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Bitcoin Plunge to $50,000: Factors responsible & What to expect in coming weeks

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The past 3 weeks for Cryptocurrency traders and investors have been a roller coaster Ride, with the carriage on a continuous descent and hearts threatening to leap out of chests. 

Last week saw Bitcoin traded for as low as $50,500 on cryptocurrency-exchange Bityard, this price follows a continuous dip in the price of Bitcoin from an all-time high of $61,000, this is a 17% drop in value. 

This price dip wasn’t expected and was as a result of certain external factors whose cumulated effect led to the drop

Factors Responsible

• The first significant price slippage occurred on the 15th March after the Indian Government announced a plan to ban/regulate cryptocurrency in the country. This resulted in a selling frenzy, with many Cryptocurrency investors and traders in India rushing to convert their Bitcoin to cash, wish resulted in a selling cascade involving investors from different countries. This dropped the price of Bitcoin from $60,000 to about $53,000.

• It staggered back up to $58,000 only to suffer another drop to $55,000 on the 22nd of March after being lauded by American Federal reserve chairman Fed Powell Chair, where he said Bitcoin was too volatile and wasn’t a replacement for the dollar.

This was followed by a significant improvement to about $57,200, after Tesla CEO Elon Musk tweeted Tesla products could now be officially purchased with Bitcoin.

• But that wasn’t the end, this was followed by a drop to about $51,000, which was caused by a huge amount of sell orders liquidated on cryptocurrency-exchange Bitmex triggering massive sell-offs that took the price of BTC to as low as $50,300. 

The price of Bitcoin has since bounced back as Bitcoin now trades for $57,000 on world leading Cryptocurrency-exchange Bityard. 

What to Expect in the Coming week?

The recent dip, posed an important test Bitcoin had to take, the testing of the 50,000 mark which previously was a crucial psychological resistance, turned support. The price movement which held firm at the  $50,000 mark, despite the constant incursions, shows a strong support and one can expect Bitcoin to hold above $50,000

This is expected to inspire more confidence in long-term investments in Bitcoin and stimulate more buy orders. This will invariably lead to an increase in the price of Bitcoin.u0H1mOSN3u7wOTnyot8J50Hz7b74e KZgKIro0 vSy4M5hlIjlxDUPz ejxTxYT8IiP1loA K7kdnUGnw8aV6SR9gIegQq9PCvZ80eCGB eGu2WlO09mAjNKjTRCTdqSJwvsTja6tPah7Ug6Jw

Based on technical analysis:

Technical analysis shows a potential continuous bullish trend to the upside. As shown on the Chart above, the support levels at 50k holds strong and has not been broken, although price ejected on touching the 50k support zone, we are still expecting price to revisit this area before moving strongly to the upside

To buy Bitcoin, we recommend world leading cryptocurrency exchange Bityard.

BITYARD

A secure and well-regulated exchange, with a simple platform designed with beginners in mind.

All you need do is register, deposit funds, click on the spot trading page and buy whatever amount of Cryptocurrency you want. And then hold till you decide you’ve made enough returns.

Another investment option is the Copy trade option available on Bityard. This trading option allows users make money from following expert traders, who contract trade digital assets. In this option investors can make profit from either direction of the market (when prices go up or when they come down).

Bityard offers the best prices on the market for any digital asset and has additional features which include a free daily mining option for users that allows you to get free tokens daily, when you mine them on the exchange’s app.

To register on Bityard and trade Ethereum or Bitcoin click on this linkc

BeFaster.fit bets big on emerging markets like India as application launch draws near

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As the cryptocurrency market continues on one of its biggest price shifts in history, investors all over the world are reacting to the news differently. Some countries like the United States were on their way to embrace crypto while nations like India were heading in the opposite direction. 

Since lifting the old cryptocurrency ban in 2018, India has seen a massive surge in cryptocurrency usage and trades. Several companies directed their attention to the emerging market with major exchanges like WazirX getting acquired by Binance. Now with another ban potentially on the horizon, people were getting antsy about the future of digital assets in India. But not Tron Europe or BeFaster.fit.

BeFaster.fit’s commitment to combining blockchain technology with the idea of fitness was the initial foundation for its popularity. The company has since built on that commitment by launching services and features catering to the user. Even in a country like India where cryptocurrency regulations are on the fence right now, BeFaster.fit was gaining steady traction. 

BeFaster.fit has repeatedly stated that the community was its core building block and they would do everything in their power to provide them with a seamless experience. The dedicated Indian Befaster.fit community is also being prepared for the application’s launch and handling the post-release operations. Several Indian users are BFCH  also waiting with bated breath to tread the blockchain ecosystem’s waters.   

Ever since its creation, BeFaster.fit has made it a priority to show users that it was not just another run-of-the-mill decentralized application. The application has gone through multiple testings over the past couple of months so that users can avail the best possible experience from it. Along with the application.

BeFaster.fit also includes the token which now has its own ecosystem and workings. With countries like India starting to adopt healthier lifestyles, it is only a matter of time before applications like Befaster.fit becomes a household name. Befaster.fit CEO Irina Manilitsch had earlier stated that:

“BeFaster.fit rewards people for an active lifestyle. They run and consume. As an investor you earn money directly from this.”

The cryptocurrency ban in India has not yet been confirmed but support for the fight against it is already picking up momentum. Big names in the Indian cryptocurrency ecosystem have made their voices heard about the cons of banning a burgeoning asset. Even if there is a crypto ban, Befaster.fit has assured users that their blockchian marvel would conintue to tick along smoothly. 

THE WORLD LEADING TRADING PLATFORM BITYARD PARTNERS WITH PAXFUL

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The worlds-leading trading platform Bityard announced about teaming up with Paxful, one of the biggest cryptocurrency platforms when it comes to buying and selling Bitcoin

About Bityard:

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Bityard has been setting the pace in the world of cryptocurrency trading. Bityard offers safe, fast, and secured contract trading, spot exchange, and copy trading to over 50 cryptocurrency pairs and Derivatives.

Bityard is well regulated and compliant with international laws. Bityard remains one of the few trading platforms allowed in the USA.

The user-friendly interface, the low transaction fee (0.05%), and many other features have made Bityard become the best platform on the lips of many traders.

Users can still earn on Bityard even without depositing, through incentive programs like the Mining program, social media contest, etc.

Bityard offers a whooping $258 welcome bonus to new users (terms and conditions apply).

The Bityard’s customer service is always available 24/7.

To register on Bityard click here.

Now let’s throw more light on Paxful.

This article contains things you need to know about Paxful.

WHAT’S PAXFUL?

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Paxful is the next generation peer-2-peer bitcoin marketplace with over 2million+ users around the world. The paxful company was founded in 2016 (5yrs ago) by Ray Youssef (CEO) and Artur Schaback (CPO), both of whom had connections with New York.

Paxful has 4 offices around the globe with over 200+ Employee, Paxful services are also offered in 21 different languages.

WHY PEOPLE USE PAXFUL;

Paxful company has 2million+ users, here are the factors behind it;

Super human efforts;

Paxful put more extraordinary effort to see that its users get the best quality of services. Paxful is changing the concept of impossibility in the lives of billions around the world.

People oriented platform;

Decisions taken at paxful are always made with the people’s interest at heart.

Paxful always communicate with users, asking for their feedback/opinions, in other to creating something even better.

Product offered by Paxful;

Paxful is well known for the high-quality services they offer to their users, there include;

–People-Powered Technology;

a

Paxful is entirely peer-to-peer, which means that, paxful users actually trade with real people in real-time—the way bitcoin was meant to be used.

-Free Crypto Wallet

b

Paxful crypto wallets are reliable, easy-to-use, and don’t cost a dime. Paxful digital wallet provides a very safe place for users to store their wealth — no matter who you are or where you’re from or where you leave.

-Users fund security

c

Safety and security are the Paramount factors on paxful when it comes to users fund. All trades on Paxful are protected by paxful secure escrow service to guarantee peace of mind.

AIM OF PAXFUL;

The aim of paxful is a simple one, which is to empower the forgotten four billion unbanked and underbanked communities, so they can have control of their money in a way they’ve never done before.

SUMMARY;

Bityard and paxful are two giant platforms that care so much about their users. The teaming up of these two platforms will ensure that people get the best quality of service when it comes to cryptocurrency trading.

The partnership between Bityard and paxful is surely a Game changer.
Bityard works at making complex contracts simple and easy, while paxful aims at empowering the forgotten four billion unbanked and underbanked communities, so they can have control of their money in a way they’ve never done in the past.

Click here to register on Bityard.

Tron Europe Ups The Ante with Freeze Smart Contract Launch

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Cryptocurrencies and their neighboring industries have enjoyed a stellar run over the past couple of weeks with the bull reigning supreme over the bear. To ensure that customers can fully utilize the positive sentiment, companies like Tron Europe is stepping up their game in terms of updates and developments. 

Just two weeks back, Tron Europe released its native TERC freeze smart contract aimed to create an even more robust environment for TERC holders. Tron Europe stated that the feature’s inclusion came at a time to build up the BeFaster application launch. 

Trom Europe featured in the news multiple times over the past year after its promise to revolutionize the decentralized network. The BeFaster application launch has been much talked about among the Tron and fitness community with ardent fans counting down the days. The latest freeze smart contract is a calculated step to let the ecosystem hit the ground running. 

According to the release by Tron Europe, the organization proceeded to give rewards to frozen TERC on 31 January. The official statement added:

“In the transition phase we will distribute rewards to both, frozen and not frozen TERC. So don’t miss your rewards and freeze now. Soon after this, you can check your freeze details on our new SR-TRON-EUROPE DASHBOARD on Tron-Radar! We are supporting Tronlink and every compatible browser extension and Dapp browser with our freeze smart contract. With Tronlink you can even use your ledger hardware wallet to freeze.”

Tron Europe has admitted on several occasions that early adopters of TERC were the real heroes and its recent launches act as evidence for the same. With the freeze smart contract, users will be able to build their own stack of coins. The project will then choose the longest freezer period to show support for the ecosystem. Users will also benefit from the freeze time as the time is used to generate rewards. As made crystal clear by Tron Europe:

“Every TERC holder will have the possibility to adjust his freeze time between high liquidity and higher bonus rewards.”

The TERC rewards are calculated based on the TRX rewards that users get for voting on the Tron blockchain. This was done to facilitate the growth of the Tron blockchain. Rewards are calculated by multiplying a user’s TRX per vote by the Tron Europe rewards rate. Token holders also have the chance to climb up the rewards system with a minimum buy-in of 1000 TERC frozen tokens. 

TE Rewards

TERC holders also have the option to get full rewards till the point of unfreezing. Privacy and speed were the needs of the hour as TE doubled down on its cheap transaction mantra. Once the BeFaster application launches, more users are expected to flock towards the TERC ecosystem. It is only a matter of time before more information is revealed that is sure to drive the buzz around the cryptocurrency market all the way up to eleven. 

Bityard Becomes Fan Favorite As Exchange Begins Offering Features On Top of Copy, Margin Trading

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The cryptocurrency market has been on a massive surge over the past couple of days as major tokens breached all-time highs unheard of before. This positive sentiment acted as the perfect playing field for a lot of cryptocurrencies to onboard more long-term customers.

Bityard, the Singapore based cryptocurrency exchange was one of the few early players who accounted for the needs of the customer. By launching features such as margin trading and copy trading, the exchange captured the attention of the ecosystem while Bityard users applauded its versatility.

Bityard made a name for itself when its officials assured its users that all traders, veterans or newbies, will be treated to the same features. The exchange received a boost when it launched its copy trading feature which allowed uninitiated users to follow the trading patterns of experienced professionals. The copy trading feature was launched on the back of its demo trading addition which garnered praise from the ecosystem.

Using the demo trading feature, customers can practice a trade without investing any money of their own. To ensure that customers had a seamless experience, Bityard allocated a whopping 100,000 USDT for the demo. What makes the experiment even more successful was the fact that users could test out demo trading for just $5.

The other Bityard feature that stood out was copy trading, where freshers could copy the trade patterns of experienced professionals and reap the rewards. An official release had stated:

“On Bityard, when a user starts copying an advanced trader, there is no more action needed to take for the user afterwards. The trader who is copied will conduct an in-depth crypto investment strategy and start trading for all other users who copy the trader.” https://www.tronweekly.com/bityard-doubles-down-on-copy-trading/

Bityard has also launched several promotional events that give customers a chance to win large prizes. The exchange’s Welcome Bonus included a $258 USDT prize where $4 USDT could be earned simply by changing the username. Apart from bonuses, Bityard also offers free mining which is considered an essential addition to the platform. The organization also conducted a surprise contest where customers were asked to predict when Bitcoin would breach the $20,000 mark.

Apart from the aforementioned features, one of Bityard’s most attractive features was its focus on privacy and regulations. The exchange has licenses from four different regulators from the United States, Singapore, Estonia, and Australia. In less than a year since its launch, Bityard has made waves in the cryptocurrency ecosystem unparalleled anywhere. With a packed roadmap and its sights set on further developments, Bityard is surely out to make the digital asset world a better and more streamlined place.

BeFaster.fit’s BFHT Trading Event Kicks Off On LATOKEN As Ecosystem Gushes In Joy

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The current cryptocurrency bull run has brought fresh blood into the ecosystem with developments going on in full swing. In the midst of the price surges, established cryptocurrency organizations like BeFaster.fit was taking full advantage of the momentum.

As 2021 dawned across the world, BeFaster.fit announced details of the native Holder Token trading competition. The BFHT Token contest is set to bring in more customers into the BeFaster.fit roster while being conducted on the trading platform, LATOKEN. 

Reports from BeFaster.fit revealed that the BFHT trading competition will go on from its start date of December 31, 2020, to January 21st, 2021. BeFaster.fit had garnered a lot of attention during last year’s lockdown period when the internet was flush with news about its focus on fitness.

Upon launch, the BFHT token had stirred the cryptocurrency pot as several major players took notice. The special investor token determines the number of tokens ” held in relation to the total token supply”. One of the best parts of the token is that it can be recorded in the blockchain and tracked in the wallet. 

Participants will be required to trade a minimum amount of 5 BFHT tokens during the contest on LATOKEN’s account to become eligible for the contest. Once the competition commences, the Top 10 winners will get a share of a whopping 1000 BFHT token. According to BeFaster.fit and LATOKEN, the token trading volume is calculated as the sum of the number of buys and the number of sells. 

United States citizens would need to wait a bit longer to take part in the contest with plans to launch still being in the discussion stage. Winners of the contest are set to be ranked according to each eligible user’s trading volume. To claim their rewards, winners will have to pass LATOKEN’s native Know-Your-Customer process. This step was taken to ensure total safety and security during the contest.

The Twitterverse has been abuzz about the competition over the past couple of days and officials expect the positive sentiment to only rise. BeFaster.fit executives had earlier stated that the native application will be ready to launch soon, with the latest competition acting as a springboard. Once the BeFaster.fit application is out for public access, customers will be able to take their workout on the decentralized network to the next level.  

Japan geared up to launch native CBDC as it takes cues from steps taken by China

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The concept of cryptocurrencies started as a nascent idea but has now spread into a global phenomenon. It is not just the mainstream cryptocurrencies like Bitcoin and Ethereuym that are doing the rounds but rather centralized cryptocurrencies launched by state governments.

China was the first country to take centrally backed cryptocurrencies seriously, especially with the creation of the digital renminbi. Looking at the steps taken by the red dragon, other countries such as Japan were coming to the forefront to voice their contributions using Central Bank Digital Currencies [CBDCs].  

CDBCs are generally used for cashless payments through a smart device such as a mobile phone or tablet. The main intention of a digital currency is to eliminate the overheads and wastage related to physical fiat currency. Former Bank of Japan officials stated that China’s efforts in the ecosystem inspired other regions to follow suit.

The People’s Bank of China has been the pioneer in terms of building a digital trading ecosystem with officials also responsible for releasing coherent updates. Hiromi Yamaoka, an ex-official at the Bank of Japan commented:

“China has prompted moves toward digital currency (around the world). t (has done so at) surprising speed, as central banks tend to take a cautious stance. The design of a CBDC is very tricky and delicate. In advanced countries, a CBDC could conflict with existing payment and banking systems.”

Banking officials in Japan were confident that introducing native digital currencies in a major way would only uplift the financial situation of the country. The proposed method is to give the Japanese population a trading limit access of 50,000 yen per person. This would result in a total trading volume of 5 trillion yen, a figure that would account for just 5 percent of the total Japanese capital circulation.

Digital Currency Forum, a popular advocate of digital currencies in Japan revealed that there were plans to create “some form” of digital currency by 2023. Banking officials were of the opinion that if Japan does not launch a CBDC soon, it may lag behind other major countries in the race towards a streamlined digital economy.

Fintech looks forward to a brighter 2021 as year winds down with several developments in roster

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The concept of fintech has seeped into multiple layers of society as several organizations have dabbled in the latest technology. One of the main reasons for this rapid adoption was the promise of seamless transactions and a quickfire ecosystem.

As 2020 comes to an end, it becomes imperative to look back at the changes that the financial industry underwent over the past year. There were organizations on both sides of the spectrum, as some made it big while the rest did not live up to raised expectations. 

The organizations that made a niche for themselves by utilizing fintech’s key selling points such as speed and a hassle-free experience. One of the biggest winners in this surge was Stripe with sources stating that the next round of investments may value the company at a whopping $100 billion. The coronavirus pandemic was one of the main reasons for the payment service’s boom as users jumped on board ordering everything at home.

Stripe recently talked about its latest Treasury feature which will:

“Enable platforms like Shopify to offer merchants access to financial products. Platforms can offer users interest-earning accounts eligible for FDIC insurance and enable customers to have near-instant access to revenue earned through Stripe, and then: 1) spend it directly from their balance with a dedicated card, 2) transfer it via ACH or wire transfer, or 3) pay bills.”

Another winner in the fintech race was Chime as the company continues to remain a market leader in customer retention. Customers have early access to their money on Chime, a feature that has garnered the attention of the masses. Chime also offers features such as Spot Me where customers can make overdrawn debit card purchases without any overdraft fees.  While the aforementioned organizations made a killing in the past year, institutions such as credit unions took a major hit.

Places like credit unions relied on the support of customers and how much they were willing to accept its dated offerings. Once a leaner system came into view, credit unions suffered due to a lack of participation from customers. A study conducted in January showed that at least 14 percent of US customers relied on credit unions, a number which shrunk to 10 percent this month.

A major disappointment in the fintech sector came in the unlikely form of Robinhood. The company, which was set to change the way payments were conducted, became embroiled with the SEC for failing to disclose important information. Analysts expect 2021 to be the year fintech establishes itself as a major player in the mainstream financial industry.

Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

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The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

Monetary Authority of Singapore Backed Conference Discussed Fintech Digital Platforms and Going Cashless

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The world of fintech has inched closer to the mainstream realm over the past couple of years after multiple developments and adoption events. Just recently, this surge in popularity was again put on display when the Monetary Authority of Singapore organized the Afro-Asian Fintech Festival.

The event witnessed mass participation with several big players in the industry also attending the event. Sources have informed us that the festival was a joint collaboration by the Central Bank of Kenya, Huawei, Standard Chartered Bank and Safaricom. 

During the course of the event, panelists touched upon areas of discussion such as next-generation digital platforms, cashless and digital payments, and the relationship between fintech and banks. The theme of the 72-hour long event was “People and Talent Harnesssing: Collaboration in Pursuit of Resilience and Growth Post Covid-19. The general consensus was that digital banking had changed the game with future roadmaps charting out better solutions.

The interdependency of the banking world and fintech was another widely discussed topic. Over the past couple of years, many institutions have partaken one or the other form of fintech to streamline their overall process. Apart from this, fintech also enabled different user demographics to enter the world of digital trading. Participants further talked about the issues that may exist in the intersection of technology and finance.

Some predicted that there may not be widespread network problems in the future but rather smaller fragmented API issues. Head honchos of major fintech companies added that there were plenty of new opportunities within the blossoming world of fintech applications. Chen Zhentao, the Director FSI Southern African Region at Huawei took the side of cashless payments. He said that ditching hard cash would be the perfect way to elevate the financial ecosystem to the next level. A lot of individuals envisioned a digital economy where everything took place on a decentralized network that was safe, fast, and privacy-oriented.