Bitcoin Drops to $3,550 Closing Its Week in the Red

Bitcoin, the flagship cryptocurrency, has recently seen its price drop to $3,550 after trading at around $3,650 for a couple of days. This is notably the third time the cryptocurrency’s price drops suddenly this month.

According to CryptoCompare data, bitcoin is down about 3% in the last 24-hour period, as a little over $100 were slashed off its price in about 10 minutes, as volume surged. This was consistent with other sell-offs seen this month, which dragged BTC down from this month’s cuirrent high of about $4,050.

Bitcoin's price performance in the last 30 days

As a result, the cryptocurrency is down about 8.3% in the last two weeks, but is notably still up 10.5% in the last 30 days, as on December 15 it was at its $3,200 low, which some analysts believe may have been the bottom.

What’s behind today’s price drop is unclear, although data has recently suggested that BTC whales – holders with large amounts of the cryptocurrency – have recently started resurfacing. This, as whales who hadn’t touched their holding for between six and two and half years have started moving their funds as of last December.

Per data from Flipside Crypto, wallets active in the last days now hold roughly 60% of the flagship cryptocurrency’s supply. BTC whales can significantly affect the crypto market, as large buy and sell orders can easily see prices shift.

According to CryptoCompare, it would take a sell order of about 5,450 BTC ($18.8 million) for bitcoin’s price to drop 10% on the exchange. On platforms with lower liquidity, the amount is significantly smaller.

Bitcoin's orderbook on Bitfinex

As covered a study conducted y China’s state-run financial publication National Business Daily (NBD) found that about 0.7% of all bitcoin addresses control roughly 86.9% of the cryptocurrency’s circulating supply. This, as 97.2% of BTC wallets have less than 1 bitcoin in them.

As is often the case bitcoin’s slump dragged most altcoins along with it. At press time, Ether, EOS, Bitcoin Cash, and NEO are all down over 7% in the last 24-hour period, while Litecoin, XRP, and ZEC dropped between 3.9% and 4.6%.

TRON’s TRX is down by roughly 9%, while Ethereum Classic, a cryptocurrency that’s recently been hit with a 51% attack., has lost about 7.3% of its value.

You Can Now Buy Crypto With Visa and Mastercard via Binance App for Android

Siamak Masnavi

On Thursday (April 25), Binance announced that its mobile app for Android now lets you buy with Mastercard or Visa some of the most popular cryptocurrencies that are listed on Binance.com.

According to Binance, this support for cryptocurrency purchases via debit/credit cards, which is possible as a result of the partnership with Fintech startup Simplex that was announced on January 31, is available in version 1.5.8.0 or higher of the "Binance - Cryptocurrency Exchange" app for Android.

Since January 31, it is has been possible to buy on the main Binance website (Binance.com) Bitcoin (BTC), Bitcoin Cash (BCHABC), Ether (ETH), Litecoin (LTC), and XRP using debit/credit cards (Mastercard and Visa). Then, on March 12, it became possible to do the same on Trust Wallet (Binance's official non-custodial wallet app). And now, the Binance app for Android joins the party by offering the same feature.

 

Here is what you need to do to buy crypto via debit/credit cards on the Binance app for Android:

  • Tap on the "Credit Card" button, which is the last button on the toolbar you see in the middle of the "Home" screen. This takes you to the "Buy Bitcoin" screen.

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  • On the "Buy Bitcoin" screen, you can choose from a dropdown list the cryptocurrency you want to buy (BTC, XRP, ETH, LTC, or BCHABC), specify the quantity of a particular cryptocurrency that you want to buy, and choose the fiat currency (USD or EUR) you want to pay with.

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  • You will then be shown the total amount (including the fee) that you will get charged if you go ahead with the purchase.

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  • Once you tap on the "Buy Now" button on this screen, you will be shown a "Confirm Your Order" screen.

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  • If you then tap on the "Accept, go to payment" button on the confirmation screen, you will be taken to the checkout screen on Simplex.com, where you will be asked to enter into a form your personal details (email, phone number, date of birth) and your card details.

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Here are a few things you should be aware of:

  • "The crypto amount quoted is based on the current rate and is not final. If the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex"
  • The fee is "3.5% per transaction or 10 USD, whichever is higher."

Featured Image Credit: Photo via Pixabay.com. Screenshot Images Courtesy of Binance