The crypto market is once again heating up following Bitcoin putting in a “bottom” and signaling an end of the bear market. Since then, the price of most top cryptocurrencies have rallied alongside Bitcoin, and bullish sentiment is once again running wild across the industry.
The resurgence of interest in the market also means that news is once again breaking around the clock – both positive and negative. With so many developments occurring as such a rapid pace, it can be difficult to keep up. Here’s what’s been going on across the cryptoshere over the last week that’s got the entire industry talking.
Bitcoin Blows Through $8,000, Sets Sights on $10,000 and Higher
The bear market is officially over, as Bitcoin has now rallied though support turned resistance at $6,000 and has continued to climb effortlessly higher towards $10,000. The first every cryptocurrency has showed almost no signs of stopping, only experiencing minor pullbacks to reset overbought indicators just enough to prepare for another move up.
Talk of new all-time highs has already resurfaced, as the irrational exuberance from the 2017 crypto hype bubble makes a comeback. Since the start of April, Bitcoin has more than doubled in value, and is close to tripling in value from its bear market low of $3,200.
Crypto traders are watching key resistance levels at $9,800, which if breached, almost guarantees a test of $10,000. Some crypto analysts believe that Bitcoin will need to break $11,700 before a new bull market is confirmed – as that’s the resistance that once Bitcoin fell below, it was never able to break back above and set off the entire bear market.
Binance Highlights Pros and Cons of Margin Trading, Feature Coming Soon
Binance is preparing its long-awaiting margin trading feature, finally catching them up with the likes of BitMEX, Bitfinex, and PrimeXBT. Ahead of rolling out margin trading, Binance took an opportunity to outline the pros and cons of margin trading, calling it a ‘high-risk trading method” that can increase gains substantially.
It’s strange that Binance continues to delay the launch of margin trading on the platform despite the infrastructure being in place for some time. The feature was initially spotted by keen-eyed developers who were reviewing the site’s API code when they stumbled upon the framework for margin trading.
However, Binance has been reluctant to roll out the feature, only saying it’ll arrive “soon.” Binance has also not yet revealed how much leverage it will allow, but industry insiders speculate it will be more akin to Bitfinex or Kraken by being sub-10x, meanwhile, industry powerhouses BitMEX and PrimeXBT offer 100x leverage on all trading pairs.
Rumors of HitBTC Insolvency Risks Spread
Confidence that funds are safe and secure should be the highest priority for all crypto investors. Digital assets are high-risk as is, but exposing them to cryptocurrency exchanges with shady practices, security, or finance issues is never a smart idea.
Hong Kong-based crypto exchange HitBTC has been forced to refute claims that the exchange may be insolvent following a crusade launched by Redditors aimed at exposing the exchange.
Redditors claim that HitBTC has been experiencing withdrawal issues and extensive delays, along with general platform hiccups. In a blog post, HitBTC denies the claims and says that their systems experienced overwhelming demand that caused “bottlenecks at an operational level” but that everything is in working order.
When keeping funds on an exchange, investors should only do so on platforms with advanced levels of security and a proven track record of keeping investor’s funds safe. Additional failsafes such as address whitelisting and more are strongly recommended and preferred.
PrimeXBT Shares Sneak Peak of Covesting Module
This week, PrimeXBT showed off an early look at the highly-anticipated Covesting module. The module allows novice traders the ability to follow more advanced and experienced traders, mimicking their trading strategies, enabling inexperienced traders to profit off of professionals.
Professional career traders can also further monetize their trading strategies through the Covesting module, which will allow more experienced traders to earn income from the beginner traders following their moves.
The cutting-edge new feature joins 100x leverage, address whitelisting, advanced charting tools, and a highly-customizable user interface to round out the robust offering at PrimeXBT.
These stories highlight that the crypto market is once again on fire, and the opportunities to profit will only grow from here. The resumption of the bull market means that more exchanges will be launching new features in the coming months to stay ahead of the competition, which is a great thing for consumers and investors.
However, as more crypto exchanges and features pop up, it will become more important than ever that investors do their due diligence and only choose the platforms that offer the best and most advanced features, but also provide the safety, security, and stable trading experience that crypto investors desire.