Category: NEWS

  • Eco-friendly Bitcoin mining pool PEGA will launch in 2023

    Eco-friendly Bitcoin mining pool PEGA will launch in 2023

    • PEGA Pool is set to launch next year and will become the first eco-friendly Bitcoin mining pool in the world.
    • PEGA Mining is focused on reducing the environmental effects of Bitcoin mining.
    • Clients that join the “Early Access” waiting list would benefit from a permanent 50% reduction in pool fees.

    PEGA Pool will become the first eco-friendly Bitcoin mining pool 

    PEGA Pool is set to become the first eco-friendly Bitcoin mining pool and is expected to launch next year.

    PEGA Pool, a platform dedicated to reducing the environmental effects of Bitcoin mining, is expected to launch in 2023. The project focuses on making Bitcoin mining eco-friendly.

    PEGA Pool is owned and operated by PEGA Mining, a UK-based cryptocurrency mining firm. 

    According to the development team, PEGA Pool will focus on reducing bitcoin mining’s carbon footprint to create a more sustainable and eco-friendly industry. On its official website, the company said it would plant trees to help reduce the Bitcoin mining carbon footprint.

    PEGA Pool is currently in the pre-launch phase and will be open to the public in Q1 2023. Clients can join the early access waiting list until launch. The team added that the PEGA Pool is open to all bitcoin mining clients regardless of their renewable energy usage.

    PEGA Pool added that for clients that mine with non-renewable energy, it would use a portion of their pool fees to plant trees to help offset their mining carbon footprint. Clients that use renewable energy to mine cryptocurrencies will enjoy certain incentives. 

    For instance, clients that mine with renewable energy will enjoy a 50% reduction in pool fees. Furthermore, pool fees are 2% for non-renewable energy clients and 1% for renewable energy clients.

    Clients that join the early access waiting list will enjoy certain benefits

    The use of non-renewable energy to mine Bitcoin is a subject that gained wide coverage over the past few years. Companies like Tesla had to suspend accepting Bitcoin as a payment method due to concerns over its carbon footprint during mining. However, the company said it intends to start accepting Bitcoin as a payment option for its vehicles again in the future. PEGA’s effort toward ensuring eco-friendly Bitcoin mining could be what is needed to convince Tesla to start accepting BTC payments again. 

    With PEGA Pool currently in its pre-launch phase, the team said clients that join the “Early Access” waiting list would benefit from a permanent 50% reduction in pool fees.

    PEGA Pool said it had planted 41,715 trees so far, for an estimated annual CO2 offset of 1111T. According to their official website, the team said PEGA Pool was built by miners and is run by miners. With years of experience in the crypto mining sector, the team understands what it is that miners need in order to be successful and profitable.

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  • Binance unveils its proof of reserves mechanism

    Binance unveils its proof of reserves mechanism

    • Binance’s proof of reserves system initially shows results for the flagship cryptocurrency Bitcoin.
    • The crypto exchange will add other tokens and networks as well as implement ZK-SNARKs.
    • Crypto exchanges are looking to show they have the assets they should hold after the shocking collapse of FTX.

    Binance has published its proof-of-reserve (PoR) system, days after CEO Changpeng Zhao pledged to have the mechanism in place following the collapse of rival FTX.

    The bankruptcy and the contagion that followed crashed the market, with Binance Coin price dropping to lows of $250. Bitcoin price also fell below $16,000, hitting its lowest level since 2020.

    In response, multiple exchanges had released a snapshot of their asset reserves. But the crypto community largely noted the snapshot of assets alone wasn’t enough – there was a need to have exchanges’ liabilities also available.

    Binance’s proof of reserves showed a 101% ratio

    In its update on the issue, Binance has noted its users are now able to verify the exchanges holdings. As for what’s possible now, Binance announced the mechanism will initially support Bitcoin. The exchange will look to add other tokens and networks over the next few weeks.

    Binance will also allow for the auditing of its proof of reserves results by third-party auditors and implement ZK-SNARKs to help bolster privacy and robustness.

    Because Binance offers Margin and Loans services, the audit results will show the Net Balance, Equity and Debt of each user, where the Net Balance = Equity – Debt,” the Binance team wrote.

    A snapshot taken on 22 November 2022 at 23:59 (UTC) shows Binance’s on-chain Bitcoin balances stood at 582,485.9302, while customer net balance was 575,742.4228. The reserve ratio from the snapshot was 101%, with the margin at 6,743 BTC.

    Binance customers can verify whether the exchange holds their crypto as it should.

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  • Voyager token (VGX/USD) jumps 24%. Here is the reason and potential price action next

    Voyager token (VGX/USD) jumps 24%. Here is the reason and potential price action next

    • Voyager token rose by double-digits on Thursday

    • Reports of acquisition by Binance.US boosted the token

    • The token faces a correction at key resistance

    Voyager (VGX/USD) was at the centre of retail interest on Thursday, witnessing a surge in trading volumes. The cryptocurrency of the embattled crypto firm Voyager Digital was strongly mentioned on social trading platforms. Positive cryptocurrency news was boosting the token of the bankrupt crypto lender.

    On Thursday, reports emerged that Binance.US was buying the embattled crypto firm. Voyager filed for bankruptcy protection in July in a liquidity crisis after a sustained crypto winter. Binance CEO Changpeng Zhao confirmed the purchase reports on Thursday. CZ said Binance.US would bid again for Voyager after the deal with collapsed FTX didn’t go through. 

    Binance.US is not the only entity to eye the assets of Voyager. On November 22, Kaj Labs said it would launch a second offer to acquire the assets of the embattled firm. Kaj Labs says it still sees value in the assets of Voyager and will negotiate in good faith with the firm. However, the entry of Biannce.US to the bidding war has attracted attention.

    VGX traded at an intraday high of $0.53, from the lows of $0.35. As of press time, the cryptocurrency was trading at $0.44 after a brief correction. The next price action and developments would determine whether we see a sustained bullish surge for VGX.

    VGX correcting at resistance after intra-day gains

    VGX/USD Chart by TradingView

    On the daily chart, VGX has initiated a short-term bullish trend since bottoming at $0.2. Following the intra-day gains, the cryptocurrency rose above resistance at $0.44. However, the price has retreated and could close below the resistance.

    The RSI has moved above the neutral zone. There are no bought conditions, nonetheless, suggesting that a higher price is possible.

    Should you buy VGX now?

    The closure of the daily candlestick above $0.44 could ignite bull interest in VGX. However, this cryptocurrency is being driven by speculations. 

    Thus, short corrections can occur if the projected buyout of the embattled firm fails to occur. Buying VGX now could be premature, and it’s good to wait until further developments.

    Where to buy VGX

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy VGX with Binance today

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy VGX with Swapzone today

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  • Bitcoin (BTC/USD) rebounds slightly after the FOMC but is the cryptocurrency bullish?

    Bitcoin (BTC/USD) rebounds slightly after the FOMC but is the cryptocurrency bullish?

    • Bitcoin has been steady after FOMC statement

    • The cryptocurrency remains tied to wider crypto concerns

    • BTC needs to overcome $16,500 to become bullish

    Bitcoin (BTC/USD) rose slightly on Thursday after the US Federal Reserve statement. The cryptocurrency was held to the $16,500 level after a soft stance by the officials. BTC was already gaining ahead of the remarks as investors were optimistic that the Fed would cool down on rate hikes.

    Friday’s Fed statement just confirmed what the market expected. Officials indicated that they would slow down the pace of interest rate increases. Fed cited the uncertain lags associated with the monetary actions on inflation and economic health. The monetary committee settled on the fourth 75 basis points hike regardless. Although this didn’t signal that the interest rates would remain low, it gave markets a softer landing. 

    Despite the somewhat positive signal from the Fed, the price of Bitcoin should be viewed within the wider risks contagion. In particular, the confidence crisis created by the collapsed FTX exchange could linger longer. Combined with a potential recession, we could wait a bit longer to see a sustained surge. The slow pace of gains recorded by cryptocurrencies after a dovish statement confirms a lacklustre market. To a technical reader, Bitcoin is not yet bullish.

    Bitcoin struggles to rise above $16,500

    BTC/USD Chart by TradingView

    On the daily chart, Bitcoin’s price has slightly increased since finding support at $15,700. However, buyers are facing challenges taking the cryptocurrency above the $16,500 level. 

    Although the RSI has slightly improved from the near-oversold level, the reading is still below the midpoint. 

    What next for Bitcoin?

    A mixed trading outlook suggests that the BTC price could go higher or lower. There is no confirmed bullish reversal unless the cryptocurrency clears the $16,500 level. That would allow bulls to ride a bullish surge to the $19,000 resistance.

    If bear pressure escalates, a price below $15,700 is still on the cards. That would pit Bitcoin at a potential price of $14,000 and $11,000. 

    In the words of Bitcoin enthusiast Michael Saylor, if you buy BTC in a timeframe of fewer than four years, you are “just speculating it.” Longer-term buyers would still find BTC attractive, not necessarily for four years, but up to the next bull run.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Ankr Network token (ANKR/USD) jumps 6% to resistance

    Ankr Network token (ANKR/USD) jumps 6% to resistance

    • Ankr Network token rose after becoming a RPC for Sui blockchain

    • ANKR remains subdued by a resistance

    • The token could correct despite the intraday gains

    Ankr Network (ANKR/USD) witnessed increased investor interest on Thursday, pushing the token up 6%. The gains reflected positive cryptocurrency news. Attention will not shift to whether the token will sustain gains as it hits a key resistance level.

    Ankr is a platform that provides access to the decentralised internet. The network aims to eliminate the barriers to entry to the blockchain by decentralising control to users and developers. To achieve this objective, Ankr provides simple tools and interfaces for Web3 development. ANKR is the native token that powers the ecosystem and helps in on-chain governance.

    Thursday’s gains of ANKR token came after becoming the first Remote Procedure Call provider for the Sui blockchain. The announcement on November 22 indicated that Ankr would let developers create and upgrade dApps on top of Sui. Ankr will also support the Sui mainnet after it goes live. There is additional expected support for docs, tools, and features for the Web3 developers. The partnership also opens opportunities for geo-distributed and decentralised RPC for Sui. 

    The latest announcement also coincides with the increasing growth of Ankr staking. According to the network’s November 23 Twitter post, more than 56,000 ETH has been staked with Ankr staking. The developments have since fueled increased speculation for the network’s native token.

    ANKR faces correction at $0.026 despite the intra-day surge

    ANKR/USD Chart by TradingView

    Despite the intra-day gains, ANKR has met resistance at $0.026. The cryptocurrency is correcting, resulting in a potential bearish pin bar below the key level. Besides, the long-term trend for the token is bearish.

    When to buy ANKR?

    ANKR is not yet a buy despite a positive price action. A recovery from the bearish market will be confirmed if the cryptocurrency breaks above the $0.026 support. Buyers will still need to be cautious of a retracement at the descending trendline. 

    On the flip side, the formation of a bearish signal below the key support would make ANKR vulnerable. A price back to the $0.019 support or lower would be in sight. 

    Where to buy ANKR

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy ANKR with eToro today

    Uphold

    Uphold is a platform which has over 50 cryptocurrencies to choose from.

    It’s users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades.

    Users who are on Brave’s internet browser can also earn BAT tokens based on their browsing habits.


    Buy ANKR with Uphold today

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  • Is Shiba Inu (SHIB) now bullish after an 8% surge?

    Is Shiba Inu (SHIB) now bullish after an 8% surge?

    Shiba Inu (SHIB/USD) made an intraday 8% gain on Wednesday to trade at $0.000009. The rise reflected a slightly improved crypto sentiment. Most cryptocurrencies were trading in the green territory, with Bitcoin and Ethereum up 5% and 7%, respectively. However, there are some notable developments for the Shiba Inu network.

    On November 22, Shiba Inu lead developer Shytoshi Kusama reported positive cryptocurrency news. In a Twitter post, Kusama said that Shiba Inu had been invited to work with the World Economic Forum on global policy. That potentially means a metaverse-related one, with Shiba Inu already entering the space. The post solicited views from the Shiba community on whether cryptocurrency should work with the global body. An overwhelming 65% of respondents supported the idea. 

    Onboarding the WEF is positive for Shiba Inu as it works to build a real utility for its meme-labelled cryptocurrency. The development is, of course, long-term, and it needs waiting to see how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s largest whales has fallen below $70 million. However, the number of SHIB token holders recently increased by 6,000. But how bullish is the meme token?

    SHIB is recovering from near-oversold levels

    SHIB/USD Chart by TradingView

    The general trend for SHIB is bearish on the daily chart. The MACD indicator shows bear momentum, although the weakness has slightly cooled off.

    SHIB is also recovering from a near-oversold RSI reading of 35. Each time SHIB has approached this level, the token has recovered or consolidated since June. Still, the current RSI reading of 41 is below the midpoint, signalling that sellers are still many.

    How sustainable is SHIB recovery?

    A recovery near the oversold region is positive for SHIB price. However, the trend is still bearish, and SHIB is vulnerable. For sustainable gains, SHIB must overcome a minor resistance at the $0.000009 trading level. A recovery above this level will keep $0.00001 and $0.000012 levels in sight.

    If SHIB fails the potential recovery, the level around $0.000007 will be the likely support to the downside. 

    Where to buy SHIB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SHIB with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SHIB with Bitstamp today

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  • Nest Protocol token (NEST/USD) – what you need to know about the token

    Nest Protocol token (NEST/USD) – what you need to know about the token

    Nest Protocol token (NEST/USD) traded up 50% on Tuesday before cooling slightly. The token saw increased trading volume, with a 24-hour change of positive 326%. We investigate more into this now exciting token and its protocol.

    Nest Protocol functions as a web3 infrastructure platform. It facilitates the generation and programming of stochastic assets. The platform is built on Ethereum. NEST, an Ethereum-based token, runs the protocol. It helps meet the liquidity needs of the platform. The token also serves as a reward mechanism for users who provide accurate price quotes on the protocol.

    Nest Protocol token is ranked #190 on CoinMarketCap with a total valuation of $76.64 million. The token has a circulating supply of 2.91 billion tokens, while its max supply is capped at 10 billion.

    No clear fundamentals were driving the price of NEST. The token witnessed increased mentions on social trading platforms. Will the bubble burst?

    NEST token price analysis amid increased retail interest

    NEST Chart by TradingView

    A technical outlook of NEST shows that the token is overbought, with the RSI at 77. The cryptocurrency met resistance at $0.038, resulting in the formation of tailed bars. 

    Looking at the general trend, the price momentum of NEST is bearish. The cryptocurrency has been witnessing irregular bullish pop-ups that have been unsustainable. Consequently, a sharp correction could occur.

    Should you buy NEST?

    Buying NEST is speculative as the price lacks clear fundamentals. A potential bubble burst could occur after the intra-day gains as cryptocurrencies remain in a bear market.

    For a sustainable bullish momentum, NEST must clear the resistance at $0.038. That will depend on clear fundamentals emerging that will support a higher price amid a bear crypto sentiment. On the downside, the level to watch is $0.016.

    Where to buy NEST

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy NEST with Swapzone today

    Huobi

    Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.


    Buy NEST with Huobi today

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  • Will BTC go back up soon?

    Will BTC go back up soon?

    Bitcoin price has come under intense pressure in the past few months as investors get extremely fearful about the industry. BTC plunged to a low of $15,718, which is significantly lower than its all-time high of near $70,000. It has fallen by over 26% from its highest level this month, crashing its total market cap to about $302 billion.

    Will BTC go back up?

    Bitcoin price has been in a deep sell-off as a somber mood has engulfed the crypto industry. The two main reasons for the crash are the collapse of FTX and the rising interest rates in the United States. 

    The Fed has embraced an extremely hawkish tone in the past few months in its bid to fight soaring inflation. Precisely, it has increased rates by 400 basis points and analysts expect that it will continue hiking for a while.

    High interest rates are usually dangerous for risky assets like cryptocurrencies and growth stocks. This also explains why many growth companies like Carvana, Tesla, and Wayfair have seen their shares collapse in the past few months.

    Meanwhile, the recent collapse of FTX and Alameda has led to significant contagion risks in the crypto industry. The two companies were significant players in the crypto industry, with FTX being the second-biggest crypto exchange in the world by valuation.

    Alameda, on the other hand, was one of the biggest liquidity providers in the industry. As a result, its collapse has had a major impact in the industry. Many people have then decided to completely or temporarily move from the crypto industry.

    Bitcoin price sell-off capitulation will likely not happen any time soon. For it to happen, interest rates will likely start moving lower or the Fed will need to signal that it will start slashing. Also, there needs to be clarity on crypto regulations. 

    Bitcoin price forecast

                Bitcoin chart by TradingView

    The daily chart shows that the BTC price has been in a strong bearish trend in the past few months. This sell-off accelerated after the coin moved below the important support level at $18,048, which was the lowest point this year. It was also slightly below the highest point in 2017. 

    Bitcoin remains significantly below all moving averages while oscillators have moved to the oversold level. Therefore, I suspect that the coin will continue falling in the near term. If this happens, the next key psychological level to watch will be at $10,000.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • The Sandbox SAND/USD prediction as token hits a new low in the year

    The Sandbox SAND/USD prediction as token hits a new low in the year

    The Sandbox (SAND/USD) crashed by nearly 5% on Monday, extending its losing streak in the bear market. The loss took the token to a yearly low of $0.52 before recovering slightly. As it stands, the token of the Metaverse platform is under the control of bears.

    It is not only SAND that is under pressure. Metaverse peers feel the heat of a very calm virtual reality space amid a prolonged crypto winter. This year’s activity is below par for a sector that was expected to witness unprecedented growth.

    Take the case example of Horizon Worlds, the flagship metaverse for tech giant Meta. As of October, reports indicated that Horizon had amassed less than 200,000 monthly active users. Unless a miracle happens, Meta is unlikely to hit 500,000 MAUs by the end of the year, as initially projected.

    As to whether the low activity in the metaverse is connected to the crypto winter, time will tell. At the moment, the metaverse is simply underperforming. The Sandbox token has, therefore, been in a prolonged downturn owing to fewer entities entering the nascent sector. Will the token set a new low?

    SAND heading to $0.40 next?

    SAND/USD Chart by TradingView

    On the weekly chart, there is no clear bottom price for the Sandbox token. However, the area around $0.4, when SAND started to turn bullish, should remain of interest. That implies that SAND could fall by up to 30%. Nevertheless, looking at the candlestick price pattern, the bear market has been cooling.

    When to buy SAND

    SAND price is bearish and not attractive for a buy. Nonetheless, significant price declines are unlikely, and SAND could begin a reversal if the RSI hits the oversold levels. Still, the prevailing crypto sentiment should guide ascertaining a bullish reversal for the cryptocurrency.

    Where to buy SAND    

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SAND with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SAND with Bitstamp today

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  • Bitcoin (BTC/USD) choppy pattern continues. Here is why the next breakout could be catastrophic

    Bitcoin (BTC/USD) choppy pattern continues. Here is why the next breakout could be catastrophic

    Since breaking below $19,000, Bitcoin (BTC/USD) has been unable to recover to the crucial psychological level. As of press time, the cryptocurrency trades slightly above $16,000, the level it bottomed at post-FTX collapse. It’s nearly two weeks now, and the price of BTC has been consolidating at this yearly low. Can it recover in the next few days?

    It is hard to tell if BTC will find a bullish footing as crypto sentiment remains weak. Besides the FTX-inspired crash, BTC remains a key barometer of global economic health. Central banks are tightening the belts with rate increases to tame high inflation. With the situation looking gloomy, it could take a while before we find the right balance to take BTC higher. 

    Once again, BTC’s decline below $19,000 indicated its bottom still needs to be found. Is $16,000 the likely bottom, or could we see a further decline below this level? A potential breakout is imminent that could help answer the question. Let’s turn to the technical levels and price action:

    BTC eyes a potential bearish inside bar breakout at $16,000

    BTC/USD Chart by TradingView

    On the daily chart, BTC trades with weakening momentum at the support of $16,000. The MACD indicator shows a strong bear market for BTC. Multiple pin bars formed at the level, indicating indecision in the market.

    What’s likely to happen for BTC?

    Two possible scenarios are likely for the BTC price in the coming days. If bulls defend the $16,000 level successfully, it will set BTC for a recovery to $19,000. An improved market outlook or momentum will strengthen a bullish market. A bullish signal at the crucial support zone will be needed to confirm an upside. 

    On the flip side, Bitcoin could fall to $11,000 if bulls fail at the $16,000 level. This is a more likely outcome, given the weak momentum at the current BTC price. In the bear scenario, a bearish breakout of the inside bars formed at $16,000 will be confirmed. That will give bears control to take BTC lower.

    Where to buy BTC    

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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