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The most crucial viable factor related to cryptocurrencies is that any central authority does not control them. They are a decentralized idea of Blockchain. And Blockchain is the technology that controls and regulates cryptocurrencies. How many cryptocurrencies are there?
After the formation of Bitcoin, the number of cryptocurrencies has risen rapidly. According to a financial market research website, there are around 10, cryptos that are traded publicly. Seeing the case of both binary options and cryptocurrencies, both have their speculative features and public demand. Trading approach: Before beginning trade in any type of Binary market, have an accessible approach to every perspective.
This enables you to select a reliable platform in the financial market; furthermore, it also allows profitability. Let us discuss the main differences and similarities lying between them. Notions In this option, the usual trader takes to profit from price fluctuation in the global market. They are relatively simple to understand, and the trade under this is highly risky, but profit returns are also very high. Binary options trading has a unique kind of liquidity structure.
If the economic data is positive for a particular currency, then a call option would be accordingly bought after assessing the support and resistance levels. If the traded asset is a cryptocurrency, then the binary options trader would look for news related to mining and dedicated exchanges. For example the news of Ghash. Similarly, the crash of Mt. Gox , an online dedicated Bitcoin trading exchange, resulted in a sharp drop in price. Cryptocurrency traders would also look for discussions related to the latest news on websites such as Bitcointalk.
Other than the positive and negative news related to mining or volume traded in an exchange, traders would also monitor the progress of other cryptocurrencies. A cryptocurrency, which is well supported by the developers tend to appreciate quickly as the coin would undergo developments that guarantee several facilities including total anonymity.
For example, the Ethereum is closely followed by cryptocurrency enthusiasts as it has functionality, which can challenge Bitcoin in the long-term. If it gains popularity, then naturally, the exchange rate of Bitcoin will be affected.
Thus, market capitalization and daily traded volume of cryptocurrencies are generally watched to have an idea of the prevailing trend. Demand and supply Demand and supply determine the exchange rate of both Bitcoin and fiat currency. However, in the case of Bitcoin, the demand cannot be artificially created and some sort of favorable news can only drive in buyers towards the purchase of Bitcoin or any other cryptocurrency through an online exchange.
The ruling not only ensured that Bitcoin is excluded from VAT, but also took it one more step near to being recognized as a legal tender. The news triggered the demand for the Bitcoin, thereby leading to a sharp rise in the price. In fact, the sharp rise in the price of another cryptocurrency Ethereum is mainly because the cryptocurrency is now gaining popularity as a better alternative to the Bitcoin. In fact, the cryptocurrency enthusiasts refer to the Ethereum as to the crude oil, and to Bitcoin as to the gold.
Even Microsoft introduced Ethereum capabilities to its Azure cloud service. This was soon followed by other cryptocurrencies such as Factom and Ripple. In the case of a fiat currency, a central bank can modify interest rates to create demand. Liquidity can also be increased through measures such as quantitative easing. So, while trading a normal currency, central bank announcements, which can induce demand or increase supply is usually looked for. On the other hand, a cryptocurrency trader would monitor exchanges for large block deals and latest developments discussed in forums like Bitcointalk.
Using the information, a cryptocurrency trader would purchase a binary call or put option contract. Most of the binary option brokers who offer the cryptocurrency trading facility accept Bitcoin deposits. The traders can also opt for Bitcoin withdrawals.
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