The music industry is booming more now than ever. In fact, 2021 was the industry’s most lucrative yet, bringing in 18.5% to $25.9 billion in revenue in the US alone. Despite the industry’s growth, however, it is still pervaded by problems, namely archaic platforms that no longer serve artists or listeners. Additionally, the emergence of […]
Every crypto trader knows how frustrating it can be when there is an opportunity for a great trade but they aren’t by their computer. This is the reason why Phemex has launched its mobile app on both the Android and iOS platforms. The app offers a premium trading experience even when you are on the go. It is a powerful tool for making important market moves; all in the palm of your hands! Unlike most crypto trading apps in the space, which offer clunky and hard-to-navigate UIs, the Phemex mobile app features an intuitive UI designed exclusively with the needs of the users in mind. It’s so simple to use that even beginners have no problem navigating through the app. It offers all functions a user might need including spot trading, deposits, trading bonus, derivatives markets, etc, all right on the Home Screen. This saves users the hassle of having to figure out where these features are. The Best Of Crypto, All In One App The Phemex mobile app offers everything that a trader can think of. It facilitates various types of trading accounts as well as one of the fastest and most seamless deposits and withdrawal options. For example, a user can simply click Deposits straight from the Home Screen, fund their wallets, and begin trading with no hassle. Instead of just offering an option to copy a wallet address for deposits, it also offers the option of simply scanning a QR code to make a deposit. When it comes to trading activities such as shorting or longing for a digital asset, no one does it better than Phemex. The crypto exchange offers traders the option to long and short a single asset if they desire. On the cross-margin side, users can create sub-accounts from which they can easily transfer coins in and out. This protects the user from having their entire portfolio liquidated if a trade goes wrong since a sub-account is a completely different portfolio that is unaffected by the main account or other sub-accounts. The app also features a crypto converter feature. What this does is allow users to be able to quickly convert any cryptocurrency into USD. They are also able to send the funds directly to the contract trading wallet, which makes Phemex one of the only platforms to allow this. For contract trading, traders can easily access it by clicking the Contract button provided on the Home Screen. Users can also see all of the trading charts in this feature which they can use for asset analysis and trading decisions. It features a variety of order types including stop limits and other advanced trading options. Why You Should Use Phemex Using Phemex is one of the best decisions a crypto trader can make. It features a highly competitive fee structure alongside offering a wide range of token listings and deep liquidity for traders. Designed with the community in mind, Phemex provides quick order execution alongside its intuitive interface. The crypto exchange is also putting on events and offers where traders are able to benefit massively. Trading competitions are held yearly where traders are able to share from a large prize pool. And that’s not all–Phemex users are able to benefit just by referring others to the platform thanks to our bonus reward referral system. Using the Phemex mobile app keeps traders afloat on everything that is happening in the crypto market. It updates them on the latest news and events, as well as notifying them of what offers are live. Traders should note though that certain tokens can attract high withdrawal fees. This varies based on the token. The Phemex derivatives market also does not carry the same level of liquidity due to the fact that it is still a relatively young exchange. However, given the age of the crypto exchange, it is quite impressive the wide range of features and benefits it offers. It features an excellent and accessible customer support desk that is available 24/7 to handle any issues that traders might run into. The exchange has since grown to more than two million active users across over 200 countries. With its mobile app, it provides even more access to crypto traders and investors, regardless of whether they are beginners or experts. It was the first major exchange to introduce an optional membership model for zero spot trading fees. Phemex has been breaking barriers since its inception in 2019 and it does not intend to stop anytime soon. For more info; Download Phemex app on Android Download Phemex app on iOS
Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear market on the horizon. Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with bitcoin closing so many weeks in the red, it is expected to get worse. Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 One thing that has been consistent when bitcoin has closed multiple weeks in the red has been the downtrend that has usually followed the market. Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market. BTC marks eight consecutive red close | Source: BTCUSD on TradingView.com However, the market has never seen anything like this. It would be natural to want to use historical context when something alarming occurs but with no point of reference, there is no way to tell where the market might go from here. Bitcoin In For A Bear? Even though there is no historical context to compare the current market conditions to, the opposite has happened before. Last year, bitcoin had recorded eight straight weeks of green closes. What followed this was multiple bull rallies that saw the price of the digital asset eventually hit its all-time high of $69,000. If this were to be taken and compared to current market conditions, with the eight consecutive red closes, the digital asset is likely in for multiple dips and crashes that will likely send it back into the $20,000 territory. So it is very likely that the bottom of the market is not as many would like to believe. Related Reading | MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals There are indicators that suggest otherwise though, such as bitcoin trading above its 5-day moving average. But this is only a good indicator for the shorter term as longer-term indicators remain bearish. Small investors are also picking up the pace when it comes to accumulating BTC. The number of Bitcoin wallets with more than 1 BTC on their balance had recently touched a new high, now sitting at 844,906. While this points to positive sentiment among these investors, in the grand scheme of things, these smaller investors hold too little to actually move the market. So if there is to be any recovery, the digital asset would need some movement from larger holders. Featured image from Unsplash, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
The price of Bitcoin hit its lowest since 2020 on 12th May 2022 and crashed to $26000. This major crypto crash has hit Metaverse coins […]
The Not Okay Bears NFT collection was launched on 16th May 2022, wherein 10,000 versions were minted on the Ethereum Blockchain. These NFTS are a […]
Terraform Labs co-founder and CEO Do Kwon has finally listened to suggestions to burn most of LUNA’s hyperinflated circulating supply of over 6.5 trillion tokens. While he’s still against the idea, Kwon has…
Today, we caught up with Bob Ras, CEO, and Co-founder of Sologenic, a foundation that synergizes different financial markets by tokenizing various asset classes on a decentralized ecosystem built on the XRP ledger. The Sologenic team is focused on bringing both cryptocurrencies and non-blockchain assets under one umbrella for the ease of trading. During this […]
Modern educational institutions are mere shells of the learning centers they once were as a result of fiat incentives.
Avalanche (AVAX) has displayed recovery on its chart. Over the last 24 hours, the altcoin brought home 4.8% gain. Although, there has been a considerable daily gain, AVAX is trading underneath its long-standing price floor. It is difficult for investors to look at just the daily gain as a good enough reason to buy the coin at the moment. Technical for the coin hasn’t suggested strong bullishness which might suggest that AVAX could be a good buy at the time of writing. Avalanche (AVAX) has lost 8% of its market value in the last week. This forced many investors to liquidate the asset and leave. Since, AVAX broke below its long term support area, this could act as an important red flag for the investors. The next solid area of support for AVAX was at $20. The coin traded around the current price level previously in the month of August, a year ago. Avalanche Price Analysis: One Day Chart Avalanche (AVAX) was exchanging hands at $31 at the time of writing. The altcoin has been laterally trading at that price mark for nearly a week now. It revisited this price mark last year, however, back then the coin was on an uptrend. Immediate resistance for the coin stood at $40 as established previously. A fall below the current price level could send AVAX near the $20 support mark. Failing to settle near the $20 mark could bring AVAX anywhere between the $12 and $9 support level. Technical Analysis The altcoin continues to depict weakness on its chart. The technical outlook seems bearish because buyers are nowhere to be seen in the market. As the coin revisited the August, last year’s price level, AVAX remained under the grasps of the sellers in the market. According to the Relative Strength Index, the indicator was bordering the oversold mark. Until and unless, RSI manages to move above the half-line, it is too early to call this price action a reversal. Going by the Directional Movement Index that reads the price direction, bears are in control. The -DI line was above the +DI mark signifying bearishness. The Average Directional Index line (red) was near the 50-mark, this reading meant that price action was strong with less signs of a reversal. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues On the one day chart, AVAX’s technical pointed towards a possible change in price direction at the time of writing. Moving Average Convergence Diverge aka MACD, displayed a green signal bar above the half-line. A green signal bar above the half-line might mean a buy signal, if continued buy signals are witnessed it may mean a change in price momentum. Parabolic SAR also depicted a dot beneath the price candles, this means a change in price direction. If more dots are seen beneath the candlesticks over the upcoming trading sessions then AVAX might stage a recovery on its chart. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming
Binance CEO Changpeng Zhao shared some crypto recommendations following the collapse of TerraForm Labs LUNA and UST Coins resulting in the loss of $40 billion and affecting the whole crypto market. The crash incident of LUNA/UST is a tragedy that has resulted in financial loss to many people, Changpeng Zhao commented in a blog post […]
Blockchain payments protocol PumaPay is upgrading to V3.0. The new platform incorporates advanced and adaptable features to provide users with a seamless and efficient experience. For starters, the whole protocol has migrated to BNB Smart Chain (BSC). Users will therefore experience higher transaction speeds, in addition to lower gas fees. The protocol has also been […]
The macro picture in Europe looks bearish and as the Federal Reserve signals continued hawkish stance, bitcoin provides a hopeful path forward.
The recent crash of the UST stablecoin had rocked the market to its core. This depegging was credited for most of the market crash and the incredibly low momentum that has trailed most digital assets in the space since then. Most other stablecoins, although challenged, had been able to maintain their peg. That is, all […]
Ethereum’s merge is coming in August if everything goes to plan according to the developers of the network so let’s find out more in today’s latest Ethereum news. If the developers can complete the merge in August, they won’t have to worry about the difficulty bomb that might go off. The difficulty bomb will start […]
El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year. The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country? El Salvador And Its Bitcoin El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country’s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value. BTC falls to $28,000 | Source: BTCUSD on TradingView.com The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country’s ability to receive international aid in the form of loans. Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender. It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador’s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this. Related Reading | Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents. On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…