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Hustle, Hit and Win – EUROMANIA – 1 BTC on The Line!

Hustle, Hit and Win – EUROMANIA – 1 BTC on The Line!

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Hustle, Hit and Win – EUROMANIA – 1 BTC on The Line!

For all football fans out there, we have fantastic news – UEFA Euro 2020 is back!

The championship was benched for a whole year, but now it’s ready to play on the field. Just imagine all the excitement in the stands, the energy, the passion — definitely the most awaited event in sports.

This is the time when we have so much trust in our favorite teams that we can bet on their success over the Gold Cup.

And if we are so sure about it, why not bet for real and get some crypto for our loyalty? 1xBIT is eager to see what side we’ll pick.

Meet EUROMANIA 
EUROMANIA is a football lottery on 1xBIT, with no less than five stages of prizes, ready to be unlocked. These could get you free bets, mBTCs, and all the way to the top prize of 1 BTC on July 13th.

The lottery is up for the whole football season, and it requires just a 1xBIT account and your determination to predict the match results.

Your bets on EURO 2020 matches give you free lottery tickets to play on EUROMANIA, so don’t settle for a single chance. The more you play, the luckier you can be.

Champions are made, not born. So make sure not to lose this opportunity! 

About 1xBIT
1xBIT is one of the most entertaining crypto gambling websites out there, especially for sports fans. It has a fantastic range of bets, like:

  • Traditional sports: Football, Tennis, Basketball;
  • Mind and precision sports: Chess, Billiards, Darts;
  • Nature sports: Fishing, Horse racing;
  • Wheel sports: Formula 1, Keirin, Motorbikes.

And so many others, including e-sports, martial arts, and even weather guesses.

Want to find more about it? Then be sure to follow them and get the best deals!

Twitter: https://twitter.com/1x_bit
Instagram: https://www.instagram.com/1xbit/
YouTube: https://www.youtube.com/channel/UCPAFo4OYJGHCxWlENrdRtWA
Telegram: https://t.me/sportsbook_1xBit 

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Bitcoin’s 7-Day Charts Flash Green: Are Things Looking Up for BTC?

Bitcoin’s 7-Day Charts Flash Green: Are Things Looking Up for BTC?

Following a significant haircut in May, the price of Bitcoin has been meandering between $30K and $40K for the better part of a month. While some analysts are relieved at the fact that Bitcoin has not crashed through the $30K support line, and, heck, may even be building momentum to move back above $40K, others are not so sure about the future of BTC.

On the other hand, Bitcoin’s 7-day chart appears to have crossed into green territory for the first time in a great while. At press time, BTC’s 24-hour gains were sitting at roughly 2.6 per cent, while the seven-day price chart showed gains of 1.4 per cent.

Some Good News for Bitcoin

Additionally, Bitcoin has seen a bit of positive news in recent weeks that may be bolstering its price after it collapsed in May. On Wednesday, the nation of El Salvador became the first country in the world to adopt bitcoin as legal tender.

Michael Sonnenshein, the Chief Executive of Grayscale Investments, said on CNBC’s ‘ETF Edge’ earlier this week that: “As we think about nation states and central banks exploring digital currencies, we’re not surprised to see places that have historically relied on the dollar or folks who have experienced hyperinflation exploring the potential merits of digital currency.”

“We would not be surprised to see states and central banks beginning to think about adding bitcoin and other crypto to their balance sheet.”

Additionally, the conclusion of the Miami Bitcoin conference seems to have pumped a new bout of enthusiasm into the cryptocurrency industry (though positive COVID test results may be a mitigating factor).

Speaking of the event on the same episode of ‘ETF Edge’, Osprey Funds founder and CEO, Greg King said that: “It feels a lot like 2017 felt but with a broader base. It’s taking the movement forward from where it’s been over the last 12 years.”

Beyond El Salvador and Miami, a group of North American Bitcoin mining companies formally debuted The Bitcoin Mining Council on Thursday with the goal of addressing concerns about the amount of energy used in cryptocurrencies.

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” MicroStrategy Inc. Chief Executive Officer, Michael Saylor, who helped to form the association, wrote on Twitter, with a call to “Join us.”

What Does Bitcoin’s Stock-to-Flow Model Say?

Bitcoin’s stock-to-flow model has hit a rebound level that has not been seen since Bitcoin’s all-time high in 2017, a factor that some investors and market participants could find relieving after a month of price stagnancy.

“It’s a long time since [Bitcoin’s] price has been this far below [the stock-to-flow] line,” wrote Philip Swift, Creator of LookIntoBitcoin, on Twitter. “The Divergence oscillator at [the] bottom of the chart is highlighted by the orange dotted line and arrows to show comparable historical periods…#bitcoin price rebounded hard from such divergence previously (sic).”

A stock-to-flow measures the relationship between the currently available amount of an asset and its production rate. While this model is typically applied to commodities (i.e. precious metals), some analysts have applied it to Bitcoin: the amount of circulating BTC available is measured against the amount of new BTC that are being mined.

How Effective Is Bitcoin’s Stock-to-Flow Model?

The purpose of a stock-to-flow model is to show how much supply of an asset or resource (BTC, in this case) enters the market each year relative to the total supply. According to Binance Academy, “the higher the Stock to Flow ratio, the less new supply enters the market relative to the total supply.” And, therefore, an asset with a higher Stock to Flow ratio has higher scarcity, and should therefore retain value well over the long-term (at least, in theory).

Measuring Bitcoin’s price against stock-to-flow appears to have been originated by a pseudonymous Bitcoin institutional investor who goes by the name PlanB. While Philip Swift optimistically compared what is happening in the stock-to-flow model at this current moment with what happened in 2017, CoinTelegraph reported that even PlanB is nervous about the future of Bitcoin.

According to CoinTelegraph, this model “has been widely praised and is the leading valuation model for bitcoin proponents.” However, some analysts find the model to be fundamentally flawed.

“SF has achieved viral popularity and inspired rags-to-riches dreams for those gambling it all on the future of bitcoin,” CoinDesk reported in June of 2020. “However, we believe the model’s accuracy will likely be about as successful at forecasting bitcoin’s future price as the astrological models of the past were at predicting financial outcomes.”

2013 All Over Again?

However, if the stock-to-flow model is to be trusted, PlanB said on June 1st that while Bitcoin’s latest price movements do have some similarities with 2017, Bitcoin’s latest price movements are much more reminiscent of the year 2013.

“New dot: May close $37,341.. -35% .. we knew bitcoin would not go up in a straight line and several -35% drops are possible (and indeed likely) in a bull market,” he wrote on Twitter, adding that BTC’s movements were “Starting to look like 2013. [Stock to flow] model intact.”

However, while there are some important differences between Bitcoin’s price movement in 2013 and its movements in 2017, both years have something important in common: each of them saw a two-tiered run-up to a new all-time high. According to CoinTelegraph, “The first peak was followed by a significant drawdown in each instance, which then reversed to spawn a run to a new top.”

If history repeats itself a third time, Bitcoin’s second bull run of 2021 will take place later this year, which could lead BTC far beyond its previous all-time high of roughly $60K. In fact, PlanB believes that $100,000 is still in the cards for BTC. The stock-to-flow calls for an average price of either $100,000 or $288,000 between 2021 and 2024.

“Everybody Wanted to Buy #Bitcoin at $60,000, Nobody Wants to Buy Now.”

However, not everyone is so optimistic. Fortune reported this morning that Bookmakers at US-Bookies.com have “raised the odds that Bitcoin drops to $10,000 this year to 8-to-11—a 57.9% implied probability.”

And indeed, BTC investors seem to be fearful that Bitcoin is in for further drops down the line.

BItcoin market analyst, Michaël van de Poppe (@CryptoMichNL) wrote on Twitter that: “Everybody wanted to buy #Bitcoin at $60,000, nobody wants to buy now. Why? People are scared of red candles and expect a further dip.”

However, as BTC loses its grip, altcoins appear to be stepping up to the plate. At the beginning of 2021, BTC’s market dominance was over 70 percent. At press time, that figure had fallen below 44 percent.

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TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

TA: Bitcoin Signals Fresh Decline, Why Dips Could Be Limited In BTC

Bitcoin price extended its upward move above the $37,500 resistance against the US Dollar. BTC failed to clear $38,500 and it is now correcting lower.

  • Bitcoin traded above $38,000, but it failed to continue higher above $38,500.
  • The price is currently well above $35,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline, but the bulls are likely to remain active near $35,000.

Bitcoin Price Correcting Gains

Bitcoin settled well above the $35,000 and extended its upward move. BTC even broke the $37,500 resistance, but the bulls failed to gain strength for a break of the $38,500 hurdle.

A high was formed near $38,425 and the price is now moving lower. It broke the $37,000 support level to start the current correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high.

Besides, there was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair. However, the pair is still well above $35,000 and the 100 hourly simple moving average.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price likely to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $37,500 resistance, it could extend its decline. An initial support on the downside is near the $36,000 level.

The first major support is near the $35,500 level. The main support is now forming near the $35,000 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high. A downside break below the $35,000 support zone could push the price back into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $36,000, followed by $35,000.

Major Resistance Levels – $37,500, $38,500 and $40,000.

Source

US Regulators Warn on Potential Risks in Bitcoin Futures Trading

US Regulators Warn on Potential Risks in Bitcoin Futures Trading

The US Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s (CFTC) Office of Customer Education and Outreach (OCEO) issued a warning on Thursday targeting investors who are looking for funds with exposure to Bitcoin futures. According to the investor bulletin, people should exercise caution and be careful about the investment’s potential risks and benefits.

“Among other things, investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment,” the regulatory bureaus commented. Furthermore, they raised concerns once again on the volatility that Bitcoin brings to the crypto sphere and that it’s being witnessed on the Bitcoin futures markets.

In fact, they cited the lack of regulation and “potential for fraud or manipulation” of the market. The bulletin provides guidance on which elements the investors should pay attention to, such as the risk tolerance, the fund’s disclosure of its risks, potential loss of the investment, and the difference in investment outcome.

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“A rise in Bitcoin prices may not result in a similar increase in the value of a fund holding positions in Bitcoin futures contracts. This is in part because funds that trade commodity futures contracts may not have direct exposure to the contracts’ underlying assets. Futures contract prices can vary by delivery months and differ from the underlying commodity’s spot price,” the regulators said.

Investment Company Act of 1940

Also, in the bulletin, the bureaus who signed the warning highlighted that funds regulated under the Investment Company Act of 1940 are required to provide critical investor protections, such as: “funds must comply with legal requirements related to valuation and custody of fund assets, and mutual funds and ETFs must comply with liquidity requirements.”

Recently, the US SEC opened the doors to establishing cooperation with the lawmakers from Congress and other regulatory bodies to work on ways to protect crypto investors.

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Bitcoin Price Returns to $36K: Where Can You Buy Bitcoin?

Bitcoin Price Returns to $36K: Where Can You Buy Bitcoin?

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Bitcoin recovers by 7% as it continues to range between $30,000 and $40,000.

After dipping down to around $31,000 on Tuesday, Bitcoin has shown signs of recovery with a 7% gain to recover its losses.

As crypto markets continue to consolidate for now, there is bullish news for the leading cryptocurrency with crypto exchanges showing increased outflows. This essentially means that buyers are scooping up the available liquidity on exchanges and then moving them onto their wallets for long term holding.

This signifies broad confidence in Bitcoin, despite more ominous news of China blocking search results for cryptocurrency exchanges.

Where to buy Bitcoin while it consolidates

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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CedarFX

CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

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Is it a good time to buy Bitcoin or should you wait until the next crash?

Deciding on the right time to buy depends on a trader’s available liquidity at a given time combined with which direction they think price is headed.

To answer this question your goals need to be understood first. Are you willing to hold your Bitcoin for the long term? This could mean 10 to 15 years, in which case buying today or waiting for a crash could have minimal impact – depending of course what the markets look like in the 2030s.

One thing that is fairly certain right now is that there are buyers out there buying Bitcoin in larger than usual volumes. Whether this is a bull trap is yet to be seen, but the likelihood is that a decrease in supply leads to a surge in demand.

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