Bitcoin’s price has been relatively stable recently, mainly ranging between $30,000 to $42,000. The cryptocurrency has maintained its stamina even whale being influenced by downbeat news such as the Federal Reserve’s planned interest rate hikes by 2023, and tiger regulations on some countries.
Active addresses on the BTC network show it’s still gaining momentum. The number of active addresses has rebounded from a 715,000 low in early June to now be just shy of 1 million.
The figure is still well below the high of 1.4 million we saw in mid-April. However, one can still consider the ten-day increase as bullish, since the activity is usually related to the price of BTC. A general rule of thumb would be that the more active wallets on the blockchain, the more bullish the performance.
Paul Tudor Jone, a well-known hedge fund manager, recently outlined the benefits of Bitcoin after the COVID-19 pandemic broke out more than a year ago.
He complimented on the cryptocurrency again in an interview. Jones expressed his desire to increase his BTC holdings to account for 5% of his portfolio. As one of this generation’s most successful investors, Jone’s admiration for Bitcoin could be seen as a bullish signal.
Elsewhere, the U.S. National Republican Congressional Committee (NRCC) will begin to accept donations in cryptocurrency, and related donations will be converted into U.S. dollars before landing the NRCC’s account, affirming NRCC’s recognition of the value of cryptocurrencies. As the Republican Party is not the ruling party in the United States, its short-term boost is limited, but it is positive for Bitcoin in the long run.
Overall, the market appears to be optimistic on Bitcoin’s bullish development. However, before entering a bull market, Bitcoin may experience short-term slumps.
Despite the high risks, volatility could be an opportunity for people to enter the cryptocurrency market. Currently, the bullish momentum of Bitcoin is strong. Joining the cryptocurrency market, choosing a professional trading platform, and clever use of leverage could bring in a significant profit to savvy traders. Bitwells is a potential choice.
Trusted by more than 200,000 traders in over 200 countries/regions around the world, Bitwells is a futures trading platform focusing on the Bitcoin market.
It provides futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. The company is registered in the UK and is jointly developed by Internet experts, cryptocurrency traders, and financial professionals. No KYC, no deposit fees, and both mobile and desktop platforms are available. Traders can get the most attentive services including 24/7 customer support.
The advantages of Bitwells
High Liquidity And Low Service Fees
Over 15 market makers on Bitwells guarantee the market’s liquidity and immediate transactions, providing traders accurate prices. Bitwells does not require deposit fees from users. It charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report).
Demo Account With 10 BTC
Once registered, users on Bitwells will be offered a real trading account and a demo account with 10 BTC. The simulator is user-friendly, preventing new traders from losing money without knowing the rules. In addition, users can use the demo account to learn about the trading process and test trading strategies to improve their skills.
As a safe, professional, and reliable cryptocurrency futures trading platform, Bitwells offers users trading with 100X leverage. With 100X leverage, traders can make 100 times of profits from both directions (long or short), although the risks are significantly higher when using leverage.
Bitwells takes security measures akin to banks to ensure that the security of customers’ assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).
No Know Your Customer (KYC) checks, only an email address is required to complete a registration on Bitwells. No KYC means that your privacy can be guaranteed. Bitwells will not collect any information from you, and there is no need to worry about a potential leak.
100% Deposit Bonus
Bitwells now offers a 100% deposit bonus as a thank-you gift to every user. When you deposit into Bitwells, an equivalent amount of Bitcoin will be accredited to your account (max. 10 BTC each deposit). You can use the bonus to increase your margin and be saer while trading.
Bitwells may be a good option for you to start the Bitcoin bull ride on a professional and advanced trading platform.
Sign up on Bitwells and claim your 100% Deposit Bonus!
Featured image via Unsplash.