Bitcoin is at an impasse: the king of cryptocurrency has been struggling between $9,200-$10,000 for the past few weeks, with all attempts to break the $10,500 key resistance being rejected. As the market is waiting anxiously for its next big move, no matter which directions it will take, the newly increased mining difficulty may catalyze a bear market.
The recent mining difficulty adjustment took place on June 16. The mining difficulty saw a 14.95% rise, which makes it one of the largest adjustments since January 2018. The following two weeks will be the fourth-difficult mining period to miners, for each TH/s of computing power could only produce 0.000008 bitcoin in 24 hours, equal to $0.08 at bitcoin’s current price.
Miners with less efficient machines may need to liquidate their BTC to cover for the increased operating costs, and some of them may even turn off their machines. This is expected to fuel the selling pressure. Furthermore, one worse scenario would be miner capitulation that could further drag down bitcoin’s price.
On June 15, bitcoin and other major assets took a hit due to the gloomy prospect of a second wave of the coronavirus pandemic. It seems that a large number of traders have turned on the risk-off mode. Denis Vinokourov, head of research at Bequant commented that “The digital currency market is not immune when it comes to flight for cash, as evidenced during the February/March selloff… With liquidity sapped away, the unwind resulted in a cascade of exits.”
Now, with the second outbreak of coronavirus cases in Beijing, the clash between China and India, as well as the ongoing protests across the U.S. and European countries, bitcoin is expected to meet with more resistance in the short-term.
BTC Leveraged Trading – Profit from Price Fluctuations
A majority of bitcoin hodlers dislike fluctuations, for they make profits rely on price appreciation. Therefore, futures trading was invented for the undulant market, especially bear markets. In futures trading, traders can make profits simply by predicting the price directions. With the leverage borrowed from exchanges, traders can enlarge their positions as many as 100 times.
Here is how you make profits during the bear market:
Let’s say you have 0.1 BTC and you want to short bitcoin at the price of $10,000. With Bexplus’s 100x leverage, you can open a position worth 10 BTC. If you close your position when the price drops to $9,300, your profit will be 10 BTC * ($10,000 – $9,300)/$9,300 = 0.75 BTC.
Taking advantage of bitcoin’s volatility, even in a bear market, you can still multiply your funds with leveraged trading.
Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. The intuitive interface, demo account, and attentive customer service make Bexplus one of the best trading platforms for both beginners and veterans.
No KYC requirement, no information leakage. Traders can open an actual account and a demo account with just email verification.
Trading Simulator to Improve Your Skills
Traders can easily use the demo account to familiarize themselves with the trading engine. You have 10 replenishable BTC and a variety of analytical tools at your disposal.
Trade Smartly with Your Smartphone
Staring at your computer could be exhausting. With Bexplus’s full-featured app, you can manage your positions and keep yourself updated with market movement anywhere and anytime you want.
Claim Your 100% Bonus
Besides leveraged trading, is there any other way to earn more bitcoins? Yes! With the 100% deposit bonus of Bexplus, you can enlarge your margin and open bigger positions.
Up to 10 BTC is available and you can withdraw all the profits generated by the bonus. Furthermore, active users can get 10% off of transaction fees. Don’t hesitate to contact Bexplus support for more information!
BTC Wallet: Up to 30% Annualized Interest Without any Risks
If you want to avoid the bear market and take a short break from trading, you can still earn profits without worrying about risks. Up to 30% annualized interest, the Bexplus wallet offers one of the best rates in the industry. You can start your deposit from 0.05 BTC and begin your accumulation!
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Disclaimer: this is a paid for, sponsored article. Bexplus is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.