Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales

Ursprünglich erschienen auf: https://thebitcoinnews.com/bitcoins-push-to-11000-comes-following-intense-accumulation-from-whales/

  • Bitcoin is currently in the process of pushing towards $11,000, although it is facing some slight selling pressure at this level
  • The cryptocurrency now appears to be positioned to rally higher in the near-term, as it was able to post an incredibly bullish weekly candle close yesterday
  • Within one minute of this candle closing, BTC’s price rocketed by hundreds of dollars
  • One interesting trend that appears to be backing this move is a pattern of accumulation amongst so-called “whales”
  • An analyst observed that this body of investors was heavily accumulating BTC throughout the recent dip

Bitcoin and the entire crypto market are pushing higher. BTC is now fast approaching its heavy resistance around $11,000, with a break above this level opening the gates for a move up towards its next resistance at $11,200.

This level marks the upper boundary of the wide trading range formed throughout the past couple of weeks, with a lower boundary existing at $10,200.

Until $11,200 is broken above, it remains too early to say with full confidence that a move towards $12,000 is brewing.

One group of investors that may perpetuate this uptrend is so-called “whales,” as data suggests that they have been aggressively increasing their BTC exposure throughout the course of this recent downtrend.

Bitcoin Rallies Towards Key Resistance as Selling Pressure Dissipates

At the time of writing, Bitcoin is trading up over 1% at its current price of $10,925. This is around where it has been trading in the time following its post-weekly close upsurge seen yesterday afternoon.

This surge led the crypto up to highs of $10,980 before it slowed, with the resistance at $11,000 sparking a consolidation phase.

Where it trends throughout the coming few weeks should depend primarily on the intensity of the resistance between $11,000 and $11,200.

Whales Have Been Aggressively Accumulating During Recent Downtrend

One pattern to be aware of that could be influencing the ongoing upswing is an accumulation trend amongst large Bitcoin investors.

While speaking about this, a respected analyst noted that the dip to lows of $10,200 provided whales with an ideal dip buying opportunity that they took full advantage of.

“I told you whales were trying to shake you out. It looks like there was heavy accumulation going on when we dipped to 10200,” he said in reference to the below data.

Image Courtesy of Byzantine General.

How the entire market trends next will depend on Bitcoin. As such, its reaction to the resistance between $11,000 and $11,300 will be critical for understanding where it will trend next.

Featured image from Unsplash.
Pricing data via TradingView.

Post source: Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales

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An Introduction To FTX Crypto Leveraged Tokens

Ursprünglich erschienen auf: https://thebitcoinnews.com/an-introduction-to-ftx-crypto-leveraged-tokens/

The cryptocurrency market space can be boring if you are trying new product types. FTX, one of the most popular cryptocurrency derivative exchanges, introduced crypto leveraged tokens. In this article, we look at what they are and how they work. 

What are FTX crypto leveraged tokens?

Leverage trading is a popular type of trading in traditional finance. It has also found its way into cryptocurrency markets mainly through trading futures. 

Leverage trading is popular because it allows traders to make profits with less capital compared to spot trading. FTX provides a cryptocurrency derivatives product that makes leverage trading straightforward and more accessible.

FTX crypto leverage tokens are tokenized positions on the blockchain. These tokens give you leveraged exposure to the market, without the need to manage a leverage position.

These leveraged tokens are ERC20 tokens on the ethereum blockchain. Leveraged tokens present an innovative opportunity for people to trade with leverage. Traders do not have to think of other factors like margin, collateral, and liquidation. 

You can buy, store, transfer, and sell leveraged tokens like any other ERC20 token. For instance, the bitcoin BULL is a token with 3x long exposure to the bitcoin price. When bitcoin’s price goes up 1%, the price of the BULL token goes up by 3%. On the other hand, when bitcoin drops by 1%, the BULL token’s price decreases by 3%.

The opposite of the bitcoin BULL token is the bitcoin BEAR token. The BEAR token has 3x short exposure to the bitcoin price. When the price of the underlying asset, bitcoin, goes down 1%, the bitcoin BEAR token price goes up 3%, and when the price goes up 1%, it goes down 3%.

FTX leveraged tokens are one of the most popular crypto derivatives on the exchange.

How does it work?

As explained earlier, each token is a leveraged position of an underlying asset. Here are examples of various leveraged tokens on FTX:

  • ETHBULL – 3x long ethereum token.
  • ETHBEAR – 3x short ethereum token
  • LINKBULL – 3x long link token
  • MATICBEAR – 3x short matic token
  • EOSBULL – 3x long ethereum token
  • and much more +

For example, if you purchase $100 worth of LINKBULL, the token that gives you a 3x long exposure to ChainLink (LINK). The purchase will trigger the account that represents the token to open a 300 USD position on the LINK/USD perpetual futures.

A similar process occurs when a trader redeems a leveraged token. However, issues related to issuing and redemption are mostly well understood by experienced users.

There are advantages that come with using FTX crypto leveraged tokens. With traditional leverage positions, the trader is solely responsible for managing risk. Leveraged tokens remove the worry about risk factors like margin and liquidation. 

What’s more, FTX leveraged tokens can be traded on several exchanges since they are just like regular tokens. Further, you can buy them and keep them for a longer period of the exchange and in any ethereum supported wallet. This architecture means that you do not need to rely on the exchange to keep trading with leverage.

Some risks are associated with trading leveraged tokens too. It is always recommended that you trade responsibly, understanding how the market operates.

How to trade FTX leveraged tokens

To get started with trading leverage tokens, you have to register on FTX.com to get started. (By using our FTX link, you get a 5% discount on trading fees).

It is best practice to set up two-factor authentication (2FA) to add an extra layer of protection to your account. 

If you intend to trade more than $1,000 on FTX, you will have to go through the KYC verification process. This takes a few minutes to complete.

After, you can begin to trade crypto leveraged tokens on FTX.

To find a leveraged token, you can use the FTX homepage. The homepage has a tab of different markets and a list of trading pairs in each market. Select ‘leveraged tokens’ and scroll through to find your token or pair.

You can also use the assets bar at the top of the exchange to find the cryptocurrency you want to trade. A click on the asset will bring a popup menu with all the markets and derivative products you can trade. You can select the leveraged token trading pair from there.

Now that you on the trading interface, you can purchase or sell your FTX crypto leveraged tokens. 

ftx-crypto-leveraged-tokens-trading-ethbull
In this example, we will use the ETHBULL/USD pair. 

SIGN UP ON FTX.COM

Bottom Line

As cryptocurrency evolves, derivative products like this open up several ways through which traders can make a profit. FTX is leading the derivatives market in the crypto world with other innovative products like MOVE, options, and more besides leveraged tokens.

You should also read these articles on FTX:

FTX-crypto-leveraged-tokens-guide

The post An Introduction To FTX Crypto Leveraged Tokens appeared first on BlockNewsAfrica.

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Bitcoin is All Grown Up and the Future is Bright

Ursprünglich erschienen auf: https://cryptocurrencynews.com/sponsored/bitcoin-future-bright/?utm_campaign=rss__ccn&utm_source=rss&utm_medium=rss

Currency has had a fruitful and largely charmed life, and watching it come into its crypto own is heart-warming indeed. 

Currency as we know it has been evolving throughout our lifetimes. Along the same timeline and gently curving slope that it has evolved along since the advent of currency. From bartering and trading for goods, to exchanging precious metals, gems, and even spices for something else. Notes and coins are still, in the larger sense of currency, a fairly novel addition, but even those have seen their heyday and are entering into their twilight years. In …

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Would it be possible to make a gambling game for moons?

Ursprünglich erschienen auf: https://www.reddit.com/r/CryptoCurrency/comments/j1hz0x/would_it_be_possible_to_make_a_gambling_game_for/

Just curious, since moons will eventually go on the Mainnet as an erc20 token, would it be possible to create a game that uses moons to play and gamble against other people with moons? I’m thinking of like an arcade kind of aesthetic, thought it might be a cool idea if you could have online mini games against other people where everyone puts moons into a pot and competes for them. It wouldn’t even have to be gambling games, anything competitive would work right?

submitted by /u/madaradeath9
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USDT Is a Game Changer for Online Poker

Ursprünglich erschienen auf: https://thebitcoinnews.com/usdt-is-a-game-changer-for-online-poker-2/

CoinPoker – the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to introduce USDT as the in-game currency, solving the ever prevailing volatility issues and creating grounds for accelerated growth. Alongside launches two promotions giving away 100,000 GTD in prizes.

The changes will finally allow the poker community to play using chips pegged to dollar value, while at the same time offering the lowest rake in the industry and verifiably fair decentralized card shuffling mechanism – a trio never seen in the history of online poker.

Choosing the Coin

USDTSource: EthereumWorldNews

With expert advisors, poker elite, and community supporting the need for a change, USDT was an obvious choice as it matched the high criteria the room had for the coin: stability, transaction speed, and the overall reliability.

In addition, USDT is simple to use when it comes to crypto newbies: going from fiat on users‘ bank account to USDT on a poker account and vice versa can be done in a matter of hours. CoinPoker also allows its users to deposit and withdraw in BTC and ETH making the most out of the in-app currency conversion tool.

Better for a Player

Looking from a player’s side USDT has the obvious superiority when it comes to providing liquidity and a hedge against crypto market volatility. The tokens are pegged to fiat money making this stablecoin less risky than typical cryptocurrencies therefore safe for both newcomers to the poker app and poker pros who will always know their bankroll in terms of fiat value.

Unique Bonus System

USDT will work in perfect balance with CHP token, a predecessor in-game currency of CoinPoker, which won’t be a must for playing, however, will guarantee exclusive privileges and perks for its users and holders: rakeback, extra leaderboard points, exclusive access to the sportsbook section and discounts on withdrawal fees. Reportedly more benefits to come in the nearest future.

A Room Providing More Possibilities to Win

It’s worth noting that CoinPoker is a crypto poker room with the lowest rake in the industry and huge promotions giving away thousands in fiat value each week. This is also the first poker room that returns 100% of the rake back to players in various shapes and forms.

Seeing what’s on the table makes it obvious that the combination of the stablecoin USDT as in-game currency and CHP as a bonusing fuel is set for long-term success which is a must to take advantage of as a player.

The Best Time to Join Is Now

poker

USDT will become the official CoinPoker in-game currency on the 1st, October. The room is marking this significant date by giving away 100,000 GTD in prizes.

Players will be invited to enjoy ‘Crypto Series of Poker’ – the biggest series of crypto poker tournaments that have already become a tradition on CoinPoker, while Cash players will be treated to a two-week Leaderboard rewarding a total of 100 places!

Once registered don’t forget to invite your friends to do the same since CoinPoker referral program awards 30% of what the referrals rake.

Download and start playing!

Featured image: OnlineGamblingSites

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