Bitcoin and Altcoins Prices Continue to Fall

The prices of bitcoin and ethereum continue to drop as investors give in to fears of another global economic slump caused by the quick-spreading delta variant. Although vaccines have become available, the newest COVID-19 variant appears to be much stronger than the original coronavirus strain. Moreover, most countries including the U.S. are faced with anti-vaxxers who remain vulnerable to risks of contracting and spreading the new variant that originated in India.

At present the current investing is centered on government-backed treasure bonds that financial analysts believe are the safest gambling products.

Last Thursday at around 4:00 a.m. EST, bitcoin price dropped below $32,500; but was able to slowly gain ground, which led to a current trading price of 33,316. The problem though is that with cryptocurrency trading, drops in bitcoin prices usually affect the prices of altcoins. The price of ethereum for one, has sunk and is currently trading at $2150, a price that is 8.7% when compared to the previous price index for ether.

Since May, BTC prices began to take a downward trend coming from an all time-high of $65,000 achieved in April. Some traders had hoped that the price falls were temporary and that a turnabout will eventually take place. However, others are saying that BTC prices will sink to $20,000, before institutional investors resume with their buying activities.

CNBC’s Squawk Box Interview with Galaxy CEO Links the Price Drops to China

Mike Novogratz , the CEO of Galaxy Digital who appeared as Squawk Box guest las Thursday said the BTC price drops are results of China’s war against cryptocurrencies. BTC investors in China have been selling off their digital assets, while U.S. investors are buying them. According to Novogratz, China’s crackdown on entities involved in crypto exchanges in China is all part of the “cold war” being waged against the U.S.

On Tuesday last week, another China-based company suspected of rendering software as a service for entities facilitating digital currency transactions, was shut down by China’s central bank. Shut down orders have been regularly taking place in connection with the country’s existing ban against the local cryptocurrency industry.

The price-backslides in bitcoin markets, were triggered by the state of emerg ency declared by Japan. As had been anticipated, the country’s COVID-19 cases spiked after officials of the country insisted on holding the Tokyo Olympic games. As a result trading on equity markets went on a decline, as news of Japan’s emergency declaration sowed fears of another global economic catastrophe.

Posted by Madelina Feliks

How to Cash-In Your Cryptocurrency?

Do you have Bitcoin and would like to cash it in to your bank account? Lucky for you as there are a lot of ways on how you can convert it to real money.

Selling it to an Exchange

Selling your Bitcoin to a trusted crypto exchange is basically the simplest method that you can opt for. To ensure that the brokers don’t break any laws, you have to withdraw to same bank account that you have deposited with. It is easy, simple and most of all, secure. However, don’t expect it to be swift.

In the US, the average timeframe for the money to reach your bank account will take 4 to 6 days. But this is going to vary depending on your location. Any associated fees will depend as well on the country where your bank is located.

Cash it out to Fiat via PayPal or Bank Transfer

Today, you are going to find Bitcoin ATMs. In comparison to the conventional ATMs where you make withdrawals from your bank account, Bitcoin ATM serves as the physical center allowing you to sell or buy Bitcoins using fiat money. As of this writing, there are more than 5,000 ATMs spread across 76 countries and you may use the web to find a Bitcoin ATM nearest to you.

Remember always though that these machines are different and this method will be suitable only when making small transactions. This is mainly because of the fact that majority of these Bitcoin ATMs have limits in regards to the amount that can be deposited and withdrawn. The thing with withdrawing from Bitcoin ATM is that, the transaction fees are crazy expensive that range between 7 to 12 percent.

Bitcoin Debit Cards

These days, there are a number of websites that let people to sell their cryptocurrency like Bitcoin and get a prepaid debit card in return. This allows the seller to use it just like how regular debit cards would. Every card is powered either by Mastercard or Visa. Meaning to say, it works perfectly whether online or offline at most businesses worldwide. In addition to making purchases, the cards can be used in withdrawing money at regular ATMs.

Cash Deposit

As a seller, you may just ask the buyer to directly deposit the money to your bank account. Of course, always request for proof of identification before you release your Bitcoins to them.

Now, once you have your money, use it for something productive like investments. Check out websites that do FOREX broker comparison to see which broker work with to handle your finances and grow your money.

Posted by Ness Shantel

Can Crypto Investing Save Your Finances amidst the Pandemic?

For all those who are into Bitcoin and any other form of cryptocurrency, they would definitely agree that China is among the leading investment hub. But this doesn’t save them from being impacted by the Covid-19 outbreak. And this was felt across different businesses and industries. The worst part of this news, the World Health Organization or WHO considered Covid-19 as a pandemic.

Is it still safe to Invest in Cryptocurrency?

With the current situation happening in the world today, many who have used långuiden to fund their cryptocurrency investment prior Covid-19 are actually afraid of their investments. Countless of traders are wondering if trading different cryptocurrencies like Bitcoin is still a viable idea.

As per research, trading cryptocurrency may not be the best move during these times. It’s innate human nature to protect their money and wealth. Not only that, during pandemic in which there is an obvious slow movement of the economy, no traders can perform trading when there’s ambiguous chance to recover from the damage brought by the pandemic.

Nothing is Safe

Everyone is mindful of the potential impact of Covid-19 to people’s health and even to the overall economic status. The virus all started in China and is now causing havoc and mayhem worldwide. Covid-19 isn’t just affecting traditional market but also, the cryptocurrency market is trying hard to navigate in these difficult times. This outbreak has caused everyone to question how it will affect the cryptomarket as a whole?

Decentralized mechanisms on the other hand are supporting various kinds of cryptocurrencies. Crypto is used by numerous individuals worldwide and is now deemed as an independent government. Furthermore, Covid-19 has made people to transition from fiat money to cryptocurrency. For the past several years, new algorithms and equipment as well were introduced to mine cryptocurrency. Due to the reason that the price is still low, these tools designed for crypto-mining are somewhat wasted. In relation to that, to attain balanced algorithms, several mining farms are getting a lot more popularity than with these equipment and tools for mining.

A Trend in Mining Farms

Mining farms became extremely popular due to isolation and quarantine implemented by the government. This is due to the reason that mining farms are requiring less movement and in these times of pandemic, different crypto has low price exchange. Though, it’s expected that after the outbreak concluded, Bitcoin and several types of cryptocurrency will recover and push its price upwards.

Posted by Ness Shantel