- The new ‘Black Thursday’ could be attributed to the concern for the second wave of coronavirus pandemic which is dragging the global economy down.
- Contrary to popular belief, low exchange reserves could foreshadow an accumulation phase for bitcoin.
- Leading crypto trading platform Bexplus has recently launched a new lending feature: interest-bearing BTC wallet with up to 30% annualized interests.
Bitcoin took a sudden plunge on Thursday to $9,258 as of 20:00 UTC (4 p.m. ET). Besides bitcoin, almost all major assets saw red, with the S&P 500 closed down 5.89% and saw a worst since March 16. As for Dow, it closed down 6.9%.
The new ‘Black Thursday’ could be attributed to the concern for a second wave of coronavirus pandemic which is dragging the global economy down. But amid the widespread fear, there is still hope: on Wednesday, the Federal Open Market Committee revealed that they expect unemployment will fall to 6.5%, and real GDP rebound by 5.0% in 2021. Just last Friday, the U.S. Labor Department reported that 2.5 million jobs were recovered.
If you are waiting anxiously for a big move, here comes a bullish sign: the bitcoin exchange reserves just hit a 1-year low.
According to the data of Glassnode, the BTC balance on exchanges is at 2,310,466.600 BTC. March marks a turning point for the pace of withdrawal as more investors chose to hold their coins instead of selling them.
More deposits are fleeing from exchanges, why is this a good sign? Contrary to popular belief, low exchange reserves could foreshadow an accumulation phase for bitcoin. Investors tend to hold an asset when they are confident with its medium and long-term performance. When the buying demand beats the selling pressure, the bitcoin price will get a strong boost.
A significant outflow was also detected during May 2019 when bitcoin’s price soared from $4,000 to $8,000.
Apart from BTC exchange reserves, bitcoin volatility has hit a low since the “Black Thursday” crash. The 30-day volatility is at 40%, while 60-day volatility has fallen to 52.18%. It is believed that bitcoin has entered a price consolidation stage and what awaits such consolidation is often a big breakout/breakdown.
The market is singing bullish. Mining difficulty has dropped, top traders like Grayscale and Bloomberg openly show their support for bitcoin, and countries such as Iran and India are accelerating crypto adoption. Another bull cycle could be just around the corner.
How to Prepare for the Bull?
Leading crypto trading platform Bexplus has recently launched a new lending feature: interest-bearing BTC wallet with up to 30% annualized interests. This is the best place to store your bitcoin and take steady profit even the bullish market is still on the way.
Furthermore, if you want to act boldly and make more profits, the 100x leveraged trading offered by Bexplus could help you multiply your profits 100 times. When the bull comes, you will have more coins at your disposal.
Established in 2017 and headquartered in Hong Kong, Bexplus offers 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by clients worldwide, including the USA, Japan, Iran, and Sudan.
Option 1: A Wallet Designed for Traders and HODlers
Watching the price index all day long and getting no good news could be exhausting and discouraging. When in doubt, sit tight. Don’t stress yourself out before the bull arrives. Meanwhile, you could consider storing your BTC into an interest-bearing wallet, where your deposit could gain up to a 30% annualized interest rate.
The monthly interest is calculated as (S*I/365*30)=MI. S represents the sum of the deposit, I stands for interest, and MI is the monthly interest. If you deposit 10 BTC in your wallet, the monthly interest you would receive is (10*30%/365*30)=0.24 BTC. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.
Option 2: Managing Trading with Less Risks
Leveraged trading allows traders to open a leveraged position X times more than their actual capital. By predicting the right trends of Bitcoin’s price, traders can earn greater returns within a shorter period of time.
To illustrate, you can open a long position worth 10 BTC at the price of $9,000. With the 100x leverage of the Bexplus exchange, you only need to deposit 0.1 BTC as margin. When the price of BTC increases to $9,500, you can close the position and take profit. Your profit would be ($9,500-$9,000)*10 BTC/$9,500=0.526 BTC.
Demo Account with 10 BTC
To help beginners better get used to leveraged trading, Bexplus provides every user with a demo account upon registration. There are 10 replenishable BTC in the demo account for traders to practice as much as they like. You can also learn to analyze the market and use the tool-kit with the demo account. Besides, you can always trust the 24/7 customer support to help you solve your problems in trading.
- Check the Market at Any Time and Anywhere You Want
Bexplus mobile app ranks in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. You can check the market, enter or close a trade, or deposit your funds in the interest-bearing wallet wherever you like. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement.
All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets.
Claim Your 100% Bonus
Double deposits, double profits. Users can get a 100% deposit bonus for every deposit on Bexplus. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. Every user can join the promotion and get up to 10 BTC bonus. Now active users can get 10% off of their transaction fee.
Follow Bexplus on:
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8