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Better Late Than Never

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Six months since Brexit was officially triggered it seems that talks may finally be on track. After a few short detours, all cylinders are firing today.

Though there are still disagreements in how the UK will look without Europe at least everyone is finally talking about it. Better late than never.

May will be attending a Euro gathering in Estonia today to push her agenda. However, some of the other attendees have very big agenda’s as well.

Emanuel Macron, for example, has just delivered a huge speech on the unification of Europe. His plan is full of specific proposals to make the continent great but will require a lot of work and full focus.

@MatiGreenspan
eToro, Senior Market Analyst

Please note that there will be no market update tomorrow due to local holidays. We will resume as normal on Monday October 2nd.

 

Please note: All data, figures & graphs are valid as of September 28th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Markets are currently gushing over Trump’s proposed tax reforms. Some analysts would say that these tax cuts have been the reason markets have been rising since November and that they’re already priced into the markets…

Washington does seem to finally be rallying behind the President and many politicians seem to be generally in favor of reducing taxes. However, the proposal that’s currently on the table is a bit short of expectations.

Donald Trump’s campaign promise was that he would be cutting corporate taxes to 35% to 15%. The draft that he proposed yesterday would only cut it to 20%. Though that’s only 5% more for companies it’s still 25% less than promised.

So we’ll be watching the political stage closely in the United States in the hope that this can actually go through.

BoE Independence

As we’ve stated before, central banks are the ones who really move markets. Even though they remain largely behind the scenes to the average person, most of the largest market movements of the past decade have been caused by direct interference from these institutions.

So it pays to pay attention to what they’re saying.

Today, the Bank of England will be holding a grand celebration to mark the 20th independence day. In 1997, then Chancellor Gordon Brown granted the BoE the freedom to set rates and dictate monetary policy.

Of course Mark Carney will be there as well as the assistant governor of the RBA. Theresa May is also expected to attend but I’m not so certain she’ll make it back in time.

Vice Chair of the Federal Reserve in the United States Stanley Fischer will also be speaking at the event. Stanley has recently resigned his post from the Fed for personal reasons. So he may be a bit more revealing today.

Expect volatility in the currency markets throughout the day.

New Crypto Rally

It all started with Ripple, which seemingly out of nowhere gained 10% in the span of an hour. Soon the other cryptos began to join in the fun.

The party peaked when Bitcoin busted through the $4000 level and kept right on through $4100. As of this writing, it’s holding above $4,200.

Ethereum was the last to join the party but did end up breaking through the psychological barrier of $300 by the end of the day. Better late than never!

Not only that. Just in the heat of the rally, the crypto market received some support from the most unlikely of places.

The CEO of Morgan Stanley James Gorman came out in broad favor of Bitcoin as an alternative to central banking.

Inline image 5

He also said that Bitcoin was “more than just a fad.” This is a direct contradiction of what his counterpart at JP Morgan had to say.

Let’s have an awesome day an amazing weekend!

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.

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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Altcoins

EOS Plunges 18% En Route to Two Month Low

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A sudden downturn in the early hours of this morning has wiped out much of the slow gains made in the last few days. The entire market has sunk to levels far below that of the dip on June 9th, and EOS is now priced at a level not seen since early April.

From a high of $10.49 earlier in the morning, EOS plunged to $8.59 just a few hours ago. A slight rebound has seen it rise back up to $8.67, but that still marks 17% losses over 24 hours.

EOS has been hit the hardest out of all the coins in the market cap Top-20 today. This mirrors the short period of growth around a week ago as the market recovered from the June 9th dip. EOS recorded close to 20% gains that week, and now that same balance has been rescinded.

This sends EOS back to its early April price – right before the EOS token sparked a major bull run and went from $8.49 to $22.52 within the space of three weeks.

EOS is not alone in its reversion to pre-April levels. Ethereum has shown the same movements, while Bitcoin has sunk to a price not seen since October of 2017.

The majority of trades over the last day have come from Huobi and OKEx, with EOS/USDT trades making up the vast majority of the movement. Meanwhile, on the Zebpay exchange, where $0.25 million worth of trades have taken place, the price of one EOS token currently stands at $8.43.

Mainnet, Block Producers,Token Swap

EOS has had a busy month, with a mainnet launch; a stalled block producer vote; and a whole host of airdrops launched from its platform in between.

Industry pundits will no doubt succumb to the temptation to speculate, but when so many red candles appear across the board within the space of a few hours, the only thing left to do is throw your hands in the air and admit defeat.

News, whether fake or real will probably surface in the next few hours which explains away the reason for the sudden market-wide crash; but how much of it is to be trusted, and how much of it is the manipulative propaganda of whoever is moving the market, for whatever means?

Bithtumb $30 Million Hack

The Bitthumb hack of a few days ago is taking prominence in the headlines at the moment, but there was a significant delay between the $30 million being stolen from the exchange, and the downward reaction of the market that we saw this morning.

News of exchange hacks, irregularities, or merely ominous announcements have consistently had a negative effect on the market in the past. However, there is a growing community online who view such news as useful camouflage for the people who are really pushing the prices. However intriguing that may be, it only leads to further speculation at this point.

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 12 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Selloff Resumes: Cryptocurrency Market Heads for Weekly Loss After Friday Tumult

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Cryptocurrency prices fell hard on Friday, with EOS hitting its lowest level in 60 days as bear-market pressures re-emerged following days of stable trading ranges.

Coins See Red

Cryptocurrency prices were down across the board, with major altcoins like EOS and Ethereum falling double digits percentage-wise. EOS reached a session low of $9.30, its worst reading in two months, following a botched mainnet launch that has yet to be resolved.

Ethereum prices are down more than 10% at $477. Ether bottomed around $468 earlier.

Bitcoin is currently testing four-month lows after being rejected several times at $6,800, a key inflection point for the digital currency. As Hacked reported Thursday, bitcoin’s rejection at that level was a strong sign that the recovery was losing steam. BTC/USD reached a low of around 6,092.38 on Friday, according to CoinMarketCap.

Bitcoin was last down more than 7% at 6,210.

Nearly every coin ranked in the top-100 by market cap was down compared with 24 hours ago, with the only exception being Game.com, a lesser-known altcoin.

The cryptocurrency market cap plunged by more than $30 billion to $257 billion. It had spent most of the week above $285 billion. Total trade volumes have averaged $14.1 billion over the last 24 hours.

Bearish Cycle Continues

While there was no immediate catalyst for the Friday selloff, the pullback is likely a continuation of the bearish cycle that re-emerged last month. The market has formed a new bottom in the wake of last week’s $60 billion selloff, a sign that bearish pressure is likely to remain.

Contrary to some reports, the recent cyber attack on Bithumb is not the cause of the recent price shakeup. Although the market dipped initially following reports of the breach, it recovered just as quickly and continued higher.

That said, the attack did catch the attention of financial watchdogs across the Asia Pacific region. On Friday, Japan’s financial regulator
ordered several digital currency exchanges to improve their anti-money laundering practices.

The order from Japan’s Financial Services Agency (FSA) led bitFlyer, the country’s largest crypto exchange, to suspend the creation of new accounts as it beefed up its standards.

South Korea’s financial regulators have also stated they will expedite the creation of new cryptocurrency laws following the recent attack. According to various reports, new legislation could be on its way in a matter of months.

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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4.6 stars on average, based on 463 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: Bitcoin Plunges Below $6500 as Heavy Selling Resumes

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The cryptocurrency segment is having another very negative day after a calmer period, as selling pressure intensified yet again. All of the major coins turned sharply lower, with the laggards of the recent period, Litecoin, Monero, and Dash confirming their downtrend and the relatively stronger coins also taking a beating.

The total capitalization of the segment dropped below $270 billion, and from a long-term technical standpoint, several currencies are in precarious positions. With no clear news catalyst behind the move, technicals are playing a very important role, and last week’s lows will likely be in focus in the coming days.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still relatively weak both on the short- and long-term time-frames, and it dropped back to the $6275-$6500 zone that has been acting as primary support during the recent leg lower. Given the importance of the long-term zone between $5850 and $6000, a break below $6275 could set up a crucial test in the coming days. For now, traders still shouldn’t enter new positions, while investors should hold on to their coins as the bullish secular trend is still intact.

No Hiding From the Selloff as Altcoins Broadly Lower

LTC/USD, 4-Hour Chart Analysis

With the weakest coins leading the way lower again, new swing lows are likely in the majority of the coins, although there is still hope for bulls that a major long-term breakdown can be avoided. Ethereum fell below $500 after touching the declining short-term trendline, and it remains in a bearish trend, even as it’s still in a much better technical position compared to BTC, holding up well above the April lows, and being further away from last week’s swing low as well.

ETH/USD, 4-Hour Chart Analysis

 That said, we remain negative regarding the short-term outlook for the second largest coin, and traders shouldn’t enter new positions here.  Above the $500 level, strong resistance is ahead between $555 and $575, while primary support is found at $450, with further zones near $400 and $480.

BNB/USDT, 4-Hour Chart Analysis

There are no real hiding places for crypto investors from the current selloff even as Binance Coin is still holding up relatively well, within a clear uptrend and above crucial technical support.  That said, as we warned before, given the broad downtrend in the segment, traders should be cautious with new short-term positions.

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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4.6 stars on average, based on 280 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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