16 Jul 2021: Bitcoin appears headed for $30K as risk-on sentiment weakens

📉 BTC | $31,721 (-973, -3.0%)

📉 ETH | $1,915 (-62, -3.2%)

📉 XRP | $0.60 (-0.012, -2.1%)

📉 LTC | $126 (-4, -2.9%)

The walls appear to be slowly closing on Binance, with Italian regulators stated that the exchange was not authorised to operate in Italy. While the authorities are likely limited in how they can block Binance’s website, Italy has now joined a growing list of countries – the UK, Thailand, Japan, Germany, and the USA.

PayPal continues to refine their cryptocurrency wallet services. Users can now buy up to $100K in crypto per week, with no annual purchase limit. The company is currently working on allowing users to withdraw cryptocurrencies to their own wallets, letting it achieve somewhat true crypto wallet functionality.

El Salvador’s move to make Bitcoin legal tender has provided an interesting case study for many hoping that cryptocurrencies can gain mainstream adoption. Many citizens are using “Layer 2” protocols for day to day payments, exponentially cutting down transaction times and transaction fees.

Cryptocurrency CFD is available for trading on Phillip MetaTrader 5 (MT5).

Features of trading CFD:

  • Trade in both the bull and the bear markets
    The ability to enter a long and/or short position allow traders to take advantage of both rising and falling markets.
  • Smaller barrier to entry
    CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
  • No expiration date or risk of delivery
    Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.

Benefits of using Phillip MT5:

Trade at zero commission on a dynamic platform that offers low spreads. Integrated with Autochartist and Trading Central Indicators, and available on mobile, web and desktop app, you will never miss a trading opportunity with Phillip MT5.