Connect with us

Bitcoin

Bitcoin Dominance

Published

on

Virginia is currently filled with hate. As usual, comments from the President were less than helpful. From his vacation Donald Trump blamed both sides of the conflict, which is usually a good stance for a politician. However, in this case, one of the sides is led by members of the KKK and promotes racist driven violence.

Stocks are doing great in Asia so far today. It seems that the drive towards safety that we’ve been tracking has been suspended for now. Perhaps Asian investors are comforted by the fact that Trump may now be distracted from his conflict with their close neighbour Kim Jong Un.

@MatiGreenspan

eToro, Senior Market Analyst

 Please note: All data, figures & graphs are valid as of August 14th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Everybody is buzzing about the new all time high in the price of Bitcoin, which rose and so far managed to remain above $4,000 per coin on weekend trading.

One year ago today, one coin sold for $579 so in 365 day bitcoin has grown 606%, a virtual explosion as people begin to reshape the way we think of money.

The price has continued on it’s exponential climb despite the naysayers and despite 3 seperate attempts to split the network. (BIP 148, Segwit2x, and BitCash)

Here’s the graph…

Dominance

We’re not yet at the place where we can say bitcoin is competing with the US Dollar, though the US dollar has been declining steadily since the beginning of the year, it is certainly competing directly with other virtual currencies.

The closest contender has been Ethereum. Ether tokens have grown even faster than bitcoin and over the last year have seen a growth of 2,525%.

Ripple also had a go for a bit and even passed Ethereum for a few days as number two.

We can see it all on this chart from coinmarketcap.com

Bitcash has certainly taken a stab at Bitcoin but so far has not been able to come close to it’s value.

For now, Bitcoin is trading at an inverse correlation to other cryptocurrencies. Meaning, that bitcoin’s rise has been partially feeding off of declines from other cryptos and not just Bitcash either.

The value of the entire cryptocurrency market has risen by $4.2 Billion over the weekend (Friday to Sunday) reaching a new all time high of $137 Billion.

In that same time frame, bitcoin’s market cap has risen $11 Billion by itself.

Competition with Fiat

Though we’re not on the level of competing with the Dollar or the Euro, or even the Yen just yet, Bitcoin certainly has been competing with some Fiat currencies.

The main one we can start tracking is the Venezuelan Bolivar. As we know, the current dictator Nicolas Maduro has imposed harsh sanctions on his own people which include restrictions from trading in anything except the VEF, which of course includes BTC. But that of course only encourages the people to use it more.

As the price of the Bolivar drops the Venezuelan volumes of bitcoin rise. At the moment, one Ƀ is worth 40,400 Bs. Two years ago, it was worth just 1,500 Bs.

Of course, the perception of how people view money is greatly corrolated with the way they view government since until now, the government has always been the ones in charge of the money.

Weak leadership has a way of influencing markets. It’s become clear in Venezuala and other places recently. We hope for a more smooth transition in other parts of the world.
Let’s have an amazing 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.

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...

4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

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 498 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

Bitcoin

Bitcoin Price Rally Shows Promise After Technical Breakthrough

Published

on

Bitcoin is eyeing a potentially bigger breakout this week after prices crossed the 20-day and 50-day moving averages, signaling renewed momentum for the largest cryptocurrency.

Bitcoin Price Levels

The bitcoin price touched a new intraday high of $6,761 on Tuesday, as trading volumes topped $4.9 billion for the first time since July 6. More importantly, the recent uptrend pushed prices above their short-term moving averages. The 50-day MA was breached for the first time since May.

Relative strength has also shot up into bullish territory, with values rising above 60, according to Barchart data.

Bitcoin attempted a similar breakout last weekend but was eventually pushed back to the $6,100-$6,200 region as part of a market-wide breakdown that came to a head on July 12. However, BTC/USD continued to defend $6,000, a sign that the market had put a firm bottom on prices.

With a short-term bottom established, prices may be poised for a re-test of the July 8 high of $6,886. From there, the psychologically significant $7,000 comes in play.

Crypto Market Consolidates

The broader cryptocurrency market continued to show poise Tuesday as the majors continued to trade near weekly highs. As Hacked reported earlier, the cryptocurrency market cap swelled more than $20 billion at the start of the week amid reports that BlackRock is exploring a potential entry into the blockchain arena.

Positive news has kept coming after IBM confirmed it is working on a new stablecoin project to help banks streamline international payments.

Bitmain, China’s largest bitcoin mining manufacturer, was also in the headlines after announcing a stake in Block.one, the parent company behind EOS. CCN also reported Tuesday that Bitmain has set up a 20,000 square-foot facility in Silicon Valley ahead of its planned initial public offering (IPO) later this year.

Last month, the company concluded a successful $400 million funding round, which catapulted it to the top of the global blockchain ranks.

As Hacked previously reported, the cryptocurrency market has largely discounted the wave of positive developments taking place over the past three months, a sign that regulatory scrutiny was keeping investors on the sidelines. Trading activity at the start of the week suggests more capital is flowing into the market, though the absence of new traders is generally reflected in overall trade volumes.

That said, 24-hour trade volumes crossed $15 billion on Monday for the first time in over a week.

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 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 498 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

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