The price of Bitcoin has climbed back above $40K for the first time in roughly three weeks.

The passage over $40K may not have been exactly unexpected. However, after questions arose about whether or not the price of BTC would need to fall below $30K before a meaningful recovery was possible, the rise above $40K is certainly a sign that things are looking up. Some analysts are even eyeing $50K.

What’s happening?

One of the most significant pieces of news was, yet again, brought about by Elon Musk. Last month, Musk’s announcement that Tesla would no longer be accepting Bitcoin payments sent shockwaves through the market. Some analysts believe that the announcement contributed to market movements that triggered more than $12 billion in liquidations of leveraged positions.

However, on Sunday, Elon took a step back toward Bitcoin.

True to style, the announcement came in a tweet: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk wrote.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

Musk was responding to a CoinTelegraph tweet linking to an article in which Magda Wierzycka, the Chief Executive of Sygnia, accused Musk of Bitcoin market manipulation. “What we have seen with Bitcoin is price manipulation by one very powerful and influential individual,” Wierzycka said in an interview with Bruce Whitfield at the Money Show this week, per CoinTelegraph’s report.

Musk responded by saying that: “this is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” and then going on to say that Tesla will begin accepting payments when the Bitcoin mining industry is confirmed at 50% clean energy.

The markets certainly seem to have responded to Musk’s announcement that Tesla has a theoretical path toward accepting Bitcoin payments in the future. On Sunday, before the tweet went out, the price of Bitcoin was hovering below $35K. After the tweet was posted, Bitcoin’s price shot to nearly $37K and has continued building momentum ever since.

However, not every member of the cryptocurrency community seems to be thrilled that Elon Musk is back. After announcing that Tesla would quit accepting Bitcoin last month, Musk drew ire from across the crypto industry.

For example, on June 5th, Ran Neuner, the creator and host of CNBC’s crypto trader, tweeted that: “Elon Musk’s irresponsible tweets have caused more people to get liquidated than any other Crypto event in history. Over 1 MILLION people have been liquidated, some losing their entire savings. These are the stats.”

— Ran Neuner (Non fungible) (@cryptomanran) June 5, 2021

Even hacking group, Anonymous took aim at Elon, accusing him of ‘playing dumb’ with regards to Bitcoin’s carbon footprint. Why? So that Tesla could continue earning energy subsidy payments from the US government.

What Are the Benefits of a Technology Driven Liquidity Provider?Go to article >>

“The energy use argument about proof-of-work mining is a very nuanced conversation that requires a fairly complex understanding of how power grids work and how excess energy is wasted by power companies and sought out by crypto miners,” an anonymous representative said in a video that was posted last week.

“This is a conversation that you have been having for over a year and were intimately aware of,” the rep said, going on to imply that Musk’s ‘divorce’ from crypto may have had hidden motives: ultimately, to “…centralize the industry and take it under your control.”

Now that Musk and Tesla appear to be taking a step back toward crypto, some crypto market participants appear to be skeptical.

For example, Blockstream CTO and Pixelmatic CEO, Samson Mow wrote in reply to Musk’s tweet about returning to BTC payments that: “So if we setup mining farms close to all Tesla Supercharging stations, we should be fine right? (sic)”

— Samson Mow (@Excellion) June 13, 2021

In other words, there is some belief that Musk could be trying to position Tesla’s clean energy production as a possible source of energy needed for Bitcoin mining. However, there does not appear to be any hard evidence that this is the case.

Ultimately, some analysts believe that Musk’s latest crypto-related comments are nothing more than an attention-grab.

In a statement shared with Finance Magnates, Bitfinex CTO, Paolo Ardoino said that: “Bitcoin is resurgent today as markets react positively to the words of a celebrity seeking to associate himself with the space,” Ardoino wrote. “The king of crypto is carrying cryptocurrency markets higher amid hopes that bitcoin miners will move towards a higher usage of renewables as their primary energy source.”

However, Ardoino, and many others, ultimately believe that Musk’s antics are a distraction from more meaningful growth happening in the Bitcoin and cryptocurrency sphere at large. “Meanwhile, bitcoin’s utility and use cases such as the Lightning Network continue to strengthen and grow,” Ardoino wrote. “While it is important to always take a long-term view with this incredible technology, we’re seeing a quiet optimism return to the market.”

Still, it is undeniable that Musk’s involvement in crypto will continue to have some effect on the crypto space for the foreseeable future.

Paul Haber, the CEO of Graph Blockchain Inc., said in a statement shared with Finance Magnates that: “The environmental implications of Tesla’s reacceptance of Bitcoin will most likely be insignificant because they aren’t likely to perform many transactions.”

However, Haber believes that Musk’s greatest influence on Bitcoin has to do with the narrative: “By far the biggest impact it will have is Elon educating the new users they introduce to the network about Bitcoin’s electricity use and his push for sustainability in the Bitcoin network.”

And, regardless of whether Tesla provides the energy or not, Bitcoin is facing a serious reckoning about its carbon footprint. The New York Times is among a myriad of news sources that have published countless articles highlighting Bitcoin’s environmental impact, particularly as its price rose throughout the course of 2021.

While Bitcoin advocates argue, as Anonymous did, that the conversation about exactly how much energy Bitcoin uses is ‘nuanced’, the fact remains that, at best, there is quite a bit of ambiguity surrounding the amount of carbon that Bitcoin releases into the atmosphere.

Industry leaders have taken up the issue with the creation of the Bitcoin Mining Council, which Musk is definitively not a part of. According to Business Insider, the current participants include business intelligence provider, MicroStrategy, investment management firm, Galaxy Digital, blockchain mining company, Argo, technology firm, Hive and mining company, Riot.

Beyond Elon Musk and renewable energy, Bitcoin’s price may also be enjoying a boost from several other pieces of positive news that have hit the airwaves this week.

Earlier this month, the Central American country of El Salvador became the first nation ever to accept bitcoin as legal tender. According to The Guardian, the decision came “as part of its technology-loving president’s proposals to use the cryptocurrency to promote ‘financial inclusion’, investment and economic development.”

Additionally, the Australian Financial Review reported today that Bitcoin’s price could be riding high off of the Taproot upgrade, “which was approved by the majority of bitcoin developers at the weekend.” Taproot was designed to improve privacy, efficiency and “most importantly, unlock the ability for smart contracts to take place on the bitcoin blockchain.” The upgrade is set to be completed by November.

Coinbase, the US-based cryptocurrency exchange, announced on Monday support for Polkadot (DOT) within its Coinbase Pro offering. Although transferring DOT into Pro accounts is now possible, trading will be enabled after 4pm GMT on June 16 only if liquidity conditions are met, the company clarified.

According to the firm, once enough DOT supply is set on the exchange’s platform, trading on DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP and DOT-USDT order books will be deployed in three phases known as post-only, limit-only and then full trading. “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” Coinbase noted.

Polkadot (DOT) is not available on Coinbase’s website or mobile apps, although the exchange stated such plans would be announced when the support is enabled outside Coinbase Pro. Support for DOT will be available for most supported countries in the publicly-listed crypto exchange, but the firm highlighted it would not be allowed for Singapore.

What Are the Benefits of a Technology Driven Liquidity Provider?Go to article >>

Also, the exchange said on the official announcement that it would keep customers informed through Coinbase Pro’s Twitter official account when each phase mentioned has been passed in terms of order books for DOT.

The company has been adding cryptos to its platform actively, such as Gitcoin (GTC), Enzyme Token (MLN), Amp (AMP), Dogecoin (DOGE), Internet Computer (ICP), Cartesi (CTSI), iExec (RLC), Mirror Protocol (MIR) and Tellor (TRB), among others. In fact, Finance Magnates reported in April that Coinbase announced support for stablecoin Tether (USDT), whose trading in Coinbase Pro started on April 26.

When the US-based crypto exchange announced support for DOGE in Coinbase Pro early in June, the meme coin skyrocketed around 15%. Order books for Dogecoin available are DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP and DOGE-USDT.

What do Vladimir Putin and Burger King have in common? 

For starters, they both have a cryptocurrency named after them. Actually, PutinCoin and Whoppercoin might be the only thing they have in common. But their namesake cryptocurrencies are among the thousands of different virtual currencies making up a growing marketplace grabbing investors’ attention.

Cryptocurrencies like Bitcoin and Ethereum have a growing track record of holding and increasing in value over time, though recent dips have wracked the market, while lesser-known cryptos are considered much more speculative and unpredictable. And while PutinCoin and Whoppercoin belong to a category of cryptocurrencies marked more for their absurdity than their potential as either an investment or cryptocurrency, they show just how unique different types of cryptocurrencies can be.

Here’s Where to Start:10 Most Popular CryptocurrenciesDecentralized FinanceDigital GoldDigital Cash or Internet MoneySoftware Platforms Stablecoin or Digital FiatMemecoins, and Other Strange Cryptocurrencies

In general, cryptocurrencies can be grouped by utility: What is the purpose of the cryptocurrency? What is its value proposition? What is it for?

“They all have different utilities, they all have different founders who have different visions for where that cryptocurrency is going,” says Mike Uehlein, founder and financial planner of WealthU advisors. Uehlein regularly talks to clients about investing in cryptocurrency. 

10 Most Popular Cryptocurrencies

There are thousands of cryptocurrencies, most with very little value and unclear potential. Many advisors recommend investors stick to Bitcoin and Ethereum — if any — and pass on the smaller cryptos. 

Leading cryptocurrency news outlet CoinDesk maintains a Coindesk 20 list of the most popular cryptocurrencies currently being bought and sold. This list includes cryptocurrency assets and networks by their most common names. Some, like Bitcoin (BTC), have one name for both the blockchain network and the cryptocurrency. Others, like Ethereum, are named for the broader blockchain network, but have a different name for their associated native cryptocurrency (Ether, or ETC, in the case of Ethereum).

Updated quarterly, the list ranks cryptocurrencies based on dollar volume and other data from third-party cryptocurrency exchanges, where people can buy and sell different iswapPolkadotUSD Coin

Note: This top 10 list was last updated — using the Coindesk 20 — on May 26, 2021. 

Bitcoin

As the first cryptocurrency, Bitcoin (BTC) is also the most popular and highly valued, despite high volatility over the course of its history. Bitcoin was initially created to be used as a digital payment system, but experts say it is still too volatile to be used for that.Ethereum

Ether (ETH) is the cryptocurrency of the Ethereum network, an open-source blockchain upon which developers can build apps and other cryptocurrencies. It’s also the second largest cryptocurrency by market cap, behind Bitcoin. Ether’s value has risen sharply since its creation in 2013, to nearly $3,000 for one token as of late May, but still lags well behind Bitcoin’s value of nearly $40,000 per coin. 

XRP

XRP is the cryptocurrency of the Ripple digital payment network. Built for digital payments, XRP touts itself as a faster and more efficient way to power global payments. Ripple and XRP also allow for third-party development on other uses for XRP.

Tether

Tether (USDT) is a fiat currency tied to the U.S. dollar. This keeps its value more stable, allowing Tether to present itself as a stable cryptocurrency alternative to cash deposits and withdrawals. Amid high volatility with other cryptocurrencies, Tether’s value hovers around $1 on account of its tie to the U.S. dollar.

Cardano

Cardano (ADA) uses a technology called Ouroboros, a peer-reviewed blockchain protocol. It describes itself as a more secure and scalable way to maintain decentralization.

Stellar

Stellar’s native cryptocurrency is the Lumen (XLM). Stellar is designed as an “open network for storing and moving money” that allows people to create, send, and trade digital money. It’s designed to sell and trade all digital monies, not just Stellar’s own associated cryptocurrency, the Lumen — although you’ll need to own some Lumen to make transactions.

Chainlink

Chainlink (LINK) uses “real-world data and off-chain computation while maintaining security and reliability,” according to its website.

Uniswap

Uniswap (UNI) is a decentralized crypto exchange that operates on Ethereum’s blockchain. Its developers promise to get rid of unnecessary intermediaries, which it says gives users more control.

Polkadot

Polkadot (DOT) says its mission includes allowing different blockchains to exchange information and transactions with one another. Its website plays up data and identity security and users being in control.

Coin

USD Coin (USDC) describes itself as “the world’s digital dollar.” Created by a global financial firm called Circle, USDC is the result of work that has been invested in by Goldman Sachs, Baidu, and IDG Capital, among others. USD Coin is tied to the U.S. Dollar, which makes its price much more stable than other cryptocurrencies. That stability lends itself more toward digital payments, while other cryptocurrencies have more potential to increase in value as investments (along with more risk of losing value, of course).

Bitcoin Cash 

Bitcoin Cash is a peer-to-peer electronic cash system, which was the original intention of Bitcoin. The currency allows you to send money anywhere for very low fees.

While each of these top cryptocurrencies is unique in its own way, they all tie into an underlying principle called  decentralized finance (DeFi). 

Decentralized Finance 

In its simplest terms, decentralized finance refers to financial activities conducted without the involvement of a traditional bank. 

Think about all of the activities in which you’d normally use a bank or some other financial institution — getting a loan, insurance, investing, even using a credit card. “All of these [activities] are traditional-finance based and have intermediary companies,” says Ollie Leech, learn editor at CoinDesk. “Now people are creating these products in a completely autonomous way with [cryptocurrencies].”

It can seem counterintuitive — where else would you go for a loan, if not an established lender? But that’s one of the appeals to DeFi, says Leech. 

In the same way people have increasingly brought “smart” technology into their homes, proponents say cryptocurrency has potential to automate and digitize more and more aspects of the financial system. The appeal of this happening outside the conventional — or centralized — finance system depends on who you ask. 

Many Americans may not understand the appeal of a finance system that operates beyond government control. But things can be very different in countries with less financial stability, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group. If cryptocurrencies offer as much or more stability as a given national currency, it’s an entirely different equation than if your national currency is the safe and stable U.S. dollar.

Just like there are different types of accounts and tools in conventional finance — from savings accounts to investment accounts to credit cards — that are used for different purposes, different cryptocurrencies can have similarly unique uses in this emerging decentralized finance system.

Instead of going to a bank to draw out a loan, you might “go to a decentralized application that’s not owned or operated by anyone in particular,” says Leech. 

Where conventional loans involve humans at a bank who take part in processing, reviewing, and approving loans, a DeFi loan — with funding in the form of cryptocurrency — could run via app on a network like Ethereum with an algorithm processing it. The borrower would put up some cryptocurrency as collateral, which they’d get back minus interest when they repay the loan.

“The code runs autonomously using smart contracts,” Leech says. “So once the developers release the data they’re pretty much hands-off, and everything runs automatically so there’s no intermediary.” 

Ethereum’s website offers a comparison chart contrasting decentralized from traditional finance. Along with these technical differences, a big consideration to keep in mind is that the conventional financial system is regulated to serve the interests of everyday customers, while cryptocurrency and decentralized financial systems are largely unregulated, and subject to governance and oversight only by their creators/users.

Unlike the money kept in a bank account, money you have in crypto may not be FDIC insured. Some exchanges offer this insurance while others don’t — something you’ll want to look into before buying crypto from one or another. For exchanges that don’t offer this insurance, there’s no guarantee you will be repaid if there is a hack or the exchange goes out of business.

You hold your moneyMoney held by financial institutions Transfers happen in minutesPayments can take days to processTransactions are pseudonymous Financial activity is coupled to your identity (social security number, name, address, etc.)Market is always openMarket closes Built on transparency – anyone can inspect the systemFinancial institutions are closed books.comparison-table tr td:nth-child(){border-left: 10px solid #5bffb1;border-right: 10px solid #5bffb1;}.comparison-table tr:first-child td:nth-child(){border-top: 10px solid #5bffb1}.comparison-table tr:last-child td:nth-child(){border-bottom: 10px solid #5bffb1}

With that in mind, here are some of the broad categories of cryptocurrencies that tend to organize the market.

Digital Gold

Digital gold refers to cryptocurrency comparable to real gold in its ability to store and increase in value. There’s a limited amount of gold on earth, in the same way that digital gold cryptocurrencies have a limited supply. 

“People buy gold not because they expect to be able to go to the store and spend it, but because they expect it to hold its value and maybe, probably, increase in value over time,” says Galen Moore, director of data and indexes at CoinDesk. 

The primary example of a digital gold cryptocurrency is Bitcoin, though that was not its original intention. Bitcoin was originally put forth as an electronic peer-to-peer cash system, but its volatility, among other things, limited its potential for that purpose. 

In use, such digital gold cryptocurrencies are bought and held, “for the same reason people would have diamonds, or some $100 bills, or some gold coins in a safe,” says Moore. Litecoin is another example — it’s been described as silver to Bitcoin’s gold.

Digital Cash or Internet Money

Internet money is exactly what it sounds like — you use it to buy things over the internet. 

Bitcoin was originally intended to be digital cash, but speculation led to the creation of another cryptocurrency, Bitcoin Cash (a variation of Bitcoin). Bitcoin’s price was too volatile for it to be a suitable currency, which proponents for Bitcoin Cash argued was the entire point of the currency to begin with. 

“There was a big debate about what the future of Bitcoin was going to be. Was it gold or was it cash? The people who wanted it to be more like gold won out,” says Moore. The decision was a “turning point for Bitcoin where it really went down to be digital gold.” 

But the group that wanted Bitcoin to remain internet money split off — or forked, in crypto parlance — the currency and created Bitcoin Cash. The network is devoted to digital payments (with faster processing and lower fees). In these ways, Bitcoin Cash is “meant to be cash. That’s the value proposition,” says Moore.

Though Bitcoin Cash is designed and intended for transactions, its price is still volatile and probably not your best option for making or receiving payments. 

Software Platforms  

Ethereum represents another type of cryptocurrency: It operates as a cryptocurrency network and along with its native cryptocurrency, Ether, offers a programmable crypto environment for developers. Similar to how smartphones allow third-party apps to be downloaded and used, Ethereum allows developers to create “dapps” — Ethereum-based apps that tap into the network. 

Investors can buy Ether just like they can buy Bitcoin, hoping it increases in value. Ethereum’s programmable network allows for other, more customizable uses. One example is the creation of NFTs — nonfungible tokens — that caught the attention of people far beyond the cryptocurrency community this year. NFTs are Ethereum-based digital assets, which hold value based on demand and supply on the Ethereum network.  

Stablecoin or Digital Fiat

A stablecoin pegs its value to some other currency or commodity. A digital fiat represents a fiat, or government-backed, currency on the blockchain, says Moore. One of the most popular examples of a digital fiat is Tether, a cryptocurrency whose value is pegged to the U.S. dollar. 

Tether is a system that enables you to have a cash-like currency that is always worth $1 — but only on cryptocurrency exchanges. A digital fiat like Tether comes in handy when you want to quickly move your assets within a cryptocurrency exchange. For example, if you think the market for smaller, more unpredictable coins is going to crash, you might put your money in a stablecoin like Tether, and then buy back at a lower price after the crash, says Moore. 

Stablecoins enable the exchange to flow better, says Moore. Taking the previous example, you could theoretically cash out your smaller coins for actual dollars, and then reinvest those dollars after the crash, but it could take days to convert your coins into dollars and back again, says Moore. 

Memecoins, and Other Strange Cryptocurrencies

There are thousands of cryptocurrencies available. Many of them have little to no value, and no discernable value proposition, which lands them in the category of memecoins. Experts recommend avoiding investing in this category of coins and sticking with more well-known options like Bitcoin or Ethereum, if you decide to invest in crypto at all. 

Whoppercoin and PutinCoin fall into this category of cryptocurrencies, as does another famous memecoin of recent fame: Dogecoin. While Dogecoin has seen a rise in demand — and thus value — in recent weeks, it still is highly volatile, as evidenced by its drop in value when Tesla CEO Elon Musk made it the subject of a joke on a recent episode of “Saturday Night Live.”

Any cryptocurrency that’s not Bitcoin is referred to as an “altcoin.”

Bitcoin, Litecoin

Bitcoin Cash, XRP

Ethereum, Cardano, Polkadot

Tether, USD Coin

Dogecoin, PutinCoin, Whoppercoin

I would like to subscribe to the NextAdvisor newsletter. See privacy policy

Join us for a live interview with Suze Orman to hear about her experience as an LGBTQ+ personal finance icon in a male-dominated field.

May 17, 2021, | AtoZ Markets – In 2009 the world was graced with the introduction of the first decentralized digital currency, Bitcoin. Over a decade on BTC has prevailed and today is the largest cryptocurrency by market cap.  Using peer-to-peer technology to operate with no central authority the bitcoin blockchain was created to enable quick and secure transactions.

Bitcoin originated following a set of ideas outlined in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. Only approximately 21 million bitcoins cease to exist. Over the years the blockchain has evolved and engineers have designed additional protocols that have helped improve the quickness and privacy of transactions, including the Omni Layer, Lightning Network and Liquid Network. Another prominent example is the Bitcoin Cash hard fork in 2017. Bitcoin Cash is now a very viable crypto on its own.

With 3000+ digital currencies circulating today, Bitcoin can be credited with spawning this new revolution. Bitcoin is widely available online and will continue to be a dominant force in the crypto space.

To get in on a surging opportunity or short the latest bubble, it is important for traders to understand what impacts Bitcoin’s Price movements.

There will only ever be 21 million Bitcoin in circulation, expected to be exhausted by 2040. This built-in scarcity is a key factor that can support Bitcoin’s long-term value.

As we have seen time and time again, particularly the “Elon Musk Effect”, Bitcoin is sensitive to relevant news or events, and its price fluctuates. Any “bad” press or news concerning security, regulation, value, or longevity will have a negative effect on Bitcoin’s market value. So, it’s important to stay in the know.

Bitcoin’s public profile can also depend on new adoption, or perhaps integrations into existing payment systems or financial frameworks. The more demand for the crypto asset may have a positive impact on its price.

Day trading is the strategy of opening and closing positions within a single day. Do you want to profit from BTC’s short-term price movements? This strategy may be your best option. The key goal here is to profit from immediate movements.

This style of trading is when positions are opened or closed based on a current market trend. For example, if the market is in a bullish trend, traders may decide to go long, then short if the market is bearish. trend trading is always straightforward, but it can help traders take day-to-day volatility in their stride and preventing them to get caught up in short-term market movements.

In a bid to protect their BTC/USD positions and mitigate risk some traders choose to opt for the hedging strategy. Let’s say you are concerned that the market will move against you, hedging is when you take an opposing position to one that is already open. For instance: Let’s just say you have Bitcoin in your portfolio and there is concern about a drop in price, here traders can open a short position on BTC with CFDs. So, if the expected fall does occur gains made on the short position will offset any loss on your owned Bitcoin.

For many Bitcoin can be a HODLing game. Derived from a misspelling of “hold” this refers to the buy and hold strategy in crypto. This is popular to the fresher entrants to the market who may be unsure of how it works and fear losing currency, and it involves the holding of your BTC for a longer time span.

Leverage, sometimes referred to as margin is used by traders to increase potential return. Through leverage, traders can invest a smaller amount of funds to open a larger market position. At TradeOr we offer leverage of 10:1 on crypto pairs meaning you can trade 10x the value that is in your trading account. So, let’s say for example you want to trade $2,000 on BTC/USD. With the leverage of 10:1, if you open this position, only one-tenth of the fund represents your own funds, the remaining $18,000 is subsequently “borrowed” from TradeOr. Let’s give a full example.

If you deposit $2,000 into your trading account, with TradeOr to open a position on BTC/USD you will be able to open a trade to the amount of $20,000. In the instance that this trade sees a 10% return ($2,000) your account will increase by 50%, to $4,000. However, with trading, you can lose. So, in the same example if the result went the opposite way and you saw a 10% loss you would have wiped out the funds in your account. It’s for this reason leverage can be seen as a double-edged sword and it is important that when trading with leverage it’s done with strict risk management.

We designed our platform with the customer at the forefront. By signing up with us clients will enjoy a user-friendly interface, continuous learning for users of all levels, convenience & innovative features designed to help you capitalize on opportunities.

As industry professionals, we have created an experience that fits everyone’s expectations. Join us on this exciting journey and stay tuned for new features designed to help you reach higher levels.

Once you have opened an account with TradeOr you will have access to 0% commission on not only your BTC/USD trades but on all your favorite assets. This is a crucial aspect when choosing a broker as it means you get more from your trades.

At TradeOr we envision a world where traders have the technology to shape a new way to trade. A trading experience that is efficient, innovative, and action orientated. Our traders can analyze the markets more clearly and find new opportunities faster. We have integrated TradingView & ChartIQ into our innovative platform meaning experienced investors and novice traders alike have access to efficient trading tools to help at every stage of their trading process.

Speed is everything when it comes to trading financial markets. Our traders can access instantaneous funding by using Bitcoin as their source of power. Deposit using BTC and start using the crypto asset to trade or invest in all major financial instruments.

We all need a helping hand sometimes. So, that is why we offer 24/7 support to all traders. No query is too big or too small for our team of trading veterans.

Moreover, Bank of New York Mellon’s statement that it would treat BTC the same as any other financial asset and Mastercard’s commitment to integrate Bitcoin into its payment networks, may further validate the cryptocurrency as a mainstream asset and intensify capital inflows in the near term. Here are the key levels to watch for BTC/USD.

BTC/USD weekly chart created using Tradingview

The long-term outlook for Bitcoin remains overtly bullish, as price tracks firmly above all six moving averages, and the MACD indicator surges to its highest levels on record.

However, bearish RSI divergence suggests that the relentless surge higher could be running out of steam. With that in mind, failing to gain a firm foothold above 50,000 could trigger a short-term pullback to former resistance-turned-support at the January high (41969).

Breaching that opens the door for sellers to drive the cryptocurrency back to psychological support at the 30,000 mark. That being said, an extended pullback seems relatively unlikely given the RSI remains comfortably above 70, and the marked steepening of all six moving averages.

Therefore, a weekly close above 50,000 would likely intensify buying pressure and carve a path for price to challenge the 261.8% Fibonacci (54866). Clearing that brings the 300% Fibonacci (62402) into the crosshairs.

BTC/USD daily chart created using Tradingview

Zooming into the daily timeframe suggests that a short-term pullback could be in the offing, as a series of Doji and Hammer candles form just shy of the psychologically imposing 50,000 mark.

Bearish divergence on both the MACD and RSI also hint at fading bullish momentum, and could ultimately encourage would-be sellers if price slips back below the 8-EMA (47363).

Slicing through the February 15 low (45730) probably triggers a short-term correction back towards former resistance-turned-support at the January high (41969).

Alternatively, a daily close above 50,000 would likely signal the resumption of the primary uptrend and bring the 261.8% Fibonacci (54866) into focus.

The IG Client Sentiment Report shows 79.17% of traders are net-long with the ratio of traders long to short at 3.80 to 1. The number of traders net-long is 7.11% lower than yesterday and 0.80% lower from last week, while the number of traders net-short is 8.29% higher than yesterday and 5.36% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

Last week brought the fireworks on the Central Bank front and despite the comments from Chair Powell and the Fed about near-term rate policy, risk markets appear to be treading cautiously as Quarter-end nears.

To be sure, the Fed has made little signal of removing support. Markets, on the other hand, have started to get wound up about the potential that the Fed may have to begin removing that support sooner rather than later. We’re likely going to see at least some of this reconciled in the next week and a half, as the end of Q1 nears. Risk parity funds allocating away from stocks and into bonds to capture those new higher rates may lead to a bit of a shift; but if we do see flows into bonds, stoking higher prices, the rates problem may begin to start solving itself without the Fed having to push on any levers.

In crypto markets, both Bitcoin and Ethereum remain on their back foots after extremely strong starts to the year. This could perhaps be a bit of window dressing ahead of Quarter-end, with the recent bullish trend in Bitcoin showing the possibility of a deeper pullback while the flatter price action of Ethereum may offer some range setups in the week ahead.

Bitcoin had a super-charged start to the month – rising by 43% in the first two weeks of March trade. This entailed another fresh all-time-high as Bitcoin mounted above the 60k figure for the first time ever.

But that 60k marker appeared to be too much for bulls to handle at this point, as prices quickly dropped back before buckling up for resistance on the big figure twice more before pulling back a bit deeper. So, at this stage – the bullish trend is not yet done as there’s a very reasonable level for why buyers have pulled back on the throttle, and this is why psychological levels can often take a few attempts before finally being taken-out.

To learn more about psychological levels , join us in DailyFX Education

That pullback from 60k has pushed prices into a support zone spanning from Fibonacci levels at 57,032-57,354; and a bit deeper another confluent zone exists from 53,998-54,615. Support holds in either zone could re-open the door for bullish continuation prospects; and on the other side of the matter, topside breaks through the 60k level can re-open the door for breakout approaches in Bitcoin.

To learn more about Fibonacci or Trendlines , check out DailyFX Education

Chart prepared by James Stanley ; Bitcoin on Tradingview

Ethereum has not set a fresh high in the month of March. But there’s still a week and change left, and given the fact that the Fed has shown no signs of slowing down, it would seem that there’s upside potential remaining in ETH/USD.

By comparison to Bitcoin above, ETH/USD has been range-bound with a consistency of support around the 61.8% retracement of the February sell-off. This plots around 1755 and has already produced a number of support inflections.

This can keep the door open for bullish scenarios, looking for prices to move towards recent range resistance around the 76.4% retracement of that same major move. If bulls do kick the trend back up, then there could be deeper target potential around the March high of 1943 before ‘big picture’ resistance plots in around the 2k psychological level.

Chart prepared by James Stanley ; Ethereum on Tradingview

Contact and follow James on Twitter: @JStanleyFX

Bitcoin won’t become the standard for daily payments. Period. 

Don’t get me wrong, I love Bitcoin and believe it will remain as the number 1 cryptocurrency by market cap and succeed massively as the best treasury reserve asset/store of value. But the reality is, its fixed supply of 21 million BTC doesn’t work well for commerce because the volatility of demand translates into the price and only the price.

The only way to accommodate the increase in demand for a fixed supply asset, like Bitcoin, is for the price to go up. While that’s great for being a store of value, this can be problematic for commerce because constant price changes make it incredibly difficult to denominate things like services, contracts, or debt.

So, if fixed supply monies don’t work well as the standard for daily payments, what about infinite supply monies like the US Dollar?

The Problem with Infinite-Supply Money like Fiat Currency (USD) The problem with infinite money supplies is that it leads to inflation. Period.

While we use fiat currencies like the USD for commerce and daily payments today, it doesn’t mean that it’s a perfect system. In fact, the US Dollar as we know it today has only been around for 50 years and is a giant experiment that’s failing. 

In 1971, the USD went off the gold standard and adopted a fractional reserve system which enabled the Federal Reserve to issue money as they please without any gold-backing. Ever since this change, the USD money supply has expanded rapidly and with it, inflation has skyrocketed:

Basically, when you have an infinite supply of money and new money is being introduced into circulation, the purchasing power of everyone’s existing dollars goes down, hence why prices go up. It’s essentially theft or as some call it, a “hidden taxation”. And this is how our governments are devaluing our money.

And to be clear here, this is just one problem of inflation. To fully understand the negative effects of inflationary money on society, I recommend you take a deep dive into the graphs and metrics presented on wtfhappenedin1971.com. It will blow your mind. 

The Problem with Decentralized Stablecoins like $DAI

MakerDAO’s decentralized stablecoin $DAI is a better alternative to fiat currencies or centralized stablecoins but still suffers from major issues such as black swan events.

Back in March 2020, when the markets suffered a massive crash due to fear and uncertainty surrounding covid, lockdowns, and the economy, the MakerDAO system for its stablecoin $DAI essentially broke down.

What happened was, MakerDAO Vaults with cryptocurrency backing the $DAI stablecoin require a minimum collateralization of 150% but when the price of Ether (ETH) and other cryptocurrencies dropped over 50% within 24 hrs, a very large number of Vaults got liquidated and the MakerDAO system failed to acquire the required collateral to back $DAI. 

While this unfortunate situation was since mitigated, it goes to show that $DAI is prone to price shocks like the black swan event that occurred in March 2020.

Ampleforth addresses the shortcomings of fixed supply monies (Bitcoin), infinite supply monies (USD), and stablecoins dependent on collateral ($DAI) by creating an uncollateralized elastic supply cryptocurrency $AMPL, where its supply expands or contracts daily based on market conditions.

$AMPL Solves Flaws of $BTC Since $AMPL is the first cryptocurrency with an elastic supply model and is pegged to something (the 2019 inflation-adjusted US Dollar, ~$1.027), I think Satoshi himself would be very impressed by it. 

After all, Satoshi did say:

“I don’t know a way for software to know the real-world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.”

12 years later, and we now have $AMPL – an algorithmic, decentralized, uncollateralized, and censorship-resistant cryptocurrency like Bitcoin, except it supports price stability by programmatically managing the money supply in response to demand, resulting in a better money.

I think Satoshi would be proud of $AMPL as its accomplishing the vision which he wished he could create but didn’t know how to do. 

$AMPL Solves Flaws of USD Ampleforth has pioneered a revolutionary new monetary policy that emphasizes price stability with an elastic supply. 

It’s completely decentralized and programmatic with the total supply of $AMPL automatically expanding or contracting based on natural market conditions affecting $AMPL’s demand. With that, $AMPL’s price and stabilization are 100% sustained by free-market incentives. 

There’s no centralized entity like the Federal Reserve increasing the supply and inflating the currency. Instead, the Ampleforth protocol helps stabilize the price of $AMPL via its daily rebase mechanism that adjusts the supply up or down to restore $AMPL’s price equilibrium of around $1.02 (the 2019 inflation-adjusted US Dollar).

Now, before you start spewing that $AMPL is far from stable, that its price swings wildly between $0.70 and $1.50; let me remind you that $AMPL has been around for a mere 2 years. It’s nothing on the history of money timeline. 

$AMPL is meant to swing in its early stages of life. This is what brings people in and grows the network. It’s supposed to be used as a more speculative asset right now and thanks to the incentive mechanism that the rebase offers, it attracts more and more value over time.

Eventually, when $AMPL grows to a much larger market cap, the price of $AMPL will become more stable as a larger market cap leads to decreased volatility:

Oh and guess what? Despite its swings, $AMPL has managed to keep an average price of $1.024 as set by design since its inception. So yeah, on a macro scale, $AMPL is maintaining its stability just fine. 

$AMPL Solves Flaws of $DAI First of all, $AMPL is not a stablecoin. 

The price of $AMPL isn’t pegged to any specific price or fiat currency. Rather the protocol seeks a price-supply equilibrium of around $1.02 by increasing or decreasing the supply of $AMPL.

Here’s how that works:

When the price of $AMPL is high (above equilibrium) the protocol increases the supply which incentivizes $AMPL token holders to take advantage of their increased supply coupled with a “higher” token price to take profits. 

This effectively restores equilibrium on the demand side once the change in supply goes through and helps the price per $AMPL to cycle around $1.00.

That said, the price is determined by the free market where arbitrageurs buy or sell $AMPL when it's considered to be overvalued or undervalued, and there is no collateral backing $AMPL.  Rather, it’s an independent financial primitive that does not rely on centralized collateral or lenders of last resort.

That’s how $AMPL fixes $DAI’s flaws.

$DAI relies on crypto collateral provided by stakers and cannot be sustained by free-market incentives alone, which is why it relies on periodic bailouts as seen with the black swan event in March 2020. 

Register now at Publish0x to claim your $$$. It only takes 15 seconds and it's free.

It’s been brewing for some time, but 2021 is finally seeing established payment companies take the opportunities of cryptocurrency seriously, and among those leading the pack is Visa V . 

An industry that was previously plagued by volatility and speculation is beginning to see its enterprise-friendly side blossoming, and according to the card network, the opportunities are abundant. 

“The world of digital currencies and crypto has moved and evolved quite significantly since the 2009 launch of Bitcoin,” explains Nikola Plecas, head of new payment flows, Visa Consulting and Analytics, Europe at Visa. 

“Visa's strategy is to be a network of networks and really be able to originate and terminate new payment flows outside of card rails. We have made tremendous push into these new flows over the last couple of years with products such as B2B Connect, Visa Direct, Push to Pay – and digital currencies naturally fall into that category.”

However, this doesn’t mean that the world’s most famous cryptocurrency – Bitcoin – features heavily in the card network’s plans. Instead, Visa characterises the industry as made up of two distinct groups: conventional, untethered cryptocurrencies and fiat currency-backed digital currencies, often known as stablecoins, which are attracting greater interest from institutional and government organizations despite currently a smaller part of the overall market.

The former is seen by the company as a tradeable asset with limited industry potential – CEO Alfred Kelly described it as “digital gold” in the company’s Q2 2021 earnings call. However, the latter is where Visa sees significant potential for payments.

“We see these as having the potential to be used by consumers and merchants in the same way as existing fiat currencies are,” says Plecas. “And when it comes to areas of opportunity, there are many for organizations such as ours.”

While many use the terms cryptocurrency and digital currency interchangeably, Visa has chosen to characterize the area it is focusing on – the stablecoin side of the industry – as digital currencies. 

Visa’s digital currency efforts currently fall into five areas. Some of these are well-established and already contributing to the company’s revenue growth, while others are in the early stages and are unlikely to make a meaningful impact on Visa’s top line in the near future. However, they together represent a long-term view of the market.

The first is perhaps the most obvious: making it easy for consumers to buy cryptocurrencies, which has involved working with wallets and exchanges “drive acceptance”. This area earned a mention in Visa’s most recent earnings call as being the second biggest contributor of growth in its card-not-present excluding travel segment – the biggest growth was the surge in ecommerce.

Second is a natural progression from the first: enabling cryptocurrency to be cashed out to fiat. 

“We want to make sure that you as a consumer, once you exit your cryptocurrency positions in exchanges and wallets can cash onto a Visa credential and then start spending at any of our 70 million-plus merchant endpoints,” says Plecas.

While those two are in full swing, a newer development is the third pillar, which is the use of digital currency APIs to enable banks and neobanks to add cryptocurrency options for their clients. This is in the early stages, with US neobank First Boulevard becoming the pilot customer earlier this year, however Plecas highlights that Visa is “looking to extend to other markets and regions” with the product.

“We quickly realized that there's potential to be the next gen of neobanks,” he explains. “They're also doing a lot of their treasury operations, paying vendors and employees already in stablecoins.”

In order to do this, the company needed to enable customers to “stay within their ecosystem when they also settled their obligations” with Visa, which is where pillar four, settlement in stablecoins comes in. This has seen Visa settle its first transaction in a stablecoin, US dollar-tethered USDC, this year. 

“Settling in USDC is very similar to settling in USD,” he explains.

“What we've done is an upgrade of existing treasury infrastructure operations to be able to receive these assets, because actually receiving them is now done through public blockchain rails. And as time evolves, we want to support other stablecoins.”

The final pillar, however, is the most long-term: central bank digital currencies (CBDCs). According to the Bank for International Settlements, 86% of the world’s central banks are now considering the launch of CBDCs of one form or another, with more than one in ten currently engaged in pilots. 

CBDCs have a variety of benefits, including the potential to better reach the underbanked, and Visa argues that their implementation will require public-private partnerships.

“That way, they will be integrated in the right way into the existing payments' ecosystem,” says Plecas.

“At Visa, we want to make sure that our products and services are acting as a bridge between our existing clients and the new clients and blockchain rails involved with digital currencies.”

While much of this is focused on the consumer side of cryptocurrency and digital currencies, Visa also sees significant potential in B2B payments.

“B2B is an area of high growth, high importance and high interest to all of Visa. And we see that digital currencies can supplement and compliment some of the existing solutions that we have in the space,” says Plecas.

However, while digital currencies can impact the B2B space, and in some cases are already doing so, broader institutional adoption is likely to take time. 

Nevertheless, in areas with poor infrastructure, the potential of CBDCs in particular is strong for B2B.

“In some countries the infrastructure is just not there yet, and for these types of countries and regions, digital currencies can complement what we already have.”

One of the areas that is often raised in digital currency discussions is cross-border payments, with many citing potential speed and cost benefits. However, Plecas stresses that while there is potential, it is not a simple clean fix.

“The cross-border space is highly complex, and it has a large number of actors who are trying to solve for consumer experience in terms of end user price and time efficiency,” he says.

“It's not easy to solve for this, even if you're trying new technologies that would give you some advantages theoretically with this aspect.”

However, he says Visa sees particular opportunities in global marketplaces that bring together buyers and sellers from different currencies.

“In those instances, potentially digital currencies can help them reach some of these markets in a more time and cost efficient way.”

Daniel is Founder and CEO of FXC Intelligence, a financial data company specializing in the cross-border payments, cards and ecommerce industries. Daniel is a leading

Daniel is Founder and CEO of FXC Intelligence, a financial data company specializing in the cross-border payments, cards and ecommerce industries. Daniel is a leading influencer in the cross-border payments space globally. He is frequently invited to speak at industry conferences and provide insights and data on the sector. His weekly industry newsletter is the most widely read in the international payments market.

Bitcoin (BTC/USD) Forecast

Bitcoin (BTC/USD) Daily Chart

Chart prepared by Tammy Da Costa , IG

If bulls are able to break above current resistance, a bullish continuation could be probable, with the potential retest of $40,000.

However, if bears are able to drive prices lower, a break below current support, could bring the 50% Fibonacci retracement into focus at $29,023

At the time of writing, retail trader data shows 84.05% of traders are net-long with the ratio of traders long to short at 5.27 to 1. The number of traders net-long is 7.02% higher than yesterday and 16.14% higher from last week, while the number of traders net-short is 15.08% lower than yesterday and 20.86% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

With bitcoin’s popularity rising, a growing number of businesses in Scotland have been introducing cryptocurrency payments. A roofing company from Glasgow now says more and more of its customers, including pensioners, are willing to pay with crypto.

Kaeleb Mckay, who runs a roofing company with his father, Cameron, has recently told the British press his business is seeing soaring numbers of customers paying in cryptocurrency. The 20-year-old Scot also said he’s been surprised by the people who use cryptocurrency, with his firm’s crypto customer base including even pensioners.

ASAP Roofing and Building Ltd started accepting cryptocurrency last year, the Daily record reported, and is now taking several major coins including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), dogecoin (DOGE), litecoin (LTC), and XRP, according to its website. The young entrepreneur from Wishaw in Lanarkshire commented:

We have been accepting crypto for a while. For a business it is ideal because it gets paid instantly.

Kaeleb’s company is a family-owned roofing and building contractor based in Glasgow, Scotland’s most populous city. It operates throughout Central Scotland and the North of England, specializing in commercial and traditional build maintenance and repair works.

ASAP Roofing’s owner admitted he has been involved in the crypto space for years. “I’ve had a personal interest in trading in cryptocurrency since 2014,” Kaeleb Mckay said, also adding he was “surprised by some of the people who want to pay that way.” He told the publication:

I did a roof repair for about £500 in November for a pensioner in her late 60s in Glasgow and she said she wanted to pay in Bitcoin.

This is not an isolated case as Mckay’s company, which advertises itself as Scotland’s premier roofing contractor, has had other elderly Brits wanting to use cryptocurrency too. “I got another guy who paid £180 in Ethereum for an emergency roof repair in the last few weeks,” he shared.

Often called the “grey pound,” pensioner cash has been increasingly targeted by crypto businesses, notes the Daily Record. In March, the U.K. Advertising Standards Authority banned an “irresponsible” ad from crypto exchange Coinfloor addressed to pensioners investing in bitcoin.

Most Scottish firms that accept cryptocurrency payments are large tech companies. However, many small businesses such as ASAP Roofing have also turned to decentralized digital money as a substitute for fiat cash.

Have you used cryptocurrency to pay for home repairs? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Cryptocurrency is a new financial instrument whose main rival is traditional fiat currencies. Given the growing demand for digital assets, many countries have begun to create legal norms for virtual coins.

We suggest that you take a look at the regulatory frameworks that have already been established for cryptocurrencies to understand how the authorities see the future of digital assets and how to make money off these views.

Russia’s authorities began work on regulating the digital asset market in 2017 by personal decree of President Vladimir Putin.

In May 2018, a package of legal norms passed the first reading in parliament, after which the initiative disappeared from the news for more than a year.

In May of 2019, during a speech at an international legal forum in St. Petersburg, former Russian Prime Minister Dmitry Medvedev made it clear to cryptocurrency market participants that regulating the digital asset market was not a priority for the country. Forming a legal framework for cryptocurrencies was a minor issue, according to Medvedev.

Despite this statement, in 2020, the State Duma continued to develop a bill ‘On Digital Financial Assets’. The regulatory standards were quickly approved and entered into force on January 1, 2021. 

Unfortunately, there are many gaps in the measures adopted by the lawmakers. Here are a couple of examples:

Illegal Legality

Cryptocurrency received legal status in the Russian Federation as of January 1, 2021. At the same time, the owners of digital assets do not have the right to use digital coins as an alternative to the ruble.

Mining in Limbo

The laws do not fully reflect the rights of participants in the mining industry. Earlier, in November 2019, specialists from the Russian Association of Cryptoindustry and Blockchain (RACIB) proposed a way to legalize the production of cryptocurrencies through the formation of a national mining pool.

The project made it through the Bank of Russia’s regulatory sandbox, but, in September 2020, the Central Bank nonetheless decided to refuse to launch the platform. 

During the same period, Russia’s Finance Ministry presented its own proposal for regulating the mining market. According to their team, the issue can be solved by making it illegal to receive income in the form of cryptocurrency for mining digital assets.

Recall that mining is the process of extricating coins from the cryptocurrency’s network. In other words, miners always receive payment in cryptocurrency. Whether the Ministry of Finance knows this or not is anyone’s guess.

Concept Confusion

During the development of the bill to regulate the digital asset market, Dmitry Medvedev proposed that the words ‘cryptocurrency’ and ‘mining’ be abandoned, as he considered them to be slang. As a result, a number of new terms have emerged that have complicated the understanding of the regulatory measures.

Also, the law does not clarify what role regulators should play in taxing participants of the cryptocurrency community. While the authorities voice their intention to exact a fee, the process by which this is to take place is not presented in detail.

As a result, participants in the cryptocurrency community have to be guided by explanations from the Ministry of Finance and the opinions of lawyers.

The main center of the cryptocurrency industry in the West is the United States. In many ways, the decisions of US regulators regarding the new financial instruments form the basis of legal norms in other countries.

American participants in the cryptocurrency community must pay a capital gains tax, which, among other things, takes into account the amount of income earned from cryptocurrency operations.

With Joe Biden taking office, the cryptocurrency industry is preparing to undergo a number of adjustments.

In particular, the new president intends to tighten tax regulations on the cryptocurrency market by 2023. Here are a couple of the changes the American cryptocurrency community will face in two years’ time:

With such measures, Joe Biden wants to replenish the country’s coffers at the expense of those who have previously evaded taxes. Bloomberg noted that thanks to the plan, the president should obtain the necessary funding to implement his economic development program.

Regulators in most countries have agreed that they need to bring cryptocurrencies into the legal arena, only because they do not have the tools to completely ban the new financial instrument. 

The fact of the matter is, one of the fundamental principles the digital asset industry is based on is decentralization, where centralized financial management can be rejected thanks to the blockchain.

With the help of this technology, the cryptocurrency community has created an independent financial system that is dependent on no one, in which each user can independently control their own assets.

Of course, regulators can ban cryptocurrency in a country. At the same time, no one can prohibit cryptocurrency community participants from conducting operations with digital coins.

To do this, the authorities would have to find all cryptocurrency users and deprive them of access to the equipment with which they support digital asset networks. In theory, this is possible, but in practice, it is not feasible. 

This is probably why a map showing the legality of Bitcoin (BTC) – the world’s most capitalized digital asset – looks like this today:

At the same time, the citizens of many countries freely buy digital assets despite bans. For example, a ban on BTC does not prevent Vietnamese citizens from buying this new financial instrument with their national currency.

So, while each country has its own way of addressing the digital asset market, the decentralized nature of cryptocurrencies still allows anyone to conduct operations, no matter what the regulatory approach.

As you can see from the map presented above, the governments of most countries are moving towards legalizing the digital asset market.

The creation of legal norms makes the new financial instrument more attractive to institutions. As a result, the legalization of cryptocurrencies can be considered an important condition for attracting investment in cryptocurrency space.

As of the end of May 2021, digital assets are just over 12 years old. During this period, cryptocurrencies have gone from being completely rejected by regulators to being legalized in many countries.

Twelve years is a short time for an instrument that many people see as the future of the financial market. Given the world’s movement towards digitalization, it can be assumed that the cryptocurrency industry will continue to develop. 

Many companies see the potential of cryptocurrencies and use them to make a profit. Today, the list of BTC investors includes Tesla, MicroStrategy, Meitu, Nexon, and many other large organizations. In 2021, anyone can follow the example of these companies.

Most digital asset exchanges require you to register and provide proof of identity. Given the increased interest of regulators in the cryptocurrency market, this arrangement does not suit many users. However, there are ways of getting around this problem.

For example, you can anonymously purchase cryptocurrencies on the Alfacash platform. Among its many advantages, the following points are worth noting:

The digital asset market is still in the initial stage of development. Its potential can be exploited through timely investments in cryptocurrency. To profitably purchase digital assets while bypassing regulators, it’s worth paying attention to platforms like Alfacash.

The opinion of BeInCrypto staff in a single voice.

It was tormenting for BTC holders when the Bitcoin price cratered on Apr 18. The situation worsened in subsequent days when BTC/USD crashed below $50k, dipping to as low as $46k.

Several fundamentals and trade-related factors were pinned to this flash crash. However, the good news is that prices have since recovered—as always.

The BTC/USD price has started the new month on a firm footing. Historically, Bitcoin often outperforms in Q2s.

Therefore, traders are hopeful that 2021 would follow the same trend and build on the spectacular gains of the last few weeks.

If anything, Bitcoin analysts worldwide cite the network’s in-built scarcity designs to say BTC/USD would reach $100k by the end of the year.

However, what’s puzzling is the increasing talk of ETH and how it would “flippen” the king in the long term. JP Morgan, in a recent report, shared widely in the inter-webs that alluded to this possibility.

The question is: Will Ethereum flip Bitcoin?

It is the current discussion in Trading View. An analyst RyanTanaka posted one that became an “Editor’s Pick.”

Ethereum and Bitcoin are kings in their quarters.

Bitcoin is the leader in currency, while Ethereum leads in smart contracting. Both deeply liquid, with Bitcoin miles ahead, boasting over $1 trillion in market capitalization.

A majority of traders in Trading View agree that while ETH would gain, it won’t cycle to 2017 highs where ETH would be valued at 0.12 BTC—at least not for now.

One trader said the best ETH might reach this year is at least 0.04 BTC considering the rate at which Ethereum is being built and garnering attention across the board.

What “Flippening” basically means is ETH rising and BTC collapsing.

Not for TradingShot, who on the same platform, said Bitcoin has cleared all bearish barriers and is ready for $70k.

TradingShot is a master of patterns and moving averages. His previous analysis and projection of BTC/USD recovering was spot on since prices bounced back strongly from below $50k.

At the time of publishing, BTC prices were at around his applicable moving averages—50, 100, and 200—in the 4HR chart.

If his prognosis is correct and the third wave leads to a strong push up above Mar 2021, where phase-3 of the leg up leads to a BTC/USD rally, BTC could print a new all-time high of around $70k in the next few days.

An excellent, bullish project, but: What if BTC/USD found resistance below $60k?

In that case, a trader HamadaMark who—positively encourages all his followers to HODL BTC and wait for perfect buying entries—says the BTC/USD may correct below $50k or $40k.

His concern at the moment is that BTC/USD prices are stuck, hovering around the tip of the right shoulder of a visible H&S in the daily chart.

What’s more, there are potential series of higher lows suggesting weak bulls.

Therefore, if bears dominate in this arrangement, BTC/USD may—discouragingly drop to $50k in a bear trend continuation of mid-Apr 2021.

Now, looking at the positives, in HamadaMark‘s view, the BTC/USD price can soar to as high as $82k and $100k, only subject to buyers breaking above $68k – and above Apr 2021 highs.

Once this happens, the resultant surge would sufficiently diminish all bearish prospects as the BTC price inches closer to a new all-time high.

Disclaimer: Opinions expressed are not investment advice. Do your research.

Ethereum Price Rips Sell Walls; ETH/USD Traders Predict $8k and $80k

Uniswap v3 and EIP-1559 among Triggers for UNI/USD to Reach $300

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

3 Possible Reasons Why Bitcoin Prices Fell to $29k

Bitcoin under Pressure, BTC/USD Analysts Project a Rally to over $60k

Bitcoin Price Uptrend is Valid, Will BTC/USD Rebound Back to $60k

Top 10 Misconception About BTC

The Correlation Between Bitcoin (BTC) and DXY: An Analysis

Bitcoin Price corrects 8% from $60k as BTC/USD Bulls Target $93k

With the cryptocurrency market recently overrun by sellers , perhaps due to traders reducing risk across speculative asset classes amid surging bond yields, Bitcoin and Ethereum have both faced considerable downward pressure. BTC/USD price action tumbled roughly -20% from its record close while ETH/USD plunged nearly -30% from its all-time high in what initially appeared to be a healthy correction. Bitcoin and Ethereum staged notable rebounds yesterday in attempt to claw back recent losses, but it seems as though crypto bulls are struggling to sustain the bid. Despite increasing private sector adoption of top cryptocurrencies, this may leave BTC/USD and ETH/USD at risk of deeper pullback potential in the short-term.

Bitcoin volatility over the last two weeks has sent BTC/USD price action swinging within a massive $15,000-range. The biggest cryptocurrency by market cap now looks wedged between two key technical levels underpinned by its 20-day and 50-day moving averages. BTC/USD rejecting the psychologically-significant $50,000-price level could suggest risk remains tilted in favor of the bears.

Learn More – How to Manage the Emotions of Trading

A breakdown of confluent support around $43,000 might motivate Bitcoin sellers to set their sights on January’s swing high. Below this, the mid-point and 61.8% Fibonacci retracement levels highlighted on the chart above stand out as the next possible layers of defense. On the other hand, maintaining the broader bullish trend and eclipsing the 24 February close could reignite upward momentum and bring $60,000 into focus.

Ethereum has been hit harder by the cryptocurrency market selloff relative to its Bitcoin peer. ETH/USD price action was similarly hammered lower to its 50-day moving average, but the rebound off this technical support level looks much less inspiring. This could indicate trader sentiment surrounding the cryptocurrency market remains downtrodden.

That said, sliding below this key barrier could see a resumption of selling pressure and continuation along the bottom Bollinger Band. ETH/USD might recoil toward its 20-day moving average, however, if bulls can keep Ethereum afloat around the $1,400-price level. Surmounting the 20-day moving average may bring all-time highs back into consideration.

Connect with @RichDvorakFX on Twitter for real-time market insight

Bitcoin (BTC/USD) Weekly Chart

Chart prepared by Tammy Da Costa , IG

Meanwhile, on the daily chart, price action remains above both the 50 and 200 Day Moving Average, providing additional support for BTC/USD. The CCI is nears oversold territory whilst the MACD lingers above the zero line.

Bitcoin (BTC/USD) Daily Chart

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

At an online event on Wednesday European Central Bank president Christine Lagarde said that bitcoin had facilitated “funny business” and it needs to be regulated at the international level.

But the cryptocurrency wasn’t really fazed by this as it is not the first – or probably the last – time that more regulation has been demanded for cryptocurrencies by a prominent figure in the financial world, although it does strike as unusual that Lagarde would use the term “funny business”, in what many can assume to mean that it has facilitated illegal activities like money laundering.

BTC/USD is currently pushing above 38,000 after surging more than 9% in yesterday’s session despite Lagarde’s comments. The cryptocurrency has been on a strong bullish run in the last month, seeing an impressive rise of more than 115% in the 20 days to January 8 th , at which point it corrected back down to 30,000 before pushing higher again.

Technically, BTC/USD still has strong positive momentum in order to continue to push higher, with the stochastic showing a bullish cross of the %K (fast stochastic) line over the %D (slow stochastic) line, with further gains to be achieved before the indicator falls into the overbought area. Yesterday’s initial pullback saw a strong bounce off the 38.2% Fibonacci at 32,153, consolidating this area as a strong short-term support.

BTC/USD Daily chart

If we zoom in to the hourly chart, BTC/USD has managed to break above all simple moving averages and a cross of the 20-SMA above the 50- and 100-SMA suggests that price may continue to move higher. That said, we may see price consolidate in the near term with a bearish bias as Bitcoin may lack support to attempt a renewed break of the 42,000 mark. I’d be looking out for significant resistance between 38,800 and 40,000 to start calling for a new price reversal.

BTC/USD Hourly Chart

--- Written by Daniela Sabin Hathorn, Market Analyst