Bitcoin May Correct Further As Institutional Investors Turn Bearish
The market is seeing divided opinions on Bitcoin’s next move. After reaching a new high of $42,000, Bitcoin experienced a sell-off to $34,000. It fails to recover and is traded at around $35,000 now.
Bitcoin’s price dropped by 5% on Wednesday as some Asian traders chose to sell their Bitcoin out of concern for Bitcoin’s recent corrections. According to CoinShares’ weekly digital asset flows report, about $85 million outflows from institutional crypto products have been recorded, indicating some institutional investors are taking profit amid Bitcoin’s corrections.
Bitcoin’s recent rally owns much to the expectation that the new Biden administration will switch on the printing machine and offer bigger stimulating packages. The Biden administration recently proposed a rescue package of $1.9 trillion. More than $400 billion would be used to combat the pandemic, including the deployment of vaccines, while another $350 billion would go to state and local government budgets. It is agreed by some that Bitcoin could be the winner among various assets as many believe Bitcoin is an ideal hedge against inflation.
However, the recent speech of Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, has raised some concern that the Biden administration may impose strict restrictions on cryptocurrencies.
“Cryptocurrencies are a particular concern. I think many are used – at least in a transaction sense – mainly for illicit financing… And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels.”
Bitcoin bulls are excited by the cryptocurrency’s recent gain. But some have warned that Bitcoin could face corrections in the near term. JPMorgan analysts remarked that potential big corrections might be on the way if Bitcoin fails to reclaim $40,000, as institutional traders may choose to cash out at the current level.
No matter which direction Bitcoin takes, futures traders could take advantage of Bitcoin’s volatility to earn profits. Futures trading enables traders to long or short Bitcoin. Traders can borrow leverage from exchanges to greatly enhance their buying power. Futures trading with leverage is extremely profitable during market sell-off, where large quantities of bitcoin are dumped into the market.
Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. Following the next few steps, you can start to grow your wealth.
Bexplus requires no KYC so you only need to open an account with an Email address, in just 1 minute. Once registration is complete, a trading account and a demo account with 10 BTC are opened automatically.
Risk-Free Trading with 10 BTC
Bexplus is a user-friendly platform featuring a demo account. Traders could use the demo account to improve their skills and learn to control their emotions. Inside the demo account is 10 BTC and they are replenishable. The demo account is a sandbox for traders to try out different strategies without worrying about losing money.
Make A Deposit And Claim Bonuses
No deposit fee is needed. Traders can start by depositing 0.001 BTC. Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. Withdrawal requests are handled 24/7 and it only takes about one hour during workday.
To enhance traders’ profitability, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable but could be used as margin.
Earn Passive Income With Bexplus
Bexplus interest wallet offers up to 30% annualized interest. For those who want to hodl Bitcoin, the Bexplus wallet is an ideal place to earn passive income.
The interest is calculated daily and the revenue of the deposit will be settled monthly. The monthly interest is calculated as (S*I/365*30)=MI. S represents the sum of the deposit, I stands for interest, and MI is the monthly interest.
If you deposit 10 BTC in your wallet, the monthly interest you would receive is (10*30%/365*30)=0.24 BTC. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.
Bexplus platform has everything you need in becoming a successful trader, from educational materials to your own account manager. No matter which way Bitcoin goes, you can always find opportunities at Bexplus.
Follow Bexplus on:
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8
Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus
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