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Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe. Written by. Share. Written by. Interest in bitcoin trade is soaring in Zimbabwe and so is the price of the crypto-currency, which hit new record highs of nearly $10 000 earlier this month in a worsening economy that the government is struggling to turn around. Late on Monday (Oct. 23) Bitcoin prices traded around $9,600 on the Golix exchange platform in Zimbabwe. But this is only because the country is experiencing payment challenges and acute liquidity challenges. On other global bitcoin exchanges, prices are just below $6000. Zimbabweans have found a way to execute transactions, especially those that require foreign currency and this has come in the form of bitcoins, to which there has been overwhelming response and interest by traders. Yeukai Kusangaya who coordinates trades at the Golix bitcoin exchange in Zimbabwe said “there is currently more demand than supply of bitcoins.” “Interest in bitcoin has peaked as people cannot send money outside or pay for international transactions using formal banks,” said Kusangaya. “People have had to look for alternatives and bitcoin has been a useful solution which can be used to purchase goods on Amazon or to pay for vehicles from international suppliers and traders,” she said. To offset the crippling bank note shortages impacting the country, the Reserve Bank of Zimbabwe has been printing bond notes (Zimbabwe’s own version of US Dollars) that are supposed to have equal value to the greenback but are actually trading at a premium of about 30% to the US dollar on parallel markets. Importers and individual traders still have to mobilize foreign currency through their own means and mostly on the parallel markets as the central bank is failing to enable payments to international suppliers and creditors and this has stoked up inflation, say economists. Zimstats said on Oct. 16 that “t he year on year inflation rate for the month of September 2017 as measured by the all items Consumer Price Index (CPI) stood at 0.78 percent, gaining 0.64 percent” on the August 2017 inflation rate of 0.14 percent. The results of this situation have been crippling; rising prices of household commodities and foodstuffs, continued shortages of cooking oil as manufacturers cannot pay for imported raw materials on time and retailers reject other means of payment such as mobile money and plastic money, preferring cash. Zimbabwe has even banned the import of fruits and fresh vegetables, saying this is wasting scarce foreign currency resources although local producers warn that this may lead to shortages of apples and pears among other fruits that are in short supply locally. President Robert Mugabe’s government says it is working hard to turn around the economy but blames social media for spreading falsehoods that distort exchange rates and falsely inflame commodity shortages. In a bid to help the country generate more forex earnings, the central bank has raised incentives on export receipts from 5% to 12% but it remains to be seen if this will bring any respite. Sign up for the Quartz Africa Weekly Brief — the most important and interesting news from across the continent, in your inbox. FXDailyReport.Com. Bitcoin is trending lower after bouncing off an area of interest around $13,000. Using the Fibonacci extension tool shows how low price could go from here. Price is already testing the 38.2% extension at $10,242 but could still head further south to the 50% extension at $9,317.36. Stronger bearish momentum could take bitcoin down to the 61.8% extension at $8,391.90 then to the 76.4% extension at $7,246.84. The full extension is located at $5,395.92. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This signals that the selloff could resume instead of reversing. In addition, the moving averages are close to the area of interest, adding to its strength as a ceiling. RSI is heading down to indicate that bearish pressure could stay in play for a bit longer. On the other hand, stochastic is pulling up from oversold levels to signal a pickup in buying momentum that might even lead to another test of the area of interest. Dollar demand ticked higher after the US government ended its shutdown, resulting to gains in equities and bond yields as well. This drew more funds away from the cryptocurrency industry as bitcoin and its other peers remain under pressure. Analysts have remarked that liquidation of holdings in cryptocurrencies have led funds to flow back to more traditional markets like stocks and commodities which are faring well so far this year. Meanwhile, altcoins are struggling to stay afloat as South Korea took more measures to remove anonymity in bitcoin transactions. Accounts with banks need to have real names in their bitcoin transactions starting January 30, leading some investors to liquidate their holdings right away. Besides, traders are still holding out for a catalyst that could revive gains in the entire market, and there have been none so far. The selloff has been persistent and drawing more selling pressure while it lasts. Plus500 Bitcoin. Plus500 Bitcoin review by forex experts, All you need to know about Plus 500 Bitcoin trading like how much is Plus500 Bitcoin price or how to trade Bitcoin. For more information about Plus500 Bitcoin you can visit Plus500 review by ForexSQ.com website. Plus500 Bitcoin review. The Plus500.com is a universal online CFD broker In the UK, the trademark functions under the business of Plus500 UK Ltd and through the Financial Conduct Authority in the UK, it is regulated under the registration number 509909. Trading admittance at Plus500.com is provided through an exclusive platform. Intended for availability, Plus500’s traders can usage the platform to trade numerous markets from a single trading display. To improve the trading capabilities of traders, the platform also comes completely equipped with numerous technical analysis tools and actual time price feeds. A complete charting software is as well provided together with the trading platform. For the dealers’ added suitability, Plus500.com has also provided numerous versions of their trading platform. To trade Bitcoin with Plus500 trading platform you can follow instructions below: Create an account – Either a demo or a real account Verify your account In case you want to earn real money, making a deposit Open the Plus500 trading application, click the tab „trade“ > Cryptocurrencies > Bitcoin Decide whether the price of Bitcoin will rise or fall. With short position, you predict a decline of the price. With buy position (or sometimes called long) you assume that the price will go up. Plus 500 Bitcoin review conclusion. By this article about Plus 500 Bitcoin broker now you know all about Plus500 Bitcoin trading like how much is Plus 500 Bitcoin price, For more information about Plus500 Bitcoin you can visit Plus500 reviews by TopForexBrokers.com ratings and comparison forex brokers or Fxstay.com Fx trading website. If you like this article about Plus 500 Bitcoin review then share it please. Who Sets Bitcoin Price. Who Sets Bitcoin Price explained by professional forex trading experts the “ForexSQ” FX trading team. Who Sets Bitcoin Price? Bitcoin is a volatile animal. When the currency was first launched, it had no official price at all, because no one was selling it for US dollars. But then, when the first exchanges began to appear, a price developed. It started small, at around 6 cents, and didn’t hit a dollar until around February 2011. It spiked that June, reaching around $22, and then fell back again, ranging below $20 for the remainder of that year. It wasn’t until February 2013 that bitcoin really began to take off. It began climbing, rapidly, reaching over $140 that April, and then topping $1000 in December that year. No wonder speculators took such a lot of interest in the cryptocurrency. But who sets that price, and why does it keep swinging so crazily? A Variety of Factors. Bitcoin’s price isn’t set by anyone in particular. It’s set by the market, and to make things even more complex, it varies. Today, I looked up the bitcoin price on Google, and it told me that it was $311. Yet surfing to the Bitcoin Price Index for the popular bitcoin website CoinDesk, I was told it was $243. Then, surfing over to Winkdex, the bitcoin price index operated by the Winklevoss twins (who also have a bitcoin exchange traded fund), I find the figure $243. Why the difference? Part of the reason is where the data comes from. Bitcoin is never traded in one place. Instead, it is traded on multiple different exchanges, all of which set their own average prices, based on the trades being made by the exchange at any one time. Indexes gather together prices from several exchanges and average them out, but not all of the indexes use the same exchanges for their data. And in any case, you can’t trade bitcoin via these index sites – all they’re doing is aggregating price information. If you actually want to buy and sell bitcoin, you have to choose a particular exchange which will have its own average price. So, the price of bitcoin fluctuates in the moment, depending on who you talk to. Liquidity. The price of bitcoin is very volatile anyway. This is partly due to liquidity, which is the amount of bitcoin which is flowing through the market at any given time. If people are trading lots of a particular asset all the time, then it becomes harder for one person or event to shift that price in any single direction. Think of it as a stream of water; if you wanted to redirect a small stream by putting a few planks of wood in the way, you could make it happen. But if you wanted to redirect the Mississippi, you’d have a tougher time, because there’s simply too much of it. With fiat currencies like the US dollar and the British pound, people trade huge volumes every day. With bitcoin, the volumes are relatively small, meaning that single events can make a bigger difference. But what kinds of event? Events That Can Change Bitcoin’s Price. The market gets spooked by lots of things. If a large government lets slip that it’s uncertain about how to regulate bitcoin, as happened with China, then that can cause the price to fall. The same thing can happen with criminal events. When the drug trading site Silk Road – which used bitcoin as its currency – closed down, the price of bitcoin plummeted. There are also other factors affecting the bitcoin price. There are only so many bitcoins available, and they are produced at a predictable rate. The ownership of those bitcoins is unevenly distributed. Some bitcoin giants have vast hoards of the stuff. That, combined with the lack of liquidity, makes it easy for people to manipulate the market. In some cases, the price can be driven down by large traders who sell bitcoins off in high volume. One such trader, nicknamed bearwhale, temporarily crashed the market that way. What does this mean for your bitcoin trading strategy? Two words: Be Careful. Bitcoin is an extremely high-risk asset, and even the most experienced traders can lose money in a highly unpredictable, volatile market. This is not the way to boost your pension’s earnings potential.

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