Market Overview Asian Market Update – Tuesday: Coins point lower after recent gains Published 11 months ago on September 19, 2017 By Fredrik Vold The Money Makers Club now has 6 of 15 available seats. Learn more here! The Big Question: What is affecting coin prices? Prices of cryptocurrencies pointed lower overnight during the Asia trading session, after a strong recovery in the last a couple days following turmoil caused by a cryptocurrency crackdown in China. At midday in Asia, the price of bitcoin was down 2.48 percent to $3,999.95, just below the $4,000 mark. The digital currency has posted strong gains since Friday, as it surged from as low as $2,990 to about $4,100 early Tuesday morning. The price of ethereum has been following the trend of bitcoin. The virtual currency was down about 2.51 percent to $289.35 around midday. Ethereum has also surged from a low of near the $200 level up to the $300 mark on Monday. Cryptocurrencies still face looming regulatory uncertainties, though they have shown strong resistance against regulatory tightening in China. In the US, regulators are set to have discussions about blockchain technology next month at a meeting of the Securities and Exchange Commission (SEC). What could come out of that meeting is not yet clear, but US regulators have voiced warnings against potential risks in an earlier report on an investigation into an ethereum-funding vehicle. Positive news has emerged from countries like Australia, Canada and Estonia. Media reports said that the Australian government is mulling a plan to removing a layer of tax for purchases made with cryptocurrenceis. The current system tax coin users twice when making purchases, according to reports. Earlier news also showed that governments in Estonia and Canada are more positive about initial coin offerings than what was seen in China. While cryptocurrencies might be resistant against regulatory changes overall, short-term turbulence is still likely to happen if any countries announce new regulations. Main Market Movers – Mid-day Asian Trading Session Indexes Value at Midday Daily Change Japan-Nikkei 225 20,209.73 1.51% China-Shanghai Composite Index 3,353.04 -0.29% Hong Kong – Hang Seng 28,122.41 -0.13% Australia-ASX 200 5,726.20 0.06% South Korea-KOSPI 2,413.72 -0.19% Major Asian indexes were mixed at midday in the Asian trading session Tuesday, as investors kept an eye on a meeting of the US Federal Reserve and regional geopolitics remain unclear. In Japan, the Nikkei 225 shot up 1.51 percent to 20,209 at midday, after investors returned to trading from a public holiday on Monday. In Greater China, stocks were slightly down. The Shanghai Composite Index edged down 0.29 percent to 3,353 before midday. In Hong Kong, the Hang Seng Index fell 0.13 percent to 28,122. In South Korea, the KOSPI index also dropped a slight 0.19 percent to 2,413. Down under, the ASX 200 climbed 0.06 percent to 5,726. A US Fed meeting is set to hold discussions about the possible unwinding of the US Federal Reserves’ massive $3.7 trillion portfolio of Treasuries and mortgage-backed securities accumulated during the financial crisis in 2008. While markets remain calm over the talks, some analysts warn things could go wrong as well if investors take the wrong cue. The US Fed meeting will also focus on its position on interest rates. Meanwhile, North Korea is still in the news. The US and South Korean forces conducted a military drill on Monday following a recent missile launches from the North. The Korean Peninsula is also expected to top the agenda for a gathering of heads of states at the United Nations this week. Currencies The Japanese yen gained 0.03 percent against the US dollar at midday on Tuesday. The USD/JPY rate was at 111.54. The Chinese yuan depreciated by 0.26 percent against the US dollar to 6.5894. The Australian dollar lost 0.1 percent on the dollar, changing hands at 1.2446 per dollar at midday. Commodities WTI Oil was up 0.32 percent to $49.90 per barrel. Brent Crude gained 0.02 percent to $55.40 per barrel. Gold was up 0.08 percent to $1,307.82 an ounce. Business News across Asia In China, regulators are reportedly drafting a plan to open the Chinese financial market to global investors. The People’s Bank of China, the central bank, is holding a meeting on Tuesday to discuss the plan, though details remain murky. Take away: The massive Chinese financial market is mostly closed to foreign investors. Removal of restrictions could give more access to foreign investors into the market, though any radical changes are unlikely. In India, much of the news is still focused on a railroad project between Mumbai and Ahmedabad with an estimated cost of $18 billion. Part of investment will come from Japan. Take Away: With economic growth slowing in the first half the year, India’s Prime Minister is under pressure to take some action. So far cooperation with Japan on railroads appears to be the first order of business, but criticism still remains in the country. 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 trading sessioncryptocurrenciesMarket update Up Next Dow Jones Shows Remarkable Poise as Record Streak Hits Six Days Don't Miss Daily Analysis: US Stocks at All-Time Highs as Cryptocurrencies Jump 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 Fall on Trade, Emerging Market Tensions; Cryptocurrencies Recovers $20 Billion Published 6 hours ago on August 15, 2018 By Sam Bourgi The Money Makers Club now has 6 of 15 available seats. Learn more here! Stocks and commodities faced brisk selloffs Wednesday, as lingering risks on the trade and emerging-market fronts dampened investors’ appetite for riskier assets. Meanwhile, cryptocurrencies staged a large relief rally led by bitcoin and Ethereum. Stocks Decline Wall Street’s major indexes finished well off session lows on Wednesday. The Dow Jones Industrial Average closed down 137.51 points, or 0.5%, at 25,162.41. The broader S&P 500 Index declined 0.8% to 2,818.37. Both averages were down more than 1% earlier in the day. Meanwhile, the technology-driven Nasdaq Composite Index fell 1.2% to 7,774.12. Losses were spread out across seven major sectors, with energy shares falling 3.4% as a whole. Materials, tech companies and discretionary shares also fell more than 1%. The CBOE VIX, also known as the fear index, rose by as much as 27% to reach 16.86. VIX settled at 15.05, gaining 13.1%. Oil Prices Sink to Two-Month Lows Crude plunged to more than two-month lows Wednesday after U.S. government data showed a large, unexpected jump in weekly inventories. The U.S. Energy Information Administration (EIA) reported a stockpile rise of 6.8 million barrels for the week ended Aug. 10, confounding estimates for a 2.5 million-barrel drop. The jump was associated with a sharp rise in crude imports and a fall in exports. The world’s largest economy imported 1 million barrels per day, data showed. U.S. West Texas Intermediate (WTI) futures reached a session low of $64.51 a barrel, which would have marked the lowest settlement on the New York Mercantile Exchange since April. At last check, WTI was down $2.08, or 3.1%, to trade at $64.96 a barrel. ICE’s Brent contract declined $1.70, or 2.4%, to $70.76 a barrel. Cryptocurrencies Rebound Digital assets recovered tens of billions in lost market cap Wednesday, with bitcoin and Ethereum emerging as the biggest gainers. Bargain hunters scooped up ether at 14-month lows after following a 35% rout over seven days. At press time, the ether price had gained nearly 13% to $294. After a successful defense of $6,000, bitcoin rose 6.5% to $6,495. The largest cryptocurrency by market cap controls just over 53% of the total market. That figure approached 55% on Tuesday. The total cryptocurrency market was worth $209.5 billion Wednesday, up more than $20 billion from Tuesday’s low. Total trade volumes averaged around $14 billion. Despite the gain, analysts have warned that the price outlook for cryptos remains negative amid the recent cash-out of ICOs. 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 547 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 Analysis Pre-Market: Selling Resumes as Dollar Extends Rally Published 11 hours ago on August 15, 2018 By Mate Cser The Money Makers Club now has 6 of 15 available seats. Learn more here! Global stocks are sharply lower today after the US open, as a bearish Asian session was followed by a lackluster European showing, and the major US indices also opened lower, erasing yesterday’s gains. Emerging markets are still to be blamed for the current selloff, even as the underlying cause is still the global tightening cycle and the Dollar’s rally. S&P 500, 4-Hour Chart Analysis The Chinese stock market and the Yuan led the way lower today, with the Shanghai Composite getting close to hitting new bear market lows, and with the currency hitting fresh 13-month lows. European stocks also continued their relatively weak streak, with the DAX trading at the lowest level since the end of June. The undoubtedly leading US benchmarks are all down by more than 1% today, but they are still close to their all-time highs, even as the divergences are just getting deeper and deeper. Shanghai Composite, 4-Hour Chart Analysis The Turkish Lira is still in the center of attention, as the battered currency added to yesterday’s gains after the Turkish central bank intervened in the interbank markets. The bank made it harder to short the Lira, which in effect also make it harder to hedge against the decline of the currency, so basically the country started on the road of capital controls. USD/TRY, Daily Chart Analysis While preventing a run on the currency is a legitimate goal, by not changing its confrontative stance and not taking steps to clam the market, the risk of a massive capital flight is still very high. The broad rally in the Dollar is just making matters worse for the country, and contagion is far from being dodged by global markets at this point. With several European markets being closed the large pre-market moves are not a surprise, even as the key economic indicators leaned bullish before the bell. The most awaited US retail sales report was a sizeable beat in both the headline, and the more reliable core figure, although the previous numbers were revised lower. The Empire State Index was also well above the consensus estimate, but US industrial Production missed, similarly to yesterday’s Chinese and European indicators in the segment. Dollar Break-Out Continues EUR/USD, 4-Hour Chart Analysis The US Dollar’s surge is arguably the most important trend globally, and the reserve currency confirmed its break-out to new 13-month highs today, as the EUR/USD pair hit 1.13, the GBP/USD pair trading with a 1.26 handle for the first time in a year, and with commodities suffering heavy losses again. Copper Futures, 4-Hour Chart Analysis We have been following copper’s struggle to stay above the key support zone near $2.7, and today’s Asian weakness sealed the faith of the commodity for a while as Dr. Copper hit a new 14-month low itself, signaling that more trouble is ahead for China and the commodity-complex. Gold is also at levels not seen since early 2017, and crude oil gave up its recent bounce falling to an 8-week low, getting close to $65 per barrel with regards to the WTI contract. 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. 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... Mate Cser 4.6 stars on average, based on 318 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. Follow @HackedCom Feedback or Requests? Continue Reading Market Overview Turkish Coffee Hangover Published 15 hours ago on August 15, 2018 By Mati Greenspan The Money Makers Club now has 6 of 15 available seats. Learn more here! Hi Everyone, Hope you’re having a fine day. Thanks again to everyone sending me their thoughts, opinions and articles. It’s really amazing. One thing that several people have asked me to comment on already is this story. So here goes. Indeed, this is an exciting step towards the integration of blockchain technology into traditional finance. It’s nice to see such a reputable institution such as the World Bank using a private Ethereum network to monitor their new bond. However, we’re really just scratching the surface with this one. In the realm of programmable money, the practical applications of this new tech are limited only to our imagination. So, to use it to manage bonds is nice but it somehow feels like we’re not living up to the full potential with this one. As one pundit put it… this is almost like when the world celebrated the internet’s groundbreaking ability allowing people to order DVD’s from the comfort of their living room. @MatiGreenspan eToro, Senior Market Analyst Today’s Highlights Turkish Coffee Hangover Dollar is Strong Crypto Support Please note: All data, figures & graphs are valid as of August 15th. All trading carries risk. Only risk capital you can afford to lose. Traditional Markets The excessive energy that the financial markets received from the “emerging markets currency sell-off” seems to have faded by now. Indeed, the entire debacle felt kind of like a strange rush of exuberance similar to the experience of drinking some very strong coffee. What we’re left with is contained fatigue. Volatility has now returned to normal and the Lira seems to be in retracement. This despite the fact that neither Trump nor Erdogan seem ready to give any ground. In fact, the Turkish president announced a boycott of American technology yesterday and specifically targeted the iPhone, advocating Samsung instead. AAPL was notably unaffected. One thing that might be worth watching is the EEM Emerging Markets ETF that lost significant ground over the last few days and is now testing the lows. Looking at the stocks today, things do seem to be in the red again. Let’s see how things progress. Precious metals are also down so be careful out there. Take a look at Copper for example, which is down more than 1000 pips in the last 48 hours. Dollar is King As we discussed in yesterday’s update, all these progressions seem to be a direct reaction to the strength in the US Dollar. A tightening labor market mixed with creeping inflation is causing the Federal Reserve to take aggressive action. The Dollar’s strength against other major currencies can be seen quite clearly since the start of the month. As well, the Dollar Index seems to have experienced some sort of breakout in the last few days. Crypto Support The crypto market is rebounding today after yesterday’s sizable sell-off. This relief rally has many alternative investors breathing easier, as we have green across the board. The range we’ve been watching on bitcoin has been holding rather well. Since the beginning of the year, we’ve seen buyers stepping in about halfway through the $5K handle (yellow line), which is approximately what analysts estimate is the cost to mine bitcoin. On the upper side, resistance is being maintained by the 200-day moving average (blue line). While the stable range should be seen as a positive sign, a breakout in either direction is always a possibility. 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. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Mati Greenspan 4.7 stars on average, based on 122 rated postsSenior Market Analyst at Etoro.com. Follow @HackedCom Feedback or Requests? Continue Reading 5 of 15 Seats Available Learn more here. Recent Commentsfractalogic on Bankers and Bitcoinfractalogic on Augur (REP) Backtracks to 16-Month Lows; Aurora (AOA) Falls Awayjhmblvd on Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds UpSholaO on 2018: Year of the Crypto Fundridge195 on Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds Up Why Investors Should Pay Attention to OmiseGO Ethereum Price Rebounds from 14-Month Low; Long-Te... Bankers and Bitcoin Crypto Update: Market Surges 10% but Downtrend Sti... CBOE Aims to Be the First to List Bitcoin ETF The Long-Awaited Altcoin Extinction Event May Be N... XRP Price Plunges Again; Down 93% from Record High... Enroll Now! Recent Posts Market Update: U.S. Stocks Fall on Trade, Emerging Market Tensions; Cryptocurrencies Recovers $20 Billion August 15, 2018 CoinShares Bitcoin ETN Adds USD, Markets Rally August 15, 2018 Coinbase Chief Brian Armstrong on Bitcoin Bubbles and Corrections August 15, 2018 Bankers and Bitcoin August 15, 2018 Ethereum Takes Baby Steps to Recovery as Global Markets Surge 10% August 15, 2018 CBOE Aims to Be the First to List Bitcoin ETF August 15, 2018 Ethereum Price Rebounds from 14-Month Low; Long-Term Growth Still Intact, Says Co-Founder August 15, 2018 Why Investors Should Pay Attention to OmiseGO August 15, 2018 Pre-Market: Selling Resumes as Dollar Extends Rally August 15, 2018 Crypto Update: Lisk’s Bearishness Hides True Trend August 15, 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 Altcoins1 week ago Why Investors Should Pay Attention to Waves Altcoins1 week ago Why Investors Should Pay Attention to VeChain Analysis1 week ago Has Ethereum Lost Its Cache? Analysis5 days ago Crypto Update: Coins Hit New Lows as Dead Cat Bounce Fizzles Out Altcoins6 days ago Why Investors Should Keep an Eye on Zilliqa (ZIL) Analysis1 week ago Crypto Update: Dogecoin’s Bearishness Fogs Bullish Outlook Altcoins1 week ago IOTA Price Affected by Controversy, Internal Strife Analysis6 days ago Crypto Update: Dead Cat Bounce?