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4 Benefits of Cryptocurrency Trading 

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The post 4 Benefits of Cryptocurrency Trading  appeared first on Crypto Core Media.

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Have you grown tired of the same old, same old when it comes to trading? If so, it is time you seriously considered investing in the cryptocurrency market. There are a host of rewards to be reaped from embarking on this burgeoning investment route, some of which are detailed below.

Here are four benefits of cryptocurrency trading that you should be aware of:

You can trade 24/7

One of the best things about the cryptocurrency market is the fact that it is always open. This investment industry is not governed by a centralized administration, which is why transactions can take place within it 24 hours a day, seven days a week.

It is tax-efficient

If you are looking to tap into a tax-efficient trading model, you should seriously consider investing in a virtual currency like Bitcoin. There are a host of tax benefits to be reaped from buying and selling digital currencies, simply because you can partake in an activity known as financial spread betting in most cryptocurrency markets.

Better liquidity

Liquidity is defined as being the measure of how quickly certain investments can be converted into cold, hard cash. You will be pleased to hear that the liquidity found in the cryptocurrency market is much better than it is in normal trading industries. As soon as you feel like you want to sell a specific cryptocurrency, you will have the money that you earned in your bank in no time. These faster transaction times will help you to keep a tighter grip on your buying and selling habits, which in turn will stop you investing money that you cannot really afford to lose.

You can buy and sell across the globe

Cryptocurrency is traded solely online, which means that the whole world will be your oyster should you decide to try your hand in this field of investment. You will be able to invest in European, North American, Asian, African, South American, and Oceanic markets regardless of your geographical location, which in turn will allow you to tap into lower share prices.

Worried that you will not be able to keep pace with the global cryptocurrency market? Fear not, as AltSignals’ have created their patented AltAlgo Indicator to assist novice traders like yourself in this instance. This crypto gauge will compound and multiply your money from any destination, it will inform you about when to buy signals cryptocurrency on the international market, and it will scan your industry in real-time to help you establish a sensible stop loss.

Cryptocurrency might be unpredictable, and most of its markets might be incredibly volatile. However, there are still a host of benefits to be reaped from trying your hand at digital trading currencies. Should you decide to become a crypto trader, you will be allowed to invest at a time that best suits you, you’ll be able to reap a whole host tax-efficient rewards, you’ll enjoy far better liquidity than you would in a normal trading market, and you will be able to buy and sell across the globe.

Source: https://cryptocoremedia.com/4-benefits-of-cryptocurrency-trading/

Blockchain

Litecoin Price Prediction: LTC/USD Goes Bearish on a Correctional Note

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LTC Price Prediction – May 17
Currently, a downward correctional move is ongoing at a higher pressure in the LTC/USD market activities. The US currency forces its worth on the crypto since May 10 while the base instrument hit resistance around a high value of $400. With about a 10.07% reduction presently in the crypto market, price now trades at around the level of $266.

LTC/USD Market
Key Levels:
Resistance levels: $320, $360, $400
Support levels: $240, $220, $200

LTC/USD – Daily Chart
The LTC/USD daily chart showcases a heavy downward price correctional movement as most of the vital support trading levels breached to the downside. An intense bearish candlestick is being formed in the space between the SMAs. That has led to the breaking down of the bullish trend-line and the 14-day SMA trend-line to the south. The 50-day SMA indicator is being approached by current falling pressure at the immediate support value of $240. The Stochastic Oscillators are now in the oversold region slightly pointing to the south within it. That still calls for placing position with cautiousness as there may soon be a change of trend in no time.

Will the LTC/USD current fall-off reach for support of $240?
Going by the current pace at which the LTC/USD market operations as regards the downward correctional moves, it is most likely that bulls will await price to either closely average or briefly touch past the immediate support level of $240 before considering launching a pull-up. That said, a bullish candlestick formation is needed to back up a reliable return of an upward move at that trading zone.

On the account of contradiction, as regards the market’s upside, bears would now have to consolidate their stance in the market to forcefully break down the $240 support level in a continuation southward pushes to see through some lower support trading lines. The smaller SMA indicator may not play along with the furtherance of downswing at the first instance of heightening pressure.

LTC/BTC Price Analysis
As of writing, the comparison trading capacity outlook between LTC and BTC as shown on the chart depicts that the counter instrument has only been able to hold back the base tool in a convergent trading cycle at higher zones. Yet, the trend is having it to favor of LTC as placed with BTC. The 14-day SMA trend-line and the bullish trend-line are over the 50-day SMA. And, they are all underneath the cryptos’ trading point. The Stochastic Oscillators have slantingly moved into the oversold region with a brief-pointing posture to the south. That indicates that the possibility that the base instrument may soon begin a push further to the north.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-goes-bearish-on-a-correctional-note

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Iranian government to penalize crypto miners using household power

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The Iranian government has now warned of hefty fines for those who will be caught mining cryptocurrencies using power intended for domestic use.

This after authorities registered a significant spike in electricity consumption for digital currency mining, further straining the already stressed hydropower generation caused by insufficient rainfall in the country this year.

The government said the illegal mining operations for virtual currencies that rely on electricity intended for households cause transformers to be overloaded, damaging the power grid. According to Tehran Times, Iranian Ministry of Energy spokesperson Mostafa Rajabi Mashhadi said unauthorized miners “will be fined when identified and held responsible for the damages they cause to the electricity network.”

Mining rapidly expanding in Iran

Back in 2019, the Iranian government legalized cryptocurrency mining, classifying it as an industrial activity.

In 2020, over 1,000 mining licenses were issued by the Ministry of Industry, Mining, and Trade, and power companies were provided with an avenue to increase their profits through meeting the industry’s power demands.

Selling electricity to cryptocurrency miners was seen as an option to fill the gap between revenues and expenditures in the electricity industry. However, with the current energy crisis being faced by the country, this move is now also being questioned.

Power consumption through the roof

Per the latest available data, the cryptocurrency mining sector in Iran consumes up to 1,500 megawatts of electricity each day. Back in December, this figure only sat at 300 megawatts. Authorities revealed that only around 200 megawatts of the current average daily consumption are legal.

Chinese companies have taken advantage of low and subsidized electricity prices in Iran to establish mining operations in the country’s Special Economic Zones.

The Ministry of Industry, Mines, and Trade estimates around $660 million worth of cryptocurrency is mined annually by unlicensed facilities in Iran.

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/iranian-government-to-penalize-crypto-miners-using-household-power/

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Blockchain

Litecoin Price Analysis: 17 May

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The Bitcoin price faced strong volatility due to which the price has once again crumbled under $50k. This strong volatility has spread to the altcoin market and the digital silver, Litecoin [LTC], was among those alts affected. The Litecoin price slipped by 21% over the weekend and was trading at $286 with a market capitalization of $18.97 billion.

Litecoin four-hourly chart

Source: LTCUSD on TradingView

The above chart of LTC shows the strong upward march of the digital asset to $413.65 this month, after which began its descent. The coin has now slipped by almost 30% and was seeing a bearish pressure. This bearishness could result in its value stumbling further.

Reasoning

The market was open to more volatility and this was indicated by Bollinger Bands. The divergence of the bands was suggesting that the price has been moving more rapidly than before and may continue to do so. Meanwhile, the signal line was hovering above the candlesticks highlighting the downward trending price.

The rise in selling pressure has pushed the digital asset lower and as per the relative strength index, this selling pressure was rising. RSI value had briefly hit 30, which is the oversold zone. However, a recovery pushed the indicator’s value higher. Now that the selling pressure continued, RSI has been moving towards the oversold zone again.

The money which momentarily made its way into the market might seep out. Chaikin Money Flow suggested that new money was entering the market with the recent recovery.

Crucial levels 

Entry-level: $285.38
Take Profit: $273.89
Stop-level: $294.04
Risk to Reward: 1.33

Conclusion

The current Litecoin market was suggesting the rise of bearishness in the market. As LTC’s value moved close to $286, the selling pressure was visibly dominant and the traders might want to tread carefully.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-price-analysis-17-may

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