After reaching almost $14,000 in late June Bitcoin has been trading sideways at around $10,000 for the last couple of months, bouncing off the resistance level of $11-12K and having strong support at $9300. Itâ€™s been reported that bitcoin volatility levels reached 4-5 months minimums.
After trading sideways around the $10,000 level, it all changed on September 25th when Bitcoinâ€™s price dropped by over 18% to a low of $8,200. To better understand the scale of this downtrend, worth mentioning that on September 24th was Bitcoinâ€™s largest intraday drop since January, 2018 (when bitcoin plummeted from almost a $20,000 price market and started a so called crypto winter.) Ever since that drop, Bitcoin has been hovering in the $8,300 level for the past two weeks. It was only today that Bitcoin saw some bullish momentum that pushed it to a current price of $8,600.
According to industry experts, among the reasons for Tuesday price drop is a slow start of highly anticipated crypto futures platform Bakkt, which is backed by Intercontinental Exchange company. It has been reported that on the first day Bakkt accumulated only around 50 bitcoins (while CME futures received contracts for thousands of bitcoins only during its first day of operation.)
Another reasons expressed are: low trading volume of Bitcoin and a decline in the hash rate, that indicates how much computing power is using to perform Bitcoin transactions.
Margin Trading Exacerbated Bitcoin Price Fall
In his commentary to Coindesk, anonymous trader stated that price droop may have been exacerbated by margin calls and position liquidations on BitMEX, world largest crypto margin trading platform.
The fact that margin trading can so heavily influence price trend shows that during Bitcoin low volatility period margin trading has became an important element of crypto world.
Bexplus: Effective and Easy-To-Use Margin Trading Platform
While BitMEX is a no doubt biggest margin exchange in the world with a tremendous trading volume, it has its own cons. Trading on BitMEX is relatively difficult, it has bulky user interface and, despite thereâ€™s no KYC, BitMEX officially doesnâ€™t allow nationals of some countries to trade on the platform.
Hong Kong-based Bexplus offers same features as of BitMEX, such as 100x leverage and availability of short positions for crypto, but doesnâ€™t require that much effort from the user to start trading.
Among Bexplus advantages are:
- Fast registration and no KYC: youâ€™re ready to trade in 5 minutes
- Availability of various bonuses to strengthen your investment power (such as $100 deposit bonus, see below)
- 24/7 Client support
- Free trading simulator
- High liquidity: the rates on Bexplus are composed from the data of 5 worldâ€™s biggest crypto exchanges
- Bitcoin Wallet: make a deposit and earn up to 30% of annual interest
Bexplus beginner reward pack
Bexplus announced its new user reward program: 500 new users have an opportunity to get various bonuses to strengthen their investment power: among the bonuses are 10% discount for trading fees, 10$ registration bonus, 100$ bonus for the first deposit and 10 BTC for practicing in the simulation mode.
Trading Fee 10% discount
Regular Bexplus trading fee for BTC/USDT pair is 0.075%, which is lower than many of its competitorsâ€™. After the discount new user will enjoy just 0.07% trading fee for a BTC/USDT trading pair. The trading fee discount is permanently valid once you registered via the link from the campaign page.
$10 Registration Bonus
After registration ANY user can get a $10 (≈0.001 BTC at the time of writing) registration bonus: no need to make a deposit. $10 bonus can be traded in a real trading account, profits made with $10 registration bonus are allowed to withdraw.
$100 Deposit Bonus
All the users who made more than 0.008 BTC bonus are eligible to claim $100 (≈0.001 BTC) bonus. Deposit bonus can be used as margin, so all the profits you made will be higher than without it. Profits are allowed to withdraw.
Users whoâ€™s deposit amount is lower than 0.008 BTC can receive 100% deposit bonus. For example, by depositing 0.004 BTC user will receive 0.008 BTC.
10 BTC for Demo Account
Users can start their introduction to leveraged trading by improving skills in the simulator: 10 BTC for that are granted as soon as youâ€™ve registered.
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Disclosure: This is a sponsored article
The post Experts: Margin Trading Exacerbates Bitcoin Plummeting appeared first on NullTX.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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