Bitcoin has soared to $9,000 again! If you haven't bought Bitcoin yet, hurry up and buy it!

Is buying Bitcoin really profitable? Are there any risks? This question that has troubled many novice investors has finally been answered, and those who have invested in Bitcoin in the early stage should be even more excited! As the countdown to the third Bitcoin halving is getting closer, the price of BTC has been rising recently. According to data from OKEx, the world's leading Bitcoin trading platform, on the morning of April 30, the price of Bitcoin broke through $9,000 in the short term. After rising 8.45% that day, it rose more than 9.5% the next day, closing positive for 5 consecutive days. At the same time, this price also set a new stage high since March 7.

In the previous month, under the influence of the new coronavirus, risk assets around the world were sold off, and the cryptocurrency market was not immune. From the evening of March 12 to the morning of March 13, Bitcoin fell below the $7,000, $6,000, $5,000, and $4,000 mark, with a single-day drop of more than 40%. That night, long and short losses were heavy. But through this wave of increases in recent days, Bitcoin has basically recovered all the losses since the March crash.

What does Xu Kun, Chief Strategy Officer of top exchange OKEx, think of the current Bitcoin market?

Regarding Bitcoin's outstanding performance, Xu Kun, Chief Strategy Officer of OKEx, said: "From the perspective of price logic, after the "3.12" incident, the market fluctuated up and down, with repeated long and short bursts. Many people's chips were scattered, and the main players' chips became very concentrated. The recent rise has not increased in volume, which also shows that many people are still hesitating and waiting, and may enter the market only when the market rises again. But at this stage, if there is another surge in the market in the short term, I personally think we should be cautious."

At the same time, Xu Kun pointed out that the short-term price of Bitcoin may deviate from its value, but in the long run, the price always fluctuates around the value. "In the long run, I personally firmly believe in Bitcoin and Ethereum, based on fundamentals and time. Crypto assets are small in size, and once liquidity is loosened, this market can be quickly activated. Compared with other major asset classes, crypto assets have more advantages in the relative cycle, and the second half of the year is worth looking forward to."

From the point of view given by Xu Kun, Chief Strategy Officer of OKEx, it is not difficult to see that Bitcoin will still experience small-scale fluctuations in the short term, but this does not affect its value increase in the long term. If you enter the market now, there will be a return worth looking forward to in the second half of the year. Therefore, for novices who are in a wait-and-see period, now is a good time to enter the market.

At the same time, Paul Donovan, chief economist of UBS, recently wrote in an article, "Economists are dealing with three levels of uncertainty: uncertainty about the virus, uncertainty about policy responses, and uncertainty about the economic response to the virus and to policies. Any change in any of these will directly change economic outcomes."

Amid all these uncertainties, Bitcoin’s roadmap is the only certainty, with the highly anticipated halving event coming on May 12, so the next few weeks will be a critical period for Bitcoin. In addition, a survey of Bitcoin investors showed that most people were optimistic at the beginning of the year and expected the price of Bitcoin to soar to more than $20,000 in 2020.

Newbies’ experience and skills in buying Bitcoin:

Then let's talk about two suggestions for beginners to trade Bitcoin. The first and most important point is that the most common issue that beginners often overlook is security. At present, Bitcoin transactions must be conducted in top exchanges such as OKEx in China. At the same time, there are many types of Bitcoin transactions, and different transaction types are suitable for different market conditions. For example, for beginners, it is not recommended to trade frequently. You can first exchange a certain amount of stable digital cryptocurrency through the legal currency trading system, such as USDK corresponding to the US dollar. Its value is bound to the US dollar, so there is no problem of too much volatility.

Generally speaking, when the Bitcoin market has been running for a certain period of time, especially when it encounters important resistance or support, the possibility of a reversal will be very high, so at this time you are recommended to mark a price you can afford based on the rising and falling trends in your mind, and then publish a limit order in the OKEx currency trading system in advance. When the market price reaches the limit price of the order, it will automatically buy. This is one of the skills that novices must master when getting started.

The second skill is relatively advanced. When you are proficient in the OKEx currency trading system, you will find that there are many skills and methods for Bitcoin trading, such as using the contract system for hedging or as a risk hedging tool. For example, I bought a Bitcoin at a price of 8,000 USDT in the currency trading system of the OKEx platform. However, due to the impact of the epidemic, the price of Bitcoin plummeted. Many novices were worried that it would fall more in the future, so they quickly stopped the loss and sold it, and at this time, a lot of profits were lost.

At this time, you can use the contract trading system of OKEx. Although we lost money in the currency trading market, it doesn’t matter. We can immediately open a short contract trading order and set a leverage of up to 100 times. We can use a small amount of funds to exchange for a larger market value for investment. If the market is indeed going down, then relying on the short contract, we can make a profit when the market falls, and this profit can be used to hedge the funds lost in the currency trading. When the market rises, we can also use contract trading to open long orders and use leverage to earn greater profits. However, if you want to learn how to operate specifically, you still need to personally perform actual operations in OKEx to understand it.