Market Overview Asian Market Update – Thursday: Cryptocurrencies mixed, Asian stocks point higher Published 8 months ago on November 9, 2017 By Fredrik Vold The Money Makers Club now has 6 of 15 available seats. Learn more here! The Big Question: Is the recent rally ending for bitcoin? Prices of main cryptocurrencies were mixed overnight during the Asian trading session on Thursday, as the bitcoin price pointed lower, and ethereum and litecoin saw minor gains. At midday in Asia, bitcoin was down by 1.8 percent to about $7,300. Bitcoin saw a huge drop on Wednesday, falling from about $7,732 to about $7,225, despite surging nearly 2 percent before midday in Asia. The sharp fall on Wednesday came on the heel of the cancellation of SegWit2x – the controversial bitcoin protocol upgrade, as reported by CCN. The virtual currency regained a small part of the loss on Wednesday night, but it was not even close to cover the deep fall earlier in the day. Ethereum gained a slight 0.99 percent to about $311 before midday in Asia. The price of ethereum also saw a small loss of $10 on Wednesday after surging past the $300 mark earlier in the day. But problems with the virtual currency’s wallet security still lingers after reports of funds being frozen. Litecoin’s price saw the biggest gain on Thursday morning, adding 1.62 percent to change hands at about $63 at midday. Litecoin has been now trading above the $60 level since it showed strong performance Tuesday. The technical in litecoin are indicating potential for further upside in the price, in particular if it can break through the previous swing high from October of about $68. Also in the news: a board member of the European Central Bank said that the bank isn’t ignoring crypotcurrencies and that cryptocurrency trades are “speculative” and creates risks, CCN reported. In Malaysia, the country’s securities watchdog is reportedly preparing regulations for cryptocurrency, which means the country is not going to issue any blank bans on cryptocurrencies. Main Market Movers – Mid-day Asian Trading Session Indexes Value at Midday Daily Change Japan- Nikkei 225 23,368 1.98% China-Shanghai Composite Index 3,416 0.04% Hong Kong –Hang Seng 29,167 0.9% South Korea – KOSPI 2,556 0.16% Australia-ASX 200 6,041 0.42% S&P 500 E-Mini Futures 2,539 0.1% Most Asian equity indexes were trading higher on Thursday morning, led by huge gains in Tokyo that again pushed the Nikkei 225 to decade highs. The Nikkei jumped 1.98 percent to 23,368 before midday. That’s the first time since January 1992 for the index to pass the 23,000 level, according to media reports. In China, the Shanghai Composite Index was up 0.04 percent to about 3,416 before midday. In Hong Kong, the Hang Seng Index added 0.9 percent to around 29,167. Fresh data out on Thursday showed that China’s manufacturing sector remained robust in October, with the key gauge of factory activity PPI rising 6.9 percent from a year earlier, beating an expectation of 6.6 percent from Reuters. In South Korea, the Kospi gained 0.16 percent to 2,556 before midday. Tensions are high on the Korean Peninsula after US President Donald Trump on Wednesday issued strong warnings to North Korea, urging the North not to “try us.” The warning drew a usual response from North Korea, calling the US president “mad dog.” Down Under, the ASX 200 moved up 0.42 percent to 6,041 before midday. The S&P 500 E-Mini Future gained a slight 0.1 percent to 2,593. Asian investors are now focused on Trump’s visit in Beijing, where North Korea and trade are expected to be front and center in meetings between Trump and Chinese counterpart Xi Jinping. Many US corporations, represented by a delegation of 29 executives, are expected to win billions of dollars’ worth of contracts with Chinese companies, including in energy (liquefied natural gas), automobile (Ford), agriculture (soy beans, beef, pork, etc), and financials (Goldman Sachs). Apart from the business deals, analysts both in China and the US predict no major policy changes from the meetings in one of the world’s largest bilateral trades. So far the meetings seem to have eased earlier tensions between the two countries after, sending high expectations to investors across the region. Currencies The Japanese yen lost 0.12 percent the US dollar at midday Thursday to 114 per dollar. The Chinese yuan lost 0.08 percent against the US dollar to trade at 6.6304 per dollar. The Australian dollar gained 0.11 percent on the dollar, changing hands at 1.3018 per dollar at midday. Commodities WTI Oil was up 0.16 percent to $56.88 per barrel. Brent Crude gained 0.2 percent to $63.60 per barrel. Gold was up 0.07 percent to $1,281 an ounce. Business News across Asia In the Philippines, the country’s outsourcing industry, which has been a strong sector for the country given its cheap labor, is facing unprecedented challenges from the rise of artificial intelligence, per Reuters. The industry could lose $23 billion to AI. Take Away: This shows the “nightmare” about job-killing AI machines may be coming into reality. According to the story, up to 50 percent of jobs in the Business Process Outsourcing industry in the Philippines could be lost. In New Zealand, comments from the country’s central bank on the inflation outlook that have been viewed as hawkish have pushed the New Zealand dollar to a two-week high against the US dollar. Take Away: Although interest rates remain unchanged for now, expectations for future rate hikes in New Zealand are clear and forex traders are positioning themselves. Featured image from Pixabay. 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 5)You need to be a registered member to rate this. Loading... Fredrik Vold 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. Follow @HackedCom Feedback or Requests? Related Topics:Asian tradingcryptocurrenciesMarket updatePhilippines Up Next Uncertainty in Saudi Arabia as Dozens of Princes are Arrested Don't Miss ICOs Average $8.55 Million in October as More Companies Issue Raises You may like Market Update: Stock-Rally Falters with U.S.-China Trade Talks in Focus As Stock Market Peaks, These are the Best Alternatives for Growth Break through the Clutter Cryptocurrency Market Enters Corrective Phase as Majors Retreat from Recent Highs Dow Drops As Cryptos Pop Are Cryptocurrencies the Last Free Market on Earth? Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Market Overview Market Update: U.S. Stocks Rise After Fed Chairman Testimony; Earnings in Focus Published 13 hours ago on July 17, 2018 By Sam Bourgi The Money Makers Club now has 6 of 15 available seats. Learn more here! U.S. stocks rebounded Tuesday after Federal Reserve Chairman Jerome Powell told Congress that economic growth and inflation should keep the central bank on track to raise interest rates later this year. Stocks Rise All of Wall Street’s major indexes reported gains on Tuesday, with the Nasdaq Composite Index returning to record territory. The technology-focused average climbed 0.6% to 7,855.12. The broader S&P 500 Index rose 0.4% to close at 2,809.55, with seven of 11 primary sectors finishing in positive territory. Materials stocks were the biggest gainers, rising 1.3% as a cluster. Technology, consumer staples and healthcare stocks also outperformed the broader market. Dow industrials gained 55.53 points, or 0.2%, to close at 25,119.89. Expectations of 30-day volatility drifted toward six-month lows on Tuesday in a sign of prevailing calm on Wall Street. The CBOE VIX Volatility Index declined 6% to 12.06.on a scale where 20 represents the historic average. Powell Testifies Fed Chair Jerome Powell’s Congressional hearings began Tuesday in a session chaired by the Senate Banking Committee. Though not appearing overly hawkish, the Fed leader indicated that short-term interest rates are likely headed higher in the coming months. “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate,” Powell said. He added: “The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them.” The Fed’s policy-setting board is scheduled to meet July 31 but is not expected to raise interest rates again until the September gathering. Policymakers and investors have priced in two more upward adjustments this year to the federal funds rate. Powell will resume his testimony on Wednesday. Earnings in the Spotlight With corporate earnings season in full swing, investors are closely monitoring top- and bottom-line results of S&P 500 companies. Netflix (NFLX) reported weaker than expected subscriber growth late Monday, sending share prices sharply lower. According to The Wall Street Journal, the stock was poised for its single-worst session in two years. Goldman Sachs Group Inc. (GS) posted bottom-line results that were higher than expected, but rising legal costs weighed on share prices. The Wall Street giant reported per-share earnings of $5.98, crushing forecasts for $4.66. Organization-wide revenue jumped 19% to $9.40 billion, compared with estimates for $8.74 billion. The earnings season is off to a positive start with roughly nine of ten S&P 500 companies posting stronger than expected profit results. However, as of Friday, only 5% of the S&P 500’s constituents had reported. Despite the robust results, half of the S&P 500 companies that reported as of Friday said currency swings had a negative impact on their business. After a disastrous start to the year, the U.S. dollar index has returned more than 6% over the past three months. DXY rose half a percent on Tuesday. 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 5)You need to be a registered member to rate this. Loading... Sam Bourgi 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. Follow @HackedCom Feedback or Requests? Continue Reading Market Overview The King is a Fink Published 22 hours ago on July 17, 2018 By Mati Greenspan The Money Makers Club now has 6 of 15 available seats. Learn more here! Hi Everyone, It’s true, I’ve always enjoyed reading the paper. When I was younger I used to track the price of gold daily in my grandfather’s copy of the Wall Street Journal. Before that though, I was drawn to the funnies. The Wizard of ID is a classic. For those of you who aren’t familiar, it’s about a tyrannous but stout dictator, who hated it when people would call him a “fink,” even though the term has many meanings. Speaking on Bloomberg yesterday, Blackrock’s CEO Larry Fink weighed in on many important issues including the ongoing trade wars as well as shooting down recent rumors that Blackrock is about to get into crypto. The full video can be found here: With $6.28 trillion under management, Blackrock is one of the largest financial institutions in the world and Fink is definitely the king. So it pays to listen to what he sees from this unique point of view. @MatiGreenspan eToro, Senior Market Analyst Today’s Highlights Trumputin Turning Heads Earnings Season (New Tool) 75 Lambo Traffic Jam (New Research Paper on ADA) Please note: All data, figures & graphs are valid as of July 17th. All trading carries risk. Only risk capital you can afford to lose. Traditional Markets Shock and awe were witnessed on the global main stage yesterday at the Helsinki Imperial Palace, where President Vladimir Putin and Donald Trump made jaws drop by aligning themselves on more than a half dozen hot button issues. Picking up the most headlines was this statement, where Trump seemed to side with Putin over his own Intelligence Agency. Yet, despite the calls of “treasonous trump” from both Democrats and Republicans, the best the American people can hope for are some fair and compelling conclusions from special investigator Robert Mueller. Meanwhile, stock markets are firmly in the red in Asia and Europe this morning as talk of a trade war and Fed tightening overshadow bullish investor sentiment. Later today, about 30 minutes after the opening bell on Wall Street, we’ll get a special spectacle. Fed Chair Jerome Powell will be in front of the US Senate Banking Committee, in addition to his prepared statement, there’ll also be a Q&A session. Should be fun to watch. Earnings Season Underway (New Tool) For those of you holding individual stocks, which I hope is most of you, earnings reports are important. Yesterday, some sour earnings sent Netflix down by nearly 15% after hours. In order to help you keep better track of these opportunities, we’ve put together a nifty tool to help you keep track of which companies are about to publish their results. Please bookmark this page: https://www.etoro.com/investing/earnings-reports/ Simply scroll down to see the schedule, as well as the forecasted EPS. If you’re interested in a specific stock, you can click the “+” button to add it directly to your watchlist. As well, you can search directly for upcoming announcements by company or by a future date. Ether Spammer Five million green teas, 75 Lambos, 25 Coinbase seed rounds, or 0.9% of the Telegram ICO. According to Vitalik Buterin, that’s what it’s costing someone to spam the Ethereum network. On Sunday, the Ethereum network was clogged pretty much the entire day reaching a peak of 62,715 unconfirmed transactions at one point. The miners were able to get that number down to under 10,000 this morning but the two nasty spikes last night along with Vitalik’s tweet indicate that some malicious player may be intentionally creating activity on the network in order to slow it down. While Ethereum is by far the most popular platform for dApps at the moment, it’s clear that if they don’t scale quickly it may not stay that way forever. New Research Paper (ADA) Several blockchain 3.0 competitors are already under construction and after looking at all the top contenders, we’ve found that one of the most promising ones is Cardano. For your convenience, we’ve put together the following research paper in order to assist you to make the best possible investment decisions when considering this unique and exciting token for your portfolio. Please find the new research paper at: eToro.tw/Research-ADA As with all emerging technologies investing in this project may be risky. Because the network is still in its infancy, we really have no way of pinpointing exactly what each ADA token should be worth and so should only be used as a small part of a well-diversified portfolio. Let’s have an awesome day 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. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Best regards, Mati Greenspan Senior Market Analyst Connect with me on…. eToro: @MatiGreenspan | Twitter: @MatiGreenspan | LinkedIn: MatiGreenspan | Facebook:MatiGreenspan 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. (2 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Mati Greenspan 4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com. Follow @HackedCom Feedback or Requests? Continue Reading Market Overview Market Update: U.S. Stocks Under Pressure Following Trump-Putin Summit as Oil Prices Hit Three-Month Low Published 2 days ago on July 16, 2018 By Sam Bourgi The Money Makers Club now has 6 of 15 available seats. Learn more here! U.S. stocks finished mixed to lower on Monday, with sectors tied to commodities shouldering the majority of the losses following a major rout in oil prices. Stocks Mostly Lower The large-cap S&P 500 Index fell 0.1% to close at 2,798.43, with eight of 11 primary sectors finishing in the red. Energy stocks were the worst performers, falling 1.2% as a cluster, as oil prices plunged to their lowest levels in three months. Materials and industrials followed suit. Declining technology shares bumped the Nasdaq Composite Index from all-time highs. The index closed down 0.3% at 7,805.72. Dow industrials bucked the downtrend, gaining 44.95 points, or 0.2%, to 25,064.36. The CBOE Volatility Index, also known as the VIX, jumped more than 5% on Monday to close at 12.83. The so-called “fear index” briefly traded at six-month lows on Friday. Trump-Putin Summit a “Good Start” U.S. President Donald Trump says his meeting with Russian counterpart Vladimir Putin in Helsinki was a “good start” in normalizing strained relations between the two superpowers. Prior to the meeting, President Trump blamed previous administrations for the worsening relationship between both countries. Trump doubled-down on that message in a joint session following the meeting. “I hold both countries responsible. I think that the United States has been foolish. I think that we’ve all been foolish. We should have had this dialogue a long time ago, a long time, frankly, before I got to office,” Trump said. Although it’s not entirely clear what the two leaders talked about, various news sources have confirmed that talks went into a working lunch after two hours of closed-door talks. U.S. National Security Adviser John Bolton confirmed that the meeting had no set agenda. Many within the Washington camp wanted the meeting to be cancelled after 12 Russian military agents were charged with hacking the presidential campaign of Hillary Clinton. Cryptocurrency Market Recovers Bitcoin and other crypto-assets swung back into positive territory Monday amid reports that BlackRock, one of the world’s largest asset managers, has assembled a working group to explore digital currency adoption. Cryptocurrencies added $15 billion in market capitalization over 24 hours, with the bulk of the gains occurring shortly after the BlackRock report hit the airwaves. The total market peaked near $271 billion, according to CoinMarketCap, as trade volumes spiked 34% to $13.8 billion. The bitcoin price reached a high near $6,690 as trade volumes topped $4.9 billion. The largest cryptocurrency by market capitalization is closing in on last weekend’s swing high near $6,900. Prices have failed to breakout of the $7,000 ceiling in well over a month. In terms of percentage growth, bitcoin cash was the best performer in the top-ten, rising 9.5% to $795. Ethereum prices jumped 5.6% to $477 while EOS gained 8% to $8.02. 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. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Sam Bourgi 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. Follow @HackedCom Feedback or Requests? Continue Reading 5 of 15 Seats Available Learn more here. Recent Commentsphdooy on Trade Recommendation: TRONphdooy on Trade Recommendation: ICONphdooy on Trade Recommendation: Aionphdooy on Trade Recommendation: Aionphdooy on Trade Recommendation: EOS Oil Prices Plunge as Saudi Arabia Prepares Record... Bitcoin Price Rally Shows Promise After Technical... Frenzy to Get Bitcoin ETF Listed Is Clogging Up th... Update: Bitcoin Price Spikes 8% in One Hour as Mom... Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinba... Crypto Update: Bitcoin Blows Through $7000 but Alt... Dogecoin Price Surges 20% After Robinhood Listing Enroll Now! Recent Posts Crypto Update: Bitcoin Blows Through $7000 but Altcoins Still Lag Behind July 18, 2018 How ICOs Changed the Way Companies Are Built July 18, 2018 Market Update: U.S. Stocks Rise After Fed Chairman Testimony; Earnings in Focus July 17, 2018 Update: Bitcoin Price Spikes 8% in One Hour as Momentum Builds July 17, 2018 IBM Goes All In On Stablecoin Project as Mainstream Crypto Adoption Grows July 17, 2018 Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinbase Pop July 17, 2018 Dogecoin Price Surges 20% After Robinhood Listing July 17, 2018 Stock Pick: Oracle Corporation July 17, 2018 Frenzy to Get Bitcoin ETF Listed Is Clogging Up the SEC’s Email July 17, 2018 Bitcoin Price Rally Shows Promise After Technical Breakthrough July 17, 2018 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 Breaches1 week ago MyEtherWallet Compromised in Security Breach; Users Urged to Move Tokens Cryptocurrencies4 days ago Coinbase Announcement Sends Five Cryptocurrencies Into Double-Digit Growth Opinion6 days ago A Reminder to Hodl: Bitcoin’s 68% Retracement Isn’t Unusual Market News1 week ago Cryptocurrencies Barreling Toward the Mainstream Despite Economist Fears Bitcoin3 days ago Where Do Bitcoins Go When They’re Lost? Altcoins4 days ago Stellar Price Surges on Tempo Backing, Coinbase Speculation ICO1 week ago ICO Analysis: Pool Of Stake Market News1 week ago Is Sergey Brin’s Ethereum Mining Operation Running on the Cloud?