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Best Bitcoin Dice

Best Bitcoin Dice Sites

Bitcoin Dice is one of the most popular crypto gambling games, and even though these games are fairly simple, they are one of the most customizable forms of betting you can play with cryptocurrency. This is because Bitcoin dice sites typically allow players to set their own odds, alter risk and reward, and also determine […]

Best Bitcoin Dice was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

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Go straight to our expert’s top pick. For the best all-around Bitcoin dice experience, Primedice is our top pick.

An Introduction to Bitcoin Dice

Bitcoin Dice is one of the most popular crypto gambling games, and even though these games are fairly simple, they are one of the most customizable forms of betting you can play with cryptocurrency.

Best Bitcoin Dice Sites
Our expert’s picks of the best Bitcoin dice sites and games available this year.

This is because Bitcoin dice sites typically allow players to set their own odds, alter risk and reward, and also determine the level of the house edge. Naturally, the lower house edge will mean less reward, but many players like the opportunity to tailor their gambling experience and therefore win more regularly and consistently with dice games.

Because of its simplicity, many crypto gambling players have come to regard Bitcoin dice and other dice games as one of the purest forms of wagering, changing little in their long history.

Here, we’re going to explore some of the best Bitcoin dice websites in the world, and also highlight some of the best Bitcoin faucets available. But first, let’s look at what a Bitcoin dice faucet is, and discover some of the most popular strategies for winning at Bitcoin dice.

What is a Bitcoin Dice Faucet?

In this article, we’re going to be looking at ‘Bitcoin Dice Faucets,’ but what are they, and why do Bitcoin dice players love them so much?

Certain Bitcoin Dice websites will give players a tiny amount of BTC, like a faucet would leak a little water, to try out Bitcoin dice games without risking their funds. Some Bitcoin dice faucets offer substantially more Bitcoin than others, or they dispense at more regular intervals – so some players like to maximize their free BTC through Bitcoin dice faucets!

This free BTC or other cryptocurrencies can either be saved up or used to bet on Bitcoin dice games to try and gamble up your crypto holdings.

In the article below, we’re going to look at some of the best Bitcoin dice faucets so that you can make the most of your dice experience.

Which is the Best Bitcoin Dice Strategy?

We should start by saying that Bitcoin dice is a game of chance – ultimately, it’s a gambling game, and the house always has a slight edge. However, players can follow strict strategies to improve their odds of winning and increase their takings over time.

Here are a few of the most popular strategies:

  • The Paroli Strategy – A method that helps players maximize winning streaks and minimize losses, the Paroli strategy sees players determine a base stake amount, then double their bet after each win until they achieve three consecutive wins.
  • The Martingale Strategy – A tried and tested strategy from the 1700s; Martingale strategy players gradually increase the amount they bet when they are in a losing streak. The idea behind this strategy is that the increased bets will recover the losses incurred during the losing streak when the player wins.
  • The D’Alembert Strategy – This easy to remember strategy simply increases your bet amount by 1x after each consecutive roll.
  • The Inverse Martingale Strategy – As you might have guessed, this is the opposite of the regular Martingale strategy. Players increase their wagering size during a winning streak rather than a losing streak, which maximizes the takings from a successful win.

Our Picks – The Best Bitcoin Dice Sites

Now you’re armed with some knowledge of the best Bitcoin dice strategies, let’s dive in and review some of the best places to play Bitcoin dice! Check out the table below for a quick overview of the top sites or scroll down to see a detailed review of each.

Site Noteworthy Features Play
1 Primedice Great design, easy to use, feature-rich, strong history, large range of crypto supported.
2 Trustdice Great user interface, top crypto and Bitcoin faucet, good competitions.
3 DuckDice Great looking site, user-friendly, many features..
4 OneHash Easy to use, good faucet, provably fair.
5 BitDice Easy to use, provably fair.

1. Primedice

Primedice is one of the longest serving Bitcoin dice websites.

Established in 2013, Primedice is one of the most popular Bitcoin dice venues where users can stake their Bitcoin bets. Primedice is owned and operated by Slice Media, the same company as popular crypto casino Stake.com – one of our top 10 best Bitcoin casinos for 2020.

With provably fair dice games, one of the lowest house edges in the industry of just 1%, and instant bitcoin deposits and withdrawals, Primedice is an incredibly easy-to-use Bitcoin dice website.

Primedice is open to players in most jurisdictions, but they restrict players from the USA, Australia, and other countries where online gambling is illegal.

Primedice Bitcoin Dice

Visually, Primedice has one of the best Bitcoin dice interfaces of any provider, with no fluff or unnecessary options – it’s a simple and easy to use game set-up which does precisely as bitcoin dice players would expect.

There’s a simple slider bar to change the wagering requirements, which makes it incredibly easy to change the win chance from 98% all the way down to just 2%. There are also options to quickly wager either half or the entirety of your Bitcoin holdings, and there are more options for automated betting – where players can simply set up their rolls and watch it go.

If you choose to play with automated betting, you can set your wagers to stop once a certain amount of profit or loss is reached, so if you’ve got a set amount of Bitcoin to spend, this is an excellent option for placing your bets while you do something else.

Primedice’s Bitcoin dice is provably fair and verifiable, providing both client and server seeds for each game.

Primedice Bitcoin Faucet

Unfortunately, Primedice doesn’t offer a Bitcoin faucet anymore.

However, they do let players try-out dice games by placing zero bets, which allows users to experiment with different game methods.

Supported Cryptos

Primedice lets players gamble in the following cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • DogeCoin (DOGE)
  • Tron (TRX)

Primedice Additional Features

Become a VIP Primedice member for huge rewards and prizes.

Primedice has some exciting extra features which have contributed to its popularity, including a VIP status for regular players that awards unlimited rake backs, gifts and rewards, and exclusive bonuses.

VIP status is obtained through Primedice’s loyalty progression, the final level of which is ‘Diamond’ status for the highest wagering players. For VIP players, Primedice claims there are ‘limitless’ opportunities for rake backs, which refunds players some of the money they’ve wagered so they can continue playing.

There are also challenges tailored to each player, which are unique based on the kinds of wagers you place and the frequency you play on Primedice.

We also liked Primedice’s chat feature, which is a live community chat where players can exchange tips, pass the time while their automated wagers run, and share their big wins!

Our Verdict

It’s straightforward to see why Primedice has become one of the most popular Bitcoin dice sites, as it’s one of the best designed, easiest to use, and most feature-rich sites in the world. It’s also achieved veteran status among the crypto community, becoming highly respected during its seven-year history.

We liked the broad range of cryptocurrencies that Primedice supports, which is excellent for those who wish to gamble using altcoins. However, compared to some of the other sites we’ll be reviewing below, Primedice doesn’t have a Bitcoin faucet feature, which is disappointing for those who like to receive free BTC to bet with periodically.

Overall, Primedice is provably fair and highly trusted Bitcoin dice operator, which has a proven track record of delivering a fantastic crypto gambling experience.

2. TrustDice

TrustDice.Win is a newer arrival to the Bitcoin Dice scene, with some great features.

Trustdice are primarily a Bitcoin dice provider, but they also have a range of traditional crypto casino games, like Blackjack, Baccarat, and Roulette.

Established in 2018, TrustDice is licensed in Curaçao, and run by Satoshi Gaming Group. The site has almost 200,000 players worldwide, with 62 million total bets placed and nearly $185,000 paid out in prizes.

TrustDice supports players from most jurisdictions but excludes those from the USA, France, and the Netherlands.

TrustDice.Win Bitcoin Dice

TrustDice has an enjoyable and easy to use interface, which lets players place a wager in seconds. Like other sites on our list, there’s a slider bar that players can use to change their bets quickly.

Players can see all the bets other users are placing on the game, as well as what they’ve won and what they rolled – which is great for keeping track of how often the Bitcoin dice is paying out.

There are also quick-press buttons for placing a minimum bet, max bet, or half of your total holdings. It’s not easy to find information on how provably fair the games are within the gaming interface. However, digging a little deeper does reveal that games on TrustDice are provably fair.

TrustDice.Win Bitcoin Faucet

TrustDice has one of the most generous faucets of any Bitcoin dice website.

TrustDice.Win uses the Coinbox faucet, which offers a vast range of free crypto to players, including Bitcoin, Ethereum, EOS, Tether, and other tokens. New players can claim from the Coinbox faucet every six hours, and for regular players, the faucet pays out more often.

All crypto claimed from TrustDice’s faucet can be immediately wagered on dice games with a minimum bet of just 10 Satoshi. As players can get 50 sats every six hours from TrustDice’s faucet, you can make 20 free wagers every day just from faucet crypto!

TrustDice.Win Supported Cryptos

TrustDice.Win lets players gamble in the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • EOS
  • Tether

TrustDice Additional Features

TrustDice.Win lets players access a range of other crypto casino games, but they also keep their dice players interested through contests and prizes.

For example, players can take part in TrustDice. Win’s weekly wagering contest, to be in with a chance of winning up to $3,000.

Our Verdict

TrustDice has one of the best user interfaces of any Bitcoin dice site, and it’s also got the best crypto and Bitcoin faucet hands down.

There’s a decent range of competitions, including level-up rewards and plenty of opportunities for rakebacks. Overall, TrustDice.Win is a great option for Bitcoin dice players who also want to explore betting with altcoins.

3. DuckDice

DuckDice is one of the best designed Bitcoin dice websites available.

A growing Bitcoin dice website, DuckDice.io is a well-designed site licensed in Curaçao. As a Crypto Gambling Foundation member, DuckDice provides provably fair dice games in a range of cryptocurrencies.

The site has implemented plenty of exciting features that have contributed to its popularity, and these have assisted in setting DuckDice apart from other Bitcoin dice operators in recent years. There’s a couple of different games on DuckDice, including their main Dice feature, and also some lottery games.

Signing up to DuckDice.io is one of the most effortless experiences in crypto gambling – you simply click ‘sign-up,’ and DuckDice generates a username for you. There’s no need to enter an email address, and you can get started straight away.

Users from the United States, the Netherlands, Russia, France, and Ukraine are not currently allowed to play on DuckDice.io.

DuckDice.io Bitcoin Dice

With a focus on design, DuckDice’s crypto dice games are well laid out and easy to play, with a fun ‘egg’ theme to show how much players have wagered.

There are auto modes if you’re the kind of player who likes to set up their games and watch them go, or a ‘Flashbet’ mode, which lets power-players place hundreds of bets per second.

Flashbet lets players set their wagering parameters and then executes hundreds of bets at the fastest speed possible. Once a Flashbet session is in play, there’s no way to stop it, unless one of your pre-set criteria is reached, or you run out of balance.

DuckDice’s Flashbet is an excellent way for regular players who like to wager a set amount per day to play, so if you’ve got limited time on your hands, check it out!

DuckDice.io Bitcoin Faucet

DuckDice has both a generous Bitcoin faucet feature and ‘rain’ events where cryptocurrency is distributed to certain players.

Their faucet feature allows players to collect free satoshis, which are immediately available to gamble on their dice games. It’s easy to collect BTC from DuckDice’s faucet – you either beat another player in a tic tac toe minigame or play three games in succession to win! However, the faucet feature is only available when you have no funds in your account.

Players can choose to make it ‘rain’ on other members of their chatroom by clicking the cloud icon at the top of the site. This will distribute small amounts of crypto to everyone in that room, so it pays to know some high-rollers on DuckDice!

DuckDice.io Supported Cryptos

DuckDice lets players gamble in the following cryptocurrencies:

  • Bitcoin
  • Litecoin
  • Dogecoin
  • Dash
  • Bitcoin Cash
  • Ethereum Classic
  • Ethereum
  • Bitcoin Gold
  • Zcash
  • Monero
  • Ripple
  • Tether

It’s incredibly easy to credit your account on DuckDice, only requiring a deposit address for your chosen asset.

DuckDice.io Additional Features

DuckDice’s Banking feature is a great way to minimize how much you spend.

In addition to their feature-rich dice games, DuckDice also has a currency exchange, a ‘bank’ feature, awards, and regular contests.

Users can transfer any supported crypto to any other cryptocurrency using DuckDice’s currency exchange feature, for instance, BTC to LTC, which takes just seconds and is great for quickly swapping the currency you’re betting with.

There are regular contests, such as daily wagering contests for dice players with prizes up to 0.01 BTC.

DuckDice’s bank feature is an exciting way to make sure you’re setting aside a portion of your winnings rather than leaving them all on the table. Players can deposit their crypto into DuckDice’s bank, which removes it from the available funds when placing a bet.

Our Verdict

A great-looking Bitcoin dice site, DuckDice is leading the way in terms of innovation and user-friendliness.

They are jam-packed with features that other Bitcoin dice sites don’t have, like banking features, huge bonuses, and crypto exchanges, which transform DuckDice into more than just a standard Bitcoin dice site.

Overall, we think DuckDice.io is one of the best choices for Bitcoin dice players regardless of skill level or wager amount.

4. OneHash

OneHash’s Bitcoin dice game is very easy to play.

OneHash is a Bitcoin dice, casino, slots, and sportsbook casino based in Curaçao. Its Bitcoin dice game is one of the most popular in the industry, and it’s also one of the easiest to use.

OneHash is open to all players that are legally allowed to gamble online in their jurisdiction.

OneHash Bitcoin Dice

OneHash’s Bitcoin dice is an easy to play game, with a well laid out interface and plenty of customization for your wagers. Like other Bitcoin dice games we’ve reviewed, there’s a simple slider to change the odds, and auto roll features to set up games.

Each game contains ‘seed settings,’ where players can view the SHA256 hash of the game’s server seed to verify that the game is provably fair. Users can also change the seed to one of their choosing if they want more control over their game.

Overall, OneHash’s Bitcoin dice has most of the same features as other sites, but its interface is a little cleaner and easier to navigate.

OneHash Bitcoin Faucet

Players will be pleased to find out that OneHash does have a Bitcoin faucet, which pays out 0.000001 BTC. The faucet button can be found in the top right corner of the Bitcoin dice gaming interface.

There’s no information as to how many times users can claim free Bitcoin from OneHash’s faucet, but it’s definitely available to new players.

OneHash Supported Cryptos

At the moment, OneHash only accepts Bitcoin deposits and payments.

There’s no information about any new cryptocurrencies coming to One hash.

OneHash Additional Features

OneHash has daily wagering contests to reward their top players.

OneHash has regular dice wagering contests, where the most frequent players are rewarded with cash prizes. Contests run every day from midnight, and the top 10 users all receive a reward. The top player takes home 0.015 BTC!

There’s 24/7 live chat support for customers, and users can suggest upcoming events to wager on, which the OneHash team will review and potentially let players bet on them.

Our Verdict

The Bitcoin dice game at OneHash offers everything crypto gamblers would need from a dice game, and it’s also simple and easy to use.

We liked how easy it was to see verification for the fairness of each roll on One hash, and likewise how quickly players can receive free Bitcoin through their faucet feature.

It’s not quite as feature-rich as TrustDice.Win or DuckDice.io, but it’s still going to be a great choice for most Bitcoin dice fans.

5. BitDice

BitDice has a simple and easy to use Bitcoin dice interface.

Established in 2014, BitDice is a long-running Bitcoin Dice website that’s remained popular among crypto enthusiasts for many years.

Licensed in Curaçao, BitDice offers other games for crypto gambling, too, including blackjack and slots. BitDice is best known for its exciting leveling system, generous rake backs, and it’s loyalty token.

BitDice Bitcoin Dice

A nice feature of BitDice is their’ session stats’, where players can quickly see their wins and losses, the amount in BTC they’ve won, and how much total BTC they’ve wagered in that session. You can also see who is placing the largest bets and who is getting the biggest winnings on the leader board.

BitDice also has a handy feature where players can see if a game is provably fair at the touch of a button. This is at the bottom of the dice interface, and clicking the button displays the secret hash and client seed of each game.

BitDice Bitcoin Faucet

BitDice does have a Bitcoin faucet, but it’s limited to BTC and only gives out small amounts. Its primary use is to let players try out games without first depositing crypto to the casino.

Although it’s not as generous as some of the other casinos we’ve reviewed here, it’s still a nice feature, and if you’re dedicated enough, your faucet rewards can build up over time.

BitDice Supported Cryptos

Bitdice supports the following cryptocurrencies:

  • Bitcoin
  • DogeCoin
  • Litecoin
  • Ethereum

BitDice Additional Features

BitDice has a massive range of levels that players can reach – all with unique bonuses.

There are substantial rake backs available for BitDice players, which you can earn by progressing through the levels – made by playing regularly on the site. Other bonuses for regular players include daily chests that contain huge bonuses and random bonus wins of either free spins or extra funds.

Every bet you make on BitDice will award a small amount of the casino’s loyalty token, ‘BitDice Tokens.’ These tokens can be converted to Bitcoin at the rate of 1,000 BitDice Tokens to 1 BTC. However, players can only spend this inside the BitDice casino, either by wagering or on raffles and competitions.

Our Verdict

Overall, BitDice is a decent site to play Bitcoin dice games, and it’s simple and easy to use, as well as being a very trustworthy site.

However, compared to some of the other sites we’ve reviewed, BitDice is a little dated looks-wise, and it’s Bitcoin faucet is also somewhat limited – essentially only functioning as a way to try out games without committing your funds.

Nevertheless, BitDice is a great Bitcoin dice site overall, and we think their easy-to-view secret hash and client seed for each game is a very important feature for those concerned with fairness.

Best Bitcoin Dice Faucets

With up to 20 free wagers per day, Trustdice’s faucet is definitely one of the best ways to claim free Bitcoin, and a range of other cryptocurrencies.

We were impressed with how many different types of crypto could be claimed through TrustDice.Win’s faucet, which is considerably more than any other Bitcoin dice site we’ve reviewed here.

Which Is The Best Bitcoin Dice Game?

Overall, we liked DuckDice’s gaming interface and range of features the most. Its Flashget system is perfect for those who play dice games regularly, as you can get all your daily bets done in an instant.

DuckDice’s banking feature is also a great way to limit how much you wager, so if you’ve had a decent winning streak you can easily take these winnings off the table without transferring them to an external wallet.

TrustDice is also a great choice, and its faucet for multiple cryptocurrencies is a perfect option for those who like to collect free Bitcoin. We recommend TrustDice for beginner players who don’t want to commit a high level of funds to a Bitcoin dice site and want to try out some new games with free crypto.

Nevertheless, for an all-round excellent Bitcoin dice experience, DuckDice is one of the best and most feature-rich Bitcoin dice sites!

Disclosure: Blokt strives to provide transparent, honest reviews, and opinions. The writer of this article is a user of the product(s) or service(s) mentioned in this article and was not influenced by the respective owners.

We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. Thank you kindly for your support.

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Source: https://blokt.com/guides/best-bitcoin-dice

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Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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Key takeaways

  • U.S. Congress’ split disposition towards cryptocurrencies raises concerns among market participants.
  • Bitcoin proponent, James Loop goes digging into the financial disclosures of Congress members.
  • His findings revealed only three Congress members have ever disclosed that they hold Bitcoin.

The United States is a key base for innovation and adoption in the cryptocurrency industry. According to data from Crunchbase, there are at least 1,135 organizations founded in the U.S. that provide various cryptocurrency-related services.

Despite the broad adoption of the asset class by the country’s citizens, the government is still divided on opinions about the growing cryptocurrency industry. This can be seen in the U.S. Congress where members of Congress are split between those who support and those who do not support Bitcoin, the most prominent cryptocurrency.

This polarised disposition of Congress has been a pain point for Bitcoiners. Bitcoin market participants have pointed out several issues that emanate from the fact that there are still members of Congress who have not shown themselves to fully understand Bitcoin.

The sentiment is that Congress members who do not fully understand the asset, having not used it, should not be responsible for making laws about it. Additionally, market participants also think it will be a conflict of interest if members of Congress who oppose Bitcoin are found to be holding Bitcoin or if those who support it do not own any. 

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Jameson Lopp, the co-founder, and chief technology officer of Casa – a leading provider of Bitcoin self custody solutions, has gone digging into the United States Senate Financial Disclosures portal. The investigation was carried out to identify Congress members who have declared holdings of cryptocurrencies, and Bitcoin in particular, in their portfolios. 

His findings paint a dismal picture as the majority of the members of Congress who have been vocal in supporting Bitcoin have not held the asset at all according to their financial disclosures for the year ending 2020.

According to his findings, only 3 Congress members have disclosed that they own Bitcoin. The now-retired Representative Bob Goodlatte of Virginia was the first Congressman to disclose the ownership of Bitcoin, doing so in 2017 even before laws were passed to make disclosure mandatory. According to his disclosure, he owned between $1,000 and $15,000 of Bitcoin at the time.

Among currently seated Congress members, only Senators Cynthia Lummis and Pat Toomey have reported Bitcoin holdings in their portfolios in 2020. Senator  Lummis reported owning $100,000 – $250,000 of bitcoin in 2020 making up between 0.6% and 2.75% of her net worth. Similarly, Senator Pat Toomey reported purchasing $1,001 – $15,000 of GBTC in June 2021. The GBTC investment is between 0.01% and 0.7% of his net worth.

The sleuth however concedes that he did not have the time and resources to go through the financial disclosures of all 535 congressional members. Nonetheless, it is telling that of the ones he checked, even members of caucuses in Congress that are affiliated to cryptocurrency and members that have drafted bills that will provide clarity for the industry do not hold Bitcoin or other cryptocurrencies as their financial disclosures show.

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Source: https://zycrypto.com/a-deep-dive-into-the-bitcoin-wallets-of-u-s-congress-members-and-why-bitcoiners-are-strongly-against-them/

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China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect

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China Reemphasizes It's Not Yet Done With Clamping Down On Bitcoin

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Key takeaways:

  • Crypto-market records over s$1 billion worth of Crypto liquidations in hours. 
  • Liquidated long positions significantly surpass shorts.
  • Fundamental factors pose serious threat to the market, but the road to recovery is near.

The crypto market has been hit with yet another massive liquidation. Within the last 24hrs, a whopping $1.03 billion worth of long and short positions have been liquidated, as reported by the aggregate derivative exchange platform ByBt.

When traders are long on a particular asset, they are simply gaining exposure to the cryptocurrency in question, in hopes that prices will surge significantly at a later time. It appears that a lot of investors were bullish on crypto for the most part, as long positions were significantly higher than shorts. Precisely $946.10 million worth of crypto was liquidated, while $6.56 million short positions were liquidated.

Liquidations usually take place in the crypto market when a trader’s leveraged position is forcefully sealed by an exchange when the trader’s initial margin is partially or totally lost. Futures and margin trading is usually where liquidation is common.

Many market pundits have warned against over-leverage, which they point to as the case of repeated liquidation. However, despite cryptocurrencies being high-risk due to the intense volatility, leveraging provides an opportunity for investors to generate significant profit. For this reason, liquidations are imminent.

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On a larger spectrum, the question at hand is how the market will be affected going forward. Although no one can accurately predict, recent events hint that the dip could go even deeper, no thanks to fundamental factors like the ongoing Evergrande crisis.

“The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts.” wrote Chinese journalist Colin Wu.

Thus far, leading assets like Bitcoin, Ether, Solana, Cardano, and many others have dropped in price value and are, at this time, still going downwards. Bitcoin has plummeted to $42,928. While losing more than 7% in value today. Ether, XRP, SOL, DOGE, and Cardano are likewise seeing an extensive decline.

In response to the dip, analysts have responded to their previous sentiments on Bitcoin especially, saying that the expected floor price for this month remains at $42,000 and that a bounce will follow a while later. Altcoin analysts are also keeping their fingers crossed to see how the next 24hrs play out before predicting the market’s trajectory.

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Source: https://zycrypto.com/china-again-why-the-crypto-market-lost-over-300-billion-in-hours-and-what-to-expect/

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