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A Comprehensive Guide to Choosing the Best Book for Intraday Trading

Intraday trading is an exciting way to make money in the stock market. It requires a certain level of expertise and knowledge to be successful, and one of the best ways to gain that knowledge is through reading books. However, with so many options available, it can be challenging to choose the right book for your needs. In this comprehensive guide, we will explore the key factors to consider when choosing the best book for intraday trading in India.

Guide No. 1 For Choosing Best Book For Intraday Trading In India.

First and foremost, it's essential to choose a book written by a reputable author. Look for books written by authors with a proven track record of success in the stock market. They should have a good understanding of the Indian stock market, intraday trading strategies, and risk management techniques.

One way to find the best book for intraday trading in India is to ask for recommendations from fellow traders, friends, or family members who have experience in intraday trading. They may be able to suggest a book that helped them in their trading journey.

Otherwise you can visit any Stock Market Training Institute. For Asking that from Which Intraday Trading Book You had Created your Best Stock Market Course In India. This can help you to find Best Book For Intraday.

Guide No. 2 For Choosing Best Book For Intraday Trading.

Another crucial factor to consider when choosing a book for intraday trading is the level of detail provided. Look for books that provide a step-by-step guide to intraday trading, including strategies for identifying potential trades, risk management techniques, and how to handle emotional and psychological factors that can affect trading decisions.

The best books for intraday trading in India should also cover technical analysis and charting tools. Technical analysis involves using charts and other tools to identify trends in stock prices and predict future price movements. A good intraday trading book should provide a detailed explanation of technical analysis and how to use it to make trading decisions.

The best book for intraday trading should also cover fundamental analysis. This analysis involves looking at a company's financial statements, economic indicators, and other factors that can affect its stock price. Understanding fundamental analysis can help traders make informed decisions about which stocks to buy and sell.

Guide No. 3 For Choosing Best Book For Intraday Trading.

In addition to technical and fundamental analysis, the book should also cover various intraday trading strategies. The book should provide an overview of different trading strategies and explain how to apply them in real-world trading scenarios. Look for books that cover popular strategies such as scalping, momentum trading, and breakout trading.

When choosing the best book for intraday trading in India, it's also essential to consider your level of experience. Look for books that cater to your level of expertise, whether you are a beginner, intermediate, or advanced trader. A good book should be easy to understand for beginners but still provide enough depth for experienced traders.

Now that we have discussed the key factors to consider when choosing the best book for intraday trading in India let's take a look at some of the best options available in the market. One of the best books for intraday trading in India is "Mastering Intraday Trading" by Prashant Shah. This book covers various intraday trading strategies and provides a step-by-step guide to making profitable trades. It also covers technical analysis and risk management techniques.

Guide No. 4 For Choosing Best Book For Intraday Trading.

Another excellent option is "Intraday Trading Ki Pehchan" by Ankit Gala and Jitendra Gala. This book is written in Hindi and covers various intraday trading strategies, charting tools, and technical analysis. It also provides an overview of the Indian stock market and how to use it to make trading decisions.

If you're looking for a comprehensive guide to intraday trading, "Intraday Trading Strategies" by Bansari Parikh is an excellent option. It covers technical and fundamental analysis, various intraday trading strategies, and risk management techniques. The book also provides real-world examples of successful intraday trading strategies.

Conclusion

In conclusion, choosing the best book for intraday trading in India is a crucial step in your trading journey. Look for books written by reputable authors, provide a detailed explanation of intraday trading strategies, technical analysis, and risk management

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Hari Om Tent Event

More than 35 camps organised by South Kolkata wing of Terapanth Yuvak Parishad for World's Largest Blood Donation Drive

The world's leading blood donator organization, Akhil Bharatiya Terapanth Yuvak Parishad (ABTYP) with active collaboration of thousands of youths filled with dedication is accumulating the strength of more than 350 branches spread across cities and rural areas of the country in launching the mega campaign named “Mega Blood Donation Drive” (MBDD). It’s a huge step towards creating “History in Blood Donation”. Terapanth Yuvak Parishad South Kolkata has organised 36 camps across the city. The blood donation camp was inaugurated by: Shri Tulsi Dugar, Chief Trustee Jai Tulsi Foundation and was attended by: Rohit Dugar, President of Terapanth Yuvak Parishad South Kolkata; Kamal Sethia, Kamal Kochar, Shailendra Borar, Pravin Sirohia, Manoj Dugar, Sandeep Sethia, Saurav Shyamsukha 108 sdp donor, Manish Sethia, Manoj Nahata, Narendra Sirohia, Mohit Dugar, Amit Pugalia, Sandeep Manot, Anand Manot, Anand Bardia, Ankit Dugar, Anil Singhi, Bhupendra Dugar, Ajay Kochar and many other eminent personalities. Terapanth Yuvak Parishad South Kolkata organised the blood donation camp in the places like: CETA, Ezra Street; Arogya Maternity Home, New Alipore; Udayan, New Alipur; Tata Medical Center; Baguiati Sanskritik Seva Sadan; Babosa Bhakt Mandal, Eco Park; Vyom; Terapanth Bhawan, Bhawanipore; BNI Epic at Terapanth Bhawan, Bhawanipore; Neelkanth, Camac Street; Electro Power, Barasat; Balaji Traders, Madhyamgram; East End Gardens, Mayfair Road; Aquaterra, Terapanth Bhawan, Bhawanipore; Sindhi Dispensary, Mirza Ghalib St.; Spring Club; Hygeinic Polymers, Dankuni; Mahavir Seva Sadan; Greenfield City; Dadpur Motors; Balaji Rotomoulders Pvt Ltd, Sidha Weston; ICA EduSkills, Sector 5; Flora Fountain; Flora Fountain; RCTC, Racecourse; ICAI Bhawan, Russel St; PS Group, EM Bypass; Health Point Clinic, Sodepur; Calcutta Chamber of Commerce, Park St.; Rowland Palace, Rowland Road; Victoria Memorial; Beech Tea Estate, Hasimara; Command Hospital, Alipore; Apollo Hospital; Chitaranjan Hospital; Maniktalla Dadabari.

Speaking to the media, Mr. Rohit Dugar, President of Terapanth Yuvak Parishad South Kolkata said, “Many iconic self-motivated blood donation camps are being held being at South Kolkata at places like Victoria memorial, CA Institute Russell Street, RCTC Race Course, Terapanth Bhawan at Paddapukur and many such places. We are immensely grateful to all our Associates, donors and especially South Sabha, Mahila Mandal and TPF South Kolkata for their support. Our aim is not only to collect blood through blood donation but also to build a data-bank on e-blood cells and dedicate it to the country so that in future emergency situations, the blood donors can be reconnected and the blood requirements can be fully met. Blood donation is a donation of life to those in need.” There is a huge shortage of voluntary blood donation due to the fear of pandemic Covid-19 which has affected the world with its brutal grip for the last few years. It is common to see shortage of blood in blood-banks. There is no alternate to blood. India has a population of over 135 crores with approximately 52 crores of healthy people and eligible blood donors. If they voluntarily donate blood, there will never be a shortage of blood in the country's blood banks. According to blood donation rules in India, any healthy person between the age of 18 to 65 years can donate blood voluntarily every three months. The process of new blood formation is continuous in the bone marrow of every human body, i.e., old blood cells make room for new blood after completing their lifespan of approximately 120 days. Approximately 5 to 6 litres of blood is always flowing through the veins in our body. Read the full article

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Four Wheel Car Accessories in Greater Noida

Another indispensable car accessory is the floor mat. These mats not only protect your vehicle's floor from dirt, mud, and moisture but also make cleaning a breeze. You can opt for all-weather rubber mats for rugged durability or plush carpet mats for a touch of luxury. Some even come with custom-fit designs to perfectly match your car's interior.

What Is TrakInvest Cryptocurrency?

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What Is TrakInvest Cryptocurrency?

Traditional retail brokerage and investment models that have been used for decades are now being disrupted with the advent of blockchain-based automated systems and social networks. The financial industry has experienced a tremendous loss of customer trust primarily due to two key issues, namely, information asymmetry and inherent conflicts of interest within the traditional financial services model.

At its core, one can think of TrakInvest as an aggregator of financial wisdom which rewards its participants via a decentralized economy based on their individual performance and actionable insights.

Another way of looking at Trakinvest is as a virtual social trading platform that offers users with:

The ability to share their portfolio data with members of the ecosystem for a set subscription fee

An aggregation of crowdsourced sentiment, economic forecasts, and prediction tools through the use of specially devised smart contracts, machine learning modules, and AI protocols

Digital certification programs in online trading

According to the company’s website, TrakInvest already boasts over 100,000 users in Asia. This has been achieved through a series of partnerships between corporations, universities, and governments.

The roadmap also mentions that in the next few months, the platform will be introducing new components such as:

A virtual trading platform for cryptocurrencies

Crowdsourced sentiment tools designed exclusively for tracking equities and cryptocurrencies

TrakInvest aims to empower retail investors by creating a level playing field that eliminates issues related to information asymmetry. The ecosystem is governed entirely by a native currency called TRAK that is used to facilitate transactions taking place on the platform.

Overview of the service

Users can earn a monthly revenue stream in ETH in exchange for their real-time trading data and market sentiments.

TrakInvest is fully automated and can be used either via a dedicated web portal or through the company’s native mobile app.

TrakInvest allows interested parties to access invaluable trading data, insights, and sentiments, and it helps them maintain their virtual trading portfolios.

The service is easy to use and features a highly appealing UI.

Key Features

TrakInvest utilizes the power of blockchain technology to create a decentralized peer-to-peer ecosystem that provides its members with incentives for performing value-added services. Owing to this rewards-based business model, the platform is able to encourage the full establishment of a dynamic virtual socio-trading environment that rewards performance and sharing of trading data in a risk-free manner.

Another important aspect of TrakInvest is its scalability. Since the platform is backed by a powerful tech stack that boasts a strong Ethereum-driven open community network, the ecosystem has a strong technical framework—even as the number of network participants continues to increase.

TrakInvest provides its users with a highly-developed simulated trading environment that procures real-time data from 10 international stock exchanges encompassing over 18,000 stocks. As a result, it helps users practice stock investing without losing real money. The portal is designed to incentivize new users and seasoned investors alike through meaningful financial incentives, insights, and career opportunities.

Network architecture employed by the platform

Lastly, actual trading occurs in real time during market hours, and covers locations such as Singapore, Hong Kong, China, India, Australia, and the US.

How it works

For starters, customers are granted access to a recommendation engine that generates pertinent suggestions as to who the top traders in the market are. Then, using native TRAK tokens, participants are given the chance to make payments to these top performers for their advice and real-time trading data.

Overview of how the system works

Trakinvest also comes prebuilt with a proprietary TI Score module that aggregates a user’s investment track record along with how active they are on the social hub. This approximates an individual’s positive influence on the portal as well as determines their influence at the stock, sector, and market level. It also determines the number of tokens they can receive for sharing their real-time trading activity on the platform.

Lastly, the higher a user’s TI score, the more likely it is that their profile will be displayed within the native TRAK UI. This increases one’s probability of gaining new followers as well as receiving a higher payout.

About the team

Bobby Bhatia is the CEO and founder of Trakinvest. According to his LinkedIn profile, Bobby possesses over 25 years of experience in areas such as private equity and investment. He has also been responsible for executing over $ 5 billion in equity and mezzanine transactions in Asia. His resume includes leadership roles within companies such as:

J.P. Morgan Partners Asia

AIG Asia

O’Connor & Associates

Ankit Tiwari is the Head of Engineering for this project. His primary interests lie within AI development. In the past, he has served as an independent technical consultant for the Public Health Foundation of India.

Lastly, Urvi Babla is in charge of marketing activities for this venture. According to her online bio, she has over 12 years of experience in sectors such as marketing, strategy and team management. Urvi has also led many groups at top firms such as ICICI Securities and Religare Securities. She obtained her MBA from Manchester Business School.

Token Performance Details

As was mentioned earlier, all transactions taking place within this platform are facilitated by a currency called TRAK.

TRAK token lifetime performance chart (courtesy of CoinMarketCap)

Trakinvest currently possesses a market cap of US$ 2,913,401 (as of May 16) and its circulating supply is 39,445,437 TRAK.

The currency was introduced to the market at a price of US$ 0.123. However, since its strong start, TRAK has steadily declined in value, and as of May 16, the price of a single token stands at $ 0.079.

Final thoughts

With Trakinvest providing the cryptoverse with an AI-driven virtual social trading platform for equities and cryptocurrencies, it would not be surprising to see this technology do well this year.

If you would like to start investing in Trakinvest, TRAK trading pairs are currently available on COSS.

The Merkle

Decriminalization of Section 138 of the N.I. Act, 1881 – A Misguided and Unnecessary Proposal

This article is written by Ankit Patni, from Symbiosis Law School, Noida.

Introduction

The economic havoc created by the COVID-19 is alarming in ways, more than one can even imagine. India’s economic condition has been in turmoil too. In order to cope up with the changing scenario, the central government has devised various policies and thereby, has introduced several notable changes and updates across the arenas of Goods and Service Tax, Income Tax, Customs and Central Excise etc. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 has also been introduced, by The Ministry of Finance (‘FinMin’) to increase the threshold of ‘minimum default limit’ and also introduced section in order to suspend initiation of corporate insolvency resolution process for default for minimum six months and maximum one year. Therefore, it is of utmost importance that the legislative policies framed by the central government in order to tackle this crisis does not end up yielding negative results thereby, eventually acting against the very intent of that policy.

Recently, one such significant measure was also adopted by FinMin via circular dated 8th June, to cope up with the crisis along with fulfilling the objective of achieving ‘Sabka Saath, Sabka Vikas and Sabka Vishwas’ by proposing the decriminalization of the offence of dishonour of cheques under Section 138 of the Negotiable Instruments Act, 1881 (‘the Act’) along with other thirty-eight minor economic offences. The Supreme Court in Kaushalya Devi Massand v Roopkishore Khore have stated that the offence under section 138 of the Act is intrinsically civil in nature, with compensation as its primary objective. But under no circumstances should it be considered equal to the offences under the provisions of Indian Penal Code or other criminal laws. Section 138 has been given criminal connotation as a criminal liability is casted upon the defaulters which is punishable with imprisonment extendable to 2 years, with fine extendable to twice the amount of cheque or both, so as to deter future dishonour of cheques.

Ironically, not long ago FinMin’s legislative policies were focusing upon strengthening the legal mechanism punishing dishonour of cheques via insertion of sections 143A & 148 to provide redressal to the complainants and increased safeguards for payee and interim relief. Now suddenly due to the pandemic, the offences under section 138 has been classified as “minor offences”, “merely a procedural lapse” and “minor non-compliance” thereby completely ignoring its legislative history, intentions and objectives of the past amendments and judicial pronouncements which were made to make it more exacting and firm.

Finmin’s Intention behind the Proposal

FinMin’s heart was at the right place while proposing this step because criminal penalties like imprisonment for such offences are perceived as deterrents and impacts “business sentiments and investment”. Another reason was that recently in March, 2020 the Supreme Court in Makwana Mangaldas Tulsidas v State of Gujarat [or ‘in the Makwana case’], noted that over 35 lakh cases of cheque bouncing were pending and utilizing judicial time and money, and registered a suo moto case to devise a mechanism to dispose of these cases rapidly. Therefore, its decriminalization would not only provide an opportunity of doing business with ease thereby inducing investment and reviving the economy during COVID-19, but will also assist in effective reduction of clogged cases so that the courts would focus on other pending cases.

               Click Above

Ignored Intention and Object of Section 138 and the Act

The intention behind introducing the section in 1988 was “to enhance the acceptability of cheques in settlement of liabilities.” Later, the Supreme Court in M/s. Dalmia Cement (Bharat) Ltd. v M/s. Galaxy Traders and Agencies Ltd. and others stated that the section was inserted to impose strict liability on the defaulters, to increase the debt recovery rates and to provide the rightful claimants with adequate relief. Further, the government while approving the 2015 amendment bill to the act also shared the same intention by stating that the section is important as it provides “clarity on jurisdictional issues…would increase the credibility of the cheque as a financial instrument.”

The proposal seems to have blatantly ignored that the act actually does not deter business sentiments instead the existing mechanism provides ample opportunities to safeguard the interest of honest and bona fide drawers which acts as a catalyst to promote business. Cheques are not supposed to be used as tools of deceit. The issuer of cheques proofers “a solemn promise to pay”. The apex court in Indian Bank Association and others v Union of India and others have also held that it must be honoured, when it is issued, and if it is not, a notice is issued at first to provide the person with an opportunity to pay the amount and if it’s still not paid, then the recourse of criminal trial and consequences are taken. The offence was already compoundable at any stage without permission of the court under section 147 of the Act and the magistrate was given the power to release the accused when the complainant is compensated to the court’s satisfaction. Moreover, section 143 of the Act read with section 258 Cr.P.C. entitles the courts to close the proceeding when the defaulter repays the cheque amount with interest and cost by a specified date as assessed by the Court. The act as well as apex court in actual fact focuses on protecting drawer’s rights by giving them choices at various stages to pay what is due on their part to avoid prosecution, therefore proving that the section does not act as a deterrent for business and investments.

Ignored Possibility of Alternative Measures to Reduce the Burden on the Courts

The exponential growth in the cases filed over time under Section 138 actually shows that it is needed more than ever. It shows that the section in fact is too effective but now it’s suffering for its own success. Anyhow repealing, is not the answer especially post the economic havoc created by the pandemic. The government should rather focus on how to make it more efficient to protect traders from upcoming financial frauds.

The Supreme Court on several instances have addressed the issues regarding pendency and delays, and have made attempts to rectify it, like by issuing a slew of directives to be followed by Magistrates, and suggesting the usage of modern technology, continuous online proceeding and stricter compliance of summary procedure to effectively deal with and reduce the backlog of cheque dishonour cases. If these are rightly implemented at the trial stage along with unfettered support and relevant response by the government, may galvanize positive outcomes.

To address the concern of increasing burden upon the courts, there are other possible methods which can be adopted. The Delhi High Court in Dayawati v Yogesh Kumar Gosain, prominently promoted the practice of mediation to resolve cheque bounce offences. Even recently the Supreme Court in Makwana advised to decriminalize dishonour of cheques of smaller amounts to prevent excessive flooding of petty cheque bounces cases which can also be dealt with through alternative dispute methods, but the FinMin took it too seriously. Apart from this, minor crimes such as bounced cheques can be dealt with establishment of “One Day Courts” which would act as a safeguard against cumbersome long court proceedings and legal expenses. In UAE under Article 401 of its Federal Penal Code, the defaulters for cheques amounting equal to or less than 200,000 AED can be sentenced to pay penalties directly by the Public Prosecutor (without referring to the courts. Similar amendments can be made for cheques drawn of small amounts, basically in transactions by MEMEs or by small traders where the core purpose of the suit is to recover money. Internal surveillance committees can be set-up by banks for investigation, redressal and settlement of bulk cheques dishonoured, thereby achieving speedy recovery with less inconvenience. Penalties like decreasing the defaulters CIBIL score and/or divesting them of their credit card and loan facilities can discourage cheque bouncing offences.

Probable Repercussions of the Decriminalizing Dishonour of Cheques

Impact upon Businesses: Revisiting the Issues Faced During the “Bahi Khata” System of Doing Business

In pre NI Act era of 1881, businesses relied on informal accounting systems. “Bahi-khata” or ledger account, as traditionally known, served as the only payment records. Resulting in shutting down of businesses to shut down or sustain heavy losses owing to no method of securing timely recovery of debts. Contrasting fraud against negligence is very subjective; hence ignoring the fraudulent intentions of the defaulter will hamper the functioning of the market. Cheques as a mode of payment in majority financial transactions will lose their sanctity and credibility, fearing to switch back to cash payments, taking a toll on the government’s campaign for a cashless economy. 

To sustain the trust in cheques, Section 138 of NI Act was introduced as a guarantee of payment. Thereafter, a drawer became more aware before drawing a cheque. Simultaneously, a payee was sensitise about withdrawal and remedy for payment default, ensuring swift payment. Chapter XVII of NI Act, in its present form along with latest amendments, takes care of liquidity concerns as it entitles the payee to claim some cash in hand for running business operations even during the pendency of Section 138 proceedings. Businesses are not forced to shut down due to financial constraints. As an equaliser, Section 138 bars any cause of action to the payee on mere information of dishonour, whereby a drawer gets buffer time for arranging the funds in case of any shortage. 

Instant availability of funds is a prerequisite for conduct of business. The flexibility offered by Section 138, without compromising on the guarantee of payment, is very useful for small and medium level traders who may face issues in arranging funds. The proposal nowhere disputes the legal tender of cheques as legal instruments but tends to curb the remedy. Decriminalisation would result in subjecting the parties to outdated legal processes and, in the long term, severely impacting the prospects of ease of doing business in India. In India, cheque dishonour cases arise mostly from the business contractual relationships, with the decriminalized Section 138 legal certainty of getting justice by rightful claimant in case of contractual violation will be diluted, and they will stop accepting payment in cheques, fearing non-payment and with no remedy for the same. Expected increase in the number of frauds and losses incurred due to non-payment, can affect the economy on a macro level, pushing it into financial depression, banking industry being the most affected by such changes. It was due to severity of penalties that cheques were considered a secure mode of payment, lowering the guards of Section 138, a severe problem in recovering dues and therefore acts as a deterrent rather than promoting business.

Indirect Burden upon the Judiciary

Civil procedures in India are afflicted with delays. Businessmen have always been sceptical before opting for a civil remedy, and it is no secret. With Section 138 gone, the dishonoured cheque holders will be forced to commence proceedings against the defaulter under Section 406 (Criminal breach of trust) and 420 (Cheating) of the IPC. So technically we will be back to square one. There will be multiplicity of litigation and the number of cases will remain the same, thus the very purpose of decriminalizing will be defeated. Incentivising parties to opt for a criminal recourse for an inherently civil transaction is pointless when Section 138 aptly strikes a balance and provides an effective legal recourse.

Impact upon Advocates

The Government did not consult the statutory bodies or took recommendations from experienced litigants in the field, which was even squarely objected by the Bar Council of Delhi and the Bar Council of Maharashtra and Goa. The members vehemently stated the step to decriminalize the section would not only put their careers, livelihood and survival at great stake, as majority of the litigants practice law under this field, but would also result in eroding public confidence and legal security of an individual in the judicial system.

Conclusion

Without the fear of sanctions the sentence foisted would merely be a paper order and will only ridicule the existing well-established system. In C.C. Alavi Haji v Palapetty Muhammed even the court stated that the government should refrain from resorting to such measures which would essentially defeat the objectives of a successfully established, affect the smooth operation of commercial and trading activities, and eventually end-up affecting the economy of the country. The established importance of Section 138 in upholding the reliability and integrity of cashless financial transactions along with the fact that the judiciary frequently intervenes to further improve its application manifests that the section should not be decriminalized.

We were supposed to move forward towards a cashless economy but this step is in fact fostering us to take a step back towards a cash-based economy as traders will lose trust in one another and thus, lead to increase in black money too. This decision might or might not “improve business sentiments” or “unclog court processes” but would for sure encourage and reduce the fear in the minds of perpetrators to defraud and cheat innocent persons and affecting honest traders, businessmen, etc. Thereby defeating the very basic purpose and object of Section 138 of the Act i.e. to uphold faith and confidence of the trading community during commercial transactions.

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Growing Stablecoin Balance Could Give Bitcoin Bulls a Powerful War Chest

Bitcoin’s bulls and bears have reached an impasse as the cryptocurrency enters a consolidation phase within the upper-$6,000 region. This lackluster bout of sideways trading comes shortly after the crypto faced multiple firm rejections in the lower-$7,000 region. Bitcoin could easily see further short-term downside as bulls struggle to defend the support that has been established around $6,600, but there is one rapidly unfolding fundamental development that could spell trouble for bears. Stablecoin balances on exchanges are currently seeing unprecedented growth, which has led one researcher to note that these funds could act as a war chest for the crypto’s bulls. Bitcoin Investors Flee Exchanges as Likelihood of Imminent Volatility Grows  The sideways trading Bitcoin has seen throughout the past several days is unlikely to extend for too much longer, as upcoming events like the mining rewards halving are sure to provide some volatility to the market. It appears that investors are currently in the process of preparing for this volatility by turning to a long-term holding strategy, which is emblematic of the outflows of BTC away from exchanges and towards external wallets. As reported by NewsBTC yesterday, this data was revealed in a recent post from on-chain analytics firm Glassnode, who concluded that the shift of BTC away from exchanges is emblematic of traders adopting a new long-term holding strategy. “Investors are withdrawing Bitcoin from exchanges – potentially indicating a shift to longer-term holding strategies. BTC balances have fallen nearly 10% from the highs seen in January,” they explained. This trend has also come in tandem with stagnating Bitcoin open interest on Bitmex as well has waning CME futures trading volume. Stablecoin Balance Growth Suggests Bulls Have Underlying Strength  One factor that could suggest that this potentially imminent volatility will favor bulls is the growing balance of stablecoins (USDT and USDC) on exchanges. Ankit Chiplunkar – a researcher at data platform TokenAnalyst – spoke about this trend in a recent tweet, noting that this can be used as a measurement of how much capital buyers have to inject into the markets – something that could happen at any given time. “Update the USDT + USDC stablecoin balances in exchanges has crossed $1.3B, up by $300M in 2 weeks. It is a measure of how much money is sitting on the sidelines or placed in limit orders at exchanges, waiting for the perfect moment to buy,” he said while pointing to the below graph. Image Courtesy of TokenAnalyst This doesn’t necessarily mean that investors will deploy this capital at Bitcoin’s current price levels, but it could ultimately be used to either perpetuate an uptrend or absorb the selling pressure of a future downtrend. Featured image from Unsplash. from Cryptocracken WP https://ift.tt/3eqBfbK via IFTTT

Growing Stablecoin Balance Could Give Bitcoin Bulls a Powerful War Chest

Bitcoin’s bulls and bears have reached an impasse as the cryptocurrency enters a consolidation phase within the upper-$6,000 region. This lackluster bout of sideways trading comes shortly after the crypto faced multiple firm rejections in the lower-$7,000 region. Bitcoin could easily see further short-term downside as bulls struggle to defend the support that has been established around $6,600, but there is one rapidly unfolding fundamental development that could spell trouble for bears. Stablecoin balances on exchanges are currently seeing unprecedented growth, which has led one researcher to note that these funds could act as a war chest for the crypto’s bulls. Bitcoin Investors Flee Exchanges as Likelihood of Imminent Volatility Grows  The sideways trading Bitcoin has seen throughout the past several days is unlikely to extend for too much longer, as upcoming events like the mining rewards halving are sure to provide some volatility to the market. It appears that investors are currently in the process of preparing for this volatility by turning to a long-term holding strategy, which is emblematic of the outflows of BTC away from exchanges and towards external wallets. As reported by NewsBTC yesterday, this data was revealed in a recent post from on-chain analytics firm Glassnode, who concluded that the shift of BTC away from exchanges is emblematic of traders adopting a new long-term holding strategy. “Investors are withdrawing Bitcoin from exchanges – potentially indicating a shift to longer-term holding strategies. BTC balances have fallen nearly 10% from the highs seen in January,” they explained. This trend has also come in tandem with stagnating Bitcoin open interest on Bitmex as well has waning CME futures trading volume. Stablecoin Balance Growth Suggests Bulls Have Underlying Strength  One factor that could suggest that this potentially imminent volatility will favor bulls is the growing balance of stablecoins (USDT and USDC) on exchanges. Ankit Chiplunkar – a researcher at data platform TokenAnalyst – spoke about this trend in a recent tweet, noting that this can be used as a measurement of how much capital buyers have to inject into the markets – something that could happen at any given time. “Update the USDT + USDC stablecoin balances in exchanges has crossed $1.3B, up by $300M in 2 weeks. It is a measure of how much money is sitting on the sidelines or placed in limit orders at exchanges, waiting for the perfect moment to buy,” he said while pointing to the below graph. Image Courtesy of TokenAnalyst This doesn’t necessarily mean that investors will deploy this capital at Bitcoin’s current price levels, but it could ultimately be used to either perpetuate an uptrend or absorb the selling pressure of a future downtrend. Featured image from Unsplash. from CryptoCracken SMFeed https://ift.tt/3eqBfbK via IFTTT

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