Unfortunately, we do not trade USDBTC for our trade copier clients. Our trade copier does trade over 30 currencies including USDZAR and EURSEK, but it has stayed away from BTC. This is primarily because of the excessive margin requirements and the wide spread. However we would like to evaluate the trade on this pair for the PRO clients (manual traders) who would like to trade this on their own. We do some basic research here to see if it is justified to trade even if we see trade opportunities.
Bitcoin plunged below $8,000 in intraday trading, extending its sharp rout since the start of the year in a selloff triggered by a widening regulatory crackdown on cryptocurrencies. Late Friday in New York, bitcoin had recovered to $8,524, down 6.8% on the day after slipping below $7,700. That was the lowest level since November. At its low point, the digital currency had fallen about 60% from an intraday record of $19,783 in December, according to research site CoinDesk Inc. That marks bitcoin’s third biggest drop over the past five years. It fell 76% in the spring of 2013 and 85% from November 2013 to January 2015.
Big banks are putting up roadblocks to buying bitcoin. JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. said Friday that they no longer would allow credit-card holders to use the cards to buy bitcoin. Regulatory scrutiny is behind much of the reason for bitcoin’s sudden fall. India is the latest country to crack down on the cryptocurrency market, following in the footsteps of China and South Korea. That pressure shows that governments are turning out to be much harder to circumvent than cryptocurrency advocates once thought. Bitcoin fell 28% in January, its steepest monthly decline in three years.Please login to read further and see charts on BTC