As the cryptocurrency markets show signs of recovery – or further declines, depending on the currency – new arbitrage opportunities will be unlocked accordingly. There are still plenty of ways to make good money in this industry, although it may sometimes depend on what one hopes to achieve exactly. The following six options can yield decent profits, assuming they are executed in a timely manner.
Stellar Lumens (HitBTC / Gate / EXMO)
It has been a few days since an interesting arbitrage opportunity involving EXMO presented itself. Today is one of those “lucky” days, as the price per XLM on both HitBTC and Gate is significantly lower compared to EXMO. When done correctly, traders can pocket a quick profit of up to 5% per trade, which is rather high for direct arbitrage trading. EXMO is not the most liquidity-driven platform, though, thus timing and patience will be of the essence.
Ethereum (OKEx / Poloniex / EXMO)
A very similar opportunity exists for Ethereum arbitrage trading today. EXMO is the place to sell, as its prices are much higher compared to nearly every other exchange on the market. Buying on HitBTC, OKEx, Poloniex, Gate, Kraken, Binance, Bitfinex, or KuCoin will yield profits ranging from 2$ all the way up to 4.7%. A very nice opportunity to take advantage of, assuming there is a decent order book on EXMO to dump into.
Litecoin (Bitstamp / Bitfinex / HitBTC)
A few different opportunities for quick profits exist where Litecoin is concerned. One could buy LTC on Kraken and sell it on HitBTC for a 1.4% profit. Another option is to buy on Bitstamp and transfer funds to either Cex, Bitfinex, or HitBTC for profits ranging from 0.9% to 1.2%. All of these options seem to involve platforms with sufficient liquidity to make something good happen in the end.
XRP (OKEx / Poloniex / EXMO)
The arbitrage opportunities involving XRP are almost identical to those for Ethereum. In most cases, they involve the exact same exchanges to buy from and sell to, although the potential profits are a bit different. For XRP, the lowest profit is just 0.8%, whereas the best arbitrage opportunity will yield 5.6% in profits. As these prices continue to shift between different exchanges, there is an almost guaranteed profit to be scored at any given time.
Bitcoin (Poloniex / KuCoin / EXMO)
Unsurprisingly, there are also plenty of Bitcoin-related trades to look into today. That is usually the case when the world’s leading cryptocurrency loses value and then starts regaining some of those losses. Buying BTC on Kraken, KuCoin, HitBTC, OKEx, Poloniex, Gate, Bitfinex and Binance and selling it on EXMO can yield profits of roughly 4% on average. Not a bad option to explore, given the current market circumstances.
Monero (Kraken / HitBTC)
It would almost appear as if this particular arbitrage opportunity comes back every single day. Monero prices between Kraken and HitBTC are always different, which allows for some easy profits to be scored in quick succession. As of right now, there is a 1.5% price gap between both platforms, with HitBTC maintaining the higher price. An interesting option to explore, assuming one wants to dabble in one of the least liquid altcoin markets in the top 15.
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.