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Thread: All Information About Bitcoin

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    The World’s Most Valuable Banknote Is (Barely) Enough to Buy One Bitcoin

    The world’s most valuable banknote is barely worth one bitcoin, according to a report published by Quartz. The banknote in question belongs to Brunei, one of the most centralized countries in the world, and has one of the richest men alive printed on it.

    Brunei’s B$10,000 bill is worth, at press time, roughly $7,584. Bitcoin, according to CCN’s price Index, is trading at about $7,700 after surging from about $7,460 in the last 24-hour period. The bill has a portrait of Sultan Hassanal Bolkiah, and was issued in 2006.

    Sultan Hassanal Bolkiah, one of the last absolute monarchs, is notably one of the richest men on Earth, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.

    Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from various international rights groups. Back in December, when most cryptocurrencies were at an all-time high, the country’s central bank reportedly cautioned against cryptocurrencies.

    Phasing out high-denomination notes
    The Brunei dollar’s value is legally par with the Singaporean dollar. Singapore itself had its own S$10,000, but reportedly discontinued it. High-denomination bills are being retired throughout the world, as these reportedly make it easier to conduct illicit activities such as terrorism financing, money laundering, and tax evasion.

    Recently, Latvia got rid of its 500-lat note, worth about $982, after becoming the eurozone’s 13th member. The eurozone itself is phasing out its €500 bill over similar concerns. Brunei’s high-denomination bill remains as the country is seen as a low threat for money laundering and terrorism financing.

    Switzerland, which recently called for a study on the potential risks and benefits of issuing a state cryptocurrency dubbed “e-franc,” has been resisting pressure to stop printing its 1,00-franc note, which currently accounts for more than 40% of its bills in circulation.

    According to an International Monetary Fund (IMF) article, a briefcase with $100 bills would be 70% full, while a briefcase with Brunei’s largest note would only be 1.5% full. Being easy to transport makes these bills ideal for criminals, the article suggests. A similar argument, coupling said feature with bitcoin’s semi-anonymous nature, was also used against the cryptocurrency in the past.

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    What’s Going on with Bitcoin?

    In terms of price, there’s not much to say, except it has been a boring week. Opinions seem to be quite divided, although that is only natural as the market keeps moving side-ways.

    What about technology? What’s new?
    In terms of new and exciting developments happening on the bitcoin community, there are a few different ones I would like to discuss today.

    Again, I’m not focusing in other projects like Iota or Eos, as their product is either in testnet, training wheels or was just released.

    What’s more important, to discuss how amazing new ideas will solve scalability, like PoS, DPoS and DAG’s, or to focus on what is being done at the bitcoin core development?

    Both!

    Yes, I agree there are many different projects worth mentioning and I will write an article discussing the ones I consider to be the most promising, their advantages and problems. But for now, let’s focus on Bitcoin. Not because of price, but due to adoption: no other cryptocurrency has as many users, developers and infrastructure support. Maybe Ethereum, which is closing in, but still Bitcoin is the most widely spread cryptocurrency and the base layer for the entire market.

    Today I will be discussing ways bitcoin is being improved and infrastructure changes happening in the near future, that can potentially help by lowering fees, by improving ease-of-use, by creating off-chain payments solutions or simply by adding more transactions to each block. There are ways of implementing each solution separately, but some core technology must be widely adopted, like Segregated Witnessing (SegWit).

    There will be three main topics I will approach today: batching, schnorr signatures and atomic swaps. I’ve been discussing the Lightning Network too much and I want to check different potential solutions, less prone to centralization.

    Speaking of the devil, that’s definitely one of the features I believe we should be trying to avoid. Bitcoin’s purpose is to be fully decentralized, so any action, update or improvement that won’t go in that direction should be disregarded.

    Ready for what’s coming?

    Batching
    Although this is obvious for techies, it doesn’t mean it’s an easy solution to implement on a massive scale.

    First we need to understand how bitcoin works.

    Each transaction is based on one input and multiple outputs. Meaning, with a single transaction you can transfer money to multiple people, for example.

    What’s really interesting is how data flows in the blockchain and what we can do with that information. Let’s say I create a transaction which weight is equal to 40 bytes and that said transaction only contains one input and one output. With batching you can aggregate transactions and literally save up space, so when I add an extra output, instead of the total weight of the transaction = 80 bytes (doubling down), it only adds, for example, 20 bytes more.

    This means that instead of creating single transactions, you can do one with a series of different outputs. Plus, each additional output does not double down the total transaction weight, meaning there’s economies of scale at play.

    These are very good news, as this feature can also be a way to help improving scaling. It won’t increase the number of transactions, but allows for a higher number of outputs per input.

    This is what batching is: aggregating many different transactions into a single transaction, by adding multiple outputs per input.

    Would you like a more visual representation of the savings?

    As you can see the number of bytes significantly reduces each time another payment (output) is added in a single transaction (for each input).

    It’s really cool if you’re a business or someone who makes recurring transfers, like sending money abroad.

    With batching there’s considerably more space in the block for more transactions with more outputs. Exchanges do this, of course; hopefully there will be tools available soon, so that single customers can easily select transaction outputs they would like to batch together on the same payment.

    How can this be used in real-life?
    Imagine you have a company and you do cryptocurrency payments.

    Instead of doing 5 different transactions in order to pay salaries or suppliers, you could chose to batch all payments in the same transaction (input) and set 5 different outputs, which would allow you to pay way less fees and make the overall block smaller.

    You already got it, right?

    This is a very straightforward example, but it actually works pretty well. You still need to do it from a command terminal (I think), as there is no way to do it with most wallet apps or exchanges’ wallets (blockchain.info, coinbase, etc).

    Still, learning how to do it might be worth the effort if you send money to many different addresses.

    Schnorr Signatures
    This subject might be a bit complex for the average non-technical reader and again, I’m not an expert. If you really want to get acquainted with the math behind it, check this video from a lead developer working on Schnorr Signatures. It’s still quite technical but, nevertheless, it’s the best explanation I’ve found so far.

    I’ll try to make this introduction as simple as possible, so you don’t run away.

    What are Schnorr Signatures?
    How can Schnorr Signatures improve scalability?
    Right, first things first;

    This is the model you usually see to explain how transactions work, correct?

    Bitcoin’s blockchain registers unspent transaction outputs; that’s all it does.

    When you send some bitcoin, you’re basically sending a message with an input which can be distributed between many outputs (as we’ve seen in batching). This is called the simple UTXO model.

    Now, there’s small features you can add, like allowing for different signatures to approve a transaction, for example.

    Multi-signature (or multisig) transactions require the participation (signature) of multiple participants. Each multisig transaction can only be posted if, and only if, the require signatures are present. This means that in order for any of the outputs to be used, they need to be unlocked.

    The really cool feature introduced by Schnorr Signatures is that it aggregates the signatures needed into only one signature (or signature hash, to be more precise) which can be used as proof to unlock the transaction outputs.

    Using Schnorr Signatures, the unlocking script would simply have 1 signature representing an aggregate of each participant’s signature. You can guess what happens:

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    Crypto Market Update: Major Coins Stem Further Losses, With Bitcoin Brushing $7,700

    Although crypto markets are still down over the past month, most of the top ten coins are in the green today, June 7.

    Bitcoin (BTC) is comfortably holding above the $7,600 threshold and inching to a new price point of $7,700, trading at around $7,690 at press time. The leading cryptocurrency, up almost 2.3 percent over a 24-hour period, saw an intra-weekly low just above $7,400, but has since stemmed its losses.

    Yesterday’s official clarification from the chair of the U.S. Securities and Exchange Commission (SEC) that Bitcoin is categorically not considered to be a security under U.S. law may have gone some way to bolster market confidence.

    Bitcoin’s regulatory status is evidently more clear-cut than major altcoins Ethereum (ETH) and Ripple (XRP), both of whose representatives have emphatically rejected security classifications, although their regulatory status in the eyes of the SEC remains unclear.

    Leading altcoin Ethereum (ETH) has seen a slightly lower gains of just over 1.3 percent on the day, trading around $606 to press time. Having recovered from its low of $571 earlier this week, the coin has for now reclaimed its ground above the psychological price point of $600.

    Most of the top ten coins by market capitalization are showing minor fluctuations of within a 2-3 percent range over a 24-hour, as data from CoinMarketCap shows. Of the top ten coins, only Cardano (ADA) is in the red, down less than 1 percent, trading at about $0.21 to press time.

    Altcoin EOS is seeing the most growth of the top ten coins over the past 24 hours, up over 4.5 percent on the day, trading at $14.20 a coin at press time. EOS is currently ranked in fifth place on CoinMarketCap, with a market capitalization of over $12.7 bln.

    Yesterday, stock analytics firm Trefis announced they have lowered their Bitcoin year-end price forecast from $15,000 to $12,500, according to their analysis of fundamentals of supply and demand in BTC markets. Trefis pointed to significant recent losses in total BTC transaction volumes across crypto exchanges, and attributed a surplus in supply and subsequent drop in price to Mt. Gox dumping BTC onto exchanges earlier this spring.

    As of press time, CoinMarketCap data indicates BTC trade volumes of 4.69 bln, down from 7.41 bln one month ago.

    While markets remain sluggish, institutional actors are making significant headway with their foray into the crypto sphere. Yesterday, one of the largest financial firms in the world, Susquehanna International Group, revealed it would be opening cryptocurrency trading to its clients, initially in the form of Bitcoin futures.

    The week has also seen news of significant advances among major crypto industry players to bring their operations under the purview of financial regulators. Yesterday, peer-to-peer payments platform Circle Internet Financial Ltd., revealed it is pursuing both a federal banking license and registration as a brokerage and trading venue with the SEC. The news followed hot on the heels of leading U.S. crypto exchange Coinbase initiating its own process to become a fully SEC-regulated broker dealer, through its acquisition of three financial firms.

    Overall market capitalization of all cryptocurrencies is $346 bln to press time, up about $10 bln on the week.

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    Bitcoin price plunges after cryptocurrency exchange is hacked

    There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

    confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

    The world’s best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.

    The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

    Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.

    Coinrail said “70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet . Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

    Police have begun an investigation, according to the Korea Herald, which cited a spokesperson as saying: “We secured the access history of Coinrail servers and we are in the process of analysing them.”

    Bitcoin is now trading at $6,752 – down from an all-time peak of nearly $20,000 in the week before Christmas.

    South Korea is one of the world’s major cryptocurrency trading centres, and is home to one of the busiest virtual coin exchanges, Bithumb.

    There have been a series of heists at cryptocurrency exchanges in recent months. Japan’s Coincheck was hacked in January, with more than $500m-worth of digital currency stolen. It started reimbursing customers in March but faces two class-action lawsuits. In December, South Korean exchange Youbit shut down and filed for bankruptcy after being hacked twice.

    Naeem Aslam at online trading platform ThinkMarkets said: “The question is: is there any limit to these hacks? After every few months, we are seeing the same pattern emerging. This is the result of loose regulatory control and regulators must step in to protect the consumers. Anyone who wants to do anything with exchanges should be forced to adopt high-grade security and regular security upgrades.”

    The Wall Street Journal reported on Friday that US regulators were investigating potential price manipulation at four major cryptocurrency exchanges. The investigation comes six months after CME Group launched bitcoin futures. Coinbase, Bitstamp, itBit and Kraken have been asked to share trading data related to the futures contracts.

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    Dead Cat Bounce? Bitcoin Price Recovery Could be Short-Lived

    Bitcoin (BTC) is looking to regain poise after its drop to two-month lows on Sunday, but the recovery will likely be short-lived, the technical charts indicate.

    At press time, BTC is changing hands at $6,825 on Bitfinex – up 3 percent from the two-month low of $6,619.

    The recovery could be associated with extreme oversold conditions highlighted by the relative strength index (RSI) yesterday and could be extended further in the next 24 hours.

    However, crossing $7,000 in a convincing manner will be easier said than done, as the area around the psychological hurdle is packed with key technical resistance lines. Further, the long duration charts have turned bearish, so holding on to gains above $7,000 will be a challenge for BTC's bulls.

    Hence, the recovery could turn out to be a dead cat bounce – a temporary recovery in a bear market that is followed by a resumption of the downtrend.

    The 38.2 percent Fibonacci retracement of the latest leg down in prices is $7,008.

    What's more, the cryptocurrency is struggling to find acceptance above $6,859 (23.6 percent Fibonacci retracement). The failure to beat a less important Fibonacci hurdle only indicates how tough it could be for bitcoin to scale $7,008 (38.2 percent Fibonacci hurdle).

    The bearish moving averages could also complicate the recovery in bitcoin prices. The 50-hour, 100-hour and 200-hour moving averages (MAs) are all trending south indicating a bearish setup.

    Meanwhile, the long duration charts are biased to the bears too.

    The bearish crossover between the 5-month and 10-month MA also indicates the tide has turned in favor of the bears.

    As discussed yesterday, the downside break of the pennant pattern has revived the bear market and opened the doors for a drop below the February low of $6,000. The pennant breakdown also adds credence to BTC's bearish close below the 50-week MA in May.

    And, last but not the least, the charts also show there is a lot of space to the downside as a major support is seen directly at $6,000 (Feb low). A violation there would open up downside towards $4,496 (100-week moving average) and $3,300 (trendline drawn from the August 2015 low and March 2017 low).

    View
    A minor corrective rally could be in the offing, but will likely run out of steam above $7,000.
    The broader outlook remains bearish with bitcoin likely to test $6,000 in a week or two.
    Only a daily close (as per UTC) above the 10-day MA, currently seen at $7,376, would abort the bearish view.

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    Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low

    The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.

    Bitcoin's value slid to $6,455.92 during the afternoon trading session, dropping more than $280 in the span of two hours, according to data from CoinDesk's Bitcoin Price Index. This represents the lowest figure since the start of April when the BPI registered a low of $6,443.

    The charts suggest a support of $6,436 – if current levels are broken, the next major support is $6,000, borne from the lows from early February of this year.

    As of press time, the BPI is reporting a price of $6,523.86.

    As of press time, bitcoin is down 5.82 percent in the last 24 hours. Further, on a year-to-date basis, bitcoin is reporting a 60 percent depreciation overall.

    Tuesday's session saw downward developments for other major cryptocurrencies as well. For instance, litecoin, the world's sixth largest cryptocurrency by market capitalization, is now approaching $98 – a price not seen since December of last year.

    EOS is also down 12% on the day, representing a total decline of 34% since June 4th.

    Meanwhile, the total market capitalization of all cryptocurrencies is just over $280 billion, according to data published by CoinMarketCap.

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    The mysterious reason behind the recent bitcoin sell-off may have just been uncovered

    The cryptocurrency has plunged nearly 30 percent in the last month, and more than 50 percent this year. But Tom Lee of Fundstrat may have just uncovered the reason behind recent weakness — or at least part of it.

    In a recent note, Lee, the firm's head of research, wrote that since the launch of Cboe bitcoin futures in December, prices have plunged leading up to expiration.

    "Bitcoin sees dramatic price changes around CBOE futures expirations. This was something flagged by Justin Saslaw at Raptor Group. We compiled some of the data and this indeed seems to be true," Lee wrote Thursday. "Overall, bitcoin has fallen 18 percent in the 10 days prior to CBOE contract expiration."

    Lee added the two exceptions were in February when prices ran up nearly 15 percent into expiration (he attributes this to tax selling), and April when prices were up 16 percent.

    The Cboe bitcoin June futures contract expired Wednesday, with prices hitting a four-month low during the session.

    "A broader observation is there is significant volatility around these expirations," Lee added. "And on average, the price recovered by day six ."

    Of course, there have been other reasons for the bitcoin bloodbath. Regulatory uncertainty, concerns over price manipulation and bear market sentiment have all weighed on the cryptocurrency.

    Nonetheless, if Lee's theory holds true, prices should recover in the next few days.

    Cboe bitcoin futures have fallen nearly 70 percent from their December high of $20,500. Despite the move, Lee is standing by his 2018 year-end price target of $25,000.

    Bitcoin was trading slightly higher Thursday, around $6,400.

    In response to Lee's thesis, Chris Concannon, president and chief operating officer of Cboe Global Markets, wrote in an email to CNBC:

    "While we are excited about our recently launched Bitcoin futures, the notion that they have materially affected the bitcoin price overstates their influence and ignores other critical facts. Our strict position limits and the limited open interest in our May and June settlements, suggest that the fall of Bitcoin can be more easily explained by other factors such as the recent regulatory scrutiny around the globe, steps by government tax collectors, the rise of other cryptocurrencies, and declining media interest in the asset."

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    Bitcoin Recovery Stalls Raising Risk of Price Drop

    Bitcoin (BTC) is once more facing a drop to (or below) $6,000, with both short- and long-duration charts being aligned in favor of the bears.

    The cryptocurrency found acceptance above the key resistance of $6,425 (April 1 low) in the second half of last week, raising the prospects of a corrective rally towards the $7,000 mark.

    Further, while a fall to $6,000 following a bear flag breakdown on Friday seemed likely, losses were unexpectedly cut short at $6,300, signaling bearish exhaustion.

    Yet, the leading cryptocurrency did not find any takers over the weekend, leaving trading flat-lined above $6,500.

    Courtesy of the drop from $6,573 (Sunday's high) to $6,370 (today's low), the short duration charts have now turned bearish. Meanwhile, the long duration charts continue calling a bearish move.

    As of writing, BTC is changing hands at $6,430 on Bitfinex – down 1.3 percent over 24 hours and is looking southwards.

    BTC's drop to $6,370 earlier today confirmed a downside break of the pennant – a bearish continuation pattern indicating the sell-off from the high of $7,638 has resumed.

    As a result, the cryptocurrency could slide to $5,820 (target as per the measured height method, i.e. the difference between the pennant high and low subtracted from the breakdown price).

    The moving averages (MAs) are also biased bearish, with the 50-candle, 100-candle and 200-candle MAs all trending south.

    Further, the relative strength index (RSI) is struggling to rise above 50.00 (into bullish territory).

    BTC remains trapped inside a falling channel, the RSI remains below 50.00 (in bearish territory) and the 10-day MA is falling (bearish).

    The 5-week and 10-week MAs are losing altitude, signaling a bearish setup and adding credence to the pennant breakdown.

    The 10-week MA is about to cross the 50-week MA from above (bearish crossover) for the first time since September 2015.

    View
    BTC will likely test $6,000 this week and could extend losses further towards $5,820.
    On the higher side, a convincing break above $6,618 (resistance seen in 4-hour chart) would open up upside towards the 5-week MA, currently located at $6,943.
    Only a weekly close above $7,959 (50-week MA) would abort the long-term bearish view.

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    “despite the fact that virtual currency market law maintains to hastily evolve, right now Grayscale does now not trust there were enough regulatory trends to prompt the SEC to approve the ... software,” the fund’s issuers said in a statement. They stated they would keep their talk with regulators, but couldn't expect while they may get authorized.

    The Bitcoin funding trust is currently traded “over the counter” in much less formal exchanges than the ones used for common stock transactions and at some distance higher fees than the bitcoin it holds. On Wednesday, stocks closed at $739.50, while the bitcoin it holds have been worth less than $373, in line with the issuer.

    The stocks are though buying and selling up 508 percentage this yr, more even than the meteoric upward thrust of the digital forex, which JPMorgan Chase & Co CEO Jamie Dimon this month known as “a fraud” with the intention to blow up.

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    Investors Turn Bullish as Cryptocurrency Market adds $12 Billion in 24 Hours

    Breathing Room, But Not Entirely Optimistic
    The Bitcoin price rebounded from $6,300 to $6,700, breaking a descending trendline since May 3, when BTC achieved $10,000. While it is too early to conclude that BTC has entered into a mid-term rally given that it is still likely for BTC to fall below the $6,000 mark in the short-term, the cryptocurrency market has gained a breathing room from the recent major correction that began in early May.

    On yesterday’s report, CCN noted that if BTC falls below the $6,300 mark, it could initiate another downward trend, potentially to the higher end of the $5,000 region. CCN also emphasized that if BTC rebounds to $6,600 in a period of 24 hours, there exists a possibility that BTC stops a potential move to the $5,000 region.

    So far, BTC has been able to remain relatively stable in the mid-$6,000 zone, with stable volume and moving averages demonstrating some momentum for the dominant cryptocurrency. But, if BTC falls back down to the $6,400 region in the upcoming days, it is likely that BTC will continue its downward trajectory.

    Investors have become more optimistic and bullish on the market, due to the abrupt surge in the volume and price of BTC within a small 2-hour period. If investors want to see BTC remain above the $7,000 mark in the short-term, it will have to reverse the bearish sentiment by restoring the volume and continuing the current upwards trend of BTC.

    As of now, based on the movement of BTC in the past 24 hours, it cannot be concluded that BTC restored its bullish sentiment and is ready to move to the upside. If BTC does sustain its momentum and volume in the next two to three days and remain above the $6,800 mark, a move towards $7,000

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