The world’s most valuable virtual currency dropped about 10% to $10,175, according to CoinDesk data. It briefly dived below $10,000, dropping as low as $9,872. During the July 15th Asia session Bitcoin is trading at around $12,300. Pulled back by bitcoin fall, some altcoins are also reporting double-digit losses:
Image source: Coin360
Bitcoin price has suddenly dropped right after U.S. officials shared their opinion on Facebook’s cryptocurrency Libra and President Trump made some remarks regarding crypto industry in general.
In his comment to Bloomberg Alfonso Eparza, senior market analyst at Oanda Corp. said that bitcoin “continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency.” “It could fall further to $8,000, giving back all the gains made in June.”
Others have suggested the fast-approaching next bitcoin halving, where the number of bitcoin tokens awarded to miners will be cut by half, could cause a “supply shock” in the market.
Current bitcoin rally is notable for how the industry news significantly reflects on coin prices: late June’s Libra introduction made investors more confident about crypto industry and made bitcoin price to rise up to almost $14,000. However, the bearish trend has started when Federal Reserve Chairman Jerome Powell last week threw some cold water on the bitcoin rally by expressing various regulatory concerns before Congress.
Anyway, long-term investors are still positive about the future of the BTC and not willing to sell off their bitcoins.
Also, a number of experts point out that recent bitcoin volatility is partly happening due a leveraged margin trading.
How crypto investors gain profits on leveraged margin trading?
By margin trading, we particularly mean bitcoin futures trading. A futures contract is an obligation of one side to buy a certain amount of asset for a specific price in the future. On the other hand, the second side has an obligation to buy this asset. Bidding by properly predicting price direction (will it rise or fall?) the buyer can make a profit on the margin.
Sounds difficult? Beginners can try Bexplus trading futures using simulator, which reflects the real market conditions and allows you to learn how to beat on price direction. Bexplus is a fast-growing marginal exchange with x100 leverage. Leverage allows you to gain profits by investing small amount of BTC: by depositing 0.01 BTC you can gain a profit up to 10 BTC!
Bexplus advantages are simplicity, no spread, availability of a simulator, security, quick withdrawal and deposit, as well as additional bonuses (for example, we offer an annual interest rate for a deposit) and responsive 24-hour technical support.
Bexplus invites all its users to participate in our cashback activity: if you deposit any amount of BTC, you can get a 10% cashback! For example, if you have deposited 1 BTC, your account will have 1.1 BTC, which you can use to trade and withdraw.
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