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Cryptocurrency

Pigs on a rampage as Bitcoin prices drop over 10%

The flagship crypto is down -10.2% in the last 24 hours.

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Pigs on a rampage as Bitcoin prices drop over 10%

It appears that the bulls driving the flagship crypto-asset upward lately have now run out of gas. Bitcoin prices plunged by more than 10%, approaching the $10,000 level, owing to heavy losses suffered in the present cryptocurrency markets. The crypto lost $1,000 in a matter of few hours, falling under $11,000.

Also, it should be noted that the U.S. stock market posted its biggest sell-offs since June, after leading stocks like Apple, Tesla, Google retreated from all-time highs.

READ: Ethereum whale transfers 200,000 ETH, as price drops to $387

At the time this report was written, Bitcoin was trading at around $10,241.38 with a daily trading volume of $50.4 billion. The flagship crypto is down -10.2% in the last 24 hours. It has a circulating supply of 18 million coins and a max supply of 21 million coins.

That said, the last defense for Bitcoin Bulls is between the $10,000 and $10,500 price levels. It’s extremely important to note that any breach below the $10,000 price level could send the price of Bitcoin tanking to the $8,000 price support level.

READ: CBN urges banks to ‘support’ media, aviation industries to avert growing job losses

Should you buy? Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.

However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $10,000.

According to popular crypto trader Plan B, this is just a small bitcoin test to shake out weak the hands that entered May-Aug.

 

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. Pole

    September 7, 2020 at 12:06 pm

    Now is the time to turn your attention to Crypton Utopia. Everything is very unstable, and this cryptocurrency is gaining momentum.

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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.

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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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