Most BTC investors and crypto traders are changing their methods of trading in 2020, preferring to trade around the American trading session because of the high price volatility that occurs at the start of New York stock market trading time, about 2.30 pm local time.
Data seen on Twitter feeds show that price volatility for the world’s flagship currency by market capitalization is highly correlated with the opening of American financial markets.
In addition, other trading sessions like the London and Asian financial market openings have considerably little impact on BTC’s price volatility.
“Can we just halt $BTC trading during Asia + Euro hours,” a crypto trader, Hsaka, said uploading evidence, which relates to the previous few days on U.S. exchange, Coinbase.
— Hsaka (@HsakaTrades) July 3, 2020
The data may have unearthed changing tendencies among BTC traders, possibly due to the increasing prevalence of institutions within the market.
Furthermore, Skew.com, a crypto analytic firm, found out that the midweek had more volatility in the BTC market than the beginning or end of the trading week. Weekends were also observed to be quiet.
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Meanwhile, data from Glassnode, a data analytic firm, showed that about 1.8 million Bitcoins are held in miner wallets around 10% of the supply (18.5million BTC). However, around 1.73 million belong to first-time miners (7+ years) and are most likely lost. That leaves only 70k BTC in the hands of current mining pools.
However, around 1.73M belong to very early miners (7+ years) and are most likely lost.
That leaves only 70k BTC in the hands of current mining pools.
— glassnode (@glassnode) July 3, 2020
The Bitcoin market you know today was built by people, not institutions
This dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
Bitcoin recently gained significant global attention, as the richest man in the world, Elon Musk, invested 1.5 billion USD in it. This asset, which was selling for under 1 USD just 11 years ago, has reached new highs in the market with a current price of over 40,000 USD—a phenomenal growth in a decade that no asset class in the market can match.
Some institutions and jurisdictions seem threatened by the existence of digital currencies, which is why the occasional objection about Bitcoin has surfaced on the Internet. Still, this dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
A few years ago, when people were still skeptical and unconvinced about BTC and its potential, there were those in the industry driven by the ideology that this asset class could create a better global financial system. The reality is that transferring money and processing payments using the current financial system comes with some setbacks.
In one way or another, monetary transactions using traditional payment systems can be laborious and limited, especially to those who have no access to banks and other financial services. This motivated Ray Youssef and Artur Schaback to create a platform that can reach billions of people worldwide.
They explored Bitcoin and discovered opportunities to provide people access to a new financial market. This discovery and enthusiasm led to the creation of Paxful.com, a peer-to-peer trading platform that enables people to buy and sell crypto with anyone, anywhere, at any time.
Currently, Paxful offers over 350 ways to buy and sell Bitcoin and other digital currencies, making it easy for anyone to acquire fractions of BTC and join in on the 900 billion dollar market. Ultimately, Bitcoin has the potential to help people support various financial limitations by allowing them to:
- Pay for goods and services
- Donate to charitable organizations
- Build and grow a business
- Protect the value of their wealth
- Send money faster at a cheaper rate
Apart from providing financial opportunities through the platform, Paxful also uses BTC to uphold quality life and education through the Built With Bitcoin initiative. Every crypto donation goes towards the construction of schools in emerging markets to empower people through learning to live a better life.
The platform has and continues to financially enable millions of people around the world through digital currencies. It’s never too late to start—join the growing Bitcoin community today and be a part of the global people-powered market.
Cardano drops, but investors remain upbeat
Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.
The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.
At the time of writing this report, Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.
Cardano currently has a circulating supply of 31.9 billion ADA coins and a maximum supply of 45 billion ADA coins.
The widely known crypto among retail investors recently achieved this after a hard fork called“Mary” on March 2.
This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means Cardano shares close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project, and the most friendly and simple staking seen.
Cardano’s current return on investment stands at about 4837%.
Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano.
This means that more developers will see it as an attractive medium for building their desired apps.
Lately, some investors are also of the bias that Cardano could at one point dethrone the world’s utility crypto, Ethereum. Cardano is a type of blockchain that permits people to receive and send funds.
It uses the Cardano blockchain and allows people to design smart contracts just like Ethereum.
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