Bitcoin dropped nearly 35% in May, marking one of its biggest monthly drops recorded.
Over the past two weeks, owing to the twin consequences of environmental concerns and tighter regulations, we’ve seen a lot of roller-coaster price changes across the crypto market.
Starting from May 12 (UTC), the Bitcoin market crash led by Elon Musk has been continuously fermenting.
Due to the anecdotal tweet and rumor, Bitcoin took a drop of more than 10% to $42,204 on May 16 (UTC), shrinking by nearly 30% from the high of $59,543 at the beginning of May.
Afterward, with China imposing a crypto crackdown, Bitcoin was down around 30% within 24 hours, fluctuating from a high of $43,573 to as low as $29,859 (on Bitwells) on May 19.
The May 19 crash produced a significant slump in the Bitcoin price. Since then, Bitcoin has been struggling to penetrate through the resistance of $40,000. However, with more regulations stepping up a gear in the crypto market, Bitcoin failed to achieve a real breakthrough. In the early morning of June 4th（UTC), because of an implicit tweet by Musk, Bitcoin slid sharply again.
As of now, it is stuck in the range of 30K-43K USD.
From above, we can see that cryptocurrencies can go up and down at any time responding to various news. The crypto market is more volatile than many investors expected.
While high volatility creates risks, it also brings considerable profits. Here, you need to know and grasp one of the most popular tradings in the crypto market.
Leveraged trading enables you to maximize your profits with a small margin. Take 100X leverage as an example.
While Bitcoin is trading at $10,000, if you use 1 BTC to open a long contract, your contract will worth 100 BTC.
After a day, you closed the position when the price reached $11,000. Your profit will be ($11,000-$10,000)*100BTC/$11,000=9.09BTC, and ROI (without transaction fees) will be 909%.
Confronted with market volatility, many traders, especially beginners and weak hands, appear to be at a loss. Thus, you need to find the right trading exchange.
Trusted by more than 200,000 traders in over 200 countries/regions around the world, Bitwells is a futures trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. The company is registered in the UK and is jointly developed by Internet experts, cryptocurrency traders, and financial professionals. No KYC, no deposit fees, App and PC available, traders can get the most attentive services including 24/7 customer support.
Why Choose Bitwells?
● Transaction Security
Bitwells takes security measures similar to banks to ensure that the security of customer assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).