For the traders out there, investing in various cryptocurrencies has taken its toll but investing in fiat has not been as rewarding in recent times. With many analysts all pointing out the various implications trading in fiat has for civilians in terms of taxes and other loopholes. Many are also considering the frail nature of USD trading whilst crypto trading has moved from strength to strength growing to into its billions.
“The dollar is on a tenuous footing despite the fact that the data have been coming out stronger,” Elmer told Bloomberg News. “Until the market starts to seriously consider the prospect of a June hike from the Fed, the dollar weakness is going to be the trend.”
Whilst Fiat trading is influenced by international events such as the Chinese economic slump adversely affecting USD prices, Bitcoin is ruled from within with traders and consumers both influencing the price of the coin allowing for a real true value to be reached at all times. Below is my trading advice but remember never to invest more than you can afford to lose as loses can exceed deposits.
With Bitcoin currently a more enticing option than trading with fiat I would suggest dipping your toes in top this every expanding market. Expanding your portfolio is a crucial way of mitigating risks you may be involved in with other investment prospects and the current Bitcoin market is in a considerably forgiving mood. The past week has seen prices remain stable for the latter part of the week however we did see a considerable downturn at the start of the week with prices falling to a low of $415. However this week has seen the majority of traders make a return of around 1% with price fluctuations adding a bit of volatility into the markets. Compared to trading in fiat for USD or Naira, this is much more than you would expect which has actually fallen around 1 naira in value over the past week. To conclude I would strongly advise buying at least some BTC and holding it for 5-7 days as I forecast prices to hit $425.50 so giving a buy signal for Bitcoin at the moment.