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Portugal Grants First Crypto Exchanges Operating Licenses

For the first time ever, Banco de Portugal has approved operating licenses to regional cryptocurrency trades.

Recently, the central bank gave out the statement that Portuguese-based trades “Mind the coin” and “Criptologia” are now enlisted as virtual assets service providers.

The central bank has issued only these two names in the list on their official website. Banco De Portugal took around nine months to finalize the decision. In September 2020, Criptojola was reported to perform its initial registration to give out its services as a virtual assets provider.

 Mind the Coin and Criptoloja have been given permission to perform crypto exchange services between fiat currencies and different virtual assets within the Portuguese region. Furthermore, they are also allowed to cover various transfer services, safeguarding, and administration works for such assets.

Banco De Portugal has been awarded as one of the most crypto-friendly nations in entire Europe, and the whole continent seems to be proud of it.

In May 2021, Jean Galea, a well-known investor, and blogger said that Portugal is becoming a haven for all the individuals involved in the crypto world in one of his write-ups. Cryptocurrency income continues to be immune from capital gains taxes and VAT in Portugal unless the income is associated with professional trading activity.

Which other European countries are involved in Crypto exchanges?

Nonetheless, Portugal isn’t the only European country to accept crypto trading and services with a warm welcome.

In the final week of May 2021, The Malta Financial Services Authority (MFSA) granted “XCoins,” a country-based leading exchange provider,  the license to class 3 VFA (Virtual Financial Asset). 

The founder and CEO of XCoins, Rob Frye, stated that Xcoins is dominating the space of digital assets worldwide by standing as one of the earliest cryptocurrency platforms to reach this benchmark implies that they are completely capable of paving the path for an additionally secured and organized industry. 

This is another such authorization the Malta Financial Services Authority has consented to a crypto trade this year. The firstest crypto platform to obtain a VFA authorization of a similar degree was “Crypto.com.” By earning the milestone of receiving the license a couple of weeks before XCoins, the company called this achievement a historic moment for the cryptocurrency world.

Moreover, Crypto.com had previously made a plea to the MFSA to serve as a licensed financial institution, but the plea didn’t get approved. Again this year, the company has presented its plea to the Maltese authority; however, the regulator’s verdict is still not finalized. 

European countries like MFSA and Portugal are surpassing the crypto exchange milestone!

Conclusion 

Further, Criptoloja is currently seeking to bring Portuguese folk together who are interested in investing in crypto assets. However, the service provider company is not confident enough to start accounts in out-of-country trades. Nevertheless, investors say that the tremendous adoption of cryptocurrencies in Portugal is forming a new era of traders.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Portugal Grants First Crypto Exchanges Operating Licenses

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Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

The cryptocurrency market flashed bullish on June 9 as Bitcoin (BTC) price reversed course and rallied 20% to $37,500. 

For the past few weeks, analysts had been debating whether or not BTC was entering a long-term bear trend and the argument has been further complicated by a mixture of positive and negative headlines including the adoption of Bitcoin (BTC) as legal tender in El Salvador and authorities in China ordering Chinese search engines to block results for searches related to the top crypto exchanges in the country. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has surged 20% from a low at $31,000 late on June 8 to an intraday high at $37,450 as bulls look to take control of the trend.

BTC/USDT 4-hour chart. Source: TradingView

The move higher is seen as a bullish development for many including Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who now feels that BTC is more likely to reach $40,000 than collapse down to $20,000. On the other hand, traders like Rekt Capital believe that BTC needs to have a weekly close above $32,000 to avoid further downside. 

The coming days will determine the fate of the bull run

The steady flow of positive announcements combined with the renewed regulatory crackdown in China has led some traders to ponder whether a bullish reversal is at hand or if the current price action is nothing more than a bull trap. 

According to Delphi Digital, the clear head and shoulders pattern seen on the BTC chart is a potential bearish indicator. 

Bitcoin head and shoulders pattern. Source: Delphi Digital

Despite this bearish pattern, the analysts also noted that a bullish RSI divergence has also formed, indicating the possibility of a trend reversal in the near future.

Bitcoin price and a bullish divergence on the RSI.  Source: Delphi Digital

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, “the thesis for Bitcoin as a store of value is stronger than ever” but he feels that the top cryptocurrency “needs to increase its dominance” in order for the current bull run to continue.

Le Rest pointed to the news that El Salvador would recognize BTC as legal tender as “a huge step forward toward Bitcoin adoption” and he expects other countries to follow suit in the coming months and years.

Regarding Bitcoin’s future prospects, Le Rest mentioned that following the lower level retest of the $30,000 to $40,000 range over the past few days, a break above $40,000 “could resume the bull run that took place a month ago.”

Le Rest said:

“Traders still have some doubts on where the market is heading, so leverage has remained relatively low as forced liquidations have been painful since May. Breaking $40,000 could give the boost in traders confidence to leverage again their book to power new highs of the crypto market.”

Traders have also been keeping a close eye on Ether (ETH) and Le Rest pointed to the “massive ETH outflow” seen on June 8 as “a positive sign that the ETH bull run is not over yet,” but he cautioned that alternative chains like the Binance Smart Chain, Solana, and Avalanche “are putting a lot of efforts to take their DeFi market share.”

Altcoins rally alongside Bitcoin

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s rally to $37,500 also provided a boost to many altcoins. 

Ether saw its price rally 14% from a low at $2,300 on June 8 to an intraday high near $2,630, and Delphi Digital pointed out that the price of Ether is being supported by a decline in the circulating supply of Ether as 23% of its supply is now locked up smart contracts.

Ether supply locked in smart contracts vs. price. Source: Delphi Digital

Other notable performances include a 23% gain in the price of Kusama (KSM) to an intraday high at $486 following the launch of the Kusama parachain auctions and an 18% gain in the price of the Curve DAO Token (CRV) to $2.50.

The overall cryptocurrency market cap now stands at $1.63 trillion and Bitcoin’s dominance rate is 43%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

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Bitcoin (BTC) Price Prediction: BTC/USD Is in a Downward Correction, Fluctuates Between $46,000 and $51,000

Bitcoin (BTC) Price Prediction – May 15, 2021
BTC/USD is in a downward correction. BTC price is fluctuating between $47,000 and $51,000 price levels. The uptrend will resume if price breaks above the $51,000 psychological price level and the bullish momentum is sustained. On the other hand, the selling will continue if price breaks below $46,000 support.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Following the rejection at the $51,000 high, the BTC price has resumed a downward move. If the bearish momentum is sustained, the market will decline to $45,000 low. The bulls will aggressively defend the current support level. Presently, Bitcoin has fallen and it is testing the previous low at $46,644. The market will decline if the previous low at $46,644 is breached. However, the bulls will buy the dips if the current support holds. Buyers will attempt to push BTC price on the upside. BTC/USD is trading at $47,997 at the time of writing.

Argentina’s Tax Body Asks Crypto’s Firm to Provide Monthly Reports of Its Operations
Argentina’s Federal Administration of Public Income (AFIP), has instructed domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations. The tax authority in Argentina is intending to examine operations involving cryptocurrencies like Bitcoin and users on their platforms. The tax authority has been paying closer attention to the crypto industry recently. Recently, the Central Bank of Argentina has asked domestic banks to forward them information about its customers dealing with Bitcoin.

BTC/USD – 4 Hour Chart

Meanwhile, as bulls buy the dips, BTC price is rising on the upside. However, the Fibonacci tool analysis may hold if bears break the support at $46,600. On May 10 downtrend, a retraced candle body tested the 38.2%% Fibonacci retracement level. The retracement indicates that BTC price is likely to fall to level 2.618 Fibonacci extension . That is the low of $45,281.40.

Bitcoin (BTC) Price Prediction: BTC/USD Is in a Downward Correction, Fluctuates Between $46,000 and $51,000

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A Quick Guide On How To Start Crypto Trading

A Quick Guide on How to Start Crypto Trading

Are you wondering how to start crypto trading? This article enlists essential steps that will help you kick off your crypto trading learning journey.

Table of Contents 

  • What is Crypto Trading?
  • How it Differs from Forex Trading?
  • Steps on How to Start Trading Cryptocurrencies
  • Concluding Lines 

What is Crypto Trading?

Interest in crypto trading has been increased over the past few years because cryptocurrencies are extremely volatile assets, and they can give you much higher returns than traditional investments.

We can define Cryptocurrency trading as the act of speculating on cryptocurrency price via buying and selling the underlying coins through an exchange. 

As crypto trading gets more mainstream attention, newer players have entered the market and are looking to learn trading techniques. 

If you are one of those, who want to learn about trading and the crypto market, you can enroll in a cryptocurrency certification course and become a Certified Cryptocurrency Trader. 

How it Differs from Forex Trading?

Forex trading is the exchange of currency into another currency for multiple reasons. It is also known as Forex or foreign exchange(FX). In other words, it is a network that allows buyers and sellers to transfer currency with one another at an agreed value. 

The major difference between these two trading approaches is that Crypto trading is more volatile as the markets can fluctuate enormously. Moreover, compared to the cryptocurrency market, forex markets have higher liquidity as a result of a long history of activity. 

Steps on How to Start Trading Cryptocurrencies

Let’s explore how to start crypto trading. 

Choose Crypto Exchange Platform to Trade on

At present, there are a number of popular crypto exchanges available that can be utilized. If you are wondering what exchanges are, please note that the portals which connect our world to the crypto-worlds are exchanges. 

Since each exchange has different terms of services, therefore it is advised to perform a lot of research and go through several reviews. Before selecting an exchange platform, make sure that the exchange is available in your area. For instance, Coinbase, one of the most popular exchange platforms, is not available in India. Apart from this, check the reputation of the exchange. For example, are people happy with their services, is it ever hacked, how secure it is? Most importantly, check for exchange rates. Different exchanges have their own exchange rates, which may vary. If you find satisfactory results, you can finalize one. 

Some of the most popular crypto exchange platforms are:

  • Coinbase
  • Coinmama
  • BitFlyer
  • Poloniex
  • Cash App and others.

Choose a Crypto Wallet

Crypto wallets are tools that allow you to store and send crypto coins. These are of various types. Let’s explore. 

  • Hot and Cold Wallets

Internet connectivity defines a wallet in terms of hot or cold. Hot wallets are connected to the Internet and thus are less secure and pose more risks but are user-friendly. Cold wallets, on the other hand, are stored offline and don’t require internet connectivity, thus leading to improved security and less risk. Hot wallets are more likely to be used for daily transactions, and cold wallets for more long-term holdings. 

  • Hardware wallets

Hardware wallets are hardware devices that individually handle public addresses and keys. It looks like a USB with an OLED screen and side buttons. It is a battery-less device and can be connected to a PC and accessed by native desktop apps. They are more secure than hot wallets and user-friendlier than paper wallets but less than web and desktop wallets. The most popular hardware wallets are Ledger Nano S and Trezor.

  • Other Wallets

You can also choose Mobile Wallets such as Coinomi and Mycelium, Desktop Wallets such as Exodus, Bitcoin Core, Electrum, or Web Wallets which can be non-hosted wallets such as MyEtherWallet or MetaMask or hosted wallets Binance, Coinbase, and others.

Keep Track on Crypto-Related News

Once you have finalized a crypto exchange platform and a perfect crypto wallet, all you need to do is keep track of crypto-related news before making any investments. To study the asset, one of the best tools for this research is Coinmarketcap. It is a price-tracking website for crypto assets where you can find information on every coin, such as capitalization, supply, trade volume, and other valuable insights. 

Concluding Lines 

Hope this article has helped you in providing a complete understanding of how to start trading cryptocurrencies. If you want to gain a deeper insight into cryptocurrency trading and investing strategies, you can check out the best cryptocurrency certification courses offered by Blockchain Council and become a Certified Cryptocurrency Trader. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

A Quick Guide On How To Start Crypto Trading

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Bitstamp announces US expansion after 570% increase in customers

One of the oldest exchanges in the crypto space recently announced that it would be ramping up efforts to reach more users in the United States.

In an announcement from Bitstamp today, the crypto exchange said it would be launching a marketing campaign in the U.S. aimed at educating retail investors about crypto following significant growth in the first quarter of 2021. As part of these efforts, Bitstamp said it planned to triple the number of people in its U.S. team and grow its customer support team by 50% in 2021.

Bitstamp CEO Julian Sawyer told Cointelegraph said the firm began to see increased levels of interest from retail investors and U.S. financial institutions in 2020 while claiming other crypto exchanges were “struggling with uptime and customer support.” He said that the firm’s security, transparent fees, and infrastructure would give the exchange an edge against any local competition.

“Crypto is the fastest growing segment of financial services and we intend to be a leader in the most competitive financial market in the world: the U.S,” said Sawyer. “The potential upside for new retail and institutional investors in the U.S. is astronomical.”

Sawyer cited the significant growth the exchange had experienced during the pandemic as an indication Americans may want greater access to digital assets. Bitstamp reported that the assets under management for U.S. users had risen by 281% in Q1 2021, while the number of customers had surged by 570% in the first four months of this year compared to the same period in 2020. In addition, activity for trades and deposits showed a 348% increase monthly in 2021 when compared to the same period in 2020.

The announcement follows Bitstamp changing key positions in its leadership over the last year. A former Gemini executive, Sawyer joined the firm as CEO in October. Most recently, Amazon veteran and former Barclays finance director Stephen Bearpark came on board as Bitstamp’s chief financial officer while Sameer Dubey joined as its chief operating officer.

Bitstamp announces US expansion after 570% increase in customers

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