Markets
Crypto Market Users Explore Copy Trading Platform Margex; Here’s why !
The United States Consumer Price Index (CPI) announced its data in May, leaving many analysts and speculators on the sidelines as the data showed a 3.3% decline compared to previous data from 3.4% and the expectations of many.
This is a much-needed relief for the stock and cryptocurrency markets as altcoin prices have enjoyed a relief rally across all platforms. This could be the catalyst many investors and large companies are looking for to explore the endless opportunities in the cryptocurrency space.
According to data from the United States Bureau of Labor Statistics, CPI data released reveals a significant drop in inflation, which surprised many. The overall CPI in the United States fell to 3.27%, compared to more than 6.5% in previous years.
Crypto Market Reactions and Expectations
Recently released CPI data has boosted the crypto market and the recent drop in Bitcoin price after a much-stimulated price rally since the start of the year. As the market looks forward to the Federal Reserve’s next interest rate meeting, the price of Bitcoin could see some volatility as investors look to take advantage.
The recent surge in the price of cryptocurrency assets in the market linked to the CPI news shows the responsiveness of these digital assets to macroeconomic indicators, as they play a key role as global market assets.
The CPI data shows a step in the right direction and could pave the way for a possible change in monetary policy as market participants and analysts eagerly await further developments.
In an evolving economic landscape, Bitcoin price action remains an indicator of overall cryptocurrency market sentiment and expectations heading into the next bull market as institutions develop strong interest in Bitcoin.
Data from Glassnode on Bitcoin’s monthly performance shows that Bitcoin saw its weakest performance in May so far this year. In the previous weeks, the price of Bitcoin was trading around $66,000. But the price surged to $69,500 after surprising news on CPI data, triggering a price rally.
Large institutions and traditional financial systems have developed great interest in cryptocurrency after the spot approval of Bitcoin and Ethereum exchange-traded funds (ETFs). Banks are also tithing to create a central bank digital currency as the world is currently inclined towards digital assets.
Banks Showing More Interest in Central Bank Digital Currency (CBDC)
Central bank digital currency (CBDC) is a digital form of a country’s fiat currency issued and regulated by the central bank. CBDC is not decentralized like cryptocurrency but is regulated by the central bank. The introduction of CBDC has led to greater public adoption of digital assets over fiat currencies.
CBDC is tied to a physical commodity, the value of which is equivalent to the country’s fiat currency, such as the dollar, yen, Canadian dollar and others. Currently, CBDC is issued by the US Federal Reserve, the Bank of Japan, the People’s Bank of China and the German Deutsche Bundesbank.
Digital currency is already dominating the financial world due to the rapid evolution of today’s digital world. Many users are taking advantage of cryptocurrencies and stablecoins such as USDT, USDC, TUSD, BUSD and others, which are gaining popularity due to their fast transaction speeds on different blockchain networks.
Blockchain technology forms the basis of all cryptocurrencies, as it is the most commonly used distributed ledger for digital currencies. Glassnode’s chart shows the widespread adoption of digital currencies around the world, with USDT leading the way with over $100 billion in circulation.
The cryptocurrency industry offers endless opportunities for beginners or newbies to profit with little or no experience. One such opportunity that new users can try to explore is copy trading, which allows beginners to earn returns that mirror the trades of experienced traders.
How to Explore Margex Automated Copy Trading as a Crypto Newbie
Copy trading is a social form of trading that allows new users to the cryptocurrency industry to make profitable returns on different trades while mirroring the trades and strategies of experienced traders with just a few clicks.
Margex, a copy trading platform, offers the best copy trading environment with a variety of digital assets to trade. With its user-friendly platform, beginners can easily make trades or copy trades from experienced traders while learning more about the blockchain space.
Using a no-fee converter, users can swap between different stablecoins, such as USDT and USDC, and easily make withdrawals with different withdrawal options.
Margex also manages a Bomé airdrop (BOME) campaign for its users until June 17, 2024. Users with high trading volume are eligible to hold a share of the Bome Airdrop (BOME) and claim it instantly at the end of the airdrop period.
Bome Airdrop Claim (BOME) Terms and Conditions:
- Log in to Margex or log in for existing users
- Actively trade on Margex until June 17, 2024
- Call for an airdrop at the end of the Bome airdrop frenzy (BOME)
Eligibility to win and claim the Bome memecoin (BOME) airdrop instantly awarded to Margex users who actively participate until June 17, 2024 is as follows:
Trading volume:
- $100,000 – $10 in BOME tokens
- $250,000 – $20 in BOME tokens
- $500,000 – $30 in BOME tokens
- $1M – $50 in BOME tokens
- $5 million – $250 in BOME tokens
- $10 million – $500 in BOME tokens
- $25 million – $1,500 in BOME tokens
- $50 million – $3,000 in BOME tokens
- $100 million – $5,000 in BOME tokens
At the end of the Bome Airdrop (BOME) campaign on June 17, 2024, active Margex users with high trading volume who meet the required Bome Airdrop (BOME) threshold will earn Bome (BOME) tokens and can be claimed instantly.
Here’s how to take advantage of the Margex copy trading platform and win a Bome (BOME) airdrop with as little as $10;
1 Select a merchant
Have an account on the Margex The copy trading platform allows users to select a trader and the strategies they wish to copy. All statistics, including the professional trader’s profitability rate, are displayed on the dashboard to help users make informed decisions.
2 Click Follow
On the copy trading dashboard, users can click follow to automate their copy trading experience. They may also choose to follow several experienced traders to enable portfolio diversification.
3 Allocate amount for trading
Allocate a fixed amount that you want to use for your copy trading strategy.
4 Confirm copy trading
Review all the information to start a copy trading strategy and click Continue to begin your copy trading journey.