We all have seen these shows where a person needs to survive a certain period of time with a limited amount of money in different locations. The Chinese TV decided to take it even further and add a new twist to the story.
A girl named He You Bing took up a challenge, during which she had to survive 3 weeks only having 0.21 BTC (approximately 1300 USD). That was all the money she had for food, dwelling and satisfying basic needs.
Considering the prices in China and also the fact that He You Bing carried out the challenge in megalopolises like Shanghai and Shenzhen (which are even pricier), it would seem quite an impossible task to complete.
He You Bing simply couldn’t find establishments that accepted BTC as a means of payment. She went from place to place, but most of the times very few people even knew about Bitcoin and cryptocurrencies in general, let alone accepted it. As a result, she had to eat wild fruits from the trees, free samples from shops and sleep in 24/7 cafes.
By the end of the 3rd day the challenge had to be stopped, and He You Bing had to be taken to the hospital due to starvation symptoms – the girl was on the verge of losing consciousness.
However, she reached ones of her goal – the challenge attracted attention of the public, thus, raising cryptocurrency awareness in China. Hopefully, next time the girl will choose less radical methods to do so.
Cryptocurrency exchanges work on the same principle as traditional exchanges. Potentially, it is possible to earn very good money on these platforms, but for this, it is needed to be able to correctly read the cryptocurrency coin chart. Of course, in order to become a professional trader, it needs to learn and practice a lot, but if your goal is to understand the basics, this article will be an excellent starting point in the exciting world of trading for you.
There are a huge variety of different charts, but the most common is the “Candlestick chart”. The chart is a much more informative tool than digital or text analysis. Using graphics, it is possible to quickly navigate and understand the current mood of the crowd, as well as the balance of power between sellers and buyers of a particular asset. Based on the obtained data, it is possible to calculate the potential profitability or unprofitability of a particular deal.
1. The main types of stock charts
As it was mentioned above, there are a huge number of different types of charts, but the main ones are lines, bars, and candlesticks. All of these tools (with the exception of the line charts) can tell about:
price at the beginning of the selected period (1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, 1 week, etc.);
price at the end of the selected period;
the minimum and maximum rate of the selected period.
By and large, the crypto chart clearly shows the history of the struggle between bulls and bears. In the process of this confrontation, a large number of deals are made. It should be understood that even a slight fluctuation of the price means that some have already earned on it, while others, on the contrary, have suffered losses.
2. “Candlestick chart”
Let’s take a closer look at the most common version of charts, namely “Candlestick chart”. It was invented almost 400 years ago by a rice seller from the country of the Rising Sun. The process of observing a line chart is not entirely convenient; for this reason, the construction of “Candlestick chart” is based on the principle of dividing the total time into specific periods. This principle helps to quickly navigate what is happening on the market and, accordingly, to give the Bitcoin trend prediction or any other financial asset forecast.
3. How to read the chart “Candlestick chart”?
One candle represents the range of prices for an asset for a certain period of time. The boundaries of the candle are the lowest and highest asset price in this period of time. If the candle`s color is green, this means that the asset has increased in value over a given period of time; if it is red, then, on the contrary, it has fallen.
If you look closely at the above chart, you will notice:
the candle corresponds to the time interval – 60 minutes;
the minimum asset price was $3485,24;
the maximum asset price was $3733.58;
This hour began with a price of $3506,42 and ended with the price of $3687 (for this reason, the candle is green).
The main parameters that should be paid attention to when reading cryptocurrency charts are:
By and large, the entire analysis of charts is an ordinary calculation of the balance between supply and demand. It is possible to estimate the level of the strength of bulls or bears through the asset price (vertical axis) and the volume of transactions (horizontal axis). These skills allow experienced traders to take the right position in advance and earn money on any price movement.
In this article, we talked about how to read cryptocurrency charts. As it was mentioned above, there are a huge number of different types of charts, but the most popular and often used is the option “Candlestick chart”. The basic principle of this type of charts is to divide the time into certain periods. It is quite informative and easy to read. If you want to start trading, then you definitely need to get a deeper understanding of this topic.
According to the report of TrustNode, Bitcoin volumes have surpassed all time high in Venezuela, rising above 2,000 BTC for the first time on peer-to-peer exchange LocalBitcoins.
Bitcoin is the only way to feed family in Venezuela
You may have heard that Venezuela has been experiencing economic crisis as the national currency – the Venezuelan bolivar – has collapsed and become valueless.
The citizens suffer from a lack of basic supplies, including products, medicines, etc. The supermarket shelves are bare. Children are fainting from hunger in their classrooms. The situation changed even worse when the government of Nicolas Maduro blocked U.S. humanitarian aid from coming into the country through the Columbian border.
The administration of the opposition leader Juan Guaidó remain optimistic, they are convinced that they are able to pass the aid to the people. However, the Venezuelans do not trust anyone anymore, and the only hope left is Bitcoin. People started mining Bitcoin to convert it into dollars to purchase foods and other necessities.
All-time high of the Bitcoin trading
As the 2019 Venezuelan protests caused by presidential crisis are in full swing, people started to trade Bitcoin at full. That is why, the weekly volume of the BTC-to-Venezuelan bolivar (VES) pair increased to 2,454 BTC. It is worth $8.95 million per week and $1.29 million per day.
2454 bitcoin weekly volume x $3650 = $8,957,100 this week ÷ 7 = $1,279,585 per day on average, higher if you account for the ~40% price premium which I didn't.
Tuesday is going to be a big day for Venezuela, according to the Washington Examiner, on Tuesday, February 12, the Venezuelan people plan to demand Maduro’s resignation on the streets all over the country, and try to bring U.S. aid across the Colombian border. Nicolas Maduro has ordered his military to stop them. So the future of Bitcoin depends on who will win.
If Nicolas Maduro remains to be the President of Venezuela, then Petro coins will have more power than Bitcoin. However, if the opposition leader Juan Guaidó overthrows the current government, then Bitcoin will definitely have future in Venezuela as Juan Guaidó gives preference to Bitcoin over Petro.
More and more retailers are coming to the cryptospace, since the price of Bitcoin has stabilized for a period of time. American wholesaler H&M Distributors, a company dealing with lap holders, replacement ballasts, and accessories, will allow customers to pay with cryptocurrency. The payments will be conducted with the help of an e-commerce platform Champion.
Crypto became mainstream in 2018
The year of 2018 has brought cryptocurrency into mainstream especially when the market cap approached at $830 billion on January 7. Let us remind you some memorable moments of accepting crypto.
Cryptocurrency is the best alternative to traditional fiat currency, it is very viable to use as payment for cross border transactions as well. Cryptocurrencies truly allow for a universal and global system of finance that connects people across border payments.
Unfortunately, after massive downturn in market cap, people paused accepting crypto, yet, now it is high time to resume the tendency.
Details of possible payments
According to the press release, H&M distributors will accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
From now on, retailers will be able to complete the transaction in seconds without paying commission. It will reduce or “eliminate currency conversion fees” that have to be paid when using traditional payment processors, as the result, the customers will save more money.
Furthermore, the US-based distributor wants “freedom from chargebacks” – which can occur when using more conventional banking services. The giant distributor thinks that cryptocurrency payment systems “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”
The CEO and founder of H&M Distributors, Herb Needham, stated that:
“After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”
Another week has passed, yet Bitcoin still shows quite plain dynamics on the graphics. In fact, its price has not changed significantly since January 10th. Bitcoin price is $3459 at the time of writing.
Since Bitcoin’s price has recently stabilized, many institutional players began changing their attitudes towards cryptocurrency, let us see what the representatives of global companies think.
The Global Market Strategist at JPMorgan, Nikolaos Panigirtzoglou, reckons that due to Bitcoin’s stagnation many big players will return to the industry. The volatility has “calmed down” and it means that investors can give Bitcoin second chance. He also said:
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
In his interview to CNBC, he stated that the cryptocurrency could not grow, because it was not regulated, but now the situation can differ.
Wall Street research firm, Fundstrat Global Advisors, is sure that the cryptocurrency may see new lows soon.
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows,” Robert Sluymer, the spokesman of Fundstrat, said.
In addition, Sluymer stated that the price can vary from $4200 to $3100 or ever lower. If it suddenly hits more than $4000, it would mark a 25% increase over today’s prevailing prices. However, Robert emphasized that the technical fundamentals of Bitcoin remain weak, so the price can have downward tendency to the price mark of $3100 or even lower – $2700. The representatives of Fundstrat have also suggested that 250 small-cap coins are at risk, as they all are vulnerable to market jumps.
There are some reasons why Bitcoin price may fall down:
Lunar New Year. During this period, Asian traders have relatively weak activity which may bring consequences to Bitcoin’s rate. The unofficial holidays will last till February 19.
Uncertainty with the US budget. The Congress and the President of the US cannot reach an agreement, this will have influence on financial markets.