As all cryptocurrencies remain buried under a fresh layer of bearish market pressure, it will be interesting to see how things move ahead in the coming weeks. For Ethereum, the double-digit value is coming a lot closer over the past few days. A bit more negative price pressure will crumble the support at $100, which is a pretty interesting development, although not necessarily for the right reasons.
Ethereum Price Support Runs out of Gas
Although it has been coming for quite some time now, the Ethereum price is genuinely on the verge of dropping back into the double-digit range. It is a development most holders and speculators would rather not see materialize, but there is very little reason to expect anything different in the coming weeks. As the onslaught continues, this pressure will only intensify further, and there is no telling where the bottom will be.
Over the past 24 hours, the Ethereum price lost another 6.3% in USD value and 4.5% over Bitcoin. As long as altcoins do not inch ahead in the BTC ratio, things will not improve anytime soon. For Ethereum, it seems this is a battle that simply can’t be won. As such, a drop below $100 would require just another 2% decline at this time. It is very likely to happen pretty soon, although one never knows if that will effectively be the bottom.
There is some positive news which might keep the Ethereum price in the triple-digit range for a while longer. Bitwise has seemingly confirmed they will introduce two new liquid funds. As one would come to expect, there will be a strong focus on Bitcoin, although the company isn’t giving up on Ethereum just yet either. Whether or not that is the smart decision, is a different matter altogether.
— CryptoEase (@CryptoEase) December 6, 2018
Bitcoin Black Friday Makes Its Debut In Margin Trading
[Reporter] Bex500 debuts a Bitcoin Black Friday sale that gives traders “0” maker and taker fee on black Friday.
Users of Bex500 awoke to the news that they have gained a special offer on black Friday with Zero taker and maker fee. Enrollment is open to new users with simple registration by email to [email protected] All exchange’s supported cryptos – BTC, ETH, XRP, LTC are included in the “0% trading fee black Friday sale”.
Bex500 claims to be the first crypto exchange to pioneer Bitcoin Black Friday sales, but said it was a symbolic gesture for more attention to bitcoin derivatives, and an advocation for a secured and fair crypto derivative market.
Less Cost, More Margin, Better Risk Control
With more than 60,000-BTC trading volume over the last 24H, Bex500 has ranked top 5 margin trading exchanges. As a major player in the game, Bex500 is an alternative to BitMex with its uninterrupted service during high demand in extreme volatility.
“0 trading fee” only lasts for one day in Bex500. Although 0 costs can lead to more available margin, “risk and position management” is the foundation for profits.
In their trading handbook, Bex500 explained that, 100x leverage is a double sward. “Black Friday Sales”, is not an encouragement for frequent trading. You can conquer the gladiatorial battle with better risk management including “SL/TP” and position control (the percentage of capital you put down).
More Risk Management Focused
Bitcoin derivative market is increasingly competitive, while most exchanges are boasting about their high leverage and suspected to counter trade against clients, Bex500 takes a more professional approach – enable more risk control tools and educate their traders to control their positions, and lock in positions in time.
A comprehensive trading academy on their website covers from basic trading rules to advanced technologies.
In Bex500, you can set up SL/TP afterwards and don’t have to later set up numerous additional trades just to act as take profit and stop loss. “Locked position” is also available for scalping trading.
Traders can be confident their investment is secured with most comprehensive risk control methods in Bex500.
Decreasing trading volume and plateauing volatility sets stage for Bitcoin’s surge?
As of November 17, 2019, trading volumes across major exchanges dropped to a 3-month low and it looks like it is going to continue dropping. Is it the calm before the storm? If yes, what could be in store – surge or a drop?
The interesting observation is that the trading volume started its decline on November 15 and rapidly declined to the current lows. For Coinbase, the poster child for crypto exchanges in the U.S., the volume declined from $185 million to $65 million. For Binance, the decline occurred from $1 billion to $517 million.
Coinbase Vs. Binance
For Bitfinex, the trading volume dropped from $96 million to $39 million, whereas, BitMEX’s trading volume dipped from $2.9 billion to $905 million, a whopping 68% decline in BitMEX’s trading volume,
Bitfinex Vs. BitMEX
For all of the above charts, it is clear that the drop is the lowest seen in the last three months. The most brutal drop was seen with BitMEX which saw a 68% decline in trading volume. Following it was Coinbase with a 64% decline, Bitfinex at 59% and the least affected exchange among the lot was Binance with a decline of 48%.
A Look into Volatility
The volatility of Bitcoin hit a low of 2.5% on October 25 which was seen with a reaction from Bitcoin’s price which rose from $7,400 to $10,000 in a single daily candle. Since then, the volatility has plateaued near the 4% point for over 20 days.
The last time volatility moved sideways was after the April-pump when Bitcoin went from $4,100 to $5,600 in 30 days. Following this, the volatility dropped giving rise to more price surges. At present, the volatility looks like it will do something similar, causing a massive price movement. However, the direction in which BTC will move is still unknown.
However, looking at the price chart of Bitcoin, the price keeps forming lower lows on the daily time frame. The price is stuck inside a falling wedge pattern indicating a pump when it breaks out of the pattern. Moreover, the price has also tested the 0.786-Fibonacci level [$8,370] and seems to be supported by it. Disagreeing with the above is the Death Cross which has been clobbering the price and preventing bulls from taking control. This gives a 50-50 chance, meaning BTC could break out either way. However, one thing is sure, the breakout will be volatility induced move much like the one seen on October 25.
Adoption: 5 Business Industries That Accept Bitcoin In 2019
Bitcoin saw the light of day a decade ago, and since then, it attracted serious interest in the financial sector. Even though a lot of people use it mainly to get exposure to its price denominated in fiat currencies, there are a lot of businesses that accept Bitcoin as a payment method.
Traveling With Bitcoin
Back in 2013, the popular American travel agency Cheapair began accepting Bitcoin as a means of payment. This led to other companies implementing it as well, and now clients can use their bitcoins to book flights and hotels all around the world.
The cryptocurrency can be used to directly book a flight with Norwegian Air that also allowed it as a payment option earlier this year. Interestingly enough, the company is also reportedly looking into creating its cryptocurrency exchange.
People can also use Bitcoin to book certain hotels. For instance, a large Canadian group called Sandman Hotels started accepting BTC back in 2014. More recently, a Swiss luxury hotel, The Dolder Grand, announced that its clients could use the largest cryptocurrency to pay for their accommodation.
Entertainment & Sports
If you are into mind-boggling and adrenaline-boosting experiences, then chances are you have heard about escape rooms. Those real-life puzzle rooms where you have to solve a lot of mysteries and problems to get out of a specific space have become nothing short of accessible. Interestingly enough, there are many escape rooms that accept crypto as a means of payment.
On another note, a close variation of an online library, the Internet Archive, that includes vast loads of information, is also accepting donations in crypto. Some of the most popular ones include Bitcoin, Bitcoin Cash, Ethereum, Ripple, Zcash.
As CryptoPotato reported earlier this year, cryptocurrency adoption and usage continue with one of the most popular sports in the world – soccer. A famous Portuguese team, S.L. Benfica, allows its fans to use Bitcoin and Ethereum to purchase its merchandise.
Since Bitcoin’s idea is to be an electronic, peer-to-peer payment method, it’s only logical that online stores are among the first businesses to ever accept it. The tech giant Microsoft added the popular cryptocurrency back in 2014 for some of its products.
Since then, others were quick to follow in these footsteps. Overstock, the popular US-based online retailer, was among the first major stores to accept Bitcoin as a legitimate payment method. Those who want to purchase their electronics with crypto can do so with Newegg as well, which is a tech-focused online store.
The Food Industry
This is where things get a little bit interesting because it’s still somewhat uncommon to pay for your Sushi with Bitcoin. However, there are plenty of venues which would gladly take it. Clients can enjoy their favorite meals from pizzas to burgers while paying with their cryptocurrency assets.
Back in 2010, on May 22nd, a man from Florida called Laszlo Hanyecz paid 10,000 BTC for two large pizzas. This amount is currently worth millions, and it’s perhaps one of the most famous Bitcoin transactions in the relatively short history of the cryptocurrency. Of course, back then Hanyecz paid someone in Bitcoin just to order him two pizzas for his own FIAT but was also a way of spending your Bitcoins.
Whereas most of the information comes from fast-food chains and takeaways, Bitcoin, as a form of payment, has been recently added to other major outlets in the industry. Reports have it that the Amazon-owned Whole Foods are accepting Bitcoin in their stores as of this year.
Lambo (from Lamborghini) is a term often used in the cryptocurrency community when describing a possible price surge. The question “When Lambo?” is perhaps one of the most commonly used ones within the community. However, it turns out that Lamborghini dealerships have seen an increased number of transactions involving cryptocurrencies, especially around the 2017 parabolic price boom.
Some venues allow for the most significant cryptocurrency to be used to purchase impressive models from carmakers like Aston Martin and Ferrari. Still, clients can also choose classic cars, as well.
Furthermore, using Bitcoin for car purchases spreads beyond just supercars. Numerous local dealerships, as well as giants in the automotive game, have adopted it as a payment method.Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.