If you are looking for some online casino action in the UK, youre in for a big surprise. Over the last two decades, most traditional casino brands have shifted to the digital landscape as more people in the country are now online. Its a smart strategy to target a wider market, and it has driven the impressive growth of the gambling industry.

One of the biggest trends powering online casinos is the use of cryptocurrency. For a country that has not been quick to embrace cryptocurrencies, theres a lot of excitement over crypto gambling as players look for better experiences.

This article looks at the impact of cryptocurrencies in the industry and the future of the trend.

Digital currencies have dominated financial debates since the launch of bitcoin over a decade ago. From bitcoin, Ethereum to Tether USDT, there are now over 1600 digital currencies offering alternative banking solutions to internet users.

For an industry thats dependent on fast pay-outs, the casino industry has been among the early adopters of cryptocurrencies as a form of payment. Most gambling operators offer multiple banking methods, but these are either slow, unsafe, or expensive.

The promise of efficiency and affordability offered by cryptocurrency has brought a revolutionary transformation to casinos. With many other industries now embracing cryptocurrencies, casino operators are at the forefront of this revolution.

A quick look at most casino complaint pages highlights the inefficiency of traditional banking methods. Clients have to wait for hours or days before cashing out. While deposits are fast, withdrawals at most casinos come with long delays.

Cryptocurrencies now promise instant pay-outs and this will have a huge impact on the industry. Many people who have suffered intermittent delays when withdrawing their winnings will love the idea of fast and seamless transactions. Already, bitcoin casinos have become a big hit with players in the country which highlights how influential this trend will become.

Players can now explore more games at online casinos because its cheaper to use cryptocurrency to play. For instance, you can now enjoy an excellent experience playing the Crazy Time live game at your favourite casino.

The two reels and one payline slot is simple and easy to play. It has a minimum bet is 0.10 mBTC, and the maximum is 400.00 mBTC. With an RTP of 96.08%, this is a good slot machine to boost your winnings. The slot by Evolution Gaming has four thrilling bonus rounds and juicy multipliers for more rewards.

While the internet offers a lot of convenience for users, there are grave concerns over security and privacy. For casinos that require a constant flow of funds, security and privacy issues have threatened the industry for a long time.

Cryptocurrencies have come as a godsend as they make transactions more secure and anonymous. Crypto transactions are encrypted and you dont have to provide personal data to deposit or withdraw money.

The fast and seamless exchange of addresses between parties offers protection, and this has attracted more people to try this banking option.

Cryptocurrency transactions are cheaper and this is one reason they have become popular at online casinos. You dont have to worry about losing your winnings through high charges, as most platforms offer free instant withdrawals.

Playing at online casinos as never been more exciting. With cryptocurrency gambling, you can try more games and enjoy a safe and secure playing experience. Whats more, it is now possible to enjoy all your winnings and play anonymously.

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HOW CRYPTOCURRENCY HAS INFLUENCED UK GAMING - Island Echo

Bitcoin price is literally playing with fire. The widely traded digital asset failed to sustain gains above $9,300 last week following a bounce from levels marginally under $9,000. This put the sellers at the helm of the price actions over the weekend.

BTC/USD continued with the downtrend under $9,200 to the extent that $9,100 gave in. At the time of writing, BTC/USD is trading at $9,075 while the trend is facing a strong bearish bias. The only thing currently saving the bulls is the shrinking volatility which is ensuring that there are no rapid price actions.

As mentioned, Bitcoin slipped under $9,000 for the second time in June last week. The first time, BTC/USD embraced the support at $8,900. The second was a shallow dip under $9,000 last week. However, another drop into the $9,000 range could be explosive towards $8,600. Note that, in May Bitcoin retested the support at $8,600 and based on the prevailing bearish picture $8,000 downward target looks quite conservative.

Related content:Cryptocurrency Market News: Bitcoin at the edge of a cliff, Ethereum and Ripple in the red

The losses in the market are not unique to Bitcoin but the entire market is in the red too. For example, Ethereum is currently seeking support at $220 after suffering rejection at $228. Ether had recovered from the weekend low at $215. However, the drab technical picture in the market suggests that losses could reach $200 in the near term.

Ripple price has not been left out and is affected by the selling pressure. XRP/USD is trading 0.5% lower and dealing with increased volatility and a bearish trend. The fourth-largest crypto has a market value of $0.1760 after correcting lower from $0.1769. Gains above $0.18 are needed to keep the price in an upward trajectory towards $0.19 and $0.20 respectively.

Read more:
Cryptocurrency Market Update: Why Bitcoin is at the beginning of a massive downfall? - FXStreet

Jul 01, 2020 at 12:50 // News

Dubbed Crypto Nation for its friendly stance for innovations including blockchain and cryptocurrency, Switzerland confirmed the name once more. A new legal package passed by the Swiss Federal Council is going to remove all existing legal barriers for startups.

The newly amended law will be adjusted to create a friendly environment to the work of distributed registries while removing the flaws in the existing framework, particularly when it comes to transferring security tokens. As of now, it involves a lot of bureaucratic red tape.

If the package passes the final voting in the Council of States, it will stipulate the application of a distributed ledger for storing and transferring security tokens, thus facilitating the entire process for both users and service providers.

The only thing that remains unchanged is the taxation framework that exists in the country. According to the notice from the Federal Department of Finance, the present taxation framework has proved its efficiency when applied to cryptocurrency businesses.

Switzerland can boast of its friendly attitude to blockchain and cryptocurrency. The name Crypto Nation has been given to the country for a reason. The city of Zug solely accounted for about 600 blockchain startups, with its number growing steadily. No wonder that Zug was Called the Crypto Valley.

Earlier this year, the Swiss government registered the Bitcoin Association as a non-profit organization, thus fully legalizing and welcoming its educational and research efforts made in the field. According to the report by coinidol.com, a world blockchain news outlet, the Association is actively engaged in building up technical infrastructure for startups, setting up conferences for the exchange of best practices and spreading awareness about innovations.

Such a friendly position from the government also prompts traditional financial institutions to explore the potential for cooperation with crypto business. It started back in 2017 when the Falcon Group Bank offered its customers a special feature to manage blockchain assets such as bitcoin. Soon enough it was followed by Swissquote Group, the countrys leading online bank, who partnered with Bitstamp cryptocurrency exchange to offer bitcoin trading services.

A year later, in 2018, another Swiss bank, Maerki Baumann, announced permission for cryptocurrency-related operations, such as payments related to mining and rendering services. In January 2020, Arab Bank Switzerland, which is the first Arab financial institution having launched its operation within the country, launched trading and custody services using Bitcoin and Ethereum.

While the traditional finance sector, as well as governments of most countries, are cautious about blockchain and cryptocurrency, Switzerland is showing the lead of how traditions and innovations can co-exist to the benefit of the country and its people.

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Crypto Nation Is Growing: Switzerland Improves Environment for Blockchain and Cryptocurrency - Coin Idol

In brief

Binance, the world's largest cryptocurrency spot exchange, now has its own emoji on Twitter. Anyone who tweets #BNB, #Binance, and several other hashtags will now see the Binance logo next to their tweet.

The Twitter emoji comes as the exchange plans to celebrate its third birthday on July 14. The exchange is giving out its own branded, non-fungible tokens to those who promote the exchange on social media.

Binance's new emoji was first spotted in the wild earlier today, when Binance CEO Changpeng Zhao simply tweeted #BNB. Now, the emoji is present in practically all of Binance's recent tweets. Binance Coin (BNB) is now one of just three cryptocurrencies with its own Twitter emoji.

Bitcoin (BTC) was the first cryptocurrency to get an emoji on Twitter, and was added to the platform back in February. Crypto.com Coin (CRO) was the second cryptocurrency to get its own branded emoji and was revealed last month as part of a competition.

Since the emoji went live, the price of Binance Coin has risen slightly from $15.37 to $15.75, up 2.4%. Not a huge pump, but a minor gain in an otherwise flat market.

Binance has not stated how much it spent on the emoji. But the Block's director of research Larry Cermak recently stated that any company that commits more than $50,000 in Twitter ad spend may be eligible for an emoji. And brands, such as PepsiCo and Anheuser-Busch, have reportedly paid as much as $1 million for branded emojis in the past.

The crypto community is now speculating which project will be next to launch its emoji, and both Bitcoin Cash (BCH) and Tron (TRX) are two particularly common picks.

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Binance gets the third cryptocurrency emoji on Twitter - Decrypt

Global Cryptocurrency Services Market: Trends Estimates High Demand by 2027

The Cryptocurrency Services Market 2020 report includes the market strategy, market orientation, expert opinion and knowledgeable information. The Cryptocurrency Services Industry Report is an in-depth study analyzing the current state of the Cryptocurrency Services Market. It provides a brief overview of the market focusing on definitions, classifications, product specifications, manufacturing processes, cost structures, market segmentation, end-use applications and industry chain analysis. The study on Cryptocurrency Services Market provides analysis of market covering the industry trends, recent developments in the market and competitive landscape.

It takes into account the CAGR, value, volume, revenue, production, consumption, sales, manufacturing cost, prices, and other key factors related to the global Cryptocurrency Services market. All findings and data on the global Cryptocurrency Services market provided in the report are calculated, gathered, and verified using advanced and reliable primary and secondary research sources. The regional analysis offered in the report will help you to identify key opportunities of the global Cryptocurrency Services market available in different regions and countries.

The final report will add the analysis of the Impact of Covid-19 in this report Cryptocurrency Services industry.

Some of The Companies Competing in The Cryptocurrency Services Market are: Oodles Technologies,Kaiserex,QUOINE,Prolitus,Dukascopy Bank SA

Get a Sample Copy of the [emailprotected] https://www.reportsandmarkets.com/sample-request/global-cryptocurrency-services-market-size-status-and-forecast-2019-2025?utm_source=cole&utm_medium=46

The report scrutinizes different business approaches and frameworks that pave the way for success in businesses. The report used Porters five techniques for analyzing the Cryptocurrency Services Market; it also offers the examination of the global market. To make the report more potent and easy to understand, it consists of info graphics and diagrams. Furthermore, it has different policies and improvement plans which are presented in summary. It analyzes the technical barriers, other issues, and cost-effectiveness affecting the market.

Global Cryptocurrency Services Market Research Report 2020 carries in-depth case studies on the various countries which are involved in the Cryptocurrency Services market. The report is segmented according to usage wherever applicable and the report offers all this information for all major countries and associations. It offers an analysis of the technical barriers, other issues, and cost-effectiveness affecting the market. Important contents analyzed and discussed in the report include market size, operation situation, and current & future development trends of the market, market segments, business development, and consumption tendencies. Moreover, the report includes the list of major companies/competitors and their competition data that helps the user to determine their current position in the market and take corrective measures to maintain or increase their share holds.

What questions does the Cryptocurrency Services market report answer pertaining to the regional reach of the industry?

The report claims to split the regional scope of the Cryptocurrency Services market into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these regions has been touted to amass the largest market share over the anticipated duration

How do the sales figures look at present how does the sales scenario look for the future?

Considering the present scenario, how much revenue will each region attain by the end of the forecast period?

How much is the market share that each of these regions has accumulated presently

How much is the growth rate that each topography will depict over the predicted timeline

A short overview of the Cryptocurrency Services market scope:

Global market remuneration

Overall projected growth rate

Industry trends

Competitive scope

Product range

Application landscape

Supplier analysis

Marketing channel trends Now and later

Sales channel evaluation

Market Competition Trend

Market Concentration Rate

Reasons to Read this Report

This report provides pin-point analysis for changing competitive dynamics

It provides a forward looking perspective on different factors driving or restraining market growth

It provides a six-year forecast assessed on the basis of how the market is predicted to grow

It helps in understanding the key product segments and their future

It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors

It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

TABLE OF CONTENT:

Chapter 1:Cryptocurrency Services Market Overview

Chapter 2: Global Economic Impact on Industry

Chapter 3:Cryptocurrency Services Market Competition by Manufacturers

Chapter 4: Global Production, Revenue (Value) by Region

Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6: Global Production, Revenue (Value), Price Trend by Type

Chapter 7: Global Market Analysis by Application

Chapter 8: Manufacturing Cost Analysis

Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10: Marketing Strategy Analysis, Distributors/Traders

Chapter 11: Cryptocurrency Services Market Effect Factors Analysis

Chapter 12: GlobalCryptocurrency Services Market Forecast to 2027

Get Complete Report @ https://www.reportsandmarkets.com/enquiry/global-cryptocurrency-services-market-size-status-and-forecast-2019-2025?utm_source=cole&utm_medium=46

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Reports And Markets is part of the Algoro Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Are you mastering your market? Do you know what the market potential is for your product, who the market players are and what the growth forecast is? We offer standard global, regional or country specific market research studies for almost every market you can imagine.

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Research on Cryptocurrency Services Market (impact of COVID-19) with Top Players: Oodles Technologies,Kaiserex,QUOINE,Prolitus and Others - Cole of...

CEO Clayton Moore said NetCents is building a seamless bridge between the $200 billion cryptocurrency asset class, and merchants that accept credit cards

Technology Inc () (OTCQB:NTTCF), a cryptocurrency payments technologies company, has revealed that it will add the United States to its cryptocurrency credit card program.

In a statement Friday, the Vancouver-based company said that it will capitalize on the marked interest shown by US-based cryptocurrency holders in the technology development done for the Canadian cryptocurrency credit card program to launch the program in the US.

By including the US to the card program prior to launch, said it is able to streamline the technical development, management, and rollout of the program while increasing the potential card program userbase tenfold. NetCents card holders will be able to select up to three cryptocurrencies to spend with their credit card and the company has developed the technology to allow card holders to spend multiple cryptocurrencies automatically in a single transaction.

READ:NetCents launches merchant outreach and onboarding automation features

Unlike other prepaid cryptocurrency cards in the market, NetCents cardholders will not have to preload cryptocurrency onto their card, eliminating potential "lost" appreciation caused by rising cryptocurrency values between the time the user loads it and the time they spend it. The NetCents cryptocurrency credit card is tied directly into users' NetCents wallets, allowing cardholders to spend the cryptocurrency in their wallet.

The NetCents cryptocurrency credit card will be integrated into the NetCents mobile application and have chip, pin, magstripe, and near field communication (NFC) functionality.

"This is a massive leap forward for us, what we are building represents the most seamless bridge between the $200+ billion cryptocurrency asset class, and all of the merchants that accept credit cards," NetCents Technology founder CEO Clayton Moore said in a statement.

"We look forward to finishing our development work and rolling out our breakthrough payment products soon."

Contact the author Uttara Choudhury at [emailprotected]

Follow her on Twitter: @UttaraProactive

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NetCents Technology to add the US to its cryptocurrency credit card program - Proactive Investors USA & Canada

Overbit.com (Overbit), a Seychelles-based cryptocurrency and foreign exchange (forex) trading platform announced this Friday that it has launched 17 new crypto and FX trading pairs.

In particular, the exchange has added 11 forex trading pairs and 6 pairs based on Bitcoin. With the launch of the new pairs, Overbit now offers a total of 16 forex trading pairs and 21 BTC trading pairs.

The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation

The new forex trading pairs are AUD/JPY, CHF/JPY, EUR/AUD, EUR/GBP, GBP/AUD, GBP/JPY, NZD/USD, USD/CAD, USD/CHF, USD/CNY, USD/KRW and the new Bitcoin pairs are BTC/KRW, BTC/CHF, BTC/CAD, BTC/GBP and BTC/AUD.

Commenting on the currency pair expansion, Chieh Liu, CEO of Overbit said in a statement this Friday: We listen to our traders needs and we are adapting our offering to make sure we cover the broad range of traders joining us everyday.

Did COVID-19 Save the Forex Industry?Go to article >>

With the delivery of additional 11 FX trading pairs plus 6 BTC trading pairs, traders can now make more convenient trade executions and hedges and continue to trade safely on Overbits trading platform.

In addition to launching the new trading pairs, the Seychelles based exchange highlighted that it will be launching its app later this year, which will be available for iOS and Android devices, as well as other feature launches on its trading platform.

Overbit is a Bitcoin margin trading platform, headquartered in Seychelles. The company offers leverage of up to 1:100 for crypto and 1:500 for forex trading pairs. As Finance Magnates reported, the company was founded in 2017 and the platform was launched in 2019.

In particular, in February of 2019, Overbit went live in Japan. According to the statement at the time, the company was the first platform in Japan to facilitate the trading of both cryptocurrencies and foreign exchange, by using Bitcoin as the underlying asset.

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Overbit Adds 17 New Cryptocurrency and FX Trading Pairs - Finance Magnates

Frances top financial regulator has published a new list of investment websites that do not have authorization to operate within the country, including the so-called digital asset service providers (DASPs).

The dual regulatory structure inFrance, which includes the Autorit des Marchs Financiers (AMF) and the Autorit de Contrle Prudentiel et de Rsolution (ACPR), is tackling unregulated providers of FX and crypto-assets derivatives. In a joint statement, the watchdogs published a list of 11 brokers that wereinviting investorsto invest in fiat and cryptocurrencies without authorization to carry out business in their jurisdiction.

The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation

http://www.bitworldfx.com

http://www.brightfinance.co

http://www.daxbase.com/fr

http://www.daxioma.com/fr

http://www.fortiscapitalmanagers.com

https://fr.uptos.com

http://www.investisafe.com

Did COVID-19 Save the Forex Industry?Go to article >>

http://www.lvmexchange.com/fr/

http://www.wavetomarkets.com

bitcoin-storm.com/fr

cryptolegacypro.com/fr

The AMF said that the full list of unauthorized sites is available on the regulators website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.

The warning comes asParisis seeking to police crypto activities, and in addition to such warnings, the industry regulator has recently approved the countrys first application for an initial coin offering (ICO). It has also published new rules regarding the licensing of digital asset service providers as well as guidelines for firms applying for the non-mandatory license and informing the regulator about internal cybersecurity practices.

The Pacte Law encompasses a very broad range of measures covering many aspects of all crypto-active players. The current laws require cryptocurrency exchanges as well as custodian providers to undergo a mandatory AMF registration and obtain a certification to be granted by the French watchdog. Frances primary regulator confirmed that it is already involved with other crypto-related operators such as exchange platforms, custodians, and asset managers.

Finally, the AMF recommends that traders seeking to invest in France do so only with financial institutions authorized to do business in the country. The AMF also warns market participants that any unauthorized intermediaries run the risk of criminal sanctions and advises against responding to offers from any broker on the published lists.

Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via http://www.regafi.fr. A list of authorized intermediaries in additional investor adviser categories can be accessed on orias.fr/search.

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France Regulators Blacklist 11 Crypto and FX brands - Finance Magnates

Cryptocurrency is a thriving ecosystem, quietly encroaching on conventional finances territory.

Over the last five years, Bitcoin users and transactions have averaged a growth rate of nearly 60% per year. Similarly, private and public investors have deepened their commitment to cryptocurrencies including Ethereum, Ripple (XRP), and Stellarand a number of others across the industry.

Todays infographic unpacks a cross-section of cryptocurrencies, stakeholders, and core applications across a sector thats continuing to grow in importance.

Cryptocurrency has erupted into a $200 billion industry, sparking a wave of global disruption.

At the heart of cryptocurrency is a rich history of innovation. It extends back to the 1980s with advances in the field of cryptographyeventually leading to the technology that forms encryption techniques designed to protect the network.

Since then, a series of key events have continued to shape the sector.

Now, there are over 5,000 cryptocurrencies in circulation, with many built on innovative applications and use-cases as the ecosystem rapidly evolves.

Today, crypto offers cutting-edge advances that are diverse and transformative. In addition, it could also be considered an investment in tomorrows financial systemdecentralized finance (DeFi).

DeFi is an emerging alternative financial system that is built on a public blockchain, which enables greater accessibility because anyone has the ability to connect to it. Additionally, transactions are publicly visible, enabling greater transparency across the system.

Here is a refresher on some of the practical advantages being applied across cryptocurrencies.

The cryptocurrency ecosystem is growing rapidly. Worldwide, private and public actors recognize its potential across many domains.

Who are the primary participants in the field today?

The rising popularity of crypto is bolstering new policies and adoption, as evidenced by the many players trying to break into the space.

As crypto continues to gain momentum, its longer-term implications will come into focus. Crucially, its cryptographic foundation sets the stage for future advances in finance.

Rooted in decentralized and autonomous systems, cryptocurrencies are creating second-order effects in the financial world. Ultimately, cryptocurrencies are helping to transform finance as we know itunlocking countless investment opportunities across the global economy.

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Visualizing the Rise of Digital Payment Adoption - Visual Capitalist

In the cryptocurrency markets, no two exchanges are alike. Even in major crypto exchanges, trading U.S. dollars for bitcoin can have fairly different order sizes and spreads, according to data compiled by aggregator CryptoCompare.

Average order sizes over the past week were quite varied, CryptoCompare found. Orders on Bitstamp averaged $3,424.11, the highest of major dollar to bitcoin (USD/BTC) pair exchanges. ItBit was second to Bitstamp at $2,874.17, with Kraken at $2787.68. Geminis average was in the middle of the pack at $1,438.31, followed by Coinbase at $1,113.15. Bitfinex was lowest, with an average order totaling $342.09. The average order of the six exchanges was $1,996.58.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

Average spreads between the highest bid offer and the lowest ask offer on an exchange order book also varied significantly. Data from CryptoCompare shows a few exchanges have a much larger daily price spread than others.

This is derived from L2 order book data, without fee calculations, on top of this, said Constantine Tsav, head of research for CryptoCompare. Level 2, or L2, order book data is a term for market information that includes the scope of bid and ask prices for a given asset, in this case USD/BTC.

Luxembourg-based Bitstamp, at $5.21 and New York-domiciled Gemini, at $2.38, have the largest average spreads in intraday trading, in this case CryptoCompare used a two-hour interval. Market spread is the gap between the highest bid and the lowest offer on the order book. Thus the gap is the difference between the price traders are willing to sell an asset and others are willing to buy an asset, and vice versa.

Chris Thomas, head of institutional trading for Swissquote Bank, doesnt believe the spread discrepancy between some exchanges is bad it just depends on the type of trader on the exchange. Traders looking to fill larger bitcoin orders on spot exchanges might choose Bitstamp, based on this data, since it has bigger average orders. Traditionally, traders look for tighter spreads.

Whereas Bitstamp and Gemini have a relatively wide spread, the four other ones will use this to boast that they have the most liquidity and are the best exchanges, he said. But they may only be prepared to support these very tight prices in very small sizes for example, 0.25 or 1 bitcoin on both bid and offers.

One bitcoin on each side of the bid/ask is okay for retail, but its not ideal for institutional.

Of course, traders arent just motivated to go to an exchange based solely on average order sizes and spreads.

A very fragmented marketplace exists for crypto exchanges in 2020, said Denis Vinokourov, head of research for cryptocurrency broker Bequant. The tech stack across exchanges is not uniform, Vinokourov told CoinDesk.Some exchanges offer high frequency trading connectivity while others dont, some are more retail focused than others; with segmented geographical focus, numerous legal jurisdictions and various approaches to fiat on-ramps.

Maxime Boonen, CEO of liquidity provider B2C2, says a trader at that size really just needs to decide which exchange has the best fee structure. Frankly, all exchanges are more or less equal, the liquidity of the major cash exchanges is broadly the same for most intents and purposes.

The fees do vary; thats important, depending on how much you intend to trade, he added.

The increased use of derivatives in the crypto market is also seeing more professional traders move away from spot trading, Boonen said. Derivative exchanges are more liquid than cash exchanges, he said.

One of the reasons why order averages might seem so low is many traders on these exchanges are just buying from time to time to hold (or HODL) bitcoin, Boonen told CoinDesk. You cant get physical bitcoin from derivatives exchanges, its not appropriate for HODLing.

Tweet of the day

Bitcoin watch

BTC: Price: $9,199 (BPI) | 24-Hr High: $9,333 | 24-Hr Low: $9,087

Trend:Bitcoin is flashing red at press time and may be heading for bigger losses in the short term.

At press time, the cryptocurrency is trading around $9,200, representing a 0.5% decline on the day, according to CoinDesksBitcoin Price Index.

On the daily chart, the cryptocurrency looks to have found acceptance under the 50-candle moving average (MA), a bearish development. Meanwhile, on the three-day chart, the five- and 10-candle moving averages have produced a bearish crossover, while the relative strength index has dived out of a 60-day-long descending channel, signaling a bullish-to-bearish trend change.

Some indicators, like the daily charts golden crossover and a bull cross of the 50- and 100-candle MAs on the three-day chart, do indicate the path of least resistance is to the higher side. These indicators, however, are based on backward-looking averages and often trap traders on the wrong side of the market.

Besides, technical traders have refused to step in over the past four weeks despite confirmation of the golden crossover. Such reticenceis reflective of a weakening of bullish sentiment.

All in all, the odds appear stacked in favor of a decline to support levels located at $8,630 (May 25 low) and possibly $8,300 (200-candle MA). On the higher side, $10,000 remains the level to beat for the bulls.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: In the Cryptocurrency Markets, No Two Exchanges Are Alike - CoinDesk - CoinDesk