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After the bloodbath last week, the crypto market is having a strong rebound, showing hope to resume its rally. Bitcoin recovered from its low of 30,000 USD to test the resistance of 40,000 USD. Ether gained nearly 30%, reaching 2,750 USD.
The massive sell-off last week was caused by several FUD reports, including the tightening regulation and shutting off of mining in China, the announcement from Tesla to suspend accepting Bitcoin payment out of environmental concerns, and U.S regulatory concerns. Such events led to widespread fear and panic. Bitcoin and ether were down 50% and market sentiments have turned bearish.
Having significant influence over the crypto market, Elon Musk tweeted several times that he favored Dogecoin over Bitcoin. His tweets and influence stir up criticism that he has been manipulating the market. However, although many people said Musk is losing his credibility, Musk once again brings relief to bitcoin by supporting it to fix its energy problem.
The Elon Musk Effect
Elon Musk announced that he held a meeting with North American Bitcoin miners, who shall aim to promote energy usage transparency and accelerate sustainability initiatives worldwide. The meeting was held by MicroStrategy CEO Michael Saylor. Michael Saylor announced on May 19 that the company had purchased an additional 229 bitcoins for 10 million USD. Now the company owns 92,079 bitcoin at an average price of 24,450 USD per bitcoin.
According to Musk, the high consumption of fossil energy was the reason why Tesla stopped accepting Bitcoin. Although research shows bitcoin using less energy than the traditional banking system, bitcoin has been called dirty money by many critics. Energy usage transparency will surely give bitcoin a boost and help it fulfill the “future of money” goal.
Whales Are Accumulating
In addition, bitcoin may soon reclaim the 40K USD level as whales continue to buy the dip. Morgan Creek Digital’s Anthony Pompliano commented that data from Glassnode showed 122,588 BTC were procured by Bitcoin whales during the market crash.
Ray Dalio, founder of Bridgewater Associates shows support to bitcoin, revealing that he owns some bitcoin and that bitcoin is an ideal hedge against inflation.
42K USD Ahead?
With the market recovering from fear, one analyst pointed out that the price of bitcoin could test 42,000 USD. But if bulls fail to take this zone, bitcoin could fall back again.
How To Profit From Price Swings?
Futures trading enables traders to long or short their cryptocurrencies, so they could earn profits no matter which way the price goes while taking advantage of volatility.
Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP, etc. If you are ambitious to earn profits with futures trading, here are some tips for you.
Tip 1: thorough preparation makes its own luck
Favored by beginners, Bexplus has specially offered a demo account for every user. Upon registration, users will be given an actual trading account and a demo account, so they don’t have to make a request for the demo account. There are 10 replenishable BTC in the demo account for traders to practice as much as they like.
The market of Bitcoin is changing very fast and it could be easy to get lost in all the numbers and indicators at the beginning, so a good demo account could serve as a sandbox to improve their skills without worrying about losses.
Tip 2: trade on the go with your smartphone
Bexplus mobile app ranks in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. At first glance, the interface is quite simple and intuitive, but it covers all the necessary tools (real-time charts, a variety of indicators, news alerts, etc.) and information for traders to keep updated with the market.
Another useful function is the real-time notification that helps users monitor the market fluctuation 24/7. This could keep you updated while taking your mind off the stress temporarily. In such a volatile market, this could very well be the life-saver of your funds.
Tip 3: don’t let emotions get the best of you, keep a stop-loss
Since Bitcoin trades around the clock and it is impossible for us to monitor the market all the time, be sure to make good use of the stop-loss option that can help you lower the risks. Once the market price reaches the pre-set triggered price, your positions will be automatically closed and traded with the optimal market price available at that time.
To help traders make more profits in the volatile market, Bexplus now offers a 100% deposit bonus. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable.
No KYC requirements are needed, you only need to verify your email then you could start trading within a few minutes.
Join Bexplus to get bonuses and start your money making journey