiasts such as Rekt Capital posted their analysis on Bitcoin’s current trajectory as well.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-to-20k-or-40k-why-this-setup-is-different-in-that-price-is

Blockchain

How to Pick a Bitcoin Trading Platform from the UK

If you pick the wrong one, you may waste a lot of your effort, time, and money. Even though there are many Bitcoin trading platforms in the UK

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The cryptocurrency world is booming, and Bitcoin hasn’t been left behind. The digital coin’s use and popularity in the UK has hit an all-time high. If you are an investor looking to trade in Bitcoin, choosing the right trading platform is critical.

If you pick the wrong one, you may waste a lot of your effort, time, and money. Even though there are many Bitcoin trading platforms in the UK, they aren’t always right for you. Here are a few tips for choosing the right one.

1.Reputation

The reputation of a trading company is everything. It determines if their offers and claims are truthful and whether you should work with them. If the reputation of a trading company is bad, you shouldn’t work with them. Choose reputable companies with positive reviews from traders.

Do not make the mistake of investing with a trading platform before determining its reputation.

Even though Bitcoin is popular, it is still a fairly new kind of trade. Unfortunately, many people don’t understand it, and scammers are likely to take advantage. They may scam you for your money.

There are many ways to check the reputation of a trading platform. The first one is to ask around. Your networks may help you determine the reputation of different platforms. Reading online reviews may be helpful as well. Check their social media sites and learn about the views of previous clients. Reading the terms and conditions may also help you set expectations.

READ  Everything you Need to Know about Bitcoin Wallets

2.Asset Prices and Fees

Different platforms may have varying asset prices. In most cases, the asset prices are determined by your location. In the UK, the volumes are pretty high. Asset prices and discrepancies will help you identify trading platforms that may be prone to low liquidity and volume loss.

Most Bitcoin trading platforms charge a small fee for their trades. However, these fees aren’t standard, and you must choose a trading platform that doesn’t overcharge you.

Fees are an important consideration when picking a trading platform. In most cases, they are charged on the basis of percentage per trade. Since traders now buy and sell often, the costs can be high. Some trading platforms will even charge a withdrawal fee.

3.Security Features

When picking a trading platform, security features are an important consideration. You don’t want to work with a platform where your security may be compromised. 2FA may be an important consideration.

It is the most reliable level of security by modern standards. Even if you enjoy a certain trading platform, you may need to reevaluate it if doesn’t have sufficient security features.

The best Bitcoin trading platform UK has multiple security and trading protocols. But as always, perform comprehensive research on the authenticity and security of a website before working with them. Incompetent exchanges expose you to fraud and the risk of losing your investment.

4.User Experience and Purchase Methods

Functionality and user experience are important considerations when trading cryptocurrencies. Even the most experienced traders will appreciate a good user experience. Exchanges with good user experience are likely to attract substantial growth in transaction numbers. Some trading platforms may offer free tokens and other helpful offers.

READ  Top Altcoins to Invest in May 2021

Determine how long transactions take to be processed in a trading platform. Platforms with short transaction periods are obviously better than those with lengthy and complicated terms. In some trading platforms, you may wait weeks for transactions to process.

5.Fiat Exchange

Investors in the Bitcoin market must have a mechanism to exchange local currency into units that can be traded. You must be able to convert your profits from Bitcoin into local currency.

Fiat currency comes in at this point. All Bitcoin traders need a fiat compatible exchange at some point. It makes it possible to convert the exchange to traditional currency. Fiat exchange processes are important when you need to get in or out of the crypto trading world.

Note that certain fiat exchanges may be compatible with specified financial institutions. Others aren’t. Always check the compatibility of a trading platform before working with them. Ensure that their fiat currency work for you.

It is important to note that different platforms have different fiat options. It is only prudent that you ask the right the right questions. Find out if your favorite banks are compatible with a platform before choosing it.

6.Consider Insurance

It is important to find out if your preferred trading platform has an insurance fund before working with them. Most Bitcoin trading platforms now have some sort of insurance fund. The funds serve as compensation for traders in the event of unforeseen circumstances. This sort of insurance is essential for new traders.

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Even though lots of reputable trading platforms in the UK may lack an insurance fund, it is best to work with those that offer you a level of protection. You will have an easier trading experience knowing that you are protected in case of certain unexpected circumstances.

7. Trade With Leverage

Leveraged trading is the process through which traders borrow a specified amount of funds to trade. The best trading platforms in the UK will let you borrow some money for trading purposes. If you only plan on being in the Bitcoin world for a short time, leverage protocol is a great idea.

It also comes in handy if you don’t have much understanding of the cryptocurrency. Do some research and identify the best Bitcoin trading platforms that may offer trading protocols. Most platforms will be happy to offer 1X or 100X trading leverage.

8.Legality

One of the best things about Bitcoin is that it offers you more legality than other cryptocurrencies. These days, there are lots of local laws about cryptocurrency. You need to understand them before becoming a trader.

It is even more important to work with a trading platform that operates within the confines of the law. Determining the legality of a trading platform before working with them may seem obvious, but it is something that many traders fail to consider.

#Bitcoin trading platform

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/how-to-pick-a-bitcoin-trading-platform-from-the-uk

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Blockchain

5 Online Casino Games You Can Use Bitcoin In

With such a wide variety of games and more being added all the time, online casinos are developing into an entertainment venue that anyone can enjoy.

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If you have been accumulating bitcoin then you may be wondering whether you can use them in an online casino rather than using a traditional currency.

You’ll already know that bitcoin offers low transaction costs and affords the user anonymity so makes the ideal currency for use in online casinos.

Well the good news is that many casinos are now taking cryptocurrency so with that in mind we thought it would be a good idea to take a look at some of the exciting games you can play using bitcoin.

Poker

One of the great things about online casinos is that you can find pretty much any style of poker you may want.

Whether you love a game of turbo Texas hold’em or you prefer a more sedate closed VIP room then there’s something for you.

As well as many different types of poker there are also a wide variety of different rooms and playing methods.

You can go for the party atmosphere in an open public room or choose to go with a closed VIP room with specially invited guests.

You may choose to play on your PC, tablet or phone or even visit a Virtual Reality casino for a truly immersive experience.

Roulette

No self-respecting Bitcoin casino would be complete without roulette but if you have never visited an online casino before then you may be surprised by the variety of games available.

READ  Crypto Cloud Mining | Free Bitcoin Mining Pool In 2020

Naturally, you can expect to see European roulette wheels with a single zero and American wheels with double zero slots.

But you will also find classic French roulette wheels with their single zero position and La Partage and En prison rules in many cases.

It’s also possible to find triple zero wheels although this is admittedly an unusual option.

As with poker, it is possible to play single-handed or to enter public rooms and play with live players.

Live croupier roulette wheels are also available which all adds to the experience of playing online.

roulette
source:https://technofaq.org/

Blackjack

Another of the staples of the physical casino, blackjack is one of the most common online games too.

The classic game of ‘21’ has spawned a myriad of different versions over the years but in general, you’ll probably find at the very least the five most common types in any online casino.

Standard or ‘American’ blackjack is probably the one that most people have seen on TV and in the movies. A very simple game that requires players to get as close to 21 as possible without going over it forms the basis of all other types.

European blackjack features a deck of only two packs of cards and a dealer standing on a soft 17. Typically the house edge is somewhat lower than standard blackjack so offers a better bet for players.

READ  State Of Cryptocurrencies During Covid19

Face up blackjack is also available and this is where the dealer’s two cards are dealt face up, meaning that the players have a much better chance of beating the odds.

The final types of blackjack you may see in your online casino are Perfect pairs and Spanish 21. In the former, the player is able to make a side bet on whether they will be dealt a pair with a payout that could reach 30:1 for the right pair and in Spanish 21 all of the 10 cards in the pack are removed.

Again all of these games are available as a single player, in a group room and with live dealers meaning that you have the choice of playing exactly the way you like.

Mystery and challenge games

Online casinos aren’t confined to simply card and dice games and one of the most popular pastimes for people are mystery and challenge games.

These are games that require players to carry out specific tasks or solve story-based mysteries to unlock different levels and ultimately, prizes.

These can take the form of fantasy type games, games with storylines or detective-style challenges.

What is striking is the amount of creativity that has gone into producing interesting, challenging and entertaining games that all feature the possibility of winning prizes.

In a highly competitive sector, casinos have had to invest heavily in producing interesting and intriguing content that keeps people coming back for more making the online casino visit a much more interesting prospect for the customer.

READ  Reviews Of Best Multi Cryptocurrency Wallets With Pros And Cons

Games of skill

One of the latest developments in the world of online gaming are games of skill that are played for money.

In many cases, these will be creatively developed by the casino concerned but increasingly we are seeing favourites old and new appear in a ‘for money’ form.

Imagine being able to play Monopoly for real money or to be able to gamble on ‘Who wants to be a millionaire’.

Online casinos are also licencing the formats for many popular game shows so if you have always wanted to play your favourite TV game for money then you could be in luck.

As as well as games of skill you can also expect to see old fairground favourites like coin drops or slots given a new lease of life providing a whole host of new entertainment possibilities.

Online casinos – a great way to spend your bitcoin

Online casinos have developed massively over the last few years and they are now a world away from a traditional brick and mortar establishment.

With such a wide variety of games and more being added all the time, online casinos are developing into an entertainment venue that anyone can enjoy. What better way to spend a little bitcoin than by having a little downtime in your favourite online casino?

#Online casino games

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/5-online-casino-games-you-can-use-bitcoin-in

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Digital Euro Could Deplete Bank Deposits By 8%: Morgan Stanley

Leading global investment bank Morgan Stanley reported that a digital euro could wipe out 8% of customer deposits from eurozone banks.

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Leading global investment bank Morgan Stanley reported that a digital euro could wipe out 8% of customer deposits from eurozone banks. According to the institution’s analysts, this share could be higher in smaller countries like Greece, Latvia, Lithuania, and Estonia.

Analysts at Morgan Stanley Predict 8% Decline in Bank Deposits Due to Digital Euro

The American financial services company based its findings on a “bear case” scenario, where all investors above the age of 15 years transferred 3,000 euros(equivalent to $3,600) into a digital wallet authorized by the European Central Bank(ECB). Previously, ECB executive board member Fabio Panetta had discussed the same amount regarding a theoretical limit on digital currency holdings by residents. 

According to Morgan Stanley if a “bear case” scenario materializes, it “could theoretically reduce euro area total deposits, defined as households’ and non-financial corporations’ deposits, by 873 billion euros, or 8%.”

In addition to this, Morgan Stanley highlighted that the impact of this transition would be more pronounced in smaller countries such as Greece, Latvia, Lithuania, and Estonia. The amount of 3000 euros translates to 22%-51% of household deposits and 17%-30% of the total deposits in these countries.

Digital Euro Adoption Could Lead to Reduced Liquidity for Banks

The investment bank also found that digital euro adoption could lead to a small spike in the average loan-to-deposit ratio(LDR), leaving banks with insufficient liquidity to cover any possible funding requirements. Analysts at Morgan Stanley estimated that the average LDR could rise from 97% to 105% without the banks noticing the effects.

ECB is currently studying the potential implications of a central bank digital currency(CBDC) in connection with the threat to bank deposits. A common argument against digital currency is that it might diminish a bank’s lending abilities if consumers opt to use it for everyday transactions.

The Bank of England is also considering digital currencies or a CBDC at the moment. In a paper on new forms of digital money, the bank stressed the need for financial institutions to adapt their balance sheets “to maintain their current liquidity ratios.”

READ  Morgan Stanley Files with SEC to Receive Bitcoin Exposure, Displays Pro-Bitcoin Approach 

#Digital Euro #European Central Bank #Morgan Stanley

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/digital-euro-could-deplete-bank-deposits-by-8-morgan-stanley

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Whales Amass 90,000 BTC in 25 Days, Own 50% Share of Total Circulation

BTC whales are making a big splash in the market. On-chain data reveals that whales have continued to amass Bitcoin despite the recent slump.

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BTC whales are making a big splash in the market. On-chain data reveals that whales have continued to amass the primary cryptocurrency despite the recent slump in prices. Meanwhile, the “little guy” is also catching up and stashing more satoshis.

Whales Bought 100,000 BTC in a Month, Own Half the Supply

Whales have continued their BTC buying spree even during one of the most volatile periods in the market. According to Santiment data, BTC hoarders have used the last month to buy nearly 100,000 coins. In the last 25 days, whales have reportedly accumulated 90,000 BTC.

Some of the cryptocurrency’s biggest investors now hold a seven-week high of 9.11 million bitcoins, which is equivalent to $367 billion. Santiment also noted that this sizeable amount represents 48.7% of the token’s circulation. 

Analysis of whales is crucial to crypto markets since their pump and dump activities can shift the price significantly. Typically, Bitcoin whales are categorized into a few groups. The most active whales own wallets with 100 to 10,000 bitcoins.

In the meantime, retail wallets have also increased their BTC stock. Wallets owning one BTC also known as sat stackers now hold nearly 5% of the total supply.

According to Glassnode, a blockchain analytics firm, there are four phases of BTC accumulation: the bear market accumulation, post-capitulation acceleration, macro-economic asset, and geopolitical asset. The firm reported that retail wallets had been stacking sats since the mid-2020s, which coincides with BTC accumulation entering its “macro-economic asset” phase.

Following El-Salvador’s adoption of Bitcoin as legal tender, the currency has finally reached the fourth phase and become a geopolitical asset.

Almost 99% of BTC Supply is Held by the Wealthiest 10% Addresses

Cryptocurrency intelligence platform Coinmetrics revealed that a large share of Bitcoin’s existing supply is owned by the wealthiest 10% addresses. As of 2021, the addresses in question own 18,559,085 coins, which represent 99.05% of the current circulation.

The wealthiest Bitcoin addresses are most likely owned by leading crypto exchanges and institutions. In the case of exchanges, one address is responsible for the assets of multiple retail investors who use hot wallets to receive and send Bitcoin.

Individuals falling into the wealthiest category are probably the earliest investors who bought the currency cheaply. It is also speculated, that some of the individuals and parties bunched into this group may have dormant wallets. This means that there are certain wallets with no transactional activity. 

Determining the owners of all the richest wallets can be difficult due to anonymity-related issues in the BTC network. However, these entities continue to remain vital to understanding the virtual currency’s price fluctuations.

READ  Bitcoin Mining Council Confirms Elon Musk Will Play No Role

#Bitcoin Supply #Bitcoin Whales #Coinmetrics Firm #Santiment

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/whales-amass-90000-btc-in-25-days-own-50-share-of-total-circulation

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