You might have heard about the possibility of making big profits trading cryptocurrency. It sounds like a good deal and tempting, but you are not sure where to start? Let’s see how you can start trading, and the benefits of using a cryptocurrency trading software such as The Bitcoin Trading System. Why trade cryptocurrencies using … Ripple to Euro exchange rate news. Bloomberg predicted in its recent report that Bitcoin’s price in 2020 could reach double of last year’s high of $14,000. It further suggested that adoption is the primary Bitcoin metric, and Bloomb This paper examines the volatility interconnection between the main cryptocurrencies and traditional currencies during the period of February 2014-Sep…
You might have heard about the possibility of making big profits trading cryptocurrency. It sounds like a good deal and tempting, but you are not sure where to start? Let’s see how you can start trading, and the benefits of using a cryptocurrency trading software such as The Bitcoin Trading System.
Whether you are a beginner or a professional a bitcoin auto trading system will help you make profits easier. This is possible thanks to the laser-accurate performance this trading software is able to hit, with a 99.4% level of accuracy.
But, why is trading cryptocurrency so beneficial?
When it comes to transferring money, transparency is a key thing. Using blockchain technology it has become possible that the transactions can be seen but the personal information remains hidden. Therefore, your wallet is visible, but your details are not. Furthermore, this increases the security of using cryptocurrency since the protocol cannot be manipulated by anyone, whether it is an individual, organization, or government.
Security matters when investing money. Bitcoin users can be in control of their own transactions by keeping bitcoins in the digital wallet. Also, vendors are not able to charge anything extra from the customers that will go unnoticed. They have to talk to the customer prior to adding any additional charge. On top of this, stealing identity is impossible since personal information is not required when it comes to transactions
In this case, The Bitcoin Trading System is a secured legit platform to trade cryptocurrencies. Furthermore, it has been awarded by the U.S. Software Association, considered as the number one robot in trading
One of the main reasons people are turning to bitcoin is because the transactions are way cheaper than traditional bank payments, specifically for high-value transactions. In this case not only companies and investors benefit from low transaction fees, but, so do the short-term traders by using brokers that offer CFDs on bitcoin or other cryptocurrencies.
Whether you want to trade manually or you decide to use a trading bot, it is up to you to decide. But here are some key benefits of using a trading bot such as the Bitcoin Trading System:
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Bloomberg Predicts Bitcoin Price to Surge Past $20,000 in 2020, Doubling Last Year’s High
Bloomberg predicted in its recent report that Bitcoin’s price in 2020 could reach double of last year’s high of $14,000.
It further suggested that adoption is the primary Bitcoin metric, and Bloomberg takes a positive outlook on this end.
Looking at the trend during the previous Bitcoin halving event in 2016, the cryptocurrency seems to be mirroring the same trend and returning to its previous peak.
Bitcoin’s price has seen a 60% decline in 2014, and at the end of 2016, Bitcoin matched the peak in 2013. If Bitcoin chooses to follow the same trend as 2016, with a 75% decline in 2018, Bitcoin is headed towards $20,000, according to Bloomberg.
According to the report, institutional investors such as Grayscale, also known as GBTC has been consuming around 25% of the new supply.
Progressing towards the digital equivalent of gold
The coronavirus pandemic has been pushing Bitcoin’s maturity, says the report. Based on volatility readings, Bitcoin is gaining the upper hand, against the stock market. Bitcoin’s 260-day volatility measure is the lowest ever compared to the stock gauge.
As Bitcoin’s volatility is at its lowest-ever against crude oil, this indicates that the cryptocurrency is joining the mainstream and progressing towards the digital equivalent of gold. The graph below shows Bitcoin’s volatility is around 2x the Nasdaq. When Bitcoin’s price and index first crossed paths in 2017, it was closer to 7x.
In Bloomberg’s Crypto Outlook April 2020 report, Bitcoin’s transformation into a safe haven asset like gold was said to have been accelerated by the coronavirus disruption. Taking into account that Bitcoin’s on-chain indicators are remaining price supportive, the report reveals that the coronavirus appears to be accelerating Bitcoin’s performance much more than the broad cryptocurrency market.
Futures driving Bitcoin’s future
Bitcoin futures trading on the CME has seen favorable trends and are supportive of the price, according to Bloomberg. Increasing futures open interest and the stead price premium will reduce volatility even further and will drive the Bitcoin price up.
As Bitcoin was given the golden ticket has Bitcoin futures were being traded on a US-regulated exchange, while the Securities and Exchange Commission (SEC) on the other hand was reluctant to approve Bitcoin exchange-traded futures (ETFs).
COVID-19 may give Libra life
COVID-19 has highlighted vulnerabilities in the fiat world, and markets have been built on outdated technology. As the Fed is considering a digital dollar, Facebook’s Libra gets a bit of the spotlight, as Wells Fargo, Truist and U.S. Bank are looking for new tech upgrades.
The Libra Association recently welcomed Singapore’s state investor, Temasek Holdings. Temasek as a portfolio value of 313 billion Singapore dollars (roughly $219 billion), making it one of the more prominent backers of Libra.
Author: Sarah Tran
Distant or close cousins: Connectedness between cryptocurrencies and traditional currencies volatilities
We assess the interconnection between the main cryptocurrencies and traditional currencies.
Total connectedness is estimated 34.43%
Both blocks of currencies are mostly disconnected with periods of mild net volatility spill over between them.
Financial variables are the main drivers of total connectedness within the traditional currencies.
Cryptocurrency-specific variables are the key drivers for total connectedness within the traditional currencies.
Business cycles and cryptocurrency-specific variables drives directional volatility connectedness between both blocks.
This paper examines the volatility interconnection between the main cryptocurrencies and traditional currencies during the period of February 2014-September 2018 using both a framework proposed by Diebold and Yilmaz (2014) and the modified approach of Antonakakis and Gabauer (2020). Our results suggest that a 34.43%, of the forecast errors’ total variance is explained by shocks across the eight examined cryptocurrencies and traditional currencies, indicating that the remainder 65.57% of the variation is due to idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability. When we aggregate both markets by blocks, we find that the block of traditional currencies and the block of cryptocurrencies are mostly disconnected with periods of mild net volatility spill over between both blocks. Finally, our findings suggest that financial market variables are the main drivers of total connectedness within the traditional currencies, while the cryptocurrency-specific variables are identified as the key determinant for the total connectedness within the traditional currencies, and a combination of both business cycles and cryptocurrency-specific variables explain the direction al volatility connectedness between both blocks.
© 2020 Published by Elsevier B.V.