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Bitpanda offers gold and silver trading options along with cryptocurrencies

Akash Anand

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Bitpanda offers gold and silver trading options along with cryptocurrencies
Source: Pixabay

The debate on cryptocurrencies being a replacement for gold has been going on in the space for a long time with several proponents from both sides making their case. In a bid to combine both assets, Bitpanda, a popular cryptocurrency trading platform has revealed that gold and silver will be added as a new asset class to Bitpanda: Metals.

The organization’s tweet read:

“Introducing a brand new asset class to Bitpanda: Metals! Gold and silver will be soon available to buy and sell on Bitpanda with ultra-low fees and the same ease as our other assets. Read more about Bitpanda Metals at http://www.bitpanda.com/metals #gold #silver”

Bitpanda has stated that a user buys shares of real god and silver bars from Pro Aurum and Philoro, the organization’s partners. According to the platform:

“When you buy gold and silver on Bitpanda, you are the owner of a specific share of real gold and silver, stored in a secure vault.”

Bitpanda claims that the gold and silver purchased is stored in a secure wallet where it is “100 percent insured”.

Just like other transactions related to cryptocurrencies, trading in gold and silver also incurs fees, although there are no buy/sell fees for gold at the moment. Bitpanda elucidated:



“Please note that you pay a storage fee of 0.0125% per week of the total amount you hold for insurance and storing, which is a lot cheaper than the usual amount for storing precious metals in a secure and insured vault. It will be calculated daily and reduced from your respective Metals wallet on a weekly basis (if the wallet balance is 0, no fees are deducted).”

There were also user queries on this latest development as Max Lewis, a cryptocurrency enthusiast, asked:

“Will we be able to claim and hold physically?”

To this, Paul Klanschek, the Chief Executive Officer [CEO] of Bitpanda, replied:

“Yes. We will announce details for this in the future!”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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