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Bitcoin dropped by 4.55% on Monday losing all the gains worked over the weekend. The cryptocurrency markets still cannot recover from the sharp sell-off in May. Bitcoin seems to be locked within the $30k-$40k range, approaching the lower support recently, which may worry holders around the world.
At the moment it is trading just below $34,000 on PrimeBit. Fortunately for margin traders, the price movements are significant, which shows great opportunities for well-timed leveraged traders.
Cryptocurrency markets have been heavily affected by Elon Musk’s tweets recently. First came the accusations of Bitcoin consuming “insane” amounts of energy last week. The debate and sell-off were triggered by Tesla’s decision to cancel vehicle purchases using Bitcoin due to the high carbon footprint of each transaction.
The world’s leading cryptocurrencies are still both knocking at strong resistance levels. Bitcoin fails to attack the $60,000 mark, while Ethereum has dropped below $2,000 again. The market may soar or plummet anytime soon.
Whichever scenario prevails, this is the time to trade bitcoin and ethereum. Investors will make huge profits by going long or shorting cryptocurrencies over the following days (or weeks).
If you’re a bitcoin maximalist or skeptic, make sure you hedge your primary position with leveraged BTCUSD and ETHUSD contracts.
BTCUSD spent only a few days below the $50k mark, and today it rallied +6.76% and jumped over the limit, trading around $51,800 right now on PrimeBit. Altcoins follow. Ethereum, which lost over 26% in late February is up 8.42% today trading above $1,600 and Litecoin gained 17.6% …