Ways to trade Bitcoin – Everything you should know

Ways to trade Bitcoin – Everything you should know

Bitcoin is the biggest cryptocurrency in the world and is among the most popular digital coins among traders. For many, Bitcoin is a great investment option. Released back in 2009, Bitcoin is known for paving the way for other altcoins in the market.

Cryptocurrency has seen a huge transformation in recent years. While some still remain to be skeptical about Bitcoin, this digital coin has many times proved that it can be a great option for investment.

But, how exactly do you trade Bitcoin? There are quite a few ways you can invest in Bitcoin and use it to earn profits. For example, you can sign up on one of the many crypto exchanges in the market, make deposits and start buying and selling cryptocurrencies. You can also trade Bitcoin CFDs, which offer you the ability to speculate on the price movements in the market.

No matter which option you choose, you will always be required to do adequate research to make correct predictions and open the right orders.
Crypto exchanges
One of the most popular ways of trading Bitcoin is using crypto exchanges. There are numerous of them available in the market and they make your job very easy. There are numerous crypto exchanges in the market, among them are Binance, Kraken, Coinbase, and many others.

Getting started at these exchanges should not be a problem. Creating an account should not take more than a few minutes, after which, you will have to wait a day or two for verification. Then, all you have to do is to deposit funds and start trading crypto.

After trading and making profits, you can withdraw your Bitcoins from your favorite wallet. There are numerous software wallets offering you high standards of safety and security. In most cases, you should also be able to withdraw your funds in fiat currencies, but it largely depends on the crypto exchange you are using.

Best trading strategies for Bitcoin
Adopting a proven and useful strategy for Bitcoin trading is very important. Because the market is so volatile, trading can get quite emotional. By having a specific plan beforehand, you can make sure that you follow your initial thoughts and decisions without making emotional decisions.

There are two main ways you can trade crypto, one is trading crypto-asset spot, and the other is trading it with margin. A trading spot is a great option for those who prefer to avoid huge risks, it basically means buying cryptocurrency and holding it for as long as you like.
Trading Bitcoin with margin usually happens using futures contracts or CFDs and offers you the ability to increase your potential profits. But, you should not forget that in addition to increasing profits, margin trading also increases the risks of trading.

Depending on the way you trade crypto, you can better choose which trading strategy fits you best. For example, if you are a spot trader, you should know that one of the best strategies to choose is long-term trading, or simply holding cryptocurrency for a long time. On the other hand, if you prefer short-term trading with a margin, it might be better to trade using CFDs or futures.

However, remember that trading crypto is not an easy task as it takes a lot of time to really understand how the prices are moving and how the market is reacting to different types of events around the world. But, there are some things that can make trading easier for you.

Trading Bitcoin with bots
There is a certain limit when it comes to the data a human can analyze in a short time. On the other hand, crypto trading bots can analyze huge chunks of data in a very short time. There are numerous trading bots that you can use to minimize the time spent analyzing the market.

There are numerous trading bots available in the market that can help you trade crypto more efficiently. One of such trading bots, which is known for its high standards of safety and security, is Bitsgap’s trading bot.

The trading bot created by Bitsgap is capable of not only analyzing the market data but is also able to actually trade crypto for you. The trading bot uses different types of strategies and can be used in both uptrend and a downtrend, which makes it a great fit for traders.

Bitsgap crypto trading bot can be used with over 25 crypto exchanges in the market, including those like Binance, Kraken, and many others. You can create a trading strategy with this bot in just a few clicks and you can always backtest your strategy before applying it to your actual trades.
Earning profits
Depending on the trading strategy you choose, you can receive both short-term and long-term profits with crypto trading. Let’s say that you have decided to trade crypto using a long-term trading strategy. This means that you will be buying Bitcoin at a low price and hold it for as long as you want, until the price increases.

As the price is up and you believe that it is time for you to sell your Bitcoin, you will be able to earn profits according to the difference between the buy and selling prices.

On the other hand, using short-term trading strategies, you will be able to make profits quickly, however, keep in mind that these profits might not be a lot. In most cases, short-term traders prefer to use leverage and margin trading to increase the profits they make.

All-in-all, thanks to modern technologies, trading cryptocurrencies should not be that hard. Traders all around the world have access to this market and all you have to do to become a part of this market is to sign up with one of the leading crypto exchanges in the market.

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Ukraine Reveals Roadmap for Cryptocurrency Integration by 2024

Ukraine Reveals Roadmap for Cryptocurrency Integration by 2024

Being a county where cryptocurrencies have thrived, Ukraine has now announced its plans to develop its virtual asset market within the next three years. According to Forklog, an Estonia-based blockchain magazine, the new roadmap was presented by officials from the Ministry of Digital Transformation, including other government institutions and representatives of the private sector.

The proposed roadmap includes several regulatory, educational, and infrastructural campaigns. Already, participants in the undertaking have established about twelve working groups to achieve several objectives. One of the critical areas of focus for these groups is developing relevant legal terminology and integrating necessary by-laws.

To achieve this, the Ukrainian government has to start by adopting comprehensive legislation to govern its crypto industry. In December last year, the Ukrainian parliament (Supreme Council of Ukraine) voted through the First Reading of a draft law “On Virtual Assets.” This bill, intended to regulate cryptocurrency transactions in Ukraine, got revised recently, and, in June, the parliamentary Committee on Digital Transformation green-lighted its final adoption.

Ukraine Lawmakers Need to Approve Guidelines for Crypto Industry

The authors of the development strategy have expressed hopes for full implementation by the end of the year. That said, Ukrainian lawmakers now have to develop rules for cryptocurrency taxation and ascend an anti-money laundering (AML) policy for crypto exchanges and their users.

Other crucial tasks on the roadmap include the promotion of real asset tokenization and the launch of a pilot fiat-crypto gateway. Involved parties in the project also aim at establishing educational materials on cryptocurrency and developing a sandbox for projects in the crypto ecosystem.

The Digital Transformation Ministry and other involved parties plan to put Ukraine on the top ten list of countries with the highest levels of cryptocurrency integration. The authorities noted that the roadmap implementation protocol would get initiated if a minimum of 47% of the population uses cryptocurrency by 2024, 20% of Ukrainian companies engage in tokenized assets, and the country’s educational institutions have launched a master’s program in decentralized finance.

 

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South Korea to Sanction Crypto Exchanges that Fail to Register Before September

South Korea to Sanction Crypto Exchanges that Fail to Register Before September

According to the Financial Services Commission (FSC) in South Korea, foreign virtual asset services providers (VASPs), including cryptocurrency exchanges operating in the country, are mandated to register with the regulator before September 24th or risk getting blocked.

As reported in April by Learn2Trade, South Korea has implemented a new regulatory requirement threatening heavy sanctions and fines for all defaulting VASPs. While this legislation came into effect at the end of March this year, crypto exchanges in South Korea received a grace period, which expires in two months.

The FSC, via its Korean Financial Intelligence Unit (KoFIU), noted that VASPs have two months to register. As a result, the regulatory body has forwarded notices to 27 foreign companies to remind them of this necessity and what is at stake. The official statement from the FSC reads:

“The Act requires VASPs to register with the KoFIU as the law equally applies to foreign VASPs that conduct activities outside Korea but have domestic consequences within Korea.

Thus, if any VASPs conduct business operations targeting Koreans, they are required to register with the KoFIU and comply with requirements under the Act regarding their business operations targeting Koreans.”

Should any of these companies and organizations default on registration, they “shall cease their business operation targeting Koreans from September 25th, 2021.” Defaulting companies that choose to continue operations will face strict penalties, including up to five years behind bars or a fine of 50 million Korean won (approximately $44,000).

Smaller Crypto Exchanges in South Korea are Threatening Legal Action

Recently, South Korean authorities have tightened their grip on the crypto industry, especially crypto exchanges. Feeling threatened by the government’s recent actions on its operations, some smaller trading platforms are thinking of taking legal measures.

The government recently instructed local banks to cease rendering services to crypto exchanges, except prominent crypto exchanges in Korea like UPbit, Bithumb, Coinone, and Korbit.

 

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After the ECB and Jobless Claims, the Euro Stays Stable Versus the Dollar

After the ECB and Jobless Claims, the Euro Stays Stable Versus the Dollar

As expected, the ECB – European Central Bank kept the interest rates on main refinancing operations, marginal lending facility, and deposit facility unchanged at 0.00 percent, 0.25 percent, and -0.50 percent, respectively.

The market’s first reaction to the ECB’s policy statements has been rather modest, with the EURUSD pair trading flat on the day at 1.1793. After the ECB officially revealed its updated forward guidance, the euro is trading steadily in the US session. However, when compared to Sterling and commodity currencies, the common currency is noticeably weak.

Meanwhile, while market attitudes remain constant, the dollar and Swiss currencies, as well as the yen, are weak. We’ll now see if US equities can build on their recent robust rallies to retest recently set record highs.

The number of initial claims for jobless benefits in the United States rose 51 thousand to 419 thousand in the week ended July 17, which is worse than expectations of 350 thousand. The four-week moving average of initial claims rose from 750k to 385k.

For the week ending July 10, the number of ongoing claims fell by -29 thousand to 3.236 thousand, which is the lowest level since March 21, 2020. The four-week moving average of ongoing claims fell -44k to 3,338k, also the lowest since March 21, 2020.

ECB: Euro Stays Stable Versus the Dollar

The European Central Bank left its key monetary policy settings intact at the end of its July meeting, as was generally expected, and did little to add any real stimulus. The ECB updated its forward guidance on rates, predicting that rates will remain unchanged or lower until inflation reaches 2% considerably ahead of the anticipated horizon.

After the ECB meeting, EUR took its cue from relative EUR fixed-income performance at first, but the single currency stabilized during the press conference, remaining near to steady for the day. Looking ahead, more EUR/USD downside is favored, but stress that this is primarily a play on USD real rates, global inflation exposure, and global cross-asset swings, rather than ECB monetary policy.

As shown by the 4-hour MACD, the EUR/USD continues to lose negative momentum. Nonetheless, with the 1.1880 resistance intact, an additional drop is predicted. As the third phase of the correction from 1.2348, the current drop from 1.2265 would target 1.1703 support. However, a break of 1.1880 on the upside will signal a short-term bottom and shift the bias back to the upside for a bigger rebound to 1.1974 resistance initially.

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European Commission Proposes New Legislative Package to Ensure Full Crypto Traceability

European Commission Proposes New Legislative Package to Ensure Full Crypto Traceability

The European Commission introduced some legislative proposals on Tuesday to strengthen the European Union’s (EU) anti-money laundering and counter-terrorism (AML/CFT) rules. One part of the new proposal that stood out was the revision of the 2015 Regulation on Transfer of Funds “to trace transfers of crypto-assets.”

The Commission explained that the proposal considers “new and emerging challenges linked to technological innovation,” including “virtual currencies, more integrated financial flows in the Single Market and the global nature of terrorist organizations.”

At the center of the proposed legislation is the formulation of a new “EU-level Anti-Money Laundering Authority (AMLA).” It will be “the central authority coordinating national authorities to ensure the private sector correctly and consistently applies EU rules.”

As mentioned earlier, the proposal includes “full application of the EU AML/CFT rules to the crypto sector.” The regulatory body noted that presently, only a specific group of crypto service providers fall under the purview of the EU AML/CFT rules. The legislative proposal extended its recommendation to the entire sector, “obliging all service providers to conduct due diligence on their customers.” The European Commission argued that:

“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.”

European Commission to Restrict Anonymous Crypto Wallets

The proposal also noted that with the application of full EU AML/CFT rules to the crypto industry:

“Anonymous crypto asset wallets will be prohibited.”

The organization added that “anonymous bank accounts already [are] prohibited by EU AML/CFT rules.”

That said, the legislative proposal has gotten ascended and will get discussed in the European Parliament and Council. The Commission concluded its announcement noting that:

“The future AML Authority should be operational in 2024 and will start its work of direct supervision slightly later, once the Directive has [gotten] transposed and the new regulatory framework starts to apply.”

 

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Yen Holds Steady, GBP and NZD Fall Due to Shaky Investor Confidence

Yen Holds Steady, GBP and NZD Fall Due to Shaky Investor Confidence

At the time of writing in today’s currency markets, the Dollar has surpassed the Yen as the most powerful currency. Despite modest improvement, the main focus in the financial markets remains shaky. The New Zealand Dollar is currently the worst, but it is catching up with others; Sterling is also weak, as the selloff in crosses deepens.

After the big risk-off trades in the US in the prior day, investor confidence has calmed. The yen and the Swiss franc have pared some of their gains, but they remain the two most powerful currencies. Commodity currencies, led by the Canadian Dollar, are the weakest. For the time being, the dollar and the euro are intermingled, caught in the middle. Concerns about COVID-19 delta variants will continue to be the focus of attention.

The New Zealand dollar (NZD/USD) has finally followed the lead of other commodity currencies and broken out to the downside today. Overall, risk aversion outnumbers expectations of a rate hike by the Reserve Bank of New Zealand. The drop from 0.7463 is viewed as a correction to the entire uptrend from 0.5467. As long as the 0.7104 barrier holds, the outlook will be bearish. Before completion, the next aim is a 100 percent prediction of 0.7463 to 0.6942 from 0.7315 at 0.6794.

Yen Holds Steady After Pairing Gains

Profit-taking is likely to have played a role in the bid, given the massive sell-off at the start of the week. EUR/JPY is on the rise as traders get back behind the US stock market in a somewhat stronger risk mood on Tuesday.

Because of its large beta, the cross is benefiting as investors begin to rationalize that fears of another crushing round of worldwide lockdowns may be unfounded. The bulls, on the other hand, are solidifying and digging in their claws at the time of writing. This might lead to a breakthrough of the present resistance level of 129.50. A breach and finish beyond 129.50 might be positive, forming the following bullish formation.

This year, virus resurgences appear to be the key driver of market movements in several areas. In reaction to the recent increase in instances, Japanese officials have declared a state of emergency in Tokyo and prohibited spectators from the Olympics. The yen has moved in lockstep with new Japanese case counts

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ECB: New Forward Guidance To Match Inflation Objective

ECB: New Forward Guidance To Match Inflation Objective

The result of the ECB strategy review on July 8 has heightened the importance of this week’s meeting. The inflation target was changed to a symmetric 2 percent, allowing for a brief deviation. Given the considerable shift, no changes in monetary policy are envisaged in July.

Only minor adjustments to the forward guidance are expected as a result of the new inflation objective. Given the members’ differences in the monetary policy outlook, we are not optimistic about the size of the forward guidance.

At this meeting, ECB President Lagarde has pledged to offer new policy signals, so it should be fascinating. Even though the central bank has been unable to meet its inflation target consistently for the past decade, it boosted it earlier this month. It now wants to show that it is serious about achieving this higher goal.

The ECB’s cautious approach is supported by recent developments in the Eurozone. While the reopening momentum remains strong, the Delta variation is spreading like wildfire and posing a threat to the economy.

Despite massive immunizations, fresh covid outbreaks have recently occurred in Spain, Portugal, and the Netherlands. While the number of hospitalizations and deaths is still modest, mild controls to stem the spread are possible. In reality, new curfews have already been implemented in some parts of Spain.

ECB: Eurozone’s Current Account Surplus – EUR 12 Billion

In May, the eurozone current account surplus was EUR 12 billion, down from EUR 22 billion in April. The current account surplus in the year to May was EUR 310 billion (2.7 percent of Eurozone GDP), up from EUR 228 billion (2.0 percent) a year earlier.

Throughout the financial account, net acquisitions of non-euro area portfolio investment assets by Eurozone residents totaled EUR 950 billion in the 12 months to May. The net acquisitions of Eurozone area portfolio investment securities by non-residents totaled EUR 187 billion.

In other investment, euro area residents made net sales of non-euro area assets of €16 billion in the year ended May 2021 (after net purchases of €382 billion in the year ended May 2020), while their net liability incurrence climbed to €330 billion from €196 billion.

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Yen Surges Upward on Increase of Risk Appetite As Euro Anticipates ECB

Yen Surges Upward on Increase of Risk Appetite As Euro Anticipates ECB

Investors are fleeing to safety as the Delta Covid-19 variation spreads alarmingly over the world. The Japanese yen is a typical safe-haven asset, with investors selling risky assets like the Australian dollar and buying yen instead. The Delta variation is thought to have a significant detrimental impact on world growth. This might hasten the shift away from risky assets and toward safe havens like the yen.

In Monday’s trading, the Japanese yen has made significant gains. USD/JPY is currently trading at 109.50 towards the end of the North American session, down 0.47 percent on the day. The pair had fallen as low as 109.06 earlier in the day, its lowest level since May.

The yen and the Swiss franc are dominating the markets for the day, as stock selloffs spread from Asia to Europe and the United States. With the DOW down nearly -800 points in early trading and the 10-year yield breaking the 1.2 level, risk appetite has increased. The worst-performing currency is the Canadian Dollar, as WTI crude oil falls below the 70-mark.

At the Olympic athlete’s village in Tokyo, officials certify a positive Covid-19 case (2 South African soccer players at the Olympics have tested positive for Covid-19). Furthermore, to the deteriorating Covid-19 situation, hostilities between the US and China have risen, with telecommunications and cybersecurity worries joining Hong Kong and human rights concerns. If the rhetoric between the two superpowers becomes more acrimonious, risk appetite is likely to deteriorate even further.


As Yen Surges, Euro Anticipates ECB Meeting

The ECB’s monetary policy meetings are usually quiet affairs with little market action. The meeting on Thursday will almost certainly be different, and it could be a market-moving event. The reason for this is that the ECB is likely to make significant policy changes.

The European Central Bank (ECB) delivered a strategy review earlier this week, and ECB President Christine Lagarde stated that forward guidance would be reviewed to align it with the strategy review. This suggests that some significant modifications to forward guidance may be made during the meeting.

The markets consider the ECB, as well as the Swiss and Japanese central banks, to be quite dovish. The euro is unlikely to see any big gains this week, as the ECB is expected to maintain its dovish attitude. Investors will be able to focus on some “hard” data, such as consumer confidence and eurozone PMI readings, once the ECB meeting is over.

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As ECB Stimulus Debate Heats Up, Consumers in the US Are Stepping Out and Paying Bills

As ECB Stimulus Debate Heats Up, Consumers in the US Are Stepping Out and Paying Bills

ECB: The coming week is filled with a slew of catalysts that stem from a deadline for completing a bipartisan infrastructure package, persistent fears over a global delta variant, widespread inflationary pressures, central bank rate decisions, and a busy week of P&L. The main event will be the ECB rate decision and the press conference. This will be the first meeting since the revision of their strategy aimed at a slightly higher inflation target. The gap appears to be widening at the ECB over stimulus advice, a sign that the hawks will push for a tighter policy in the fall.

The trading week on Wall Street has been very volatile after a mixed start to the earnings season, a dovish semi-annual monetary reading from Fed Chairman Powell, and waning consumer confidence in the US. As the dust settled, the dollar strengthened, Treasury yields fell, but confidence in risky assets began to wane. The second week of reports will provide a broader look at several sectors of the economy, which may support the argument that inflation looks more resilient.

Wall Street will keep a close eye on every development of the bipartisan infrastructure proposal on Capitol Hill. Senate Majority Leader Schumer will try to meet his ambitious deadline for this bill to pass. A key procedural step is due on Monday, and it could lead to an initial vote on Wednesday on the $579 billion infrastructure deal.

Consumers in the US Are Stepping Out and Pay Bills

In recent months, the biggest price increases have been for “travel-related items.” After a year near home, Americans are on the road again. The demand for travel-related goods and services is outstripping the industry’s capabilities, and prices are rising very rapidly. The shortage of semiconductors has led to higher prices for both new and used cars, which have a direct impact on car rental prices. At the same time, prices for hotels, flights, and car rentals are recovering from the sharp drop in prices at the start of the pandemic.

Evidence of a shift in the consumer model as the economy recovers was also seen in June retail data. Total sales grew 0.6% m/m, exceeding market expectations. Sales in bars and restaurants, as well as in clothing and accessories stores, have grown dramatically – categories that could be called “going out”.

If you look at the tendency in this category to ‘leave’, expenses began to grow in March and are now exceeding the pre-pandemic level. On the other hand, spending on things related to staying at home has dropped since March – furniture, building materials, sporting goods, and hobbies.

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As Aussie and CAD Falls Short, NZD Rises on the Back of Strong CPI

As Aussie and CAD Falls Short, NZD Rises on the Back of Strong CPI

 The pullback in the Aussie and the CAD is mostly calmed as a result of this. The Yen, on the other side, appears to be easing marginally as the surge fades. The New Zealand dollar has risen sharply again today, as the highest CPI report in a decade has generated more speculation about RBNZ rate increases. The dollar, the euro, and the pound sterling are all in a state of flux. In terms of the week, the Kiwi is by far the best performer, but the CAD and Aussie are the worst so far.


New Zealand CPI rose 1.3% QoQ in the second quarter, well above expectations of 0.7% QoQ. For 12 months The consumer price index accelerated to 3.3% y/y from 1.5% y/y, well above expectations of 2.8% y/y. The annual rate is the highest in almost a decade. In addition, these numbers were well above the RBNZ forecast of 0.6% QoQ inflation of 2.6% YoY.

Rumors of an early increase in the RBNZ rate intensified after the release. Westpac now expects a 0.25% increase in OCR in August, with new gains in both October and November. Today’s events pushed AUD/NZD towards 1.0597 support to resume a short-term decline from 1.0944. A deeper decline can be seen in the lower mid-term range at 1.0415.

Aussie and CAD Lacks Bullish Conviction

Developments in the Australian labor market, particularly wage data, will be crucial in influencing expectations about RBA policy over the next year or two.

The impact of any adjustments on the AUD/USD will be determined by the Federal Reserve’s predicted policy path. It is realistic to expect the AUD/USD to move lower if the RBA is viewed as a policy slacker. As a result, our AUD/USD estimates have been revised lower. By the end of the year, we may see the currency pair edging closer to 0.72.

The Canadian currency, on the other hand, benefited from a rise in crude oil prices. However, escalating COVID-19 outbreaks involving the Delta strain in some nations, as well as concerns about the OPEC+ plan to enhance supply, cast a pall over the black gold’s prospects. As a result, the path of least resistance for the loonie remains negative, implying that the USD/CAD pair can expect further gains.

The USD/CAD pair slipped lower on the penultimate day of the week, eroding some of the previous day’s significant gains to near three-month highs, after struggling to find acceptance above the 1.2600 marks.

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