Centralized Crypto Exchanges for Buying & Selling Bitcoin and Altcoins

Welcome to the latest edition of Re:Crypto 💱, where we take a deep dive into the world of cryptocurrency. The past several editions we’ve been going over where to store your cryptocurrencies after you buy them. This week we’ll be going over how and where to buy them. We’ll be talking about centralized exchanges.

Centralized exchange you say? I thought they were bad? I know those are a few questions that may come to mind. Especially with what's been going on in the crypto world over the last few years. Also what's been in the headlines over the last month with SBF (Sam Bankman-Fried) of FTX exchange being found guilty of fraud 😲 

and CZ (Chengpeng Zao) CEO of Binance pleading guilty.

They were thought of as titans 🦸‍♂️ of the industry back in 2021. Now they are both in trouble with the law for illicit activities being performed on their exchanges. So if there are some apprehensions about using a centralized exchange hey i get it that's why we covered wallets 👛 so extensively the past several weeks. Because it’s philosophy is not your keys 🔑 not your crypto so knowing how to self custody is important.

What is a centralized exchange? 🤔

A centralized exchange is a platform that allows users to deposit fiat currencies 💵, buy, sell, and trade cryptocurrencies. Centralized exchanges typically hold custody of users' funds, which means that users must trust 🤝 the exchange to keep their funds safe.

Some of the largest centralized exchanges include Binance 🏦, Coinbase, and Kraken.

Benefits of using a centralized exchange include but not limited to

Convenience: Centralized exchanges are typically easy to use 👍, with a user-friendly interface that makes it easy to buy, sell, and trade cryptocurrencies.

Liquidity: Centralized exchanges typically have high liquidity 💧, which means that there are plenty of buyers and sellers available, which can help to ensure that users can get the best possible price 📈 for their cryptocurrency.

Security: Centralized exchanges typically have strong security 🚨 measures in place, such as two-factor authentication, to protect users' funds.

Drawbacks of using a centralized exchange include

Risk of theft: Centralized exchanges are a target for hackers 👨‍💻, and there have been a number of high-profile hacks in the past.

KYC/AML requirements: Centralized exchanges are often required to comply with KYC/AML regulations 📜, which can require users to provide personal information, such as their name, address, and date of birth.

Fees: Centralized exchanges typically charge fees 💸 for their services, such as trading fees and withdrawal fees.

The main reason you will need to use a centralized exchange is at the moment they are the safest way of getting your dollars into crypto �$$. There are other ways that we will go over but I think this is currently the best option. Now with the pros and cons out of the way how do we find an exchange here's a few websites that can help with that and we’ll be going over how to use these sites pretty extensively in the future. https://www.coingecko.com/ 💻 and https://coinmarketcap.com/ 💻

Now for the Markets:

The global cryptocurrency market cap today is $1.48 Trillion, a 3.3% change in the last 24 hours.

Total cryptocurrency trading volume in the last day is at $81.9 Billion. Bitcoin dominance is at 49.5% and Ethereum dominance is at 16.8%. The largest gainers in the industry right now are Automated Market Maker (AMM) and Bridge Governance Tokens cryptocurrencies.

Traders despise uncertainty 📉; thus, the resolution between Binance, Changpeng “CZ” Zhao, and the United States Department of Justice is likely seen as a positive for the cryptocurrency space. Analysts generally remained optimistic on the deal, but a few expressed caution due to the Securities and Exchange Commission’s pending lawsuit against Binance.

Bitcoin 📉 📉, and several major altcoins 📉 fell sharply on Nov. 21 following the Binance news but are finding support at lower levels. This suggests that traders stepped in after the initial knee-jerk reaction, and are buying at lower levels. After the initial bounce, the bulls are likely to face stiff opposition from the bears.

Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it out for supremacy. Generally, consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before jumping in to buy.

Will Bitcoin and select altcoins remain stuck inside a range for the next few days? What are the important levels to watch out for?

Bitcoin price analysis 📈

The bears pulled Bitcoin below the 20-day exponential moving average ($35,948) on Nov. 21 but could not sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on Nov. 22.

The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A minor positive in favor of the bulls is that the 20-day EMA is sloping up, and the relative strength index (RSI) remains in the positive zone.

If bulls propel the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level may act as formidable resistance, but if cleared, the pair may soar to $48,000.

On the contrary, if the price turns down and breaks below $34,800, it will suggest that traders are rushing to the exit. That may open the doors for a further decline to $32,400.

Ether price analysis 📉

 📉 ETH $2,069 📉 turned down from the resistance line on Nov. 20 and slipped below the 20-day EMA ($1,957) on Nov. 21.

However, the bulls had other plans. They aggressively purchased the drop below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a pivotal level to keep an eye on because a break above it could start a rally to $2,137 and then to $2,200.

On the downside, $1,880 is a necessary support to watch out for. If this level fails to hold, the ETH/USDT pair may start a deeper correction to the 50-day simple moving average ($1,791). That could delay the start of the next leg of the up-move. 📉📈

Now The News: 📰

- Binance allowed ISIS,Al Qaeda, and Hamas to transact on its platform. 😲

- Binance CEO CZ facing 18months in prison as part of his plea deal with the US Government. 👮‍♂️

- CZ releasedfrom custody on $175 million bond. 💵 

- Binance Founder CZ Writes to Staff: I haveto deal with some pain, but will survive. 😓

- $1.3 billion in user fundswithdrawn from Binance following US Government indictment. 💸

- US Governmentcriminally charges Binance. 👮‍♂️

- Binance agrees to pay $4.3 billion in Settlementwith US Government. 🤝

- Changpeng Zhao (CZ) resigns as Binance CEO. 🗣

- CEO CZpleads guilty to violating criminal anti-money laundering requirements. 😳

- CEOCZ will be able to maintain his majority ownership of Binance. 🙌

- Judge rejects Binance US and SEC’s request for privacyin their legal case. 😒

SEC News 📰

- SECCommissioner says there's no reason for us to stand in the way of a SpotBitcoin ETF. 👍

- Coinbase Seeks US Court’s Assistance to Compel SEC on CryptoRule-Making. ⚖️

- SEC Meets with Grayscale to Discuss Spot Bitcoin ETFListing. 🤝

- SEC sues Kraken cryptoexchange. 😡

- Kraken crypto exchange says they will "vigorously defend"themselves against the SEC. 😤

- Brief Approval Window Opensfor Spot Bitcoin ETF Applicants. 🚪

- SEC Chair Indicates FTXRevival, FTT Rallies. 📈

Exchange News 💱

- KuCoin Launches crypto debit card, Kucard. 💳

- Coinbase CEO Sees Binance Settlement as Chance forIndustry Renewal. 🌱

- Coinbase Becomes Custodian forWisdomTree’s Bitcoin ETF, Aiming for SEC Approval. 👍

- CoinShares Gets Greenlightto Buy Valkyrie ETF Arm as It Expands Into North America. 🚦

- Coinbase to Launch Futures Support for Solana andAvalanche Altcoins. 🔮

Hacks and Fraud News 👩‍💻

- Mt. Gox Creditorsto Receive Repayments Soon. 💸

- Poloniex Crypto ExchangeReveals Hacker’s Identity, Offers $10 Million Bounty. 🕵️‍♂️

- WOO X Crypto Exchange ReopensTrading with Enhanced Security After Market Maker Breach. 🔒

- Mastercard PartnersWith AI Firm Feedzai to Curb Crypto Scam. 🛡️

- Poloniex to Resume Depositsand Withdrawal Services After $100 Million Exploit. 💰

- Tron founder Justin Sun's crypto exchangePoloniex hacked for over $100 million. 😱

Market News 📈

- $100 Billion in TradFiCapital Awaits Imminent Bitcoin ETF Green Light, Says Bloomberg Analysts. 💡

- BTC testing the yearlyhighs again at $38,000. 🎉 

- Bitcoin has gained +139% over the past year and 70%of all BTC in circulation hasn’t been sold or transferred. 🚀

- Tether freezes $225million in USDT linked to human trafficking group. ❄️

- Ethereum ExchangeOutflows Exceed $1 Billion in 3 Weeks. 💸

- Rich Dad Poor Dad Author Says Bitcoinis the Best Protection Against Hyperinflation. 🛡️

- China Asset Management Signs MoUwith Hashkey Exchange to Promote Web3 in Hong Kong. 🌐

- Bitcoin and EthereumNetworks See Heightened Fees as Crypto Usage Soars. 📈

- Worldcoin price on rollercoasterwith OpenAI saga.🎢

- Bitcoin hoveringbetween local support at $35,000 and local high at $38,000. 📉📈

- BlackRock filesS-1 application for its Spot Ethereum ETF. 📃

- Tether Aims to Invest Half aBillion Dollar in Mining Ventures Over Next Six Months to Become a Top Miner. ⛏️

- World’s third-largest pension fund purchases $19.9 million worth of Coinbaseshares. 💼

- G2A Unveils “Geekverse”, A Gaming-focused NFT Marketplace. 🎮

- CoinShares Gets Greenlightto Buy Valkyrie ETF Arm as It Expands Into North America. 👍

- Ferrari’s Bitcoinacceptance is major market win, says CoinFlip CEO. 🏎️

- Germany’sfourth-largest bank, Commerzbank, granted crypto custody license. 🏦

And there you have it Re:crypto nation 👥 a lot going on in the crypto space 🚀 these days. But knowing what exchange you can use will increase your odds 🎲 success it the gate way 🚪 into this crazy world 🌍 of digital money 💰. untill next time keep journeying. ✈️