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All That Money

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Hi Everybody

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Hope you had an awesome weekend. If you’re investing in cryptos you definately did.

The cryptocurrency markets are surging again with Bitcoin leading the way. The shiny digital currency saw a new all time high over the weekend to top $3,344 a coin.

All that new value that materialized with the emergence of Bitcoin Cash has been sucked up by Bitcoin itself as we’ll discover below.

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@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

President Out

OPEC Talks

Another Fork Coming

Please note: All data, figures & graphs below are valid as of August 7th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Failed healthcare, new Russia Sanctions, Tax reform hasn’t even started yet, North Korea sanctions ramping up, Special Investigator on his tail, but where is the President?

On vacation, playing golf, of course.

Trump must’ve mentioned every single time that Obama smacked the little white ball so it’s only fitting that we do the same for him.

The man can afford a break though. The markets are behaving nicely. The Dow Jones has now broken a new all time record for eight straight sessions in a row and the U.S. Dollar is weakening just like he wanted it to.

Sticky Stuff

Members of the OPEC oil price fixing group will be meeting today and tomorrow. Last time they met markets were impressed by their ability to speak about the option to intervene in markets and prop up the price further if needed.

If they were disapointed by the fact that Nigeria and Libya were not discussed, it didn’t show up in the price. The articles preparing for today’s meeting seem almost exactly the same as they did ahead of the last. With many analysts stating that they need to put output caps on the two delinquent countries.

The price of oil is dipping this morning as it did last time. Will the members say something different this time? Will the markets react the same?

Though the fundamentals are strikingly similar the technicals are much different. In the last meeting the price was relatively low. Right now, we’re at a price that could be seen as average.

The blue line in the graph below is the 200 day moving average. The dotted yellow line represents a strong resistance that has been building over the course of this year. Of course, let’s not forget the very round level of $50 a barrel that we are now hovering just below.

A $2 move up would mean a breakout of all three key figures. A $2 move in the other direction would mean that they’re holding strong.

Bitcash Down

All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin.

Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning.

During the same time, the market cap of Bitcoin was $44 Billion, and it is now up above $53 Billion.

Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.

This hard fork that came out of nowhere threw a monkey wrench into the bitcoin scaling debate. However, that debate is still playing out and it seems we’re finally reaching a consensus. SegWit is now almost certain to be implemented shortly and miners are showing overwhelming support for the SegWit2x solution.

So, within the next few months, we will likely get another hard fork. This one with overwhelming support from the Bitcoin community.

Let’s have an awesome week ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Featured image from Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 72 rated postsSenior Market Analyst at Etoro.com.




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2 Comments

2 Comments

  1. embersburnbrightly

    August 7, 2017 at 3:46 pm

    That disparity between US stock values and US dollar values is quite scary, especially since I’m a resident of the US. What happens to the US dollar when an overvalued stock market suddenly crashes? Nothing good for those who use that currency for their nation’s economy.

    “Make America Broke Again.”

    🙁

  2. fadishop

    August 7, 2017 at 4:39 pm

    About Bitcash. It is an opinion of a market trader, a Bitcoin fascist, who is bought in Bitcoin, does not accept discrepancies and can not see that the Bitcoin transfers do not work and that Bitcash does not have support but it is a solution at the moment. It does not matter how important it is to have a market, to be bought and to find the trend.
      I have been a miner and I understand that they ask for more rewards, the exchanges ask for more commissions but when they make the transfers they ask for $ 4 and they only pay $ 0.5 on the network. Bitcoin continues with the same problems.

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Altcoins

Stellar Lumens Leads Market Recovery After MobileCoin Crowdraise

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Stellar Lumens led the cryptocurrency price recovery on Thursday after a privacy-based ICO by the name of MobileCoin raised $30 million using the Stellar Consensus Protocol. The announcement drew greater foot traffic to XLM despite a broad pullback in the market mid-week.

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XLM/USD Price Levels

The value of Stellar Lumens (XLM/USD) is up nearly 17% at the time of writing to trade at $0.404. The cryptocurrency is trading just a fraction of a cent below its most recent two-month high set on Tuesday.

Lumens, which normally trades against other major cryptocurrencies, was last valued at 0.000044 BTC (+4.8%) and 0.000618 ETH (+4.8%).

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Daily trading volumes amounted to $187 million, according to data provided by CoinMarketCap. Binance is the largest market for XLM, with roughly one-quarter of total transactions processed through the exchange. Poloniex and Upbit each represent roughly one-fifth of the XLM market.

Stellar led a strong market recovery on Friday, with every coin in the top-25 recording gains. At the time of writing, the cryptocurrency market was valued at $415.5 billion with total transaction volumes worth $27.4 billion.

MobileCoin ICO

The conclusion of MobileCoin’s multi-million-dollar ICO was a large catalyst for the XLM rally on Thursday. The privacy-based mobile token employs the Stellar Consensus Protocol to streamline mobile payments more quickly.

Once the MobileCoin network is launched, users will be able to integrate mobile payment features with popular messaging programs, such as WhatsApp. The Canadian startup is backed by Binance Labs and other prominent players in the blockchain industry. It launched its token sale via Ethereum, where one MOBL token was valued at $0.10. The crowdraise easily topped the soft cap target of $20 million. The funding round was denominated largely in bitcoin and ether.

Stellar’s integration with MobileCoin is significant for several reasons. For starters, it gives Stellar a foothold in the mobile payment market at a time when more blockchain-based startups are looking to disrupt the space. This means Stellar could become the bridge for users looking to use blockchain solutions to send and receive money through instant messaging services.

Secondly, Stellar is already positioning itself as a possible launchpad for initial coin offerings. Although MOBL is not a Stellar-based project, integration with SCP suggests companies are attracted to the platform’s speed and scalability. While Ethereum is the undisputed king of the ICO market, Stellar has put forward favorable solutions for overcoming the so-called gas problem.

As a value proposition, Stellar has carved out a strong presence in the top-ten cryptocurrencies when measured in terms of market cap. The platform is currently No. 8 with a total value of $7.5 billion, which is roughly $120 million shy of Cardano.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 358 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Is the Tokyo Whale Planning His Next Big Move?

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Roughly 16,000 units of bitcoin were transferred from the Mt Gox wallet this week, igniting speculation that the ‘Tokyo Whale’ was planning his next fire sale.

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Mt Gox Liquidation

The CryptoGround monitoring service reported Thursday that nearly $141 million worth of BTC was transferred out of a wallet associated with the now defunct Mt Gox, once the world’s largest cryptocurrency exchange. The motivation for the transaction is not clear but there’s strong reason to believe that the trustee in charge of liquidating Mt Gox is planning his next sell order.

According to Twitter account associated with CryptoGround, it is unclear whether the coins have been sold.

“Looks like 16k BTC from Mt Gox were consolidated to this address We obviously don’t know if they were sold or just moved for some other reason,” tweeted Alistair Milne, a bitcoin entrepreneur.

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Nobuaki Kobayashi, the so-called Tokyo Whale, has been tasked with offloading all remaining assets associated with Mt Gox. The trustee has already sold $400 million worth of bitcoin and bitcoin cash since September. Roughly $1.9 billion worth of digital currency remains to be sold.

Whale Sightings and Market Prices

Cryptocurrency traders are naturally curious about Kobayashi’s ongoing efforts to liquidate wallets linked to Mt Gox. The fear is that oversized sell orders could spark a sharp decline in bitcoin’s market value, making the digital currency harder to evaluate.

According to analysts, Kobayashi may have been partially responsible for the market’s sharp downturn on Wednesday. However, this has not yet been confirmed.

Bitcoin’s multi-week rally has prompted several sell orders from some of the world’s largest cryptocurrency wallets. Last week, whales unloaded a combined $100 million in BTC after the digital currency skyrocketed above $8,000. Bitcoin’s third-biggest wallet offloaded 6,600 units of the digital currency last week, followed by a sell order of 6,500 for anonymous wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r.

While the trades were associated with a sizable drop in prices, bitcoin quickly regained momentum en route to fresh highs above $9,000. The digital currency briefly returned to those levels on Thursday before consolidating around $8,900 on the major exchanges.

Interestingly, the trade that ignited bitcoin’s bullish reversal may have been placed by a whale, or a large institutional investor. Bitcoin prices first crossed $7,000 on Bitfinex before the rally extended to other exchanges.

The cryptocurrency market peaked at $437 billion earlier this week, having gained roughly $188 billion from the Apr. 6 swing low.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 358 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Correction Continues but Uptrend Not in Danger

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The major cryptocurrencies are consolidating in a choppy range today following yesterday’s sharp pullback, with the total value of the market stabilizing near the $400 billion level. All of the largest coins found support above key support levels, keeping the bullish trend intact, as the overbought readings are being cleared.

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While the correction will likely continue and our trend model is still only neutral from a short-term perspective in the case of most of the coins, the underlying trend is positive, and we expect the recovery to resume after the dip.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin fell below the $9000-$9200 support/resistance zone during the pullback, but it remained above the $8400 level that marks the previous swing high. The MACD indicator is still showing a downswing, but it is now in neutral territory, and the coin could already be ready to resume the uptrend and aggressive traders could enter new positions, using the overnight low as a stop loss level. Below $8400, further support is found near the $7650 level, while targets are ahead at $10,000 and $10,500.

ETH/USD, 4-Hour Chart Analysis

Ethereum found support just below the $600 level and moved back to the vicinity of the $625 support level holding within the steep short-term uptrend.  A break below the trendline is still likely, and a test of the $555 to $575 zone is possible after the strong rally. That said, ETH, one of the leaders of the upswing is expected to resume the recovery after the correction, and long-term investors should hold on to their coins despite the move. Further support is at $500, with targets still ahead near $735, $780, and $845.

EOS Holding Up Well Amid Broad Correction

EOS/USD, 4-Hour Chart Analysis

EOS has been spearheading the broad rally in the segment, and the coin got close to the prior all-time high before the current correction, being the largest coin to do so since January. Although the currency retreated somewhat from the highs, it remains from a short-term perspective and traders should use tight stop losses or reduce their positions as correction risk is high here.

IOTA is the closest to giving a short-term buy signal among the majors, as it began the correction earlier and found strong support near the previous swing high, while there are no negative outliers that would hint on a failed rally off the recent multi-month lows. With that in mind, long-term investors could still use the current correction to boost their altcoin holdings.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 235 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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