Bitcoin rose alongside global equities markets. Many altcoins also saw double-digit gains, with ETH spiking above $2,000 and dogecoin advancing 6%. While these fresh gains boosted confidence in the market, it may be too early to celebrate.
The uptick in crypto prices is believed to be associated with the talk between Ark Invest CEO Cathie Wood, SpaceX and Tesla CEO Elon Musk, and Square and Twitter CEO Jack Dorsey that took place as part of The B Word conference.
In the talk, Musk revealed that SpaceX owns Bitcoin and that he personally owns BTC, ETH, and DOGE. Furthermore, he commented that Tesla may soon be accepting BTC payments again as bitcoin mining becomes greener.
Despite the crypto community claiming Musk is losing his credibility and influence over crypto, his words could still move the market. This time his influence may not be enough as several indicators still show signs of weakness.
The 100-day moving average on the 4-hour chart is still sliding downward, suggesting that traders are shorting the bounce.
While it seems that BTC has protected its $30,000 support, concerns over whether this is a relief rally are high. Bitcoin is also still trading below the 50-day moving average.”Bitcoin is still just chopping around,” Joel Kruger, a currency strategist at LMAX Digital, said. “I still think there is a risk for one more decent decline, but we’d need to see a break below the June low of $28,800 to trigger such a move.”
In times of uncertainty, a good way to survive is to diversify our strategies and portfolios. It is important to figure out your risk tolerance and only invest money you can afford to lose. Here are two options worthy of considering.
Option 1: A Wallet Designed for Traders and HODLers
An interest wallet is a safe haven to store your bitcoin. With up to 21% annualized interest, you can grow your wealth without taking the risks of trading. You can withdraw your deposit anytime you want or transfer the bitcoin into a trading account instantly.
Option 2: Trading with Reduced Risk
Futures trading enables traders to earn a profit regardless of which direction bitcoin’s price moves in. By predicting the right trends, traders can earn greater returns within a shorter period of time. Bexplus, a leading cryptocurrency leverage trading platform, offers 100x leverage. Even at times of great volatility, you can generate a profit with the help of Bexplus. Its Stop Loss & Take Profit options could help you lower the risk and lock in profits.
For instance, if you use 1 BTC and 100x leverage to short bitcoin at $32,000, when bitcoin drops to $31,000, you will earn ($32,000 – $31,000) * 100 BTC/$31,000 = 3.22 BTC.
If you are a novice trader, you could begin by trading with ademo account. A demo account allows you to know how the platform works and practice strategies. You can also learn to use technical indicators with the demo account.
Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on a variety of trading pairs – BTC, ETH, LTC, Dogecoin, XRP, etc. Demo account, 100% deposit bonus and mobile apps are available on Bexplus. Bexplus doesn’t require KYC and is trusted by over 800k traders from over 200 countries/regions. Bexplus is accredited as an MSB (Money Services Business).
Why Trade on Bexplus?
- No KYC, No Information Leakage
Registration only requires your email account and will only take a few minutes. Upon registration, you will get a real trading account and a demo account with 10 BTC for practice.
- No Deposit Fees and Fast Withdrawals
No deposit fees are charged, you can start your deposit at 0.001 BTC. To withdraw your funds, you only need to file the request and confirm it via email. Withdrawals are processed 24/7 and can take as little as 1 hour during work hours.
- Mobile App
How can anyone take a break from trading when bitcoin trades around the clock? The top-ranking Bexplus app helps you better manage your account. With 24/7 notifications, you can stay updated with the market. All data and assets can be accessed through all kinds of devices including desktops, mobile phones, and tablets. The intuitive and full-featured app is available on Apple’s App Store and Google Play
- 100% Deposit Bonus to Help You Maximize Profit
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 profit gained with the bonus are withdrawable.
Featured image via Pexels.