4 Cautionary Crypto Tales From the Crypt

4 Cautionary Crypto Tales From the Crypt

Witches, vampires, and ghouls. These Halloween beasties have nothing on every Bitcoiner’s worst nightmare: losing one’s digital gold in a fluke accident or misstep. We can practically hear you screaming at your screen right now.

In honour of Halloween season, we’re exploring four spine-tingling tales of brutal Bitcoin losses. We also throw in a little treat towards the end and reveal how you can make a killing on crypto with a LonghornFX account, without actually buying any Bitcoins. Intrigued? Read on to find out more.
1. IT guy chucks $127m Bitcoin in toxic landfill
British IT professional James Howells began mining Bitcoin on his personal laptop back in 2009 and by 2013 had amassed an impressive 7,500 Bitcoins. He sold the laptop on eBay but held on to the hard drive in the hope that his Bitcoins would increase in value. But while clearing out his house later that same year, he accidentally threw the drive away, which ended up being dumped in a Welsh landfill. When he realised his mistake, Howells desperately tried to get permission to search the landfill for his drive. His request was denied on the grounds that it was dangerous due to the toxicity of the landfill, plus it simply went against the law.

Fat lot of good that would have done him, anyway. With 50,000 tons of refuse added to the site every year, searching for one tiny hard drive would have been a much bigger problem than finding a needle in a haystack. Still, it may have just been worth the undertaking. It’s estimated that around 2017, when Howells realised what he’d done, his 7,500 Bitcoins would have been worth in excess of $127 million.

2. Aussie loses $7m Bitcoin after investing life savings
In a moment of mid-life crisis, former Australian journalist Derek Rose decided to do what for many would be the unthinkable. He withdrew his entire $70,000 life savings and invested it all into Bitcoin. Seeing that his initial capital was growing exponentially with the Bitcoin boom of 2016, Rose even started borrowing more money to increase his investment, and was soon earning close to half a million dollars a day.
But rather than listen to his financial advisor and friends who encouraged him to cash out while the going was good, Rose continued to ride that wave of euphoria and poured even more money more into crypto. Then the Christmas crash of 2017 hit and Rose saw his multi-million dollar account take a massive hit. He lost around $7 million at the time. Thankfully Rose didn’t lose everything. “This was a huge blow, but it didn’t wipe me out […] I’m still doing better with my investments than I would have if I had stayed in index funds.” Moral of the story: what goes up, must come down. No bullish rally will continue forever.

3. Tech journo forgets Bitcoin wallet PIN
Sometimes even the world’s most reliable tech geeks make massive errors. After amassing some $30,000 in Bitcoins, Wired magazine editor Mark Frauenfelder lost access to his crypto wallet. “I wrote my PIN code and recovery seed on the same piece of paper. I was planning to etch the seed on a metal bar and hide it, but before that happened my house-cleaning service threw the paper away,” he explained.

Frauenfelder was ready to kiss his Bitcoins goodbye when he finally met a stroke of good fortune. Thirteen months after losing his PIN, Mark was introduced to Saleem Rashid, a 15-year-old coding whiz from the UK. With Saleem’s help, Mark managed to hack into his crypto wallet and successfully retrieve his PIN and subsequently his Bitcoins. We bet Frauenfelder won’t be misplacing his new PIN any time soon!

4. Software designer wipes away $20k
When Bitcoin first began to cause a stir on the web back in 2010, Atlanta-based software developer Syl Turner thought he’d try his hand at mining and managed to earn himself two whole Bitcoins. As Bitcoins were worth pennies at the time, Syl didn’t give them much thought and eventually ended up storing his mining computer in his attic.

Fast forward a few years later and suddenly Syl sees a news alert pop up on his screen: Bitcoins are now worth $10,000! Syl shot straight up into the attic to retrieve his dormant PC. He found what he was looking for but when he booted the computer up, he realised he had mistakenly wiped the hard drive, meaning his crypto wallet key had vanished. That one mistake cost Syl $20,000, at the very least. If Syl still had access to his crypto wallet and HODLed, he may have seen his Bitcoin climb much, much higher.

Profiting from Crypto made simpler
Thankfully, there’s a much easier and cost-effective method of profiting off Bitcoin, without the risk of losing hard drives or extra complicated PINs to crypto wallets. By trading Contracts for Difference (CFDs) on LonghornFX, you can profit on over 35 cryptos by trading on whether the price of the underlying crypto asset will rise or fall.

Trade on Bitcoin, Ether, Ripple, and more popular altcoins, all with 1:500 leverage. Open a free LonghornFX account and trade from as little as a $10 deposit!

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2020: The best cryptocurrencies to invest in

2020: The best cryptocurrencies to invest in

2020 has been quite a year unto itself so far. The COVID-19 pandemic has ravaged entire countries and forced millions into a state of lockdown.

Even now as countries struggle to reopen their economies, the specter of COVID-19 still looms on the horizon. Australian, Japan and Hong Kong are amongst the latest countries that have been forced to reintroduce lockdown measures to prevent the spread of COVID-19.

With consumption plummeting to record lows, it would appear that a global recession is unavoidable. Despite the best efforts of governments to introduce stimulus packages, things are still looking rather bleak.

In the wake of all this, Bitcoin and an assortment of other cryptocurrencies have defied all expectations. Bitcoin or BTC in particular has enjoyed an excellent performance with valuations breaking the $10,000 mark for the first time since 2018.

Furthermore, the appreciation of Bitcoin post-halving has significantly boosted investor confidence. All of which has contributed to the bull-ish outlook for Bitcoin in 2020.

With so much uncertainty in the economy today, investors are searching for safe haven investments to hedge the value of their assets. Cryptocurrencies being fairly unaffected by geopolitical or international tension have long been used by institutional investors as a form of hedging.

So, if you ever were looking to invest in cryptocurrencies, 2020 could potentially be the ideal time to get started. We take a look at the factors to consider when investing in cryptocurrencies and the best ones to invest in.
Factors to consider when investing in cryptocurrencies
Prior to 2020, the market for cryptos has been facing a downward trend, with some even going so far as to call it the end of cryptos. Fortunately for crypto enthusiasts the market has strengthened in the wake of the Bitcoin halving.

Before getting started however, here’s what you should keep in mind:

1. Crypto is volatile
The crypto market is a volatile one and not for the faint-hearted. Valuations are liable to change with little notice which can cause massive profit or loss. When investing, always keep an eye on market prices and stay-up to date.

2. Diversification is key
Just like how you should never keep all of your assets in one basket, never invest your entire portfolio into a single cryptocurrency. Spread out your risk by having a mixed basket of volatile and stable cryptos at all times.

This allows you to minimize your risk exposure and protects you from getting wiped out in one fell-swoop.

3. Always do your homework
Forget what all the investment gurus and financial masters are saying. Investment is all about research and hard data. You would do your research before betting on Kentucky Derby, like searching for the odds on trustworthy websites like TwinSpires.

So, you should do the same about cryptocurrencies: research, stay on top and never buy into trends.

The best cryptocurrencies for investment in 2020
Being in the know is key when investing in cryptocurrencies. Unless you’re on the cutting-edge of the crypto market, it’s best to stick to the fundamentals. The wild days of huge price fluctuations are long gone, but the crypto market is still a volatile one.

Here are our selections of the best cryptocurrencies to invest in:

1. Bitcoin
Bitcoin undoubtedly one of the most resilient and widely accepted forms of cryptocurrencies to date. Favored by mainstream investors and accepted as a form of payment with an increasing number of retailers, Bitcoin is definitely a good investment.

With a positive outlook for 2020 and with some referring to it as digital gold, it is fair to expect Bitcoin prices to appreciate further with time.

2. Ethereum
Hot on the heels of Bitcoin, Ethereum is the native currency of the Ether network. The second most popular form of cryptocurrency after Bitcoin, Ethereum definitely had a disappointing 2019 performance.

However, 2020 could possibly be the year for Ethereum to outperform Bitcoin. Deriving its value from its use in digital smart contracts, a rising demand for blockchain and its functions could see Ethereum appreciating in value.

3. EOS
Comparable to Ethereum, EOS is the native currency for the EOS.IO blockchain platform. Like Ethereum, EOS is used for smart contract transactions.

EOS differs from Ether in the sense that the platform that EOS is based on boasts the capability to perform millions of transactions seamlessly without any fees.

All of this is extremely exciting and could possibly revolutionize the way blockchain technology works. Thus, making EOS worth a look.

Investing is not without its fair share of risks. When making your investment, always remember to protect yourself and act prudently.


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Trust Management Companies Should Not Predict the Future But Shape It

Trust Management Companies Should Not Predict the Future But Shape It

The domestic trust companies in the United States administer assets worth over $120 trillion. Independent trust companies, on the other hand, administer assets worth $18 trillion and each of these independent trust companies administers assets worth $1.5 billion on average.

Trust management companies hold some of the biggest funds in the world which gives them the power to sway the traditional financial industry towards an uncharted path. However, they should not predict the future and rather should aim to lead the industry as a futurist with a plan to shape the future.

The key to the Future
The global financial industry has been very competitive since its inception. Innovation & technology are the keys that have helped many companies lead in the age of financial revolution. It helped many new-age financial services companies stay competitive and shape the future of the global finance industry. On the other hand, trust management companies have remained a bit traditional in their approach. The old-age tactics may have worked in the past but surely won’t be much effective in the future. Now is the time when trust management companies should start doing things differently.

Today, more and more companies are using their business data and coming up with strategic plans where they predict future outcomes and mention how the company will prepare for it. However, companies must keep in mind that the industries worldwide are changing at a very rapid pace and their strategic planning won’t be much effective when the time of action comes. The situation is not much different for trust companies. They must prepare to tackle it through futuristic planning that will help them stay ahead and lead in shaping the future of the investment management industry as a whole.

Are Trust Companies Adopting the New-age Technologies & Investments Options?
Wealthy elites and corporations have been helped by the trust companies for pretty long. The trust companies have helped influential families preserve their wealth for the very long term. Advisors still suggest that trust companies form the key part of the strategy to remain rich for a very long long time. Hence, the rich people will keep availing of the services of the trust companies, as they should. Therefore, the industry is bound to grow even in the future. The question is, are the trust companies prepared for the long run.

The trust companies should incorporate new technologies and investment options in their offerings. It helps them set off a new trend which effectively helps them create a space of their own in the competitive global investment industry. An approach like this helps them tackle the future challenges that lay ahead of them.

There are just a handful of trust companies that have incorporated new technologies and new-age high-tech investment instruments on their offerings. Investment offerings like binary options and cryptocurrencies are still a rarity in the trust management space. However, there are some global trust companies that took a different path like Nexus Management and a few others that started offering such investment options to their clients. These trust companies started offering the new-age investment options to their private clients considering a high-demand for such services.

Is Industry Ready for What is Coming Ahead?
The global investment space is seeing lots of new technologies that could disrupt the whole industry and the traditional trust companies will get affected by it the most if they don’t do anything about it. To prepare for such an onslaught the trust companies must be the first among the financial industry to adopt the new financial technologies and also lead in creating such path-breaking financial technologies. This is exactly what shapes the future means and it’s not an option but a necessity to be prepared for what’s soon to come.

Artificial intelligence, Blockchain, and machine learning are expected to revolutionize the financial world. Trust companies must not fear these technologies and instead, they must prove to be an example to adopt these technologies to serve their clients in a better manner.

Will Predictions Alone Work For Trust Companies?
There are many predictions doing rounds on the corners of the web that depict how the new-age technologies will impact the trust companies and financial industry as a whole. However, trust companies must not get involved in such exercises, and instead, they should take their future in their own hands. They must be the ones who will write their future and take matters in their own hands. Trust companies should be proactive in these circumstances and adopt such technologies, rather than keep discussing its impact.

With increased exposure to digital technologies, trust companies will face new risks and challenges ahead. Some of the key challenges that the trust companies will face are likely to arise from the use of third-party applications, complex and continuously evolving technologies, cross-border data exchanges, an increase in the adoption of mobile technologies among the customers, and the internet of things.

The Verdict
The trust companies won’t be able to prepare for such challenges if they only rely on predictions and don’t take part in innovations that will shape the future. The verdict is clear that there’s no better way for the trust companies to be prepared for what is to come other than to take the lead in shaping the future of the industry.

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Binance Introduces Ethereum and XRP Contract Options

Binance Introduces Ethereum and XRP Contract Options

Large cryptocurrency exchange Binance announced the launch of options contracts for Ethereum and XRP. According to the announcement, Binance users will initially be able to access new products only through the Binance mobile app.

Last month, Binance announced the possibilities of Bitcoin for its users. With the new offer, ETH and XRP options are available for various durations. These include 24 hours, 8 hours, 1 hour, 30 minutes, and 10 minutes. Users have access only to contracts with a maximum order size of 200,000 XRP and 200 ETH.

At the beginning of the month, the volume of open contracts on options for bitcoins reached a new maximum. On March 7, the total value of bitcoin options exceeded $ 1 billion. According to the Skew crypto analyst platform, the main exchanges responsible for this feat are Bakkt, OKEx, CME, Deribit, and LedgerX. At that time, Deribit was the exchange with the largest number of open positions for a total of $ 903 million – almost 90%.

Recently, Bybt crypto trading platform rated BitMEX as the largest BTC for the futures market, and Binance as the second. At that time, BitMEX owned 33.64% of all oil production contracts worth more than $ 562 million. Binance accounted for 19.1% of OI contracts worth more than $ 319 million.

Currently, according to Bybt, both platforms are still at positions 1 and 2, although BitMEX has fallen to 33.13%, while Binance is now 17.84%.

Ethereum and XRP Options
Options are investment contracts that give traders the right — but not the obligation — to buy or sell an asset over a specified timeframe for a given price.

Ethereum and XRP options are instantly available on Binance.com, mobile users need to update their apps so they can access them.

“Options contract is a much-anticipated product that allows traders and miners to effectively purchase insurance in their positions and also allows speculators to take advantage of market movements,” said Changpeng Zhao, CEO of Binance, in a blog post.

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Deribit Crosses $1 Billion in Bitcoin Options Open Interest Historic High

Deribit Crosses $1 Billion in Bitcoin Options Open Interest Historic High

Crypto derivatives exchange Deribit, has seen a significant spike in the volume of open positions of Bitcoin on its platform. The exchange reached a new high of $1 billion on May 19, according to data from research and analytics company, Skew.

The latest creation is due to a combination of many variables, such as a large number of stakeholders, as per Deribit ‘s chief enforcement officer Luuk Strijiers:

“The current track is influenced by market optimism, an increasing number of wide and varied international players on Deribit and the efforts made by our multiple stakeholders and us to provide the maximum financial performance, credibility and connectivity and trading alternatives at all moments to a top-quality market.”

Deribit has seen a year-over-year growth trading options of 270 percent in 2020 alone. Last week the average volume of trading also approached $100 million, setting a new high for the last two months. The volume of daily trading also increased by 170 percent in 2020.

Deribit presently has derivative Bitcoin and Ether futures, worth more than $1.3 billion. Bitcoin options represent 74 percent of the total.

Deribit declared its intention, later in January, to transfer its base from Amsterdam. The firm said that it was compelled to do so because the Netherlands intended to introduce new EU rules which will have an impact on the business.

Growth and Trading Target
Open-interest growth is driven mainly by options that expire next month. More than 40,000 contracts that expire on June 26, 2020, are open as of Wednesday.

Options are often more complex than futures contracts since their price depends on some factors such as volatility, expiry time, risk-free interest rate, etc. Further, as expiry nears, options begin to lose appeal.

Futures contract pricing is much easier to understand. As a consequence, futures are much more widely known unlike options, and generally see the higher open interest. In the case of Deribit though, the activity of options is much higher.

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CME Bitcoin Futures Options Activated, While Bitcoin’s (BTC) Price Stays Pressured

CME Bitcoin Futures Options Activated, While Bitcoin’s (BTC) Price Stays Pressured

Bitcoin is currently exchanged for $ 8,631. Buyers are making every effort to ensure that the price does not exceed $ 8,600 below. Adding to selling pressure on $ 8,700 leads to resistance around the moving averages of 5 and 13. A break above $ 8,700 may take longer than expected, but when this happens, Bitcoin should be ready for more bearish actions at level $ 8000.

CME Group keeps on being a key player in the area of crypto derivatives, even though it was not the first available. To reinforce its situation in the market, CME dispatches regulated futures options on January 13, 2020. On the primary day of exchanging, CME option contracts crested over $ 2.3 million. Its rival Bakkt just figured out how to sell about $ 380,000 on the primary day of exchange. An announcement by the CME CEO after the dispatch says:

We know from experience that successful options products require a robust, liquid underlying futures market. Our CME Bitcoin futures have become one of the most liquid, listed Bitcoin derivatives products in the world over the past two years.

Most as of late, Bakkt entered the market sooner than CME with its regulated options for bitcoin futures. In any case, after the effective dispatch of its option contracts on January 13, it appears that the Chicago CME is by and by arriving at the highest point in the industry.

When CME option contracts debuted on Monday, trading volumes on the company’s opening day exceeded $ 2.3 million, more than five times the volume of Bakkt’s as main competitor, which traded just over $ 380,000.

On the eve of January 13, CME saw a surge in bitcoin futures. The first four trading days of 2020 showed that returns grew by almost 70% compared to the end of 2019. Analysts from J.P. Morgan was quick to associate this increase with the launch of the upcoming option, saying that it was expected.

The explanation behind the fanfare might be that asset underlying the CME option isn’t Bitcoin (BTC) itself, yet Bitcoin futures. options give dealers the chance to support their risk on the underlying resources, and futures are innately dangerous. In this manner, the forthcoming hedging capacity may clarify why such a large number of traders looked to get the fundamental resource.

BTC/USD Price Rage Continues in a Lackluster Trend
BTC / USD ran into bears for two days in a row, trading beneath the $ 9,000 level. This Monday, BTC / USD plunged from the level at $ 8,734 to $ 8,504.06. Currently, the price of the digital currency has risen to $ 8,625.71 level.

In the future, the pair BTCUSD may begin testing the support level of $ 8,000, with emphasis that the level of $ 8500 may be broken with certainty. BTCUSD bulls may push the cryptocurrency from a more striking level on the off-chance it targets the level of $ 8,000.

The BTCUSD stays bullish as long as it’s trending past the level of $ 8500, the key resistance is on the level at $ 9000 and $ 9,200.

However on the off-chance, the BTCUSD pair is trending beneath the $ 8,500 level, bears may test support levels of $ 8,000 and $ 7,700.

Supply Levels: $ 8,500, $ 8,200, $ 8,000

Demand Levels: $ 9,200, $ 9,000, $ 8,800

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EOS Continues Selling Pressure as the Price Fails to Rebound at Current Levels

EOS Continues Selling Pressure as the Price Fails to Rebound at Current Levels

Key Resistance levels: $4, $5, $6
Key Support Levels: $3, $2, $1

EOS/USD Price Long-term Trend: Bearish
EOS traded below the resistance at $3.60. The market is heading southward as the bulls fail to trade above the $3.60 price level. The market is approaching the previous low at $2.60. There is a possibility of a further depreciation once the previous low is broken. EOS will reach a low of $2.0 or $2.40 once the selling pressure resurfaces. The bulls have been defending the September lows but are being overwhelmed as the support cracks. The chances of the support holding and EOS bouncing are very slim because of  lack of buying power at the support.

EOSUSD-Daily Cart

Daily Chart Indicators Reading:
Our Fibonacci tool has indicated to us that EOS may continue its downward move. In view of this, a bullish candle body tested the 0.786 retracement level. Accordingly, the market will fall to a low of 1.272 Fibonacci extension level or at the equivalent price of $2.0. Another indicator sign has shown that the market is below level 30 of the daily RSI. This implies that the selling pressure is likely to be ended as the bulls come in at the oversold region.

EOS/USD Medium-term bias: Bullish
On the 4-hour chart, EOS is trading within the levels of $2.60 and $3.60. The bears have broken the lower price range signaling a further depreciation. A downward movement is expected at a low of $2.0.

EOSUSD-4-Hour Chart

4-hour Chart Indicators Reading
The lower price range has been breached; EOS is prone to further price fall. The market is still in a bearish momentum according to the price below level 50 of the daily stochastic.

General Outlook for EOS
The overall trend of EOS is bearish as the coin continues its falls. Presently, the pair has reached a low of $2.41, and the low at $2.0 is expected. Traders should wait for the market to exhaust selling pressure before embarking on a buy setup.

EOS Trade Signal
Instrument: EOSUSD
Order: Buy Limit
Entry price: $2
Stop: $1.0
Target: $3.60

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Bitcoin Options Volumes Record $60 Million On Deribit

Bitcoin Options Volumes Record $60 Million On Deribit

Trading volatility has been shrinking for a while now as a result of recent capitulation in the crypto market, which appeared to have made the value of Bitcoin to depreciate by the day. Recording a daily low of $8400, Bitcoin is struggling around the $8500 at the moment. Meanwhile, the market scenario is causing a FUD – Fear Uncertainty and Doubt amongst holders. Furthermore, the recent drop in Bitcoin’s price was led by panic selling in the market which is likely to continue if Bitcoin continues to fall.

Compared to the previous days of trading, Bitcoin’s volume has seriously subdued to around $21.5 billion at the moment. More so, the entire crypto market cap is now trading under $153.2 billion. Apart from today, Bitcoin’s trading volume has been quite minimal in percentage.

Bitcoins-Price-Index

According to a crypto derivatives market analysis, SKEW, Bitcoin options volumes reached a daily high of $60.1 million on Deribit Exchange a few hours ago with a minimum volume of $2.0 million, maximum of $69.3 and an average of $28.6.

Could this be a sign of an incoming bull rally for Bitcoin?

Well, we will get to know that in the next couple of days. However, the current selling pressure is still setting a serious panic in the entire crypto space, although Bitcoin may give light if we start to see a substantial increase in the trading volume

If we look at Bitcoin’s trading volumes across major Bitcoin options Exchanges such as Binance, Bitmex, Kucoin, Cex.io,  amongst others, we would observe that the volumes are quite low as traders and investors stay on hold as Bitcoin’s next move is uncertain.

In my own opinion, selling BTC at the moment could be a nice spot for short-traders as the current price drops may become heavy in the next couple of days. At the same time, traders might want to maintain a neutral position for now in order to wait for a good and perfect entry.

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$100 Min Deposit
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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.