Magnr Trading — October Round Up
October has seen a steady rise on the price of bitcoin so far.
Having started the month off slowly, the beginning of last week provided great opportunities for traders to profit from recent volatility. After taking a slight dip after the weekend, are we now beginning to see a recovery of the recent up-trend?
Blockchain innovation appears to be the talk of the town with the Banking establishment. Several major players have now publicly declared their interest in the potential benefits of blockchain technology. Setting up new research projects with the collaboration of bitcoin start-ups has been the trend in recent months.
Having seen trading volume increase from the Chinese exchanges last week, could we be seeing a knock-on effect of the down-turn in the Chinese Stock Markets? Coupled with the apparent relaxation of government intervention, bitcoin as an investment in China looks to be on the up.
Clients on Magnr Trading also continue to have a bullish outlook during this month so far. At 58%, the majority of traders have placed Long/Buy trades during the recent run up to the $270 price.
With 42% of trading volume going on the Short/Sell side, some of our traders believe that there could be gains made from of a possible price correction.
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