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Cryptocurrency

Binance, Bitfinex, Coinbase, Huobi receive about 40% of all BTCs

Chainalysis also concluded that Bitcoin’s supply makes it similar to gold, giving it a safe haven asset status.

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Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Data obtained from Chainalysis, a leading crypto data analytic firm, the four biggest crypto exchanges since 2018 Coinbase, Binance, Huobi, and Bitfinex received about 40% of all BTCs via exchanges this year.

The next ten crypto exchanges collected 36% in a combined volume of BTCs leaving other smaller exchanges to share out the remaining 24% of transfer volume.

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Chainalysis, in a detailed report, also analyzed that though about 96% of retail traders made most of the transactions, the professional traders controlled most of the volume;

READ MORE: Difference between an Emerging Market and a Frontier Market

“Retail traders, whom we categorize as those who deposit less than $10,000 USD worth of Bitcoin on exchanges at a time, appear to be the large majority, accounting for 96% of all transfers sent to exchanges on an average weekly basis. 

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“Professional traders, however, control the liquidity of the market, accounting for 85% of all the USD value of Bitcoin value sent to exchanges,” the report said.

Chainalysis also concluded that Bitcoin’s supply makes it similar to gold, giving it a safe haven asset status as digital gold.  

READ MORE: Bitcoin Cash gains 65% since March, shows more stability

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“But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoin used for trading supplies the market, and, in interaction with the level of demand, determine the price.” 

The report by Chainalysis also spoke about where Bitcoin presently stays. It said;

 “Roughly 60% of Bitcoin that is not lost is held by a licensed custodial service, or as FATF would refer to it, a Virtual Asset Service Provider (VASP). Most cryptocurrency exchanges would fall into this category, along with hosted wallets.  

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“As we can see, this share has risen steadily over time, reflecting the growth of custodial cryptocurrency businesses as Bitcoin has gone more mainstream.  

“The dominance of VASPs becomes even clearer when we consider that, of the remaining 40% of available Bitcoin, which is not currently held by VASPs, 87% has passed through a VASP at some point. 

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“Most people either hold their Bitcoin on VASPs, or acquire their Bitcoin from VASPs.” 

 

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Patricia

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and analyzing Financial Markets. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

How to become a successful Bitcoin trader

Major steps that are needed if you want to become a successful BTC trader.

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BTC Whales, Bitcoin is scarce, entities, individuals hold for long term

A BTC trader is simply an individual who seeks gains from differential changes in the market price of BTCs. The main objective the BTC trader has in mind is buying prices alow and selling when the flagship currency gains higher. BTC trading can thus be very lucrative and has become one of the fastest-growing careers in the financial spectrum. 

Data obtained from a leading BTC analytic firm, Coinmarketcap showed that the market capitalization of BTC currently stands at over $170 billion. This further illustrates that in 2013 BTC moved from $13.30 to its present-day value of over $9000, meaning that early bird BTC traders had gained over 67,600% since it began. 

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Consequently, this article will show major steps that are needed if you want to become a successful BTC trader. 

Explore Research Data From Nairametrics by Visiting Nairalytics

Self-Control & Discipline  

Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, explaining in detail the need for a BTC trader to be very disciplined and have a security-conscious mindset. He said; 

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“Firstly I must note that trading is not for everyone, to be a successful crypto trader, self-discipline is a prerequisite to achieving one’s goal. The crypto market is very much volatile than what the traditional traders are used to, hence more risk and reward. 

“A crypto trader must be security conscious; you’re responsible for your account security in the crypto ecosystem, as hackers are preying on whose account is less secured.” 

READ ALSO: CBN provides guidelines to address credit, liquidity risks, others  

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Risk Management 

A successful BTC trader must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time. 

Adebayo Juwon, FTX consultant for Africa also added vital points on why a BTC trader should never ignore risk management. He said; 

“Also, to be a successful crypto trader, one must have good risk management in place, in a highly volatile market your profits can be zapped away in minutes. Risk comes in different ways in the crypto market, there are lots of scam projects with the good marketing team, they tend to attract investors also, it’s very important to do your own research in the crypto space, and rely less on market sentiment.” 

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READ MORE: Tether mints 80,000,000 USDT to unknown wallets within 24 hours

Timing 

Recall that some days ago Nairametrics, revealed the best time many BTC traders prefer to take their trading positions in the BTC market, thus preferring to trade around the American trading session because of the high price swings that occur at the start of New York stock market trading time -about 2.30 pm GMT. This means there were higher chances of making more money at the start of  American trading sessions than other trading sessions (London and Asian trading session).  

 

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Basic fundamental and Technical analysis skills 

Every successful BTC trader must keep track of macro fundamentals going around the BTC community because such information more often determines the market price of Bitcoin.  Either rumours or news have exponential effects on the BTC market and often create lucrative trading opportunities. 

Chris Ani, a professional BTC trader in a phone chat interview explained to Nairametrics in detail, the major attribute every successful BTC trader must possess, including the need to have basic trading skills. He said; 

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 “To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one. 

“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan.  You must also master technical and fundamental analysis and most importantly the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.” 

Finally, it’s very important to understand that no matter how good you get at BTC trading, you will often make mistakes and lose money. Always remember, trades that go bad are part of what will make you successful in the long term. Success in BTC trading simply means you are winning more relatively than losing. 

 

Patricia
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Cryptocurrency

Crypto: Elrond gives investors 1,735.54% since its inception 

The exponential increase facilitated this fast-growing digital coin move up to 58th position.

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The race for the fastest growing crypto asset of all time keeps changing constantly in the present crypto landscape as Elrond is by far the best performing digital coin among the top 100 crypto assets in recent times. Elrond has skyrocketed by over 1,735.54% since its inception of trading at the crypto market. 

 Shortly after the official statement released by its developers, on its integration, Elrond price blew up the charts lately presently it trades at $ 0.011931, up 1,735.54% since it’s in inception in Aug 2019 when it began trading at $0.002. The exponential increase facilitated this fast-growing digital coin move up to 58th position in terms of market capitalization size. Data obtained from Coinmarketcapshowed its market capitalization was over $157.2 million at the time this report was drafted.

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Quick fact; Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed. Its architecture combines a Secure Proof of Stake (PoS) algorithm facilitating unlimited scalability. Elrond is originally designed to facilitate the process of over 10,000 transactions per second at cheap cost and with 5-second latency attempting to become the backbone of borderless, permissionless, and globally accessible internet economy. 

In addition, Beniamin Mincu, Elrond CEO explained in detail how the Elrond blockchain is perfectly positioned to deliver the needed responsiveness and scale. He said; 

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READ MORE: Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

“Getting access to all the available liquidity from day 1 is an important prerequisite for anyone building DeFi tools. This integration enables Elrond to be part of many existing cross-chain DeFi applications. We’re excited to work with Swingby and increase access to Elrond’s highly scalable and cost-effective solution,” Mincu said. 

 

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Patricia
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Cryptocurrency

ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK continues to see sky-high daily active addresses.

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK, an altcoin powered on Chainlink’s decentralized network, is smashing BTC and many other fast-growing digital coins, in terms of the rate at which it has been appreciating in dollar terms lately.

Data from a crypto analytic ranking firm, Coinmarketcap, shows the 12th most valued crypto asset is presently valued at over $2.2 billion dollars (1.2 times more valuable than Nigeria’s most valued bank) with a daily trading volume of over $595 million. It traded as low as $1.60 dollars to its present-day value of over $6.20, showing a percentage gain of more than 387.5% as the price keeps drifting up.

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Crypto behavior analytics platform, Santiment, in it feeds detailed that its on-chain volume, along with social volume and daily active addresses, is a “great triple thread to track.” These macros help track whether a given crypto asset is poised to continue its bullish momentum, and in LINK’s case, it shows that the momentum is still on.

READ ALSO: 3 Crypto exchanges control about 14.3% circulating BTC supply

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About Chainlink

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

READ MORE: Tether market capitalization surges close to $10 Billion

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Among the leading 20 cryptocurrencies by market capitalization, it is viewed as the only top-20 token with a broad, adaptable business application that is easily explained to an average person. Chainlink is the first successful Blockchain application to interact with the outside world.

Patricia
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