Connect with us

Bitcoin

Asian Market Update: Bad Day for Coins – Both Bitcoin and Ethereum Are Down

Published

on

The Big Question: Has Bitcoin Reached a Temporary Peak?

Investors might be losing confidence over a recent rally that saw a few record highs in Bitcoin price.

After trading above $4,300 on Thursday, the price for Bitcoin fell sharply, and is currently trading below $3,700, well below the $4,000 mark.

Some traders are reportedly losing confidence in the recent rally and believe that a correction is in order after bitcoin prices fell under the $4,000 mark several times since it first surpassed it. Others believe bitcoin will consolidate around $4,000.

Meanwhile, Ethereum also took a steep fall on Tuesday. After having gained sharply the day before, Ethereum quickly went into a dive, trading as low as 295 at one point. As of time of this writing, Ethereum was trading just above the 300 level, where it appears to have found some support.

Main Market Movers – Mid-day Asian Market Update

Indexes Value at Midday Daily Change
Japan-Nikkei Stock Average 225 19,406.61 0.07%
China-Shanghai Composite Index 3,289.75 0.09%
Hong Kong-Hang Seng Index 27,437.92 1.04%
Australia-ASX All Ordinaries 5,801.70 0.83%
India-Mumbai Sensex 31,258.85 -0.84%

Major Asian indexes saw minor gains on Tuesday, led by Hong Kong’s Hang Seng, which saw a 1.04 percent increase.

In Japan, the Nikkei 225 reversed a loss on Monday as it edged up 0.07 percent to 19,406.61.

In China, the Shanghai Composite Index was also slightly up, having gained 0.09 percent to 3,289.75.

In Australia, the benchmark ASX All Ordinaries was up 0.83 percent to 5,801.70.

India’s Mumbai Sensex was down 0.84 percent.

With little broad economic data expected this month, investors are playing close attention to developments in the Korea Peninsula and an upcoming meeting of central bankers in Jackson Hole, Wyoming.

Tensions are high in the Korea Peninsula as US and South Korea militaries continue on a drill in the region. Though the number of US troops participating in the drill is down from previous drills, the drill, coming at a sensitive time, could further escalate the tension. The rogue North Korean government is showing no sign of backing down, calling the drill “reckless” and threatened nuclear war again.

In the short term, though, the gathering of global central bankers could be the main force in moving markets. The focus will be on a scheduled speech by US Fed Chair Janet Yellen in Jackson Hole, as the US is still under a tepid inflation cloud.

US President Donald Trump’s speech on Afghanistan, in which he raised the possibility of increased US military presence in Afghanistan without giving any details, did not appear to bother Asian markets much on Tuesday.

Currencies

The Japanese yen lost 0.25 percent against the US dollar. The USD/JPY exchange was at 1.09.2500 as of press time at 11:50 am.

The Chinese yuan strengthened 0.12 percent against the greenback, trading at 6.6577 per US dollar.

The Australian dollar gained 0.03 percent against the US dollar. The AUD/USD was trading at 0.7941.

Commodities

WTI Oil was up 0.36 percent to $47.54

Brent Crude gained 0.33 percent to $51.83 per barrel

Gold was down 0.18 percent to $1,294.40 an ounce

Business News across Asia

In China, the market is still talking about a restructuring plan from China Unicom, the second-largest telecom carrier in the country. The State-owned company announced a $11.7 billion ownership reform plan, under which private companies such as Alibaba Group and Tencent acquired a total of 35.19 percent. Stocks of China Unicom in Shanghai jumped more than 10 percent immediately after market open, while shares in Hong Kong dipped 1.6 percent.

Take away: The China Unicom move could mean more gigantic State-owned firms could pursue similar ownership shake-up in the coming months.

In Japan, the Bank of Japan is expanding its stock purchase as regional tensions and stagnating domestic economic growth plagued the Japanese stock market. The BOJ bought 3.58 trillion yen of stocks so far in 2017, while foreign investors only purchased 301.6 billion yen, per Nikkei Asian Review.

Take Away: The BOJ has 2 trillion yen more in buying power but negative side effects might surge.

In India: A nation-wide strike at public banks is taking place after unions called for the strike to protect against a government proposal to privatize public sector banks.

Take Away: Though operations at public banks remain open on Tuesday, services might get affected.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.3 stars on average, based on 37 rated postsFredrik Vold is an entrepreneur, financial writer, and technical analysis enthusiast. He has been working and traveling in Asia for several years, and is currently based out of Beijing, China. He closely follows stocks, forex and cryptocurrencies, and is always looking for the next great alternative investment opportunity.




Feedback or Requests?

Analysis

Crypto Update: Bitcoin Blows Through $7000 but Altcoins Still Lag Behind

Published

on

The relief rally in the cryptocurrency segment continued in earnest today, as Bitcoin still lead the way higher posting its best daily performance since April. The most valuable coin stole the show, although the whole market blasted higher, with the total value of the coins getting close to $300 billion, up by around 20% in a matter of days.

While the segment is still not out of the woods, BTC triggered a short-term buy signal in our trend model, as it overcame major resistance levels for the first time since May, finally showing some technical progress. That said, most of the majors are still stuck in, or right at the top of their trading ranges, and besides Bitcoin, buy signals are few and far between even considering the smaller coins, as correlations are still very high.

Trading volumes were also the highest in months, as especially Bitcoin triggered automatic orders while surging through several strong resistance levels. Bulls would still need further coins to join the break-out and fro now the long-term setup is still just little changed.

BTC/USD, 4-Hour Chart Analysis

BTC cleared the $6750, $7000, and $7350 levels in a bit more than an hour, and the epic short squeeze settled down near the latter resistance, for now. The coin is now on a short-term buy signal, and should a higher low form in the coming days, a new short-term uptrend could be established.

The coin needs to stay above the $7000 level to keep the signal intact, and given the relative weakness in Altcoins, the long-term outlook is still mixed. Resistance is now ahead between $7650 and $7800, while further support is at $6500.

Ethereum at $500 as Ripple Tests $0.51

ETH/USD, 4-Hour Chart Analysis

While Bitcoin is already above primary resistance, Ethereum is trading right at the $500 level, leaving the short-term trading range intact. The coin is close to triggering a buy signal, but it remains relatively weak and traders should wait for follow-through before playing a possible trend change. Primary support is still found at $450, with other levels at $420, $400, $380, and $360, while further resistance is ahead between $555 and $575.

XRP/USDT, 4-Hour Chart Analysis

With all of the majors registering large gains, and even some the recently weak coins like LTC, XRP, and Dash are trading near key resistance levels, further short-term buy signals could pop up in the segment, but until a confirmed new uptrend, traders should remain cautious with new positions.

As an example, Ripple is trading slightly above the $0.51 resistance currently, but a break-out is not yet confirmed, and the trading range remains dominant. Further resistance levels are ahead at 0.54 and $0.575, while support is now found at $0.49 and $0.45.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 293 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.




Feedback or Requests?

Continue Reading

Bitcoin

Update: Bitcoin Price Spikes 8% in One Hour as Momentum Builds

Published

on

The bitcoin price spiked on Tuesday shortly after Hacked predicted a possible bullish breakout for the world’s largest cryptocurrency.

BTC/USD Price Update

Bitcoin is up 10% over the last 24 hours, including an 8% spike between 13:39 UTC and 14:24 UTC. According to CCN, the currency peaked at $7,483, its highest in five weeks.

The bitcoin price would later consolidate around $7,340 for a total market capitalization of $126 billion.

Just a few hours earlier, Hacked predicted that an imminent breakout was likely after prices breached the 20-day and 50-day moving averages. At the time, the Relative Strength Index (RSI) was in the mid-60s, which confirmed the bullish pattern.

Crypto Market Rallies

In typical fashion, the broader cryptocurrency market followed bitcoin’s upward trajectory, with the majors reporting 24-hour gains of between 6% and 9%. The total cryptocurrency market is now valued at $292 billion, the highest since June 12.

Trade volumes have also spiked, reaching $17 billion over the past 24 hours. That too is the highest level since late June.

As Hacked previously reported, cryptocurrencies are being propelled higher on speculation that major institutions are planning to enter the blockchain arena.

On Monday, it was also reported that Coinbase received regulatory approval to start listing so-called security tokens, becoming the first U.S.-regulated platform to do so. The approval was granted by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, which felt that Coinbase’s strategic acquisition of three companies was enough to open regulatory pathways to securities listings.

The acquisitions included Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 5 (4 votes, average: 4.75 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 499 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.




Feedback or Requests?

Continue Reading

Bitcoin

Frenzy to Get Bitcoin ETF Listed Is Clogging Up the SEC’s Email

Published

on

The Securities and Exchange Commission is apparently fielding a tidal wave of messages from crypto-currency enthusiasts after an exchange recently sought approval to list a Bitcoin ETF.

It has been three weeks since the SEC first asked for feedback on Cboe Global Markets Inc.’s request to change its listing rules and allow a crypto exchange-traded fund.

Since then, more than 90 individuals have submitted comments. That’s 10 times the number of responses the SEC previously received when it asked for opinions on another Bitcoin ETF listing back in April. It is apparent that the appetite for such a product is far higher then before.

The over-enthusiasm of the blockchain community is also spilling over into other areas of regulation. For instance, out of 19 of 21 comments left on the agency’s potential ETF rule change are desperately begging for the Bitcoin fund. Furthermore, the actual proposal for the ETF doesn’t mention Bitcoin, crypto or blockchain on any of its 286 pages whatsoever.

The SEC has spent much of the last 12 months preoccupied with damping attempts to bring a Bitcoin ETF to market.

After the currency’s precipitous climb to more than $18,000 last year, the commission in would-be issuers to withdraw their applications until asset managers could reliably answer a series of questions on custody, liquidity, market manipulation, valuation, and arbitrage. Bitcoin has since fallen to around $6,600, although it was rallying all of yesterday.

Although there were many alternately entertaining and informative comments, the commenter who best summed up the fervor of crypto left his comment under the pseudonym, “Noah’s Ark of Crypto.”

He said, “To all the Peter’s Bob’s, Linda’s and Nancy’s reviewing this bill, this all comes down to one thing: Innovation. Do you want to be at the forefront of historical financial technology or do you want to be left behind as the plebs of the western world?”

Brutal. But potentially warranted.

A more serious take was left by an analyst ostensibly employed by analyst firm Ernst Young. The commenter wrote, “Creating regulations for crypto ETF’s allows for certainty and reliability to emerge in a market that desperately needs it.

As the rise of crypto use-cases becomes more prolific it is of the utmost importance to the crypto community, as well as in the best interest of the United States financial system at large, to engage in drafting regulations to mitigate fraud, corruption, and dubious practices.

The SEC, coupled with other levers of regulation such as FINRA, hold the largest opportunity to propel cryptocurrency to new all-time highs by shoring up uncertainty in the market. Please don’t squander this opportunity. Thank you.”

Both comments seem to share the assessment that if the SEC does not relax its oppositional stance the only losers will be the United States relative to other countries.

Since this new filing was released for comment, the SEC has also postponed a decision on another prospective Bitcoin-related listing change until later this September.

Both requests were made by Cboe, which has repeatedly urged the SEC to consider approving crypto ETFs. It will be interesting to observe if the SEC has changed its mind and/or will bow to public pressure.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 10 rated posts




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending