Can you earn profit from Cryptocurrencies on Daily Basis?

Day trading is a short-term trading approach and people use it for holding a cryptocurrency for a few moments to a few hours. The purpose is to sell the cryptocurrency before the day ends in the hope of making a fast, generally small profit from its sales, profit from Cryptocurrencies on Daily Basis.

You can consider it as a strategy that includes beginning and exiting positions on the same day. Considering you’ll make the deals during the very same day, it’s also generally referred to as ‘intraday trading. The complete purpose of the traders is to utilize the strategy to try and make some money from the constant fluctuations in the prices.

The expression of day trader could also be detected in the stock market, where individuals can only operate during the week and the working hours. Nevertheless, with the rise of various selling platforms such as the ones highlighted on Day Trading, people can now access their trading accounts 24/7/365 to make a profit.

How can you make a profit using cryptocurrency?

If you want to be victorious in the industry, a trader must have vast knowledge and comprehension of the market. Generally, they will utilize various analyses to formulate trading strategies. In addition, they may use price fluctuations, different chart patterns, and technical signs to determine the exit and entry points of the deal, profit from cryptocurrency.

The goal of traders is to make revenue from market volatilisation. So, some of the most essential elements of day trading are to look at liquidity and volume, which is exceptionally true when talking about the exiting points. Keep in mind, a big slippage that could occur will probably have a large influence on your account, which is why they’ll generally buy/sell in liquid pairs.

Cryptocurrency trading on a daily basis

  1. You’ll Be Self-sufficient:- One of the first benefits you’ll gain is that you’ll be self-employed, which means that you’ll be earning for yourself and you won’t have to answer to anyone. you will be able to reap all the benefits by utilizing your knowledge and skills in the field.
  2. You’ll Feel Happy:- There are only a few other things in life that can provide you with the same happy feeling of yielding a large profit that you earned by yourself and by utilizing all of your skills and strategies. Keep in mind, you’ll answer to no one, meaning that you’ll be able to use your profit on whatever you want.
  3. It Might Be Difficult to Stop:-  when you get the taste of those sweet earnings, you might start noticing that you spend more and more time on your trading account. However, although many will consider it a benefit, it’s a drawback, especially since it can cause stress.
  4. The Market is Always Changing:- the market will constantly be changing which is one of the things that can drastically influence your revenue. This can also lead to you making some really big mistakes, all of which could cause you to lose a lot of money while trading.

What are the most popular tactics for generating profit in cryptocurrency trading?

It is plausible for you to earn a small revenue by day trading cryptocurrencies. nevertheless, you must know that you will require to use some tactics that will assure that you make a good profit. The strategies that you’ll definitely want to consider using include:

  1. Fading:- It is a strategy that a lot of people love and most people will short sell the cryptocurrencies that have a quick growth while assuming that other people might take a long position. This combination creates an imbalance between the purchases and sales, hence, the value will get lower.
  2. Scalping:- It is most of the people working in this industry will sell as soon as their assets become profitable after they cover all of the interest expenses and commissions. This will turn out to be a suitable strategy only if you make small but profitable trades and if you act fast in order to prevent any losses.
  3. Momentum:- The traders will buy a cryptocurrency if it’s moving upwards with an improving volume. Next, they’ll make a sale when the price is moving down, assuming that the price direction continues, hence, they’ll be able to make a successful trade that’ll be profitable.
  4. The Daily Pivot:– while assuming that most trade actions are on a daily basis, the person might choose to purchase for a lower price and then sell the assets when the price increases. Additionally, they could choose to sell it at resistance and then purchase the position again.

Happy cryptocurrency trading!

Opting to day trade cryptocurrencies can result to be a lucrative business. Nevertheless, before you can be successful and make a profit, you will want to expand your knowledge and enhance both your experience and skills, which you can do by following some of the strategies mentioned above, as well as by reading everything there is about making such trades.

So, now that you’re aware that day trading can be a lucrative business, you might not want to lose any more of your time. Instead, you should open up a new tab and start searching for different guides and tutorials in order to learn more about the industry, as well as to improve your knowledge and skills.

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How Developers use API and Trade Cryptocurrencies

The cryptocurrency industry has attracted the attention of developers, entrepreneurs, and enthusiasts from all over the world. When Ethereum ERC20 tokens became popular, the hottest trend was to design a token that could be auctioned off during an ICO and traded or used as a utility within projects. 

This newly discovered wealth creation mechanism aided in the launch of a wide range of projects, ultimately leading to the great bull run of 2017. There are numerous APIs to choose from if you are a cryptocurrency trader, speculator, developer, or someone interested in conducting cryptocurrency research. 

Whether you want to use real-time crypto data to assist with trades, build a trading bot, conduct academic research on cryptocurrency, or learn to code with crypto data, APIs will benefit you in the long run, API in Cryptocurrency trading.

What is API in Cryptocurrency trading?

The term API stands for Application Programming Interface. An API, in general, is an interface that allows two unrelated systems to interact with one another. 

Our API, designed specifically for cryptocurrency trading, allows you to interact with our exchange programmatically (via software rather than a human interface), allowing you to obtain real-time market data, make trades, and manage your account.

An API specification tells how each of the two systems must interact with the API (such as the language that must be used, the syntax of messages that are passed back and forth, how quickly messages can be sent, etc.). 

Among the tasks that can be completed using our API in Cryptocurrency trading are the following:

  • Download historical market data
  • Obtain real-time market data.
  • Put in and cancel trade orders
  • View account balances, download trading history and carry out funding transactions.

Why cryptocurrency trading needs an API?

The cryptocurrency market continues to gain mainstream attention, gaining exposure, and becoming widely used by the general public. I believe it is critical to get a head start in developing applications and conducting industry analysis. 

Crypto data is a valuable asset that can be used to conduct research experiments, make trades, and increase transparency for your organisation. The future of cryptocurrency development is dependent on how many projects continue to develop innovative features within application programming interfaces in 2021.

There are so many cryptocurrency data API to choose from that it can be overwhelming at times. Choosing the best cryptocurrency API is entirely dependent on your requirements, particularly the programming language you intend to use. The majority of APIs provide cryptocurrency price API access, so you might want to find one that offers more than just prices, such as social metrics.

How API is used in the trade of cryptocurrencies?

The API exposes all available cryptocurrency and exchange data, both current and historical. API access to historical market data, and is the preferred delivery method for many Traders. If you prefer a custom one-time export of historical data, you can arrange this using the totality of historical records dating back to 2013. 

If you require higher API call credit and rate limits, access to more historical data, a custom licence outside of our standard commercial agreement, and/or a Service Level Agreement, you should consider an enterprise plan. The expanded feature matrix is available on the API Plan Feature Comparison page.

Use of Cryptocurrency API

API is used for all types of crypto data use cases, including personal, academic, and commercial. The API is a collection of high-performance RESTful JSON endpoints that give application developers, data scientists, and enterprise business platforms access to the most recent raw and derived cryptocurrency and exchange market data, as well as years of historical data.

Developer portal and API

While using the API, the developer portal is the central account management portal for your API Key and optional subscription plan. In addition to viewing the API Documentation, you can self-provision your API Key, change and upgrade your plan, manage the bill, view your daily and monthly usage, audit your API request logs, and manage account-level configuration such as notifications.

How Developers use API and Trade Cryptocurrencies

Let’s quickly walk through the steps that Developers take to execute their first trade with API.

  • Create a master key through the UI(User Interface).
  • Create a user.
  • Create user keys.
  • Link an exchange.
  • Execute a trade.

The most advanced APIs are used for developers who want to integrate scalable cryptocurrency exchange into trading functionality into their app. API in cryptocurrency trading was developed as a cloud-based solution to several crypto developer roadblocks such as Exchange Trading, Product Scalability, and User Management. 

With API in hand, developers can concentrate on creating the next generation of game-changing products that will shape the future of cryptocurrency. Binance API, CoinbasePro API, Bittrex API, Kraken API, Gemini API, Poloniex API, Huobi API, KuCoin API, Bibox API, BitMart API, and HitBTC API are all easily compatible for Developers in trading cryptocurrencies. 

Instead of managing connections to each exchange, traders and developers can leverage API’s existing trading infrastructure for trading platform/app development API in cryptocurrency trading.

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May 29 Daily report: COMIT Network makes Monero / Bitcoin atomic swaps, Ethereum flipping Bitcoin, XRP price outlook, VeChain Foundation Met With China’s Government Officials and Moonbeam bring off-chain data to Polkadot

XRP price outlook: Why it struggles to break past $1

XRP is currently facing a primary battle to break past the $1 level despite making a remarkable recovery from the Sunday seven-day low price of $0.66 that coincided with the overall crypto market volatility. By press time, XRP was trading at $0.87, dropping below the psychological level of $1 at least for the third time in May in return, posing the question of whether the token’s rally has stalled.

COMIT Network makes Monero / Bitcoin atomic swaps available on the main net

COMIT Network, an open protocol facilitating ‘trustless’ cross-blockchain applications, has announced that peer-to-peer atomic swaps between Monero (XMR) and Bitcoin (BTC) are now available on the main net. This allows users to trade XMR for BTC without needing to trust an intermediary or the trading counterparty. Users can more easily trade without using a regulated financial institution.

Ethereum flipping Bitcoin

Ethereum has considerably reduced the gap to Bitcoin. While comparing their market caps would not bequeath such sentiment (BTC’s $680 billion to ETH’s $292 billion), in terms of exposure, fundamental developments, and overall market intrinsic value, Ethereum is right in the mix and no longer under its shade. Its rapid growth keeps bringing up the probable eventuality of Ether overturning BTC’s market cap in a few years.

VeChain Foundation Met With China’s Government Officials

Per the report by the VeChain Foundation, the representatives from the enterprise blockchain platform and the governments talked about “potential transformative collaborations”. The organization claimed to be “ever-ready” to help all sectors from private companies to governments.

API3 and smart contract platform Moonbeam bring off-chain data to Polkadot

API3, a provider of decentralized APIs (dAPIs), has announced integration with Moonbeam, the project that simplifies the process for Ethereum applications to expand to the Polkadot blockchain ecosystem, making APIs effortlessly available to multi-chain applications.

Ethereum extended

Will Ethereum cross Bitcoin Price in the Future?

Overview on Bitcoin

Bitcoin is a virtual and digital currency that was founded in January in the year 2009. It supports the purposes set out in a whitepaper by the strange and pseudonymous Satoshi Nakamoto. The name of the body or persons who invented the technology is still a question. 

Bitcoin presents the promise of lower performance fees than conventional online adjustment mechanisms and, unlike government-authorized currencies, it is functioning by a decentralized authority.

Bitcoin is a sort of cryptocurrency. There are no mechanical or physical bitcoins, only profits kept on a public ledger that everybody has direct access to. Every bitcoin sale is supported by a huge amount of computation power. Just to give you some panorama, Bitcoin holds for more than 60% of the whole crypto market.

Bitcoins are not published or supported by any banks or governments, nor are individual bitcoins priced as a commodity. Notwithstanding it not being legal tender, Bitcoin is very famous and has triggered the launch of numbers of other cryptocurrencies, collectively referred to as altcoins. Will Ethereum cross Bitcoin Price in the Future?

Overview of Ethereum

Ethereum is usually considered the second most popular cryptocurrency, after Bitcoin. But unlike Bitcoin—and most other virtual currencies—Ethereum is intended to be much more than simply a medium of exchange or a store of value. Instead, Ethereum calls itself a decentralized computing network built on blockchain technology. Let’s unpack what that means. Ethereum crosse Bitcoin Price.

Several crypto investors are questioning how feasible it is for Ethereum to overtake Bitcoin in market share. The effect during Ethereum passes Bitcoin is entitled by ETH enthusiasts by “the flippening.” And by the looks of it, it wouldn’t be hassle-free.

Bitcoin’s development is comparatively slow

Aloft the years, the Bitcoin Core developers and community segments have presented and served on various Bitcoin Improvement Proposals. They have made some important progress over the last decade.

Nevertheless, many have experienced that the Bitcoin development community does not enforce nearly as many upgrades on the norms as the Ethereum community. And this is partly as Bitcoin as a system is built to sort of resist change.

It will likely cause it to lose out on the “hype” of other cryptocurrencies in the short term. As everyone in the crypto domain knows that the industry partly thrives on hype, as much innovative project development.

And with Bitcoin is quiet most of the time, there is a massive opportunity for other fast-moving projects to shine. It is to be noted that this does not mean that Bitcoin will not be competent enough in the long run.

Etherum is fast

Unlike Bitcoin, Ethereum undergoes upgrades every few months and a few protocols changes almost every month or so. Just look at its fork history. And in the last year, the Ethereum community has made great strides in the right direction. There are some delays here and there, but that’s true for most projects. 

One thing is certain, the Ethereum developers have been very productive.

Ethereum 2.0, which is the forthcoming upgrade that could scale Ethereum to 100,000 transactions per second (tps), will be released in multiple phases. Phase 0 has undergone multi-client test nets and should be released sometime in 2020.

Once Phase 0 is released, many are expecting the altcoin to pump hard. But it is highly unlikely that Ethereum could overtake Bitcoin just yet. After all, it would take time before Eth 2.0 could actually scale the network to 100,000 tsp.

Will Etherum cross Bitcoin Price?

Yes, Ethereum can overtake Bitcoin once it has scaled its layer two solutions, but it won’t happen right away.

Besides Optimistic Rollups, there are several layer 2 solutions available today. But Defi protocols and other DApps would need about a year’s time to build better systems; one that can support second-layer solutions. That way, they can fully take advantage of Ethereum’s new transaction capacity.

Ethereum has ramped up its development in 2020 with several test net launches for Phase 0 of ETH 2.0. In the next few months, we can expect Ethereum-based products and protocols to proliferate. Its existing applications would also improve and provide better services to users. The next bull run will likely be led by either an Ethereum-based Defi coin or more likely than not, Ethereum itself. Bull runs in the crypto space have always kicked off in 6-12 months after every Bitcoin halving. And second layer solutions would likely be adopted in meaningful ways by then.

Matter of time before Indian Investors have legal access to crypto plays: HDFC Bank Report

NEW DELHI: Cryptocurrencies can act as a hedge against strong swings in other asset types, but their volatility can be a drag. However, with central banks entering the crypto game, this is a space that needs to be properly monitored, according to HDFC Bank Report.

HDFC Bank Report

HDFC Bank’s treasury research team, led by chief economist Abheek Barua, wrote in a paper titled “Cryptocurrencies: Fad or Forever?” that it is only a matter of time before Indian investors gain legal access to crypto bets.

The revelation, which comes from one of India’s largest lenders, comes at a time when there is uncertainty about crypto rules. While the Reserve Bank of India’s ban was overturned by the Supreme Court in March last year, allowing lenders to give banking services for such transactions, the central bank has unofficially encouraged banks to stay away from cryptocurrency firms.

ICICI Bank, Yes Bank, and Paytm Payments Bank are among the financial institutions that have cut links with the cryptocurrency industry.

Meanwhile, the Indian government is working on a plan to regulate cryptocurrencies.

Furthermore, the HDFC Bank Report analysis expressed optimism that bitcoin, like gold, might emerge into a major asset class in terms of portfolio diversification. “We discovered a positive link between the daily returns of gold and Bitcoin. Though the link was weak at first, it has been improving… It has the attributes of being a decent hedge from the standpoint of portfolio diversification,” the paper continued.

The analysis cautioned, however, that a strong association between bitcoin pricing and Google searches suggests it is more of a craze.

It also sparked concerns about cryptocurrency’s often contradictory features. “Yes, they assist to hedge against strong moves in other asset classes, but their own volatility, which appears to be mostly driven by transitory bursts of high interest, is a bit of a dampener.”

The number of addresses with non-zero balances, as measured by the number of addresses with non-zero balances, was a key positive noted in the report. “This could indicate that digital tokens are here to stay and aren’t going away anytime soon.”

A bitcoin address identifies the sender or receiver of a bitcoin transaction. As of December 2020, there were 33 million bitcoin addresses having a non-zero balance, compared to 3.9 million in 2014.

Furthermore, Bitcoin has been one of the best-performing asset classes in recent years, with a return of 10,869 percent since 2015, compared to 102 percent for the S&P 500, 184 percent for the Nasdaq, and 59 percent for gold.

The benefits of central bank-issued digital currencies, according to HDFC Bank, include lower costs of managing and moving currency, more financial inclusion, and improved cross-border payment efficiency. Furthermore, central bank digital currencies (CBDCs) could accelerate the supply of directed stimulus (helicopter money) to help the economy during a crisis or economic hardship, putting upward pressure on prices, according to the paper.

The Reserve Bank of India (RBI) has stated that it is “very much in-game” and is working on establishing its own CBDC.

Top 10 Investment Plans in India 2021

Most investors want to make investments that will provide them with high returns as quickly as possible while minimizing the risk of losing their principal. This is why many people are always on the lookout for top investment plans that will allow them to double their money in a matter of months or years with little or no risk. 

Unfortunately, a high-return, low-risk combination in an investment product does not exist. Maybe in an ideal world, but not right now. In reality, risk and return are strongly intertwined; the higher the returns, the higher the risk, and vice versa.

Before investing in any investment, you must match your risk profile with the risks associated with the product. Some investments are high risk but have the potential to generate higher inflation-adjusted returns than other asset classes over time, whereas others are low risk and thus have lower returns.

Here are the top 10  investment plans that Indians consider when saving for financial goals.

Top 10 investment plans :

Cryptocurrency Trading

Because of the high volatility of the cryptocurrency market, day trading can be a very profitable business. The good news is that even when volatility is low in comparison to other asset classes, it is still high enough to generate a modest profit on your trades. 

Most investors buy coins like Bitcoin, Litecoin, Ethereum, Ripple, and others and wait for their prices to rise. They sell at a profit once their market prices rise. Furthermore, you do not have to purchase the most expensive assets in order to profit.

Trade Cryptocurrencies at 0% Fees

Cryptocurrency Mining

Mining digital currency is still a relatively new concept that will take time to gain acceptance in a society where many people are accustomed to using a tangible form of payment. 

However, if you think about it, most people no longer carry cash, only a plastic card. As a result, the first step toward a cashless society has already been taken. Bitcoin mining and other cryptocurrencies have a number of benefits. 

Unlike traditional banks, which have the ability to freeze your assets, you have complete control over your Bitcoins at all times. This can be lost if your private key is misplaced. Definitely, under Top 10 investment Plans in 2021.

Deposit Mining Rewards in Wallet

Cryptocurrency Staking

Staking is yet another method of generating passive income with cryptocurrency. People who own cryptocurrencies that use proof-of-stake have the option of staking their coins. Individuals who stake their coins are essentially lending their coins to the network in order for it to validate transactions. 

Staking cryptocurrency is designed to be profitable. Keep in mind that staking works due to Proof of Stake. In other words, cryptocurrencies offer profits in exchange for staking to assist in the operation of the network.

Get Staking Cryptocurrencies at BuyUcoin

Share Market

The advantages of owning stock include the potential for capital growth, dividend income, flexibility, and control. To some extent, the price of anything that can be bought or sold is unpredictable. Investing in the stock market is risky, which means you could lose your entire investment. 

If you want to take a risk in the stock market, only invest funds that you can afford to lose. Investment is done to make more money, but do not put all of your emergency funds into the stock market.

Stock investing

Stock investing may not be for everyone because it is a volatile asset class with no guarantee of returns. Furthermore, not only is it difficult to select the right stock, but it is also difficult to time your entry and exit. The only silver lining is that, over long periods of time, equity has been able to outperform all other asset classes in terms of inflation-adjusted returns.

At the same time, the risk of losing a significant portion, if not all, of your capital is high unless you use the stop-loss method to limit losses. In stop-loss, an advance order is placed to sell a stock at a specific price. You could diversify across sectors to reduce risk to some extent. All the top 10 investment plans have some risk, kindly invest after reading all the documenst.

Mutual Funds

Equity mutual funds primarily invest in equity stocks. An equity mutual fund scheme must invest at least 65% of its assets in equity and equity-related instruments, according to current Securities and Exchange Board of India (Sebi) Mutual Fund Regulations. An equity fund can be managed actively or passively. 

Debt mutual fund schemes are ideal for investors seeking consistent returns. They are less volatile and thus considered less risky than equity funds. Debt mutual funds invest primarily in fixed-income securities such as corporate bonds, government securities, treasury bills, commercial paper, and other money market instruments.

SIP

SIP is commonly marketed as a risk-free way to invest in equities and build wealth over time. SIP is unquestionably safe for mutual funds and distributors because it commits continuous money for the long term in exchange for a fixed percentage of fees and commissions. 

Systematic Investment Plan is a better investment option than Fixed Deposit, especially when considering investment flexibility, diversification benefits, tax advantages, and higher returns. That is why a systematic investment plan is preferable to a fixed deposit.

Bank fixed deposit (FD)

In India, a bank fixed deposit is regarded as a safer (than equity or mutual funds) investment option. With effect from February 4, 2020, each depositor in a bank is insured up to a maximum of Rs 5 lakh for both principal and interest amount under the deposit insurance and credit guarantee corporation (DICGC) rules. 

Previously, the coverage was limited to a maximum of Rs 1 lakh for both principal and interest. One can choose from monthly, quarterly, half-yearly, yearly, or cumulative interest options, depending on their needs. The interest rate earned is added to one’s income and taxed according to one’s income bracket.

Real Estate

The house you live in is for personal consumption and should never be regarded as an investment. If you do not intend to live there, the second property you purchase can serve as an investment. The location of the property is the single most important factor in determining the value of your property as well as the rental income it can generate. 

Real estate investments provide returns in two ways: capital appreciation and rental income. Real estate, on the other hand, is extremely illiquid in comparison to other asset classes. The other major risk is obtaining the necessary regulatory approvals, which have been largely addressed since the arrival of the real estate regulator. For some investors, this is still the Top 10 Investment Plans and even best, but here we are also considering the returns in short-term and long-term P&L.

Gold

Possessing gold in the form of jewellery raises its own set of concerns, including safety and high cost. Then there are the making charges,’ which typically range from 6% to 14% of the cost of gold (and may go as high as 25% in case of special designs). 

There is still an option for those who want to purchase gold coins. Nowadays, many banks sell gold coins. Paper gold is a different way to own gold. Investing in paper gold is less expensive and can be accomplished through gold ETFs. 

This type of investment (buying and selling) takes place on a stock exchange (NSE or BSE) with gold as the underlying asset. A gold mutual fund is another option for an investor. Last but not the least and always considered among top 10 investment plans.