A trading with BTCST

A trading with BTCST

By RFereru | CryptoStory | 14 Jan 2021


On January 8, Binance introduced the Bitcoin Standard Hashrate Token (BTCST) on its Binance LaunchPool and allowed its users to farm BTSCT for a few days by betting BNB, BUSD, and BTC.

The Bitcoin Standard Hashrate Token (BTCST) seeks to solve, by providing exchange liquidity in Bitcoin mining, the fact of the limited number of exit options in said mining.

Trading test

Yesterday 13th at 6:00 (UTM) Binance activated trading with this token, so I took the opportunity to do a bit of trading (knowing the price jumps that could occur in the first moments).

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  • I purchased $120 worth of BTCST at a price of $45 per BTCST, resulting in 2,656 (fees aside).
  • I placed a sell order for half BTCST at a price of $60.999 and the other half at $200 (just in case).
  • In a short time, the first order was executed and the price was rising to about $80. For the sale of that half I obtained $80.866, that is, about $20 profit.
  • Later I started a slow descent, so before going to sleep I placed a purchase order (with the $80) at $ 6. That order was executed because the price reached $55. I got 1.444 BTCST.
  • During the early morning the price has jumped to $ 110, and this morning I sold the 1,444 for $ 98, obtaining $ 143 (that is, $ 23 more than the initial investment, and I still have 1.326 BTCST (at a current value of $93 / BTCST.
  • If these 1.326 BTCST was to expire now, you would have obtained a profit of approximately 122% compared to the original investment. Nothing bad.

Conclusions

This test has gone quite well, but others do not go so well, so I recommend, on the one hand, that if you want to invest, you do it with that money that you can afford to lose, that you study well what you want to do, and that you always use stop-loss to reduce losses.


If you like this world and you want to know how I evolved in it:Β Stay tuned!

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RFereru
RFereru

I am passionate about the world of software development, blockchain and cryptocurrencies. My hobby is photography.


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