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Cryptocurrency

Bitcoin price drops $1400 in minutes

BTC initially surged in trading $12,112 in the early hours of trading on Sunday morning.

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MicroStrategy's Bitcoin holdings now worth $783 million, Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Bitcoin reminded investors of its high volatility in the world’s biggest crypto market as it lost about $1400 in just 30minutes, a few hours ago.

BTC, the world’s biggest crypto asset by market value, initially surged in trading $12,112 in the early hours of trading on Sunday morning, reaching $12,000 since August 2019. Data from Coinmarketcap showed it plunged to about $10,638 30 minutes after that high.

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

“Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend,” according to Rob Sluymer, the technical strategist at Fundstrat Global Advisors LLC.

Bitcoin’s plunge was bad news for the bulls. By falling back around the $11,000 psychological support, it has shown a likely downward trend as investors start to close their positions.

READ MORE: There are now 18,000 Bitcoin millionaires

Why it happened: The price of Bitcoin is  so volatile because of its high use for financial gain and speculating advantages used by global investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins as they would do for any other financial asset (stocks, bonds) with regulatory limitations.

What you should do: Nairametrics advises cautious buying in this fast-growing financial asset, as high market liquidity can expose you to significant losses and loss of funds. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Okorie Eze

    August 2, 2020 at 11:15 pm

    Indeed time is money. Crptocurrency is easy and best money transfer worldwide

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Cryptocurrency

Why a number of investors are trading stocks through blockchain

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco.

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The recent outrage by WallStreetBets over the temporary suspension of GameStop (GME) and a few other stocks has led a significant number of stock traders to seek other viable means of trading stocks.

Recent data retrieved from Fortune Magazine revealed that such fiasco which led to the suspension of trading such stocks by leading American stock trading app, Robinhood, has severely damaged its brand.

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. 40% of Robinhood investors say they aren’t considering it, and 4% say they’ve already left the platform as a result of its stock limiting. It looks like Robinhood is learning the lesson Warren Buffett preached for years: “It takes 20 years to build a reputation and five minutes to ruin it.”

READ: This US stock gained 185% since we selected it

Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually requires a stockbroker, paperwork, or a long list of financial assessments.

Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.

Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.

Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.

READ: What bad stocks have in common with bitter relationships 

Tokenized Gold, Silver, Tesla, etc. are traded on FTX Exchange and other leading crypto exchanges where spot markets and futures can also be traded.

What you must know: The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.

  • The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalized their fund amid its losing positions at Gamestop.
  • Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.

That said, tokenized stocks are traded round the clock like crypto assets, though the flip-side is, they can’t be liquidated when the traditional market is closed.

bitcoin train
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Cryptocurrency

Bitcoin’s bloodbath leads crypto market drop by $120 billion

The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.

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The bearish grip in the crypto market has led to heavy losses of crypto investors’ funds at the wrong side of the current trade, as roughly $120 billion worth of crypto assets evaporated into thin air within a day.

The flagship crypto that surged to a record price level of over $58,000 last weekend has now depreciated by over $11,000, as the present price shows that it trades around the $46,800 price level.

The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.

  • The total crypto market volume over the last 24 hours is $151.74 billion, which makes an 8.97% decrease.
  • The total volume in DeFi is currently $13.96 billion, 9.20% of the total crypto market daily volume.
  • The volume of all stable coins is now $123.76 billion, which is 81.56% of the total crypto market daily hour volume.
  • Bitcoin’s price is currently $46,765.78.
  • Bitcoin’s dominance is currently 61.63%, an increase of 0.10% over the day.
  • For the day, 130,475 traders were liquidated.
  • The largest single liquidation order happened on Binance-BTC valued at $3.56 million

READ: Investors get burnt, lose $1.6 billion in crypto within a day

Other leading crypto assets that include Ethereum, XRP, Litcoin, Chainlink, Binance coin, and Stellar lost more than 9% in value at the time of writing this report.

In addition, recent data suggest that the world’s biggest digital asset manager has seen its $32 billion Grayscale Bitcoin Trust (ticker GBTC) plunge by 20% this week alone, according to Bloomberg News, outpacing a 13% decline seen in the price of Bitcoin lately.

This suggests that after lots of money was poured into GBTC, as institutional investors sought exposure to Bitcoin’s dizzying rally, investors are now taking their exits as the current bullish rally seems to have stalled.

READ: Red Monday: Investors lose $2 billion trading crypto

Sell-off in the crypto market is likely due to widespread profit-taking by global investors, coupled with strong anxiety that leading financial regulators might clamp down on its reach.

Some weeks ago, leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets, and warned the public that there were high chances that all their funds could be lost.

READ: Cryptos likely to gain at least 1000% very soon

bitcoin train

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

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“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

That said, a significant number of crypto investors appear to be shrugging off the huge falls as another typical bump on the crypto path, and one which, no doubt, will likely see crypto trading volume return as crypto investors look to buy what many are viewing as a bargain to buy in what is still very much a bullish run.

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