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Get the Most Out of Your Bitcoin As Market Corrections Loom

Getting the most out of your Bitcoin as market corrections loom

Getting the most out of your Bitcoin as market corrections loomAfter a year of strong gains in the BTC market investors, in many cases, may be left wondering what to do with those hard earned gains at the end of 2020. There are the conventional ways of doing things such as reinvesting your gains or simply HODLing that BTC for the next market bull run

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After a year of strong gains in the BTC market investors, in many cases, may be left wondering what to do with those hard earned gains at the end of 2020. There are the conventional ways of doing things such as reinvesting your gains or simply HODLing that BTC for the next market bull run that will inevitably happen some time in the medium term. This article however is not about that, this article is about using your BTC in non conventional ways. After all, BTC enthusiasts are non conventional at the best of times. 

Start Using It In Everyday Life

The world is changing so maybe you should consider how you bank also. As crypto becomes more and more popular there are a wide variety of different digital banking solutions out there that allow you to do all your banking online. Some of these digital banks are based on crypto as a base currency as opposed to others who still insist on you having a fiat currency as your base. 

One of the best digital banking solutions with a crypto base is CoinZoom. CoinZoom is an exchange that offers everything from Visa bank cards that are linked to your crypto holdings to a service that allows you to transfer both fiat and crypto balances peer to peer, you could call it the Venmo for crypto!

CoinZoom is essentially the digital banking alternative for crypto users. Anyone who is anyone in crypto always says that you should be out there spending your crypto balances because the whole point is to start using it as a digital currency. Having a digital bank with your base currencies in crypto allows you to lead the charge in having the world transition over to crypto as the main way to pay. 

Gamble Your Gains For More Gains

If you are more of the selfish type you may want to try to turn those gains into more gains. Why not be greedy, after all they are your gains so you should be able to do whatever you like with them. In some cases you can even implement betting systems that mean you’re winning money 3 times a second for the rest of your life. 

One place you can do this is on the dice game at casinos like Fortunejack. You just have to set the parameters for betting and you can be winning for the rest of your life. To get set up winning just set the dice game to win 89% of the time and then for every loss make the game increase the bet by 1000%. If you make your starting bet low enough for your account you can then work out the math to be a billion to one, or even more, that you will lose more than you win. The cool thing about it is when you set it up like this every loss actually increases how much you win for your next win.

If you’re mathematically inclined head over to a casino and start trying to crack some games. The decimal system in BTC makes it increasingly easy to do so with different betting systems. 

Give It to Charity!

Now that you have made your millions on bitcoin it is probably time to contribute to the global community in some way and pay back some of the money you have made. Helping others is always a rewarding pursuit of time but even more so as it is tax deductible to donate some of your capital gains to a charity of your choosing. Platforms already exist that allow you to donate your bitcoin to worthy causes with perhaps the most popular one being BitGive. The BitGive foundation allows you to choose from one of 25 different non profit partners when donating your BTC so you’re bound to find an organisation that meets your own personal sense of what is important in the world today. 

Some of the most famous charities in the world now accept BTC donations through BitGive such as Save the Children, who are world renowned for helping hungry children in need, and The Water Project, who are also renowned for providing safe drinking water in areas that need it. 

So whatever you feel passionate about, why not give some of your BTC gains to a worthy cause, something that will give others a helping hand in life. 

Why Spend Your Crypto

We saw big gains in 2020 in BTC but the way to see even bigger gains in the years to come is to ensure we are all using crypto the way it was intended to be used and not just speculating on the price of the coins.  The more we get out into the world and use crypto as a payment method the more stores, both online and offline, will start seeing it as a lucrative addition to their everyday trading. So it’s a chicken and egg situation for any BTC HODLer, you have to use your BTC to see massive gains for BTC in the future. 

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Source: https://btcmanager.com/bitcoin-market-corrections-loom/

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JP Morgan: Bitcoin Needs to Reclaim $40K Soon or Momentum Will Fade

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Bitcoin has to endure and overcome the $40,000 boundary in order to avoid a consequent major price correction. JPMorgan strategists say that otherwise, the major cryptocurrency might suffer investment outflow.

The $40K Is the Key to Future Prospects for BTC

According to a JPMorgan Chase & Co report, cited by Bloomberg, this level is an omen to more eventual losses.

The major financial institution strategists led by Nikolaos Panigirtzoglou said that the cryptocurrency is at risk of further losses and an outflow of trend-following investors unless it can “break out” over the $40K frontier. The team added that the pattern of demand for BTC futures and the $22.9 billion Grayscale Bitcoin Trust might help determine the perspective.

“The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” the strategists commented on Friday.

After a record-breaking hit near $42K in the first week of January, Bitcoin suffered a significant price correction with almost $12K in just a short time, leaving investors pondering the reasons. JPM strategists said that the primary cryptocurrency has been in a similar situation last November when it passed the $20,000 test.

Furthermore, a significant flow of institutional money entering the Grayscale trust has encouraged the BTC rally claimed, JPM specialists. They’ve also noted that trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if BTC price doesn’t break the $40,000 milestone.

Breaking the $40K Limit and Replacing Gold?

Amidst both volatile behavior and opinions on BTC, recently, JPMorgan shared another possible Bitcoin scenario. As CryptoPotato reported, analysts from the financial institution have claimed that the cryptocurrency has taken portions of gold’s market share which could lead to price losses for the bullion.

Back then, strategists said that institutional investors had shown significant transfers from gold ETFs to bitcoin, thus suggesting adverse price developments for the noble metal.

Both bitcoin and gold have one thing in common – their rather limited supply – which had encouraged investors to think that the digital asset might replace the precious metal to an extent in the future.

Analysts said that since October, “money has poured into Bitcoin funds and out of gold, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies.” Still, the bold suggestions remain more of a speculation, while BTC remains quite volatile.

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Source: https://cryptopotato.com/jp-morgan-bitcoin-needs-to-reclaim-40k-soon-or-momentum-will-fade/

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Bitcoin Exchange Owner Sues Australian Banks For $290K For Accounts Closure

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The legal battle comes as the Aussie man allegedly suffered significant losses in his crypto business after the banks, Westpac and ANZ, shut down his accounts, local media reported Monday.

According to the proceedings filed at the ACT Civil and Administrative Tribunal, Allan Flynn alleged that the banks’ action was illegal as they closed his accounts without any prior warning or reason.  

20 Accounts Closed In Three Years

Flynn owns an AUSTRAC-registered crypto exchange with about 450 customers. Using the platform, he helps his clients to purchase crypto assets like Bitcoin.

The Australian Financial Review revealed that the complainant has had about 20 of his accounts shut down in the last three years by more than five Australian banks, including CBA, NAB, ING, and Bendigo Bank, to mention a few.

Following the continued account closures, Flynn said he opened new accounts with Westpac and ANZ while informing the banks that the account was for crypto transactions. But both accounts were closed after almost a year of running them. He said he received a message from Westpac saying his account would be closed in five days. His effort to open another account with Westpac was not successful.

He requested to know why his account was closed and why he couldn’t open a new one, and the bank told him that he was “under investigation for cryptocurrency fraud.”

Flynn said Westpac offered him a compensation of AUD$250 for not providing “reasonable notice” before closing the account. However, he hasn’t “seen a cent of it either.”

Not The Only One

For one thing, cryptocurrencies and exchanges are legal in Australia, and there’s no law prohibiting banks from rendering services to crypto traders. However, Flynn noted that he is not the only victim of this unlawful discrimination. 

“I am by no means alone or the first. I know of at least one other trader who has had accounts closed more than 60 times,” he said, adding that “how am I supposed to run a lawful business if I can’t get a bank account?”

According to the report, Flynn demands a total settlement of AUD$375,000 from the banks, with the hearing expected to take place in late March. 

He is seeking AUD$250,000 for stress and inconvenience and AUD$125,000 for emotional distress and reputational damage. Aside from closing his accounts, Flynn alleged that an ANZ employee informed other banks and his clients that he was fraudulent. 

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Source: https://cryptopotato.com/bitcoin-exchange-owner-sues-australian-banks-for-290k-for-accounts-closure/

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Cardano Price Analysis: 18 January

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Cardano’s price has surged by a massive 133% in the last 15 days and the rally shows signs of more upward movement. Trading at $0.378 ADA is ranked the sixth-largest cryptocurrency in the world in terms of market cap. The cryptocurrency has witnessed a reduced volatility phase leading to fairly stagnant price movement.

Due to the formation of a bullish pattern, ADA’s outlook is overall bullish and suggests a price surge upwards of 10 -30% in the mid-to-long term.

Cardano 4-hour chart

Source: ADAUSD, TradingView

As seen in the chart, ADA’s price has formed a bullish pennant with the price already breaking out of the pattern on January 16. Since the breakout, ADA has surged approximately 20% to where it currently stands. Although the general outlook is bullish, there might be a retest of the supports at $0.3579 and $0.3455, pushing the price higher.

With the price already surging 20% from the pennant, we can expect another 40% surge on the table. Hence, a long position would better serve the profits that are yet to come.

Source: ADAUSD TradingView

Supporting this is the constant inflow of volume despite the stagnant movement in price as seen in the OBV indicator. Following this, there is the RSI indicator that shows a retreat from the overbought zone due to the recent breakout from the pennant.

Lastly, the MACD indicator showed a dip in both the MACD line and the signal indicating a decrease in buying momentum. It also shows that these lines might undergo a bearish crossover soon.

Conclusion

With bitcoin trending sideways, this is the time for altcoins to surge higher. Rightfully so, altcoins are surging without a stop in sight, hitting new all-time highs – especially the DeFi coins. With ADA’s bullish pattern, there is a high chance for it to surge to $0.5333 or 67%. On the other hand, a drop below 0.240 would indicate failure of the uptrend and a continuation of the downtrend.

Source: https://ambcrypto.com/cardano-price-analysis-18-january

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