The crypto winter has been a bloodbath for Bitcoin investors. Many have depleted their portfolios as they scramble to save what is left. However, following the fall of FTX, there's been an uptick in Bitcoin holders accumulating BTC in cold storage.

## FTX fall motivates self-custody

Recently, new highs were reached in the number of wallets holding 1 BTC or more. This is a positive indication that investors are determined to keep their Bitcoin holdings even when the price declines. Likewise, the number of wallets holding 10 BTC or less has also reached a record high.

The recent problem of insolvency among centralized exchanges has been linked to this recent accumulation in cold storage. The recent crashes of [FTX](https://www.theguardian.com/technology/2022/nov/18/how-did-crypto-firm-ftx-collapse), Voyager, Genesis, and other crypto firms have triggered negative sentiments in the market. Investors are increasingly worried they might lose their BTC if the exchange goes out of business.

Data from [Glassnode](https://studio.glassnode.com/metrics?a=BTC&m=distribution.BalanceExchanges&s=1570361904&source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link&u=1587222400&zoom=) shows that, as a result, exchange balances have drastically decreased, with more than 177.9k BTC removed from exchanges in the last month. This trend will likely continue as investors become more aware of the risks of putting their money in centralized exchanges.

Bitcoin investors' withdrawals from centralized exchanges have also impacted exchange supply. Bitcoin available on exchanges has fallen to 11.99%, its lowest since December 2017.

Checkmate, the lead analyst at Glassnode, noted that this looks like at least a short-term movement towards self-custody, partly out of concern for CEX solvency.

## Hardware wallets enjoy good sales

A downturn in the market generally doesn't inspire the spirit of accumulation among investors. However, hardware wallets like [Trezor](/news/article/why-consider-a-trezor-wallet), Ledger, and ColdCard have experienced a surge in demand for their products.

Josef Ttek is a Bitcoin analyst at Trezor, one of the leading hardware wallet providers. He said there had been a 'dramatic increase' in demand for Trezor devices and the Trezor Suite.

"Normally, a bear market is rather a quiet period for us," he added. "This uplift in sales only shows how big of an impact the collapses of FTX and BlockFi have on people's trust in custodian services."

Trezor noted a [300% increase](https://cointelegraph.com/news/trezor-reports-300-surge-in-sales-revenue-due-to-ftx-contagion) in hardware sales following the FTX fiasco. Also, Relai, a Bitcoin exchange headquartered in Switzerland, has seen a similar rise in users and Bitcoin investors using their platform to trade.



Bitcoin Investors Turn to Self-Custody

According to [Coinmarketcap](https://coinmarketcap.com/currencies/bitcoin/), as of writing, the Bitcoin to pounds price is £17,469. It has decreased by 2.83% in the last 24 hours.

So far, 2022 hasn't been a good year for the leading cryptocurrency. However, the same can be said for the entire crypto market. Most cryptocurrencies have struggled this year.

[BTC](/coins/btc) started the year worth £34,225. By the end of the first month (January), it had lost more than £5K of its value. It ended the month worth £28,622.

For a short while, it picked up and traded above £30K before dropping to trading below £30K in May. 5 May was the last time its value was above £30K. The last time its value was above £20K was 13 June. Since then, it has traded between £19K and £16K, £16K being the least it has ever traded this year.

## BTC Is on the Fall

Considering its current price and market trend, BTC is not doing very well. However, many predict a profitable future for the coin. It is not the first time it has experienced such a bear run. The coin has always managed to come back strong.

[Priceprediction.net](https://priceprediction.net/en/price-prediction/bitcoin) predicts BTC might trade at £30,119  in 2023, £42,922 in 2024 and £61,168 in 2025. The site further predicts they might trade above £80K by 2026.

[Ambcrypto](https://ambcrypto.com/predictions/bitcoin-price-prediction) predicts the coin might trade at £71,394 in 2023, £94,241 in 2024, and £124,398 in 2025. According to the site, the coin might start trading above £170K in 2027, above £260K in 2028, and £340K in 2029.

[CryptoNewsZ](https://www.cryptonewsz.com/forecast/bitcoin-price-prediction/) doesn’t predict a promising future for the leading cryptocurrency as Ambcrypto and Priceprediction.net. According to the site, the coin might be worth £30,345 in 2023, £44,682 in 2024, and £54,485 in 2025. The coins will, however, not be able to trade above £80K even by 2030.

Knowing the crypto market and its volatility, some of the prediction platform's numbers may never come to fruition. However, most agree that the coins will see some price appreciation in the future, making them worth holding.
 


Bitcoin to Pounds

The[ Bitcoin](/news/article/feds-seize-bitcoin-stolen-crypto-scam) market faces volatility issues as FTX's downfall hits another crypto company, Genesis.

## Genesis Global Trading halts withdrawals and new loan originations

Grayscale Bitcoin Trust, the largest Bitcoin fund, dropped 7% on Wednesday as investors dumped more digital assets following the high-profile collapse of crypto exchange FTX last week.

Genesis Global Trading, a cryptocurrency investment bank, tweeted that the company was [temporarily halting withdrawals and new loan originations services](https://www.independent.co.uk/tech/bitcoin-price-genesis-crypto-latest-b2226380.html) because of FTX's fall.
 
![genesis crypto tweet](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/genesis1_720fa9e138.webp)

[Genesis](https://twitter.com/GenesisTrading), the most recent victim of FTX volatility, is owned by Digital Currency Group (DCG), which also owns Grayscale.

DCG tweeted that the freezing of Genesis' lending business did not affect the company or its wholly-owned subsidiaries.

Grayscale stated that its products would continue to be fully operational, and its underlying assets would be unaffected. Genesis said that it was working to prevent the same fate as FTX.

The company stated that it had hired the best advisors in the business to explore all potential options.

Further, in a tweet, the company said, "We will deliver a lending business plan next week." The crypto firm claimed that it is working tirelessly to figure out the best lending solutions, including, among other things, sourcing new liquidity.

## Bitcoin volatility

Following the news on Wednesday, the price of Bitcoin fell even further, with the cryptocurrency now trading just for $16.5K.

Bitcoin volatility has seen the value fall by more than 75% since reaching an all-time high of around $69,000 in November 2021. 

Following the collapse of FTX, Bitcoin volatility saw the price fall below $16,000 for the first time since November 2020, after several months of stability.

## Impact of FTX collapse

The collapse of [FTX](/news/article/what-is-ftx) shook the volatile cryptocurrency market, which lost billions of dollars in value.

The consequences of the company’s sudden collapse will probably affect cryptocurrencies for a very long time to come and may even cause broader market declines. Many crypto firms are severely affected by the company's[ bankruptcy news](/news/article/ftx-bankrupt-who-to-blame).


Bitcoin Volatility: Price Drops to $16.5K 

Bitcoin Rejoin is an automated crypto trading platform that advertises itself as able to generate a 90% winning rate.

For many beginner crypto investors, the platform's success rate is a major reason to use it. However, for those who've been in the crypto market for a minute, the market's volatility makes the platform's claim a huge red flag. So, is it legit or a scam?

## How it works

[Bitcoin Rejoin](https://bitcoinrejoin.io/) uses Artificial Intelligence (AI) and other complex algorithms to find and execute trades on behalf of users. 

According to its team, its Bitcoin robot software is 0.0001% faster than any other automated trading bot in the market. It, therefore, identifies profitable market positions more quickly and executes them rapidly.

It is also designed to set buy and sell limits, stop loss, and take profit orders, among other functions. Profits made are directly deposited into investors' accounts.

A plus is that it is not entirely autonomous. Those who wish can choose to have some control by changing certain parameters to their preferences.

## Key features

Many of its features make it enticing to use. Some of these features include;

•	Automated trading: Exceptional trading skills are not a requirement to use and profit from it. It does everything on behalf of the user, from finding to executing profitable trades. It requires very little supervision and also works 24/7.

•	Multiple assets: Users have access to multiple digital assets to earn from. They can trade popular cryptocurrencies like [Bitcoin](/coins/btc), [Ethereum](/coins/eth), Litecoin, and Ripple. It also offers crypto CFDs.

•	Demo account: Users must deposit a minimum of $250 or euros to use it. However, there is a demo account for those who wish to test its capabilities before spending any real money.

•	Fees: There are no deposit or withdrawal fees, transaction fees, account maintenance fees, commissions, or any hidden charges.

The platform also promises daily rewards and guarantees instant withdrawals. There is 24/7 customer support to assist at any time.

## Is it legit or a scam?

There are a few reasons to approach the service as a scam.

•	A promise of high returns: It assures users a 90% success rate. The cryptocurrency market does not guarantee results. Its volatile nature makes it one of the most highly unpredictable markets. Promising users' returns is a clear red flag.

•	Shady reviews: A quick Google search about the platform reveals many articles questioning its 
legitimacy. There is reason to worry about any service provider with questionable services.

•	Unknown team: While the crypto space thrives on anonymity, not knowing anything about the team behind Bitcoin Rejoin is another red flag.

If the service is not a scam, then it stands out as worth checking out if you are interested in trading digital assets.

## Conclusion

Bitcoin Rejoin may look like a legitimate automated digital assets trading platform, but there are many reasons to be wary of it. Before committing your hard-earned money to the platform, do your research. Not many automated crypto trading platforms are worth using.



Bitcoin Rejoin: Legit or a Scam?

Bitcoin dropping in price has become a familiar feature of the cryptocurrency markets in 2022, but news from the US may indicate a reversal of fortune.

[BTC](/coins/btc) is the most traded crypto in the world, accounting for a sizeable portion of the crypto market. The birth of Bitcoin marked the beginning of an entirely new asset class and a significant shift away from forms of centralised control.

[Bitcoin dropping](/news/article/bitcoin-price-crash-celsius) in price has been regular since it reached its all-time high on 10 November 2021. The crypto winter resulted in Bitcoin dropping below $19k last week.

However, with US equities rising at the opening of Wall Street on 17 October, [Bitcoin moved closer to $20,000](https://cointelegraph.com/news/bitcoin-price-edges-closer-to-20k-as-way-worse-us-data-boosts-stocks).

## Stocks rise as the US dollar falls

BTC/USD reached $19,518 on Bitstamp, up 3.5% from the weekend's lows, according to [Cointelegraph](https://cointelegraph.com/) Markets Pro and [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE) data.

The pair rose alongside stocks, with the S&P 500 and Nasdaq Composite Index gaining 2.7% and 3.2%, respectively, within the first thirty minutes of trading.

The action was combined with weak US economic data in the form of the Empire State Manufacturing Index, which fell to -9.1 in October, well below the -4.3 forecast and the -1.5 reading in September.

"According to the October survey, manufacturing activity in New York State decreased," the New York Federal Reserve summarised in a commentary on the data.

An eight-point decline brought the general business conditions index to -9.1. 
Michal van de Poppe, the founder and CEO of the trading company Eight, responded by stating that the outcomes were "way worse than expected".

He [predicted](https://twitter.com/CryptoMichNL/status/1581987848630435840), "Top on Yields & $DXY on the horizon. Bitcoin to rally".

As a result, the US dollar index (DXY) continued to retrace its day's gains, targeting 112 and falling 0.65%.

## Research reinforces approaching volatility

While traders were already predicting some relief to hit crypto markets on weekly timeframes, other perspectives emphasised that nothing had changed for [Bitcoin](/news/article/bitcoin-price-uk).

"It is very unusual for BTC markets to reach such low realised volatility, with almost all prior instances preceding a highly volatile move," on-chain analytics firm Glassnode explained in the latest edition of its weekly newsletter, The Week On-Chain.

Researchers, including lead analyst Checkmate, argued that the market had reached a tipping point alongside a chart of Bitcoin's realised volatility.

Glassnode concluded that, while the fuel for a potential price breakout was present, such as BTC-denominated futures open interest reaching new all-time highs, there was "little discernible directional bias in futures markets".

"Volatility is likely on the horizon, and Bitcoin prices are not known to remain static for long," according to the newsletter.



	


person sat at laptop as bitcoin price drops

Bitcoin Dropping Price Halted by US News?

The use of cryptocurrency trading bots has proliferated widely by experienced and novice crypto traders. Like a trading bot on a traditional financial market, crypto trading bots are used to execute potentially profitable trades automatically.

As these platforms are so common in the cryptocurrency industry, many cryptocurrency trading bot scams exist. However, numerous websites have verified that the one we are discussing today: The Bitcoin Motion trading bot, is a scam you must avoid at all costs. 

The scam works by luring people with promises of easy returns on Bitcoin for a simple fee of $250. They claim that investors have a dedicated account manager on call that they can reach and can withdraw at any time. This was proven to be fake. Luckily, helpful websites exist created by teams of people who care about informing the general public about crypto trading bot scams. 

One way to find out about scam crypto trading bots like Bitcoin Motion is [Scam Crypto Robots](https://scamcryptorobots.com/bitcoin-motion-review-scam/). According to this website, Bitcoin Motion trading bot users reported being unable to withdraw their money from a broker entitled “Coin Central Invest”, a registered business in Sophia, Bulgaria. Shady doesn’t even begin to describe it. 

This Bitcoin Motion scam has even gone so far as to use the names of celebrities like Elon Musk and create fake videos of him “endorsing” it. 

According to the Scam Crypto Bots site, all five of the Bitcoin Motion websites it found were discovered to be fake scams. 

However, after all this, it begs the question…

## Do real crypto trading bots exist? 

There are multiple ways to recognize a fake or scam crypto trading bot. 

1. They promise guaranteed returns
Markets are unpredictable. Therefore, how can anyone promise guaranteed returns? Advertising such promises are illegal in traditional financial markets.

2. Free
Rarely is a proper trading algorithm going to be free. The best one can hope for is a simulation or demo from a real trusted brokerage. 

3. Disclosure 
Who are the people behind the company? Who developed the bot? Is the info available on their software? Do they have any documentation or whitepaper of their procedure? 

Bitcoin Motion has been proven to be a scam and is re-used on a white-label basis by multiple shady agencies. Be aware, and protect your money. 

Be very careful when looking to trade cryptocurrency online. Reliable blue chip exchanges like [Coinbase](https://www.coinbase.com) are secure and are your best bet when investing in crypto. Real crypto trading bots do exist, such as Pionex. Such companies undergo heavy scrutiny, and a good way is to read the many reviews online. 

The basic steps you can take to protect yourself from crypto fraud are first to ensure the following:

1. Is my wallet protected?
Is your wallet legitimate in the first place? Also, if any company or individual asks for your wallet key to participate in an investment opportunity, it is probably a scam. Never give away your private crypto wallet key.

2. Watch your wallet
Makes sure you are constantly watching for strange transactions or security alerts from your wallet. If it’s your first time using a crypto wallet, only transfer a small amount of money as a test. 

3. Don’t rush! 
Take your time learning the world of crypto and read up on the legitimacy of any project you are interested in. Do your due diligence, and never believe anyone promising free money.

Ultimately, if something looks shady in the cryptocurrency world, it probably is. 

At best, the Bitcoin motion scam will take your $250. At worst, scammers will steal your financial records or identity. 



Exploring the Bitcoin Motion Trading Bot Scam

Avalanche bridging is mainly known for connecting ERC-20 tokens between Avalanche and Ethereum. But now, its cross-chain ability has expanded to several blockchains other than [Ethereum](/news/tag/ethereum). The latest addition to the list of network's compatible tokens is Bitcoin. 

Now, the platform allows [cross-chain support for transferring Bitcoins](https://medium.com/avalancheavax/avalanche-bridge-adds-native-bitcoin-support-6306236fb506). This means you can trade BTCs and get exposure to Avalanche's ecosystem. Let's look at how your native BTC can be bridged to the AVAX platform!

## What's Avalanche bridging?

Avalanche bridging is the capability of the network to work as a cross-chain. It allows the trading of different ERC-20 and ERC-721 tokens on the platform. The contract chain or C-chain of AVAX enables the support for multiple tokens. This has enabled the platform to grow as a diversified ecosystem for DApps.

The bridge was launched last year and developed using the web3 infrastructure of ChainSafe. However, it was limited only to the Ethereum blockchain. But, several other network tokens now enjoy compatibility with the [AVAX](/news/article/avax-vs-solana) network.

## Avalanche bridging for Bitcoin (BTC)

AVAX blockchain recently also initiated support for native Bitcoin through Bridge. Now, [BTC](/coins/btc) holders can also experience different services of the AVAX ecosystem. On Avalanche they can enjoy secure BTC transactions along with the opportunity to earn better yields. 

Like other tokens, Bitcoin is also represented as an ERC20 on the c-chain. The symbol for this token is 'BTC.b,' which indicates that it is bridged from the Bitcoin blockchain. These tokens are backed by BTCs locked in the Bridge enclave. 

It uses the innovative technology of Intel SGX (Software Guard Extensions). It is cutting-edge tech that helps solve various challenges of cross-chain transfers making the bridge tamper-proof and highly secure for BTC transactions. 

## How to bridge Bitcoin to Avalanche?

The first step for Avalanche bridging of BTC is to install the [Core Wallet extension](https://chrome.google.com/webstore/detail/core/agoakfejjabomempkjlepdflaleeobhb) on your browser. Next, open the Core app and click the 'plus' button on the right. Here you will find different options, look for the 'bridge' one and click it.

![avalanche 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/avalanche_1_8acb4650a3.png)
 
Now, you can change the blockchain to Bitcoin from the dropdown menu. After that, you can transact BTCs to your Core wallet. You can do that by clicking on the 'add Bitcoin' option under the selected blockchain. It will show your BTC address on which you can receive payments. Note it down and send BTCs to it.

![avalanche 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/avalanche_2_347e71b7f1.png)
 
Once you have sent the amount to your Core address, add it for bridging. After that, click on 'Transfer' to convert your tokens into bridged ones. And finally, you will be ready to use them on the AVAX blockchain. For further clarification, you can follow [this tutorial](https://www.youtube.com/watch?v=JG1y_aFeMJc&t=25s).

## In a nutshell

The Avalanche network's introduction of cross-chain features for Bitcoins through its bridge will help users experience innovative DeFi projects on the AVAX blockchain. Using the Core wallet, you can easily convert your BTCs into ERC20 bridged tokens. The SGX technology is one of the unique features, making it a complete platform for native BTC transfers.  



Everything to know about Bitcoin Avalanche bridging

The United Kingdom's interest in [Bitcoin](/news/article/btc-crashes-below-$19k) will grow "very quickly," as fiat currency volatility makes BTC appear to be a stablecoin. That was the conclusion of a strategy adviser at investment firm VanEck, who was one of many this week to [highlight](https://twitter.com/gaborgurbacs/status/1574467136168366094) the cryptocurrencies' appeal over the pound. The GBP weakness comes on the back of UK tax cuts and a 0.5% change in interest rates.

The strength of the US dollar has come at the expense of trading partner currencies, most notably the euro, pound, and Japanese yen. The pound's demise accelerated this week, with GBP/USD reaching a record low of nearly $1.03. The Bank of England has avoided interventions thus far, as nerves are fraying as purchasing power suffers a double blow from currency weakness and inflation at four-year highs. 

At one point, the pound was down nearly 25% yearly in dollar terms. While [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE) data shows that [BTC](/news/article/bitcoin-drop) outperforms it by 56%, the longer the time horizon, the more appealing a BTC hedge becomes.

[According](https://twitter.com/jbutterfill/status/1574750120222023680) to CoinShares head of research James Butterfill, trade volume for the GBP/BTC pair on exchanges Bitstamp and Bitfinex reached a massive $881 million on Sept. 26 — an increase of more than 1,150%. He added, "when a FIAT currency is threatened, investors begin to favour Bitcoin."
 
![Untitled design (21).png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Untitled_design_21_f830b5b06a.png)

## Bitcoin Price UK - G20 realising the need for a BTC hedge

Meanwhile, Gurbacs acknowledged that, while he "might be overly optimistic about the UK," G20 countries could still implement a major policy shift regarding BTC acceptance. "Bitcoin, like gold, could be used as a hedge against their policies. Which is worth a small percentage allocation and support," he added. 

Aside from the pound, data show that the major fiat currencies are suffering more from a rising dollar than emerging market currencies (EMs).

![Untitled design (22).png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Untitled_design_22_572b9c4feb.png)









Bitcoin price and trade volume has increases in UK

The freezing crypto winter continues as the [Bitcoin (BTC)](/coins/btc) crashes to $18,762. In the last 24 hours, its price has decreased by 5.85%. Since July, this has been the lowest point for Bitcoin, showing signs of a further downward slope. 

On September 6, it was traded at $19,930 and experienced a sudden plummet. This price correction caused the liquidation of $74 million from BTC futures on the exchanges. However, before the BTC crash, Bitcoin experienced a 2% gain on the same day. If that trend persisted, it would have taken it to over $20k.

![btc crash.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/btc_crash_c7827ab67e.png)

[Source](https://coinmarketcap.com/currencies/bitcoin/)

## BTC crash and altcoins tumbling

The BTC crash has affected the entire crypto market. Most of the altcoins are in a slump right now. Though Ethereum has gone through the Bellatrix upgrade, it also shows a downward trend. Currently, [ETH](/coins/eth) is down by almost 9%, and it’s worth only $1,517.89. 

Meanwhile, other altcoins are also experiencing the severity of crypto winter. Binance coin (BNB) is currently down by over 5% in the last 24 hours. Moreover, one of the highest performing cryptocurrencies, [Polygon’s MATIC](/coins/matic), is experiencing a 10% downward slope. 

Solana has also dropped by 5.5%, and Dogecoin has fallen by 6.46%. Polkadot and Cardano both have declined by 8% since yesterday. In sum, the entire market is in red.

## Crypto market crash: Why is it happening?

There are many macroeconomic factors behind the recent crypto collapse. However, one of the main reasons behind it is the USD rate. The USD has reached its 20-year highest mark. The dollar spot index of Bloomberg is showing a record surge. Meanwhile, the treasury bills are also strengthening because of quantitative tightening from the Fed.

On the other hand, the traditional market is also falling. The NASDAQ has declined by 0.7%, and S&P 500 also plummeted by 0.4%. Similarly, the price of gold has also experienced a drop. 

Since the cryptocurrency market depends on these macroeconomic factors and the traditional financial markets, it is showing signs of collapse. 




BTC crash: Price falls below $19K, lowest since July

A noticeable [Bitcoin](/coins/btc) price crash happened during the weekend, pulling Ethereum, Ripple and other altcoins with it. 

There were two main causes for the Bitcoin price crash; one resides in the announcement of the Celsius Network about halting all of its client withdrawals, while the other is that investors are pretty scared of the Federal Reserves’ next move.

Falling below $24,000 on Monday, Bitcoin found itself at its lowest level since December 2020, as traders are dumping crypto amidst a wider sell-off in risk assets.

The top cryptocurrency went down by 13.72% in the last 24 hours to $23,751.61 at the time of writing. In the last seven days, the Bitcoin price has fallen by 24.44%.

The brutal market downturn seems to have started with fresh inflation concerns about Federal Reserve acting more aggressively to contain soaring inflation. 

## Altcoins Take a Stumble

According to [CoinDesk](https://www.coindesk.com/), during the last 24 hours, Ethereum went down by 18.16% to $1,198, while BNB fell by 14.97%, Cardano by 13.57 and XRP by 11.89%. 

Also, Celsius Network, one of the biggest crypto exchanges said that “due to extreme market conditions”, it is pausing all withdrawals, Swap, and transfers between accounts. 

Even though Celsius founder Alex Mashinsky tried to tweet away the fears of the Luna crisis impacting the exchange by promising Celsius had “minimal exposure” to Luna and UST, we suspect that last month’s crash of Do Kwan’s Terra empire shook investors’ confidence within the crypto market whose market cap fell below the $1 trillion mark to 977 billion.

Edul Patel Co-Founder and CEO of crypto investment platform Mudrex,  commented the cryptocurrency market “has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. 

“Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” he said.


Bitcoin price crash amid ‘extreme market conditions’

Undoubtedly, [Bitcoin](/coins/btc) is the largest and most impactful cryptocurrency in the market. It has shaped the entire crypto market and blockchain industry. That's why many developers are introducing projects based on renditions in the Bitcoin protocol.
 
One such crypto is [Bitcoin Diamond (BCD)](https://www.bitcoindiamond.org/), launched in 2017. It is a fork of the BTC blockchain and is separate from the mainchain after the #495866 block. BCD aims to resolve issues like limited scalability, low transaction speed, and cost-intensive mining of BTC. 
 
But how does Bitcoin Diamond work? Let's take a look!

## Bitcoin Diamond (BCD) token

BCD token is one of the hard fork tokens of the BTC blockchain. It launched in November 2017, when the BTC's block reached its maximum capacity. Its creators modified the source code of Bitcoin and developed a separate chain. Introducing a new token enhanced security and scalability and provided better decentralisation. 

Also, its creators claim to offer lower transaction fees with greater efficiency than BTC. In addition, it solves the issue of the highly cost-intensive mining of BTC, as it allows mining through GPUs. There are currently 189,492,898 tokens in the market, whereas its maximum supply is 210,000,000 tokens.  
How does it work?

BCD mainly uses the Bitcoin Core but has several other features that help scalability, security, decentralisation, and mining through GPUs. The BCD chain differs from the BTC chain as it uses 8MB blocks and the Lightning Network as a layer-2 protocol for greater efficiency. It can process 100+ transactions in a second. Moreover, it encrypts the transaction amounts to improve decentralisation.

Though it also uses the Proof-of-Work (PoW) consensus mechanism, its algorithm is not the same. Instead of BTC's SHA-256 algorithm, it relies on the X13 PoW, which helps in making it compatible with various graphic user interfaces (GPUs) needed for mining. 

## Bitcoin Diamond (BCD) price

Bitcoin Diamond did not hold an initial coin offering (ICO). However, 10 BCD tokens were distributed to BTC holders for every Bitcoin. In the initial days, its price was around $60 and peaked at $104.84 on November 25, 2017. 

But since then, the coin has seen chiefly a downward trend. Its price is only around $0.1975, and it recently hit its lowest of $0.136 on June 13, 2022. 

![bitcoin diamond.jpg](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bitcoin_diamond_94839ee77f.jpg)
 
([Source: Coinmarketcap, 2022](https://coinmarketcap.com/currencies/bitcoin-diamond/))

But since then, the coin has mostly seen a downward trend. Currently, its price is only around $0.1975, and it recently hit its lowest of $0.136 on June 13, 2022. 

## Bottom line

Bitcoin Diamond is one of the forks of the BTC blockchain. It uses a remodelled version of the Proof-of-Work mechanism to tackle the issues like scalability, security, decentralisation, and steep mining costs. This fork offers larger blocks and a lightning network for better efficiency. 

However, it has not gained much popularity compared to other forks like BCH, BTG, or BSV. The reason is that it has not performed well in terms of price so far. And its blockchain technology's use cases have not been quite as impactful. 

Bitcoin Diamond explained: how does it work?

Bitex Bitcoin provides a mobile and online platform for investing and trading in digital assets and a matching engine capable of processing up to 1 million transactions per second. The exchange also provides charting tools, order books, trade options, and a derivatives platform with quarterly futures contracts and margin trading. 

[Bitex Bitcoin](https://www.financialexpress.com/market/crypto-exchange-bitex-begins-providing-cryptocurrency-investment-disclosure-following-govt-mandate/2236916/), which was established in 2014, in Buenos Aires, Argentina, also provides financial services. Customers benefit from the company's services for cross-border payments, payroll, and billing clients overseas at the lowest possible cost, time, and effort. 

Bitex does not allow U.S. investors to trade on its exchange for foreign exchange control reasons.

In terms of the trading view on the bitex Bitcoin platform, it is similar to other brokerages.

On the [bitex platform's landing page](https://www.bitex.la/) on 10 June 2019, the price chart below displays the volume and the highest bid and ask prices. It displays the order book, or at least a part of it, and a price chart of the selected cryptocurrency and order history. There also two conveniently located  buy and sell boxes. 

![bitex.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bitex_80029db772.png)


The Bitex trading platform offers a lot more than simply placing orders. For professionals, it provides complex charting and financial indicators. 

Users may also place spot and limit orders on all available trading pairs on Bitex for [Bitcoin](/coins/btc) and use the pre-existing 10+ indicators to customise charts to match their trading needs.

## Trading Fees of Bitcoin on Bitex 

Bitex charges a flat 0.50 % trading fee regardless of whether investors are makers or takers. This trading cost approach may appeal to investors who want to pick up existing orders from the order book. 

Bitex's flat trading costs of 0.50 % are higher than the industry average of 0.25%. In addition to trading costs, there is an annual 0.50 % "custody charge," regardless of trading activity or lack thereof.

## Bitex- withdrawal and deposit fees

Bitex withdrawal costs for Bitcoin are 0.0004 BTC. Wire transfers is available however credit cards are not. As a result, their withdrawal costs are reasonable.

## Bitex technology and security 

To stop the rise in fraud, the Bitex Bitcoin exchange platform utilises cutting-edge technology and the best development methods. In order to protect user privacy, all identity papers supplied to the exchange are securely kept in a remote database using the most robust encryption standards. Furthermore, to guarantee a secure experience, Bitex deploys various security methods such as 2FA, email verification, I.P. filtering, mobile verification, and manually verifying anomalous account activity and transactions. 








How Bitcoin is traded on the Bitex Bitcoin

A considerable degree of demand appears to have been built at the $20,000 level for Bitcoin after the drop last month, creating a floor. 

## Assessment of the Bitcoin drop

On Monday, blockchain research startup Glassnode released its latest "The Week On-Chain" [report](https://insights.glassnode.com/the-week-onchain-week-31-2022/), which assessed [Bitcoin's drop](/news/article/norway-bitcoin-mining) during the previous week. 

Analysts cited sideways growth in transactional demand, active Bitcoin drop addresses continuing in "a clearly defined downward trend”, and decreased network fees as reasons to dampen investors' enthusiasm about the 15% increase in BTC price over the last week. 

[According to CoinGecko](https://www.coingecko.com/en/coins/bitcoin), Bitcoin has been down 2% in the previous 24 hours, trading below $23,000 to $22,899. 

The features of a bear market seem prevalent, such as a decrease in on-chain activity and a shift away from speculative investors and toward long-term holders.

According to Glassnode, a drop in network activity might indicate a lack of fresh demand from speculative traders over long-term holders and investors who strongly believe in the network's technology. 

The present network demand pattern and the one developed in the 2018-2019 period were comparable, according to the research. Like the last cycle, network demand dwindled following the all-time high in BTC price in April 2021. Demand increased noticeably in the months running up to the following November when prices reached a new high. 

However, demand has been declining since last November, leading to a bitcoin drop, with a significant dip during the mass sell-off in May:

Network costs have entered "bear market territory" due to a lack of demand from anybody other than hardcore Bitcoin fans. Daily network fees hit 200 BTC when prices reached an all-time high last April. Over the last week, daily fees totaled only 13.4 BTC. 

If fee rates climb significantly, demand is increasing, which will assist in supporting future "positive structural shifts" in Bitcoin network activity:

## Optimism amid the Bitcoin drop

On a brighter note, capacity in Bitcoin Lightning Network (LN) public channels continues to reach new all-time highs. Despite the current weak market, total LN public capacity has reached 4,405 BTC, a 19% growth over the previous two months.



















Has Bitcoin's drop reached its floor?

When discussing cryptocurrencies, we cannot forget – Bitcoin (BTC), the most influential crypto coin. BTC is the most reputable and generally acknowledged cryptocurrency in the world. With its first-mover advantage and broad popularity, Bitcoin significantly impacts the whole crypto industry. Bitcoin dominance reflects Bitcoin’s effect on the cryptocurrency market.

[BTC dominance](https://www.tradingview.com/symbols/CRYPTOCAP-BTC.D/) is a percentage that shows how much of the total cryptocurrency market cap is made up of Bitcoin. It’s calculated by dividing Bitcoin’s market capitalization by the total market capitalization of all cryptocurrencies.

It can measure Bitcoin’s authority over the entire cryptocurrency market. It can also be used to see how various events or news announcements affecting Bitcoin may also affect the rest of the market.

## How does BTC dominance work?

BTC dominance is a metric that measures Bitcoin’s market capitalization as a percentage of the total cryptocurrency market capitalization. In other words, it’s a way to track how much influence BTC has over the entire cryptocurrency market.

It is determined by taking Bitcoin’s market capitalization and dividing it by the total market capitalization of all cryptocurrencies. This number is then expressed as a percentage. 

For example, if Bitcoin’s market cap is $100 million and the total market cap for all cryptocurrencies is $1 billion, then BTC dominance would be 10% (100 million / 1 billion).

BTC dominance can be used to track the popularity of Bitcoin over other cryptocurrencies. It can also identify opportunities and trends in the cryptocurrency market. For example, if BTC dominance is declining, it could be a sign that investors are reallocating from Bitcoin and towards other cryptocurrencies or asset classes.

## What are the benefits of BTC dominance?

There are a few benefits that are worth mentioning. Firstly, it gives investors and traders a clear view of the market and how different cryptocurrencies are performing. This can be helpful when making investment decisions, as you can see which currencies are in demand and which ones are on the decline.

This metric also makes it easier to trade cryptocurrencies. When all coins are grouped, it can be challenging to determine which currency is being traded and at what price. With BTC dominance, the prices of all the coins are converted into BTC and displayed as a percentage. This makes it easier to understand the market and make informed trading decisions.

Finally, it could have a positive impact on the overall crypto market. By reigning in the wild fluctuations that can occur when multiple cryptocurrencies are traded at once, it could help to stabilize the market and encourage more widespread adoption.

## Using BTC dominance to trade crypto

At any moment, BTC dominance is a sign of who has a firmer grasp on the market - whether investing in Bitcoins is profitable or whether altcoin investments offer bigger upsides. The ratio might reveal which currency has the most potential among Bitcoin and [Altcoins](/news/article/altcoins-to-watch-2022).

Check Bitcoin’s price patterns in that time frame after the trend around the BTC dominance ratio has been identified. Following that, a basic process may be utilised to develop a plan.

•	If the ratio rises and Bitcoin rises, purchase bitcoin.

•	If the ratio rises and Bitcoin falls, sell altcoins.

•	If the ratio is falling and Bitcoin is rising, then buy altcoins.

•	If the ratio declines and Bitcoin declines, sell Bitcoin.

Investors can find trading opportunities once the approach has been set.

Trading at extremes is another method. From 2018 to 2021, BTC dominance reached a high of 74 percent and a low of 35 percent. It is improbable that the ratio will rise above or below its previous highs and lows. A reversal is possible when the ratio approaches these historic highs and lows. As a result, there is a strong probability that the ratio will decline at an exceptionally high reading and vice versa. It is highly unusual for the dominance ratio to deviate from its normal range. As a result, when such a situation occurs or the ratio approaches certain levels, it provides strong trading possibilities.

Thus, the BTC dominance ratio can assist in identifying future trading opportunities.

## Bottom line

BTC dominance is a percentage that shows how much of the total cryptocurrency market cap is made up of Bitcoin.

Knowing BTC Dominance rate is essential because it can tell you a lot about the overall market and how people are trading. For example, if the ratio is high, Bitcoin is doing well, and people are investing in it. If the ratio is low, people are investing in other cryptocurrencies instead.

Keep an eye on BTC dominance to understand where the market is heading!




What is BTC Dominance?

Norway Bitcoin mining has set a precedent for the global mining industry. Now, only green and renewable energy is being used for mining in the country. [Arcane Research](https://arcane.no/research/bitcoin-mining-around-the-world-norway) indicates that Norway's 'flourishing' crypto industry relies 100% on green power resources, leaving almost no carbon footprints.  

The data shows that the country's Bitcoin mining makes up nearly 1% of the global hash rate. Contrastively, its population is only 5 million, which makes up only 0.07% of the world's population. Moreover, it is less than a tenth of the hash rate Norway is currently producing. 

Overall, sustainable mining of bitcoin rises to 59.5%, making Crypto Fear and Greed Index drop from “extreme fear” to “fearful”. 

## Which renewable resources do Norwegian Bitcoin miners use?

The electricity Norway consumes comes from different resources; however, most of these resources are renewable. That's why the country is able to limit its carbon emissions that are [harmful to the climate](/news/article/blockchain-energy-fud). Mainly, Bitcoin miners in the country rely on hydropower as it is the country's most used source of electricity. 

Besides hydropower, wind power is the second-most reliable source of power for Bitcoin mining in Norway. Also, as the country is a member of the European electricity system, it uses a small amount of foreign-produced electricity using different technologies and resources.  

If you consider these electricity stats, Norway is using only renewable energy. This poses an excellent opportunity for Bitcoin miners around the world. The author and researcher Jaran Mellerud also believes that the country's mining industry can further expand as its northern part has an abundance of cheap hydropower. 

## Utilising Bitcoin miner’s excessive heat

Norway Bitcoin mining is not only limited to using renewable power resources, but the country is also working on repurposing energy. A German company, Bluebite, has started its operations on Norwegian land and is working on utilising the by-product heat emitted by Bitcoin miners. Currently, the company is exploring different options like vertical farming of strawberries, drying timber, growing seaweed operations, or even supplying the heat to citizens. 



Norway Bitcoin mining now uses 100% green energy

## Bitcoin escapes extreme fear on the index following a rise in sustainable mining

On July 19, the Crypto Fear and Greed Index dropped from "extreme fear" to "fearful," scoring 30 out of 100. It has since risen somewhat to an index score of 31. The indicator is primarily calculated using market volatility, volume and dominance, social media sentiment, surveys, and search trend data.

According to Santiment, BTC's average funding rate on exchanges has reached its highest levels in the last two months as the price of BTC rises above $23,600, with five Fintech professionals at Finder and 53 industry experts predicting that BTC will [bottom out](/news/article/bitcoin-dip-over) at $13,676 before rising to $100,000 by 2025 and $300,000 by 2030.

## Sustainable mining bitcoin power hits 59.5%

According to reports, increased costs have driven increased [sustainable mining](/articles/our-news/sustainable-future), as indicated by a substantial rise in efficiency over the last eight years. As oil and gas energy prices increase and the cost of renewable technology decreases, it makes not only financial but environmental sense to engage in sustainable mining.  
Mining equipment demand has risen as prices rise, driving device innovation for cheaper alternatives. Efficient devices are more cost-effective and lucrative, pushing less profitable alternatives out of the market.

As per the Bitcoin Mining Councils BMC's Q2 review of the Bitcoin network, issued on Tuesday, the global Bitcoin mining industry's usage of sustainable mining energy is up 6% from Q2 2021 and 2% from Q1 2022,  [reaching 59.5%](https://www.investing.com/news/cryptocurrency-news/sustainable-bitcoin-mining-power-mix-hits-595-btc-mining-council-2849155) in the latest quarter, making it one of the most sustainable sectors globally. The council saw a rise in miners' energy mix correlated with an efficiency improvement. It was also discovered that Bitcoin mining accounted for just 0.09 % of the projected 34.8 billion metric tonnes of carbon emissions produced globally and required only 0.15 % of the global energy supply.

United States legislators are particularly interested in the condition of the country's Bitcoin mining energy use after they issued a letter to the Environmental Protection Agency and the Energy Department, requesting that mining businesses report on their emissions and energy use.


Sustainable mining of Bitcoin rises to 59.5%

The Bitcoin dip has been going on for a while now, and some people wonder if it is coming to an end. While we cannot be certain, there are a few things that could indicate that the dip might be nearing its end.

## Signs the Bitcoin Dip Might Be Nearing its End

One of the most obvious signs is the recent increase in BTC prices. After months of decline, Bitcoin prices have started to rebound in recent weeks. This could signify that investors are beginning to see value in Bitcoin again and are willing to buy it at higher prices.

Another sign is the increasing number of transactions on the BTC network. Despite the price decline, the number of BTC transactions has continued to grow throughout the dip. This indicates that people are still using BTC and are finding ways to transact despite the lower prices.

The increasing number of Bitcoin-related projects and businesses could also be a sign that the Bitcoin dip is ending. Several projects were postponed during the dip, but there are still a number of companies working on new Bitcoin-related products and services. This suggests that there is still interest in BTC from both businesses and consumers.

What’s more, key indicators suggest that [BTC](/coins/btc) is currently undervalued. For example, the Bitcoin Relative Strength Index (RSI) is at 26, the lowest since 2018. This indicates that Bitcoin is currently oversold. In addition, Bitcoin has fallen past its 200-week moving average of $22,350, another sign that it's a bargain.

Of course, predicting where the bottom is for Bitcoin is impossible. Values fluctuate wildly, driven by speculation, hype, and the whims of the broader economy. However, the signs mentioned above suggest a good chance that the worst of the Bitcoin dip is over.

While some investors see this as a buying opportunity, others are worried that the market is in for more pain.

## Shark Tank's Kevin O'Leary Buying the Dip

TV personality and investor Kevin O'Leary said he's [taking advantage of the recent dip](https://markets.businessinsider.com/news/currencies/kevin-oleary-shark-tank-crypto-investing-strategy-portfolio-bear-market-2022-6) in prices to add to his positions in Bitcoin and Ether.

"I'm a buyer of dips; that's my general philosophy," O'Leary said on CNBC's Halftime Report. "I think we're in a long-term bull market for Bitcoin, and I don't try to time the short-term gyrations."

O'Leary, who has been investing in cryptocurrencies for about two years, said he sees Bitcoin as a store of value similar to gold. He also believes that Ethereum, the second-largest digital currency by market value, has more upside potential than BTC because it's being used more by corporations and developers.

"In the short run, anything can happen," O'Leary said. "But if you're a believer like I am in the long-term story...then you buy the dip."

## Factors to Consider

- First is your risk tolerance. What level of risk exposure are you willing to take on? If you are risk averse, then buying the dip may not be for you.
- Second is your time frame. Are you investing long-term, or are you looking to make a quick profit?
- Thirdly, consider your investment goals. Know what you hope to achieve by investing in Bitcoin.
- The other important thing to consider is your knowledge of Bitcoin and cryptocurrencies. Do you fully understand how BTC works and the risks involved?
- The fifth factor is the price. Is the current price attractive compared to where you think bitcoin will be in the future?

## Conclusion

So, is now the time to buy? Only you know the answer to that.

Of course, there's no guarantee that BTC prices will rebound or that the current dip is a good opportunity to buy.

However, if you have faith in the long-term potential of Bitcoin, then buying during a dip can help you towards better returns.


Is the Bitcoin Dip Over?

Scammers are at it again with Bitcoin. This time, another bogus celebrity endorsement is being used to trick unsuspecting members of the public into joining up for various Bitcoin trading sites. This time it is the [Ant McPartlin Bitcoin scam](https://www.economywatch.com/bitcoin-robot/ant-mcpartlin-bitcoin).

In this article, we look at a con involving Ant McPartlin's name and analyse whether the TV star ever actually got involved in Bitcoin Revolution, a BTC auto-trading business.

## Who is Ant McPartlin?

Anthony David "Ant" McPartlin is a British television producer, rapper, singer, comedian, actor, and TV presenter born in Newcastle upon Tyne in 1975. Because of his talent, he has a large following that extends beyond the United Kingdom.
McPartlin is well-known for his work as a co-presenter with Declan Donnelly, known colloquially as Ant and Dec.

McPartlin has garnered honours for his outstanding contribution to the media business, including the British Academy Television Awards: Entertainment Programme (Ant & Dec's Saturday Night Takeaway) and the British Academy Television Awards: Live Event (The Queen's 90th Birthday Celebration).

## What is Bitcoin Revolution?

[Bitcoin Revolution](/news/article/bitcoin-revolution) is an automated Bitcoin trading system designed to improve the trading experience of investors with limited capital, time, and trading skills. The platform includes a robot that manages the whole trading process on behalf of the account user, automatically executing buys, holds, and sells with minimum input from the investor.

After registering on the platform, users must make an initial payment of at least £200.

Bitcoin Revolution is a built-in algorithm that claims to deliver more than 99% accuracy on all trades, allowing investors to earn up to 20% daily returns on their money.

## Ant McPartlin Bitcoin Scam?

The question is, did McPartlin endorse Bitcoin Revolution?

McPartlin has denied any support for a Bitcoin trading platform. He has claimed that he has no intention of investing in Bitcoin or its trading bots.

As we investigated, we found no direct or indirect postings on Ant's social media to indicate that he had adopted the trading platform.

McPartlin is one of many celebrities whose accounts have been phished by Bitcoin fraudsters.

An “audience seeker” storyline is always popular, especially when it involves renowned people. In this example, bogus news sites and gossip blogs have fueled media coverage of the entire event, primarily to gain click-through and registration commissions from the traders involved.

Fake trading sites were involved in advertisements and other media promotion of the supposed endorsement, causing naive investors to lose money.

Because neither McPartlin nor Bitcoin Revolution confirmed the endorsement story, it was assumed that a bunch of avaricious internet marketers staged the entire affair.

## Is Bitcoin Revolution a Ponzi Scheme?

This is a common question among cryptocurrency aficionados right now. Should I put my funds on the platform?
I say not. Unless you can verify the legitimacy of any trading platform for yourself, you should retain your money in your bank account.
 



Ant McPartlin Bitcoin Scam Explained