Crypto-Powered Investing App SimpleFX Launches $50,000 “Euro 2021 Trading Cup”

Crypto-Powered Investing App SimpleFX Launches $50,000 “Euro 2021 Trading Cup”

sponsored Are you a crypto trader looking for a fun opportunity to earn more returns or a soccer fan who wants to add some excitement during the Euro Cup? Great news, crypto-powered investing app SimpleFX launches a trading contest with a $50,000 prize pool. The SimpleFX Euro 2021 Trading Cup SimpleFX is an online broker covering crypto, forex, stocks, gold and other assets that has been around since 2014. The platform is designed to be powerful yet very easy-to-use and offers a very quick registration process for cryptocurrency accounts – no KYC is needed just a simple signup with an e-mail. You can invest using bitcoin, ether, tether, Binance Coin or any of the 40 supported cryptocurrencies. Recently SimpleFX announced a promotion that is great incentive to check out the app if you are a crypto trader that doesn’t know it yet. The platform is launching a trading competition called the “Euro 2021 Trading Cup” during the UEFA European Football Championship. The event will feature a $50,000 prize pool, 100 rewards, $7,000 for the winner, and a $1,000 giveaway each week. It will start on June 14 and last until July 11 and you only need a $200 minimum deposit to participate. This is a return-on-investment competition, and the prizes add on top of your regular profits. Just trade your favorite assets (with up to 1:500 leverage) and the traders with the highest ROI percentage win. The live rankings will be publicly available to everyone to follow and users can also win additional prizes by sharing referral links and inviting friends. Why Crypto Traders Choose SimpleFX Crypto traders have flocked to SimpleFX due to the many advantages the app offer. As mentioned above, no ID verification is needed for opening cryptocurrency accounts and signup is done with just an e-mail. You can invest using dozens of supported cryptocurrencies and there are no minimum deposits. It offers up to 50x leverage on stocks and up to 500x leverage on Forex $1000. It has a credible track record of over seven years in the market, and a global reach with over 20 fiat currencies and many languages supported. SimpleFX develops a frequently updated WebTrader (working in every browser), great native iOS and Android apps and even support…

Bulls hesitate to buy the dip after Bitcoin price falls close to $35K

Bulls hesitate to buy the dip after Bitcoin price falls close to $35K

On June 18, Bitcoin (BTC) and traditional markets faced another day of downward pressure comments from the United States Federal Reserve about the possibility of raising interest rates sooner than expected has led to a spike in the price of the U.S. dollar at the expense of risk assets and treasury notes. The Fed doesn’t deserve all the bla, however, as concerns about a further downturn for BTC have been building for weeks with much of the discussion focused on the approaching death-cross and what it means for the future of Bitcoin. Death cross may happen in few days guys…be ready. strong bearish signal. Warning for traders$Btc #Bitcoin pic.twitter.com/RaBVZPKOnZ— Mīss ÇRypTö (@infoNataliya) June 17, 2021 Today’s selling pulled Bitcoin price below the crucial $36,000 support, leading traders to forecast $32,500 as the next stop before Bitcoin revisits the swing low at $30,000.BTC/USDT 4-hour chart. Source: TradingViewThese technical factors combined with negative headlines in the news such as Chinese authorities shutting down cryptocurrency miners or the most recent “rug pull” on the Iron Finance protocol that saw cryptocurrency proponent and billionaire investor Mark Cuban lose money have traders feeling apprehensive about the current dip in Bitcoin price.Crypto Fear and greed index. Source: Alternative.meAs a result of these concerns, the crypto Fear & Greed Index has dropped to 25, registering extreme fear and continuing the trend of the past month. Inflows to exchanges spiked before the sell-offData from the on-chain data analysis firm CryptoQuant shows that BTC netflows to exchanges provided some warning to observant traders ahead of this week’s drop from $41,000 to $36,000. A spike in BTC inflows to exchanges occurred on June 15 when BTC price hit $41,300 and then proceeded to decline by 15% over the next three days. All exchanges netflow of Bitcoin. Source: CryptoQuantOne observant analyst has pointed out that whale activity on the Gemini cryptocurrency exchange, in particular, has a noticeable correlation with some of the larger sell-offs experienced by the cryptocurrency market in 2021. #Gemini is a whale pod for #BTC. Looking back, we can see the largest corrections where caused by Gemini whales.It’s safe to make the assumption that a positive $BTC netflow on Gemini could indicate a local top. S/o @cryptoquant_com & @ki_young_ju for providing this data. pic.twitter.com/Y1SiqlSoSV—…

Crypto company CEO says the recent crypto boom brought increased adoption

Crypto company CEO says the recent crypto boom brought increased adoption

Cryptocurrency has gone through a number of bull and bear cycles since the industry’s inception in 2009. While 2017 saw the crypto industry boom around initial coin offerings and a rising Bitcoin (BTC) price, 2020 and 2021 have seen the crypto space expand around decentralized finance (DeFi) and nonfungible tokens (NFTs). This time however, retail and institutional interest in crypto have ushered in greater adoption than ever before, according to one crypto company CEO. “Cryptocurrencies have been growing steadily in popularity over the years, but 2017 left a bitter taste in a lot of people’s mouths when the market took a swift downturn,” StormX CEO Simon Yu said in comments sent to Cointelegraph. “But fast forward to 2021 and it’s clear to see times have changed.” Yu crafted his quotes in response to recent findings from the Financial Conduct Authority, or FCA, of the United Kingdom, which revealed 2.3 million U.K.-based adults own cryptocurrency, based on a survey. In 2017, Bitcoin’s price rallied to heights just shy of $20,000 per coin. In 2021, BTC reached prices of nearly $65,000, based on TradingView.com data. Related: Texas crypto users will soon be able to buy and sell tokens at major supermarket chain“The integration of cryptocurrency into aspects of daily life allows for room to grow and solidify itself as more than just an asset — it’s becoming a serious alternative financial system to fiat currency and people are starting to take notice,” Yu said, adding:“No longer are companies popping up with arbitrary use cases, but they are instead now thriving by adding benefits to consumers’ lives outside of the cryptocurrency realm. This all comes at a time, amidst a global pandemic, where people have had time to assess their finances, and now seek alternative routes to not only invest money, but also make money.” Following the 2017 crypto bull market, the industry fell into a bear market in 2018. As far as the present market goes, Bitcoin sits in the $30,000-$40,000 range as of time of publication, down significantly from its all-time high. Time will tell whether or not the crypto market is headed for further bearishness ahead.

Price analysis 6/18: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

Price analysis 6/18: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023.This news has boosted the U.S. dollar index DXY to its best level since mid-April. Gold’s price, which generally has an inverse correlation with the dollar, has dropped to a 6-week low.Daily cryptocurrency market performance. Source: Coin360The U.S. equity markets have also not been spared. The Dow Jones Industrial Average index is on track for its worst weekly performance since January this year. This shows the short-term sentiment has turned bearish and traders are closing their positions to hoard cash.This has also put brakes on Bitcoin’s (BTC) recovery. However, Pantera Capital chief executive Dan Morehead said in the monthly newsletter published on June 14 that Bitcoin has been “this “cheap” relative to its trend 20.3% of the past 11 years.” Related: Joining the ranks: Bitcoin’s correlation with gold and stocks is growingSantiment data shows that Bitcoin whales, holding between 100 and 10,000 Bitcoin, have been on a buying spree, lapping up about 90,000 Bitcoin in the past 25 days. They now hold about 48.7% of Bitcoin’s supply.Can the buying from the whales arrest the decline in Bitcoin and will the buying in altcoins resume? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $41,330 on June 15 and the selling has dragged the price below the 20-day exponential moving average ($38,060) today. This suggests the short-term recovery may have ended and the bears will now try to sink the price to $34,600.36 and then $31,000.BTC/USDT daily chart. Source: TradingViewThe relative strength index (RSI) has turned down from the overhead resistance at 55 and dropped into the negative territory, indicating the bears have the upper hand.However, if the BTC/USDT pair rebounds off the $31,000 support, it will suggest accumulation at lower levels. That may keep the pair range-bound between $31,000 and $42,451.67 for the next few days.The bulls will have to push and sustain the price above $42,451.67 to indicate that the downtrend may have ended. On the other hand, a break below $31,000 will suggest the resumption of the…

Out of All the American States Study Shows Hawaii Expressed the Most Crypto Demand This Year

Out of All the American States Study Shows Hawaii Expressed the Most Crypto Demand This Year

A report published by the independent marketing intelligence company, Miq Digital, explains that Hawaii has seen the most crypto demand of all the states in the U.S., with a 687% increase since 2020. As far as increased cryptocurrency demand since last year, Nevada, California, Florida, and Colorado followed the island state with increases of over 600% as well. Hawaiian Interest in Crypto Skyrockets, Americans Love Dogecoin, Crypto Acceptance Among American Merchants Increases The independent marketing intelligence firm Miq Digital has published a research report on interest in cryptocurrencies across all the American states since 2020. According to the study, demand has increased this year following a similar pattern as the crypto asset market bull run. The firm analyzed search data from sources like Google Trends and found that around 6% of Americans either use or own digital currencies in 2021. “Around 6% of the U.S. population now use or own crypto, and the trend is growing,” the Miq Digital report details. As far as the top five states that saw increases above 600%, Hawaii topped the list with 687%. The Aloha State is followed by California (655%), Colorado (637%), Florida (628%), and Nevada (621%). “We analysed search data to uncover the states driving the ongoing crypto craze. These are the areas with the largest interest in crypto in 2021, alongside the increase in demand since 2020,” Miq explains. In addition to the U.S. “hotspots,” the Miq Digital study also highlights some of the most popular cryptocurrencies discovered in the search analysis. The top coin on the list is the meme-based crypto asset dogecoin (DOGE), followed by other popular tokens such as maker (MKR), ethereum (ETH), dash (DASH), litecoin (LTC), and bitcoin (BTC). The study shows the Shiba Inu crypto asset DOGE saw a “1,781% increase in interest across the U.S.” The Miq Digital study indicates the “dogecoin hotspots” in the U.S., and highlights Alaska, California, North Dakota, and Washington as the biggest DOGE-supporting states. Ethereum followed dogecoin with a 777% increase in interest across the nation. “Ethereum hotspots” include California, New Jersey, and Washington according to the researchers. Furthermore, “acceptance of cryptocurrencies among businesses is slowly growing across the U.S.,” the study reveals. Moreover, the acceptance of BTC has proliferated across a number of different…

Miami Mayor Tries to Entice China’s Bitcoin Miners — ‘We Want You to Be Here’

Miami Mayor Tries to Entice China’s Bitcoin Miners — ‘We Want You to Be Here’

Miami’s Mayor Francis Suarez told the press on Thursday that his city was open to bitcoin miners from China who are flocking to find new homes. Suarez says he hasn’t actually talked to any miners from China but said he wants them to know the opportunity is there. Miami’s Mayor Says City Is Open to Chinese Mining Operations, Touts Florida’s Cheap Nuclear Power According to an interview, Francis Suarez, the American attorney and 43rd mayor of Miami, is inviting Chinese miners to his city to set up shop if they desire. Suarez is a fan of the cryptocurrency ecosystem, the decentralized crypto asset bitcoin (BTC), and he has explained that he owns BTC as well. The Miami mayor has also said on a number of occasions that he wants the city of Miami to become a crypto hub for entrepreneurs and builders. On Thursday, Suarez told CNBC he’s inviting Chinese miners to seek shelter in the region after the crackdown stemming from Beijing. Suarez explained that the region has an abundance of clean and cheap electricity thanks to nuclear energy. “We want to make sure that our city has an opportunity to compete,” Suarez said during his interview. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here,’” the mayor added. Suarez made these statements to CNBC from the second floor of the Miami City Hall building which is located near the Turkey Point Nuclear Plant. In fact, Florida houses a great abundance of nuclear power plants all over the state. “The fact that we have nuclear power means that it’s very inexpensive power,” Suarez stressed during his chat with the press in Miami. According to CNBC’s report, miners in Miami could obtain a rate of 10.7 cents per kilowatt-hour (kWh). At $0.11 per kWh, a Bitmain Antminer S19 Pro with 110 terahash per second (TH/s) can get around $18.59 per day using current BTC exchange rates. The Microbt Whatsminer M30S++ 112 TH/s gets around $18.50 per day at $0.11 per kWh according to data from asicminervalue.com. Suarez’s invitation to Chinese miners comes at a time when governments in China’s provinces are banning bitcoin mining operations. The latest crackdown happened today, as Sichuan miners have been instructed…

Even Elon Musk can’t save Dogecoin from crashing another 60%, analyst asserts

Even Elon Musk can’t save Dogecoin from crashing another 60%, analyst asserts

If one looks at Dogecoin (DOGE) charts from the point of view of a financial chartist, he/she will notice an alarming presence of a classic bearish structure.For instance, pseudonymous analyst Tyler Durden highlighted what appears to be a “Head and Shoulder” pattern. The trading structure forms when an asset forms three peaks atop the same support level. In doing so, its middle peak comes out to be higher than the other two. Durden flashed the Head and Shoulder-like pattern to predict a 67% price crash in the Dogecoin market.Calling it “programmed,” the analyst hinted at the pattern’s tendency to crash the assets once it breaks below $0.299, the support level. Typically, the downside target in such a case comes to be equal to the pattern’s height. In Dogecoin’s case, the maximum length between the Head and Shoulder pattern’s top and support level came out to be $0.197.Dogecoin crash anticipated if its breaks below $0.299-support. Source: Tyler Durden, TradingView.comThat shifts the Head and Shoulder pattern’s downside target lurks near $0.05, as Durden highlighted.”Even Elon [Musk] can’t save this with his tweets. He’s tried, and each time he just created another lower high,” he said. “0.05 is programmed.”Interim supportsIn detail, the DOGE/USD exchange rate corrected by a little over 60% after topping out on May 8 at $0.76. The run-up to $0.76-top itself came as a part of a 16,462% price explosion if measured from the beginning of 2021. Meanwhile, from its pandemic-led March 2020 low of $0.00112, Dogecoin’s net returns until $0.76 came out to be 67,757.14%. The huge upside made the so-called joke cryptocurrency the best-performing financial asset on the planet, beating even the combined returns of Bitcoin (BTC), S&P 500, Nasdaq Composite, and gold.What worked as a bullish catalyst for Dogecoin was nothing but tweets from Elon Musk, a billionaire entrepreneur who sent out various supportive messages favoring the cryptocurrency during its multi-thousand percent price rally.ur welcome pic.twitter.com/e2KF57KLxb— Elon Musk, the 2nd (@elonmusk) February 4, 2021 On April 28, the Tesla CEO proclaimed himself as “Dogefather,” sending the Dogecoin prices up by 18% on the same day. Before that, Musk’s decision to work with Dogecoin developers to improve its transaction efficiency resulted in a 25.25% intraday price pump on May 13.But the frenzy-like, Musk-led pump also…

Over 3,000 ATMs in Beijing Offer Digital Yuan Withdrawals

Over 3,000 ATMs in Beijing Offer Digital Yuan Withdrawals

Leading Chinese banks have introduced digital yuan withdrawals at more than 3,000 ATM locations in Beijing. Residents of the capital city will now be able to exchange their e-CNY funds for cash and vice versa. Some of the teller machines are located in a popular shopping area. Banks Launch Support for Digital Yuan at ATMs Across Beijing The Beijing branches of two major banks in the People’s Republic, Industrial and Commercial Bank of China and the Agricultural Bank of China, have taken the lead in offering two-way exchange between the digital and traditional version of the national fiat currency. The new service is now available at thousands of automated teller machines in Beijing, Xinhua Finance reported on Friday. The option has already been activated on more than 3,000 all-in-one ATMs operated by ICBC across the capital city. By launching the function on its deposit and withdrawal teller devices, the Industrial and Commercial Bank of China became the first banking institution in Beijing to support digital yuan-cash exchange, the publication noted. Agricultural Bank of China has also deployed more than 10 of its ATM machines in Beijing’s Wangfujing area, Xinhua added, all of which facilitate the exchange of digital yuan with cash. This part of the Chinese capital is a popular shopping district centered on Wangfujing street. The launch comes after earlier tests in the city of Shenzhen. Along with ICBC, the ABC is among the country’s top four state-run commercial banks. People’s Republic Pressing On With E-CNY Adoption Among dozens of CBDC projects underway around the world, including in Europe, Russia, and the U.S., China has arguably the most advanced one. A number of businesses now accept the e-CNY and workers have been paid salaries in the digital currency issued by the People’s Bank of China. Financial authorities have launched digital yuan trials in major cities and started testing the new currency in cross-border transactions with Hong Kong. The Chinese government has also been dispersing digital money through the so-called red envelope lotteries. Earlier this month, authorities in the capital Beijing and Shanghai announced they are going to distribute over $9 million in digital yuan amongst residents of the two cities. Similar giveaway campaigns have been carried out in Shenzhen, Chengdu and Suzhou. Lottery winners…

Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy Digital

Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy Digital

Goldman Sachs has debuted a Bitcoin (BTC) futures trading product for its client in collaboration with crypto investment giant Galaxy Digital.According to CNBC, the move marks the first time the Wall Street bank has partnered with a digital asset-based liquidity provider. Galaxy Digital co-president Damien Vanderwilt said the company offered a gateway to the crypto space allowing a tightly regulated entity like Goldman to offer crypto-related investment products.Goldman will reportedly be offering CME Group Bitcoin futures for its clients, marking another expansion of its recently established crypto trading desk. The move follows swiftly on the heels of an earlier announcement by the bank about debuting Ether (ETH) futures and options.For Vanderwilt, Goldman offering BTC futures trading will help to onboard more institutional investors into the crypto investment space which the Galaxy executive argued will help to reduce price volatility.Vanderwilt also remarked that the move would serve as an example to other Wall Street banks that crypto exposure is possible. Indeed, as previously reported by Cointelegraph, the demand for crypto exposure appears to be growing on Wall Street with some banks recently announcing plans to establish trading desks for the novel asset class.Related: Goldman Sachs analysts divided over whether Bitcoin is an ‘investable asset class’Max Minton, Goldman Sachs head of digital assets for the Asia-Pacific region stated that offering Bitcoin futures trading was part of the banks’ goal of providing access to its clients’ preferred assets, adding:“In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”Despite the impending announcement from the bank, several Goldman figures are still reportedly not sold on Bitcoin as an “investable asset class.” Earlier in June, the bank’s commodities chief argued that BTC was more similar to a “risk-on” asset like copper rather than an inflation hedge like gold.

Spain’s BBVA Opens Bitcoin Trading to All Private Banking Clients in Switzerland

Spain’s BBVA Opens Bitcoin Trading to All Private Banking Clients in Switzerland

Spain’s second-largest bank, BBVA, is opening up its bitcoin trading and custody service to all private banking clients in Switzerland in a few days. The bank has been testing the cryptocurrency service for six months. “The bitcoin management system is fully integrated” in the bank’s app, “where its performance can be viewed alongside that of the rest of the customers’ assets, funds, or investments.” BBVA’s Fully Integrated Bitcoin Service Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) announced Friday that BBVA Switzerland will open a bitcoin trading and custody service to all private banking clients on June 21. The bank has been testing this new cryptocurrency service with a selected group of clients for six months. BBVA explained: For the time being, BBVA Switzerland’s offer includes bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies. The entity will not offer advice on these types of investments. BBVA explained that the new cryptocurrency service is only available in Switzerland for the time being because the country has “clear regulation and widespread adoption” of crypto assets. Founded in 1857, BBVA “has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America,” its website details. At the end of March, the group had 719.7 billion euros in total assets, 79.8 million customers in more than 25 countries, 122,021 employees, 7,254 branches, and 30,747 ATMs. BBVA is Spain’s second-largest bank after Banco Santander. Its presence in Switzerland is through a 100% group-owned franchise. The bank’s announcement details: One of the most important attractions of BBVA Switzerland’s offer is that the bitcoin management system is fully integrated in its app, where its performance can be viewed alongside that of the rest of the customers’ assets, funds or investments. This service “allows investing and combining traditional and digital financial assets in the same investment portfolio,” the bank noted, adding that it helps clients “in terms of simplicity when it comes to trading, account statements, tax returns, etc.” BBVA further stated that “Through the customer’s personalized digital wallet, bitcoins can be converted into euros or any other current currency, and vice versa, automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers.”…