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Bitcoin Falls Against Surging US Dollar as APAC Traders Gauge China Covid Flare-Up

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Crypto firms say thousands of digital currencies will collapse

Bitcoin prices fell alongside equities and risk-sensitive currencies. A Bloomberg MLIV Pulse survey revealed that a 60% majority of traders see prices falling to $10,000, while 40% see BTC hitting $30,000 first. The data shows that traders are bearish on the cryptocurrency’s path forward. Ethereum prices were nearly doubling the fall seen in BTC prices over the last 24 hours.



BTC/USD crossed below its 20-day Simple Moving Average (SMA) overnight. Prices are testing the psychologically-important 20,000 level. A break lower may open the door for prices to test the June and July lows, which may offer an area of resistance. Bulls would need to reclaim the 20-day SMA before testing the 26-day Exponential Moving Average (EMA), which halted a rally over the weekend.


bitcoin price chart

Chart created with TradingView


Jul 12, 2022 | DailyFX
Thomas Westwater, Analyst

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    • Sadly insecurity is still one of the setbacks of crypto adoption. I reckon if all exchanges exhibit this concerted effort and commitment towards preserving the security of users' funds, the industry will be made more conducive and crypto adoption will be fast-tracked.
    • Actually I presume it should be $400M+ by now cos it's one Exchange next to Binance that prioritize their users funds safety imho.
    • This post is majorly for new crypto enthusiasts looking for good exchange to explore however it is also beneficial to those who already have an exchange they are using. Coinmarketcap and Coingecko is one place new users can explore to find out about the ranking of crypto exchanges however one must do other research not to base his/her judgement only on the position the crypto exchange occupies on this platforms. Other factors like user protection fund, proof of reserve and regulatory compliance must be considered before choosing a CEX especially with the evolving regulatory landscape from different countries which have forced some exchanges out of some countries. From the point listed above, Binance and Bitget take the industry lead in protection fund with $1b and $401m respectively and have verifiable Proof of reserve whose public address can be seen and viewed by their users but when it comes to regulatory compliance, Bitget is number 1 as the exchange is operating in most countries where other top cex are not operational. The visit to the respective cex website and mobile app also indicate users interest and popularity of the exchanges. Below is the ranking of top crypto exchanges by weekly visit. The figure below is only for website visit excluding mobile app. It is important to note that this exchanges were not founded the same year hence it's understandable to see clear difference in the number of website visit. HTX and Gateio were founded in 2013, 10 years in the industry. Kucoin, Binance and OKX were founded in 2017 and MEXC, Bitget and Bybit were founded in 2018. The above exchange are all good exchanges for new users to explore. Which of these crypto exchange do you use and why do you choose it over others?
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