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Crypto news: BTC consolidates, where will it go from here?

By Daniela Ešnerová


Updated

Coins with cryptocurrency logos.
The whole market capitalisation added 0.51% to $1.99trn over the last 24 hours. – Photo: Shutterstock

Bitcoin (BTC) was flat, trading in $43,000 - $45,000 range in London morning trade, as the market awaits for hints that could spark a bullish or bearish momentum. The whole market capitalisation added 0.51% to $1.99trn over the last 24 hours.

Analysts from Delphi Ventures, Jason Pagoulatos and Kevin Kelly, predict that if BTC keeps grinding higher, it could be met with what “will likely be a heavy level of resistance” at $46,000-$48,000.

“Above this level and we likely see a squeeze towards $50K+,” they write.

“If the structure is indeed shifting from a downtrend into a more bullish market structure, we would like the first level of support to hold and for buyers to front run our lower levels. This means we want to see $40K hold. Should we lose $40K, the next level of market structure is at the $38.5K area, as it previously acted as resistance, and has since become support. Should we lose this level, we’d expect prior lows to be revisited once again,” they added.

ETH/USD

3,414.11 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

378.10 Price
+0.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.12 Price
-3.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.57 Price
-9.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Quote of the day

Former hedge fund manager and crypto enthusiast Mike Novogratz offers his take on bitcoin vs. gold debate:

What is your sentiment on BTC/USD?

63844.85
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Top cryptocurrency coins by market capitalisation

As of 11:00 GMT: 

Winners and losers

  • Metaverse tokens MANA and AXS were among the biggest gainers over the last 24 hours, adding 8.05% and 5.94% in the period
  • Unus sed leo (LEO) lost 21.19% over the last seven days - but this was gainst its last week's rally

Markets in this article

BNB/USD
Binance Coin / USD
575.88 USD
-1.92 -0.340%
BNB/USD
Binance Coin / USD
575.88 USD
-1.92 -0.340%
BTC/USD
Bitcoin / USD
63844.85 USD
-726.85 -1.130%
ETH/USD
Ethereum / USD
3414.11 USD
-3.87 -0.110%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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