Bitcoin prices rose over the weekend, continuing the rise that began with the new year.
Bitcoin has now achieved a 45% gain since its last cycle low of $15,665 on November 22, 2022.
There are growing fears of a sudden retreat trap called the bull trap “Bitcoin Bull Trap” although the height still shows its strength.
The bull trap is a reversal of trend that forces market participants out of positions with unexpected losses.
Bitcoin markets have been trending lower since late 2021, with bitcoin still far from its peak of 67%.
But since the beginning of 2023, bitcoin’s price has sent more positive signs that the downward trend could be reversed.
Concerns about bitcoin bull trap:
The analyst and trader called “il Capo Of Crypto” said on Twitter that recent market moves appeared to have been manipulated without real demand.
He tweeted:
It’s the biggest bull trap I’ve ever seen.
I've been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way htf resistances are being tested… it clearly looks manipulated, no real demand.
Once again, the biggest bull trap I've ever seen. But they won't trap me.
With the world economy in dire straits, the looming recession and the lack of income available to invest in risk asset classes, it seems somewhat premature to call it an upward market so far.
More sentiment seems to be driving towards a bull trap scenario, with patterns like this appearing in Tradingview:
Others consider that we have already finished the bear market as the famous analyst and chart holder “PlanB” remains confident that the bear market will end, tweeting:
When the price moves off 50% lows, that’s no longer a bull trap, it’s a movement you missed.
WOW! Bitcoin price above short term holder (STH) and realized price. AND .. STH, realized and 2Y realized price are all increasing again. Further proof that the bear is over and the bull market has started🚀 More explanation of this chart in this video:https://t.co/NgzaiQ81Zwpic.twitter.com/z3UrePtoRO
crypto Market affiliate knows that the founder of FTX and Alameda Research was arrested and released on bail until the trial date.
Although the founder of FTX is currently subject to bail under strict rules, there have been multiple suspicious transfers of cryptocurrencies from wallets associated with him or his former empire.
Despite refuting any contacts, Bloomberg reported that U.S. authorities were planning to investigate the matter.
Last weekend, several Alameda portfolios began moving cryptocurrencies built according to the ERC-20 standard and converting them to bitcoin. Some of these currencies included:
YFI, AAVE and WETH.
“Sam Pankman Farid”, founder of FTX, who is currently released on a $250 million bond and lives in his parents’ home, preferred not to stay silent and tweeted that he had nothing to do with these transfers and transactions.
I think it’s possible that many legitimate parties of the FTX have access to these funds, I hope that’s what’s happening here.
I would be happy to help advise regulators on this if they wanted to.
According to Bloomberg, suspicious cryptocurrency movements have attracted the attention of U.S. federal prosecutors, and they plan to open an investigation.
Just a few days after the above transfers, other claims have emerged that “Bangman” made new transactions, eventually cashing in approximately $700,000 in cryptocurrencies.
One day, he said, he left only $100,000 in his bank account after the bankruptcy was declared, and the court order severely prevented him from operating in such large sums.
However, the Bloomberg report appears to focus solely on Alameda-related transfers, and “Bangman” has not commented on other transfers to date.
Coinbase and Binance. Both the US and Europe allow you to trade a wide variety of cryptocurrencies. They also provide a wide range of other services, including cryptocurrency wallets and staking for Ethereum and Cardano (ADA) (ETH).
Both exchanges provide solutions for storing cryptocurrencies.
Binance.
The Binance Chain Wallet, which facilitates the storing of currencies including Bitcoin, Ethereum, and Binance Coin (BNB), among others, is an option for US customers. Crypto.com users have access to the Crypto.com DeFi wallet to store their cryptocurrency.
Margin trading is a service that is available on both exchanges. Users that utilize margin trading can borrow money to trade larger quantities.
In crypto, security is a crucial concern.
Nearly 500 Crypto.com accounts had fraudulent withdrawals occur in January 2022. Overall, losses were nearly $34 million, which included roughly $66,200 in other cryptocurrencies, more than $15 million in ETH, and $19 million in BTC.
While the Binance.US exchange hasn’t been compromised, its partner, Binance.com, had $40 million worth of BTC stolen from them in 2019. (Binance.US and Binance.com are separate companies).
Crypto.com vs. Binance.US: Differences
For more seasoned cryptocurrency traders who trade frequently and can save money owing to the exchange’s tiered fee structure, Binance.US is the best option.
For transactions worth less than $10,000 per month, the maker and taker costs are 0.1% and 0.2%, respectively, for customers that trade Tier 1 crypto pairings like ETH/USD or SOL/USD. Additionally, the business provides free BTC trading for a restricted number of pairings.
Customer support at cryptocurrency exchanges is not renowned for being top-notch. Binance, however Compared to Crypto.com, the US does particularly poorly on this front. 90% or so of Binance In US reviews on Trustpilot, the exchange has received a “poor” rating, however only 64% of reviews are negative for Crypto.com.
Despite having a reputation for having subpar customer support, Crypto.com is more user friendly for beginners than Binance.US.
According to Ivaylo Yovkov, chief operating officer of Rewards Bunny, “Crypto.com is the go-to solution for newcomers and individuals new to cryptocurrency.”
Though it often has higher fees than Binance.US, the Crypto.com platform is also more widely accessible in the United States.
According to Joseph Poulose, chief information officer of InterMedia Group of Companies, “Crypto.com’s prominent global sports sponsorships and TV advertising campaigns make their platform look recognizable and credible.”
Who Should Pick Crypto.com?
One of the most well-known cryptocurrency exchanges is the Crypto.com network, which has 50 million members spread over 90 nations. It was established in 2016 and is accessible across the country, with the exception of New York.
It has more than 250 tradeable coins, however not all of them may be exchanged in the United States. Despite this, Crypto.com provides a number of services, such as a DeFi wallet and a market place for non-fungible tokens (NFTs).
Additionally, you may easily add money to your account with bank transfers, credit or debit card purchases, and cryptocurrencies using Crypto.com’s prepaid Visa rewards card. The card will be particularly useful to users of Crypto.com Coin (CRO), the exchange’s native cryptocurrency.
Users of Crypto.com can also earn interest on cryptocurrencies they lend to other users, based on how much CRO they have in their account, how much they are lending, and other factors.
Crypto.com Pros
Trading fee discounts for users who hold CRO
Cashback rewards Crypto.com Visa card
Beginner-friendly app
Crypto.com Cons
You pay more in fees if you trade less
It’s not available in all 50 states
Fees and discounts can be hard to understand for beginners
Platform has been hacked
Who Should Pick Binance.US?
Low fees are one of Binance.key US’s draws. The exchange furthermore provides a small amount of free Bitcoin trading within the United States and some of the lowest costs in the sector. Your costs will decrease the more you trade, and if you pay using BNB, Binance’s native coin, you will receive a 25% reduction on advanced trading fees.
One of the top 10 cryptocurrencies is BNB, as you may have seen. The coin’s $47 billion market valuation is evidence of Binance’s appeal despite the fact that it is mostly used to pay trading fees and receive discounted deals.
According to Anderson Mccutcheon, CEO of Chains.com, “Crypto.com and Binance are two startups that are fundamentally fighting for the same pool of retail customers and a distinct group of more sophisticated users and corporations.”
Residents of the United States must utilize the condensed spin-off platform that conforms with U.S. financial rules, with the exception of individuals who reside in Hawaii, New York, Texas, and Vermont.
Similar to Crypto.com, Binance.US provides over-the-counter (OTC) trading, in which transactions are made directly between a buyer and a seller and substantial deals may be made without affecting the market as a whole.
Binance.US Pros
Fees are low compared with major competitors.
Supports more than 125 cryptocurrencies.
It offers several versions tailored to various crypto skills and comfort levels.
Binance.US Cons
Not available in several states in the U.S.
Binance.com, the separate legal U.S. partner to Binance.US, has been hacked
