Connect with us

News

Bitcoin price moved $2400 in 24 hours

Published

on

Bitcoin Price

Bitcoin price had a wild ride in previous 24 hours in one of the most volatile days in the history of world’s largest crypto currency.

Bitcoin started the day by breaching $10000 mark for the first time on major US exchanges and was hovering around the $10000 mark during the start of the London session, things picked up later before the start of US session where Bitcoin started inching towards the $11000 mark, just as the US session started, price started shattering records by reaching the level of $11441 at major bitcoin exchange Bitfinex, and then price started falling down as just as we started believing that Bitcoin price is stabilizing, Price dropped $1000 in just few minutes to $10400, there was some buying again towards the $11000 mark, and as price hit the $11000 level second time, Bears came into the market and price dropped below the $10000 mark very quickly, but it didn’t stopped there as price went to as low as $9000 on Bitfinex, making one day move of $2400 in Bitcoin, although price recovered a bit in late US session and went above the $10000 mark, but as we write, Bitcoin is now at $9900 fighting bears to stay above $10000

Bitcoin is a wild ride

There is no doubt about the fact that Bitcoin is a wild ride and you must be prepared for heavy movements towards upside or downside, retail traders need to take a little extra care because they trade within day and 20% move in a single day can thrash any portfolio.

Going Forward

If we look at Bitcoin prices going forward, Bitcoin is poised to have an upside trend in future, in fact this correction has been a healthy sign for bulls to keep their belief intact in Bitcoin, so an upside trend is there and things will move in upward direction in coming weeks.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Australian Taxation Office warned against crypto retirement funds

Published

on

By

Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

Continue Reading

News

Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

Published

on

By

 

Continue Reading

News

“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

Published

on

CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

Continue Reading

Trending