Bitcoin British Economy is Declining, Europe’s Bitcoin Market Prospers Published 1 year ago on August 10, 2017 By Joseph Young By definition, a safe haven asset is an investment that is expected to retain its value or even increase its value in times of market turbulence. Because of bitcoin’s decentralized nature, bitcoin has long been considered as a safe haven asset, with many investors describing the digital currency as “digital gold.” In 2016, gold recorded decline in value throughout the year, while bitcoin demonstrated staggering growth rate, increasing from $430 to $950, by over two-fold, within 12 -month period. In consideration of bitcoin’s ability to retain its value amidst financial instability and economic uncertainty, the vast majority of new investors have started to build a portfolio of bitcoin as a long-term investment and hedge against the unstable economy. Earlier this month, the Bank of England, the central bank of United Kingdom, slashed its growth forecasted for the second time in 2017, mainly due to the backlash from Brexit, or the UK’s exit from the European Union. Mark Carney, the bank’s governor, stated that the “speed limit” of the British economy has slowed, with other economic indicators such as jobs growth declining as well. Recently, the UK Recruitment and Employment Confederation (REC) chief executive Kevin Green revealed that Brexit has caused a significant decline in talents and professionals, leaving the UK with too many jobs but not enough workers. Green told CNN Money: “The parts of the economy most reliant on European workers are under even more pressure as many EU workers return home. Employers are not just struggling to hire the brightest and the best but also people to fill roles such as chefs, drivers and warehouse workers. We can’t ignore the importance of our relationship with the EU to employers. If we want to keep our jobs market successful and vibrant, we must make it easier, not harder, for employers to access the people they need.” The impact of the UK’s declining economy, worsening economic indicators and decreasing economic growth forecast by the Bank of England have had evident effect on the British pound, along with the country’s stock markets. Following the growth forecast of the Bank of England and US President Donald Trump’s promise of “fire and fury” against North Korea, US stocks sell-off continued on the FTSE 100 Index, a share index of the 100 companies listed on the London Stock Exchange. “European stocks have stabilised after this morning’s fear-fuelled deterioration in response to heightened fears of a US-North Korea conflict. Although the stock markets have regained some ground, concerns clearly remain over the potential of conflict,” IG market analyst Josh Mahoney told FT. Despite the struggling economy of the UK, the European bitcoin exchange market has grown rapidly over the past few weeks, taking over the South Korean bitcoin exchange market, the fourth largest bitcoin market, at one point. According to various bitcoin market data providers such as BraveNewCoin, Europe accounts for 8 percent of global bitcoin trading, processing around $70 million worth of bitcoin trades on a daily basis. Demand towards bitcoin from institutional investors, accredited investors, traders and users in the UK and Europe is exponentially increasing and such rapid rise in demand is likely caused by an emergence of investors attempting to avoid or bypass the current economic instability of the UK with bitcoin. Some analysts including IHS Markit economist Raj Badiani suggest that the UK will continue to suffer an economic slump throughout 2017. “[The slump] was partly triggered by the start of a more subdued phase of consumer spending, with increased household stress pushing back the recent gains of several years of high employment and improved purchasing power over much of 2016,” said Raj. Image Credit: Pixabay License, no attribution required. 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... Joseph Young 4.1 stars on average, based on 5 rated postsJoseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies. Follow @HackedCom Feedback or Requests? Related Topics:Bank of EnglandBitcoinBrexitEuropeuk Up Next Bitcoin Forges New Highs as Prices Quadruple This Year Don't Miss Bitcoin’s Offensive Continues as Prices Breach $3,400 You may like U.S. Stocks Rise on News of China Stimulus; Theresa May’s Brexit Deal Falters in British Parliament Top 3 Price Prediction Bitcoin, Ripple, Ethereum: The pump doesn’t get any quality jump GBP Price Prediction: British Pound Jumps on Growing Backing for PM May’s Brexit Deal Ahead of Vote Crypto Update: 5 Altcoins to Watch This Week News Flash: Crypto Markets Swing Higher as Bitcoin Climbs Above $3,700 Crypto Update: Coins Hit New Lows But Bearish Momentum Weakens 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. Analysis Crypto Update: Coins Retreat After Rally Attempt Published 3 hours ago on January 15, 2019 By Mate Cser While yesterday the major cryptocurrencies recovered their weekend losses and bounced back above their prior lows, the bounce got halted before changing the short-term technical setup. As the world is focused on today’s key Brexit vote, trading volumes are once again very low, but the lack of bullish follow-through is a warning sign for traders here even considering the low level of trading activity. We haven’t seen signs of a developing leadership in recent days, with correlations remaining high and with the top coins failing at the first major levels of resistance for now. That said, should the coins hold above yesterday’s lows and push above consolidation range, the formation of a bear-trap pattern is still possible even as odds still favor the continuation of the bear market. In light of the short- and long-term setups, traders and investors should still stay away from entering new positions, with our trend model still being on sell signals on both time frames for the majority of the top coins. BTC/USD, 4-Hour Chart Analysis While the breakdown in Bitcoin got bought yesterday, the bounce failed to reach the $3850 level and the most valuable coin is still hovering near the $3600 level, leaving both the neutral short-term, and of course, the long-term sell signal intact in our trend model. A move above $3850 would be a positive sign for bulls, but odds still favor a negative outcome and a likely test of the $3000 level in the coming weeks, so even short-term traders should still away from entering new positions here. Further, weaker support is found near $3250, with resistance ahead between $4000 and $4050, and near $4450. ETH/USD, 4-Hour Chart Analysis Although Ethereum briefly topped the $130 level after plunging below the $120 support, a failed breakdown pattern hasn’t been confirmed in the previously leading coin, and the short-term sell signal remains in place in our trend model. With the bearish long-term picture in mind, and with the oversold short-term momentum readings now cleared, the outlook for the coin remains negative, even as the resumption the counter-trend rally is still a possibility here. Further support below $120 is found between $95 and $100, while resistance is ahead at $160 and near $180. Altcoins Still Stuck in Downtrends Across the Board LTC/USD, 4-Hour Chart Analysis Litecoin’s rally stooped near the upper boundary of last week’s consolidation range, and although the coin is safely above the key $30-$30.50 support zone, the momentum of the bounce is waning. The bearish long-term forces still seem to be dominant, and the coin is well below the primary resistance level near $34.50, so our trend model remains on sell signals on both time-frames. Further strong resistance ahead near $38 and $44 and with support is found near $26 and $23. XRP/USDT, 4-Hour Chart Analysis Ripple experienced a brief period of relative stability after the weekend sell-off, but that didn’t change the bearish overall picture for the coin, and technicals are still hostile for bulls here. The coin continues to hover around the $0.32 price level, but we still expect a move below $0.30 in the coming weeks with a test of the bear market lows being the most likely scenario. Another strong support level is found near the $0.26 level, with resistance ahead near $0.3550, $0.3750, and in the key long-term zone between $0.42 and $0.46. XMR/USDT, 4-Hour Chart Analysis Monero is also among the weaker majors and although it bounced back together with the broader market, it failed to sustainably recapture the $45 level, and it remains in clear short- and long-term downtrend. Our trend model is o sell signals on both time-frames as well, and the re-test of the bear market low just below $38 seems very likely in the coming weeks. 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. (3 votes, average: 4.67 out of 5)You need to be a registered member to rate this. Loading... Mate Cser 4.7 stars on average, based on 441 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 Bitcoin Top 3 Price Prediction Bitcoin, Ripple, Ethereum: The pump doesn’t get any quality jump Published 6 hours ago on January 15, 2019 By Tomàs Sallés Sterile climbs yesterday that didn’t manage to change the scenario in the short term. The ETH/BTC retrieves the bullish scenario but lacks the strength to develop it. It is a bipolar market that can change the mood at any time and any direction. The crypto market experienced a generalized rise led by the Ethereum yesterday at the end of the European session. The ETH/BTC chart followed the expected roadmap, and after touching the extension of the bullish trend, it rose sharply to get back above the main trend line. It also reached the resistance level at 0.0350 BTC per ETH. This upside movement is positive news for the market since the leadership of the Ethereum is necessary for the market to continue moving away from the lows. The market continues to be in a delicate situation since the main Crypto actors do not manage to get far enough away from the relative minimum prices, so that security, which is the basis of optimism, floods the minds of traders. BTC/USD 240 Minute Chart The BTC/USD is currently trading at the $3.645 price level. Yesterday it left a high of $3.708, stopping at short-term moving averages and resistance to price congestion. Today, the BTC/USD is moving slightly lower, and it is very likely that at some point during the day the price will drop to the $3,600 support (price congestion support). The second support level is at $3,470(price congestion support). Should the BTC/USD lose this support level, it would re-enter the relative lows zone with the third support level target at $3,300 (price congestion support). If bulls reappear, the first resistance level at $3,700 (price congestion resistance, EMA50, and SMA200) is the most important in the short term and exceeding it would greatly facilitate bullish continuity. The second resistance level for the BTC/USD is at $3,787 (SMA100), an intermediate level on the way to the third resistance level at $3,900(congestion resistance). If the BTC/USD can overcome this third resistance level, it would be free of moving averages, which would also become support and support price rises. The MACD at 240 Minutes shows a bullish profile after yesterday’s gain but continues on the negative side of the indicator. It is necessary that the lines go into the positive zone to be able to see continued rises. The DMI at 240 Minutes shows how after yesterday’s rise, the bears and bulls were at similar levels of activity, a tie that today seems to opt for the bears but without getting an advantage over the bulls that poses a bearish development. ETH/USD 240 Minute Chart The ETH/USD pair is currently trading at the $128.90 price level. After yesterday’s rally, it failed to break above the $130 price congestion resistance level, but it did break above the SMA100. Much better than Bitcoin. The look at this time in the morning in Europe also seems to support a day of falls, although in this case, they could be minimal thanks to the support you can find in the simple average (SMA100) at $126.79. In case the ETH/USD pair loses the first support level, the second support at $115 (price congestion support) is the next price target. A fall of this magnitude would be technically devastating and would complicate any bullish development in the medium term because it would drag down the exponential and simple averages and move down the resistance level. The third support at $110 (price congestion support), would see the beginning of a new bearish stretch and could be seen new relative lows. Above the current price, the first resistance level is at $130 (price congestion resistance), followed a little higher by the EMA50 at $132.80. The third resistance level at $142 (price congestion resistance and SMA200) is the most important, as Ethereum would be free of resistance by moving averages that would become support and facilitate the rises. The MACD in 240 minutes shows a bullish profile but still moving in the bearish zone of the indicator. The inclination and opening between lines support possible increases, but the crossing of the zero levels of the indicator will make sales appear. The 240-minute DMI shows the bears taking some advantage over the bulls early in the session after pairing yesterday. Both sides of the market show a significant level of trend strength, which can lead to increased volatility. XRP/USD 240 Minute Chart The XRP/USD pair is currently trading at the $0.33 price level after leaving yesterday’s high of $0.343 at the 50-period exponential moving average. It then dropped and held above the $0.335 support level (price congestion support). The XRP/USD is currently losing that level, which now becomes resistance and is heading towards the second support level at $0.32(price congestion support). The XRP should not miss this second level of support, because it would lose all bullish potential and enter a strongly bearish environment that would target to the third level of support at $0.308 (price congestion support). Above the current price, the first resistance is at $0.335 (price congestion resistance). The second resistance level is at $0.345(EMA50 and price congestion resistance). The third resistance level is at $0.36 (price congestion resistance), but targeting order to reach it, XRP/USD should first exceed the SMA100 and the SMA200. The maximum difficulty level that if overcome would open a perfect scenario to see consistent rises in the medium term. The MACD in 240 Minutes shows an upward cross profile although with less upward inclination than Bitcoin or Ethereum. It also moves on the bearish side of the indicator, so the upside potential is limited. The 240 Minute DMI shows a tie between bears and bulls. Yesterday’s rise put the bulls ahead, but morning falls have made them lose strength, and now it is the bears who are trying to take control of the situation. 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. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Tomàs Sallés 3.6 stars on average, based on 6 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Bitcoin Bitcoin’s Price Recovery Stalls as BitMEX Shuts Down U.S. Accounts Published 8 hours ago on January 15, 2019 By Sam Bourgi Bitcoin’s rally stalled on Tuesday after Hong Kong futures exchange BitMEX announced it was closing U.S. accounts amid growing regulatory scrutiny. As Hacked reported since November, BitMEX has emerged as the biggest virtual market for BTC trades based on percentage of daily trade volumes. BTC/USD Update The bitcoin price notched a session high of $3,572.87 on Tuesday, according to CCN’s data feed. It was last seen hovering just below $3,700, having gained 2.8% over the past 24 hours. However, it should be noted that bitcoin rose sharply in the late morning of Monday’s session, so the 24-hour price tracker is a bit skewed. Bitcoin’s sudden rally on Monday was significant for technical traders eyeing the $3,550-$3,500 support level. A breach below this level would have devastating consequences and likely lead to a re-test of the December low near $3,100. Bitcoin’s short-term momentum indicators have improved since Monday’s rally attempt. The following chart, which is based on Bitstamp price data, highlight the momentum shift based on the RSI and MACD. Trading in BTC reached $5.7 billion on virtual exchanges, according to CoinMarketCap. Volumes have increased sharply this year as long-dormant bitcoin accounts become active again. Dormant accounts began moving their coins in October, leading to a sharp rise in bitcoin’s circulating supply. More on this story: Bitcoin Likely Headed Lower as Whales Activate Long-Dormant Accounts. BitMEX Closes U.S. Accounts One of the world’s fastest growing cryptocurrency exchanges has pulled the plug on its North American market, citing increased regulatory scrutiny in the United States and the Canadian province of Quebec. The decision, which was reported by CCN and the South China Morning Post, came in direct response to regulatory crackdowns targeting unlicensed cryptocurrency exchanges. In addition to ceasing operations in the U.S. and Quebec, BitMEX has advised clients in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol (Crimea) against holding positions or trading on the platform. BitMEX rose to prominence in the latter half of 2018 as traders began shorting bitcoin in record amounts. During the depths of the bear market in November and December, as much as one-third of bitcoin’s virtual exchange volume was processed on BitMEX. Spot markets accounted for the rest. Last month, BitMEX CEO Arthur Hayes told the Unchained podcast that 24/7 markets represent the wave of the future and that other financial instruments will soon follow cryptocurrencies in around-the-clock trading. His firm processed nearly $1 trillion in trading volume over the past year. More: Cryptocurrencies Still Recovering Strong After Monday Rally; BitMEX Sees 24/7 Trading as the Future 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. (2 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Sam Bourgi 4.6 stars on average, based on 736 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: firstname.lastname@example.org Twitter: @hsbourgi Follow @HackedCom Feedback or Requests? Continue Reading Top 3 Price Prediction Bitcoin, Ripple, Ethereum:... Ethereum Price Analysis: ETH/USD at Risk of Fast M... GBP Price Prediction: British Pound Jumps on Growi... ETH/USD Price Analysis: Ethereum’s “Thirdening” Ap... Crypto Update: 5 Altcoins to Watch This Week Bitcoin’s Price Recovery Stalls as BitMEX Shuts Do... Trade Recommendation: NEO Recent Posts Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again January 16, 2019 U.S. Stocks Rise on News of China Stimulus; Theresa May’s Brexit Deal Falters in British Parliament January 15, 2019 Futures Update: Deeper Correction Looms for S&P 500 January 15, 2019 Crypto Update: Coins Retreat After Rally Attempt January 15, 2019 ETH/USD Price Analysis: Ethereum’s “Thirdening” Approaches January 15, 2019 Top 3 Price Prediction Bitcoin, Ripple, Ethereum: The pump doesn’t get any quality jump January 15, 2019 Oil Price Gets Support from China Stimulus Push January 15, 2019 Bitcoin’s Price Recovery Stalls as BitMEX Shuts Down U.S. Accounts January 15, 2019 EOS Price Analysis: EOS/USD Back in Unsettled Territory, as Price Runs into Sellers Again January 15, 2019 Trade Recommendation: NEO January 15, 2019 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 Will Ethereum Continue Rally Ahead Of Constantinople Hard Fork? Ethereum1 week ago Price Prediction: Ethereum Relaxes on Its Journey to Constantinople Bitcoin1 week ago Bitcoin Will Reach New Record High in 2019, XRP Could Compete with SWIFT: Weiss Ratings Cryptocurrencies1 week ago 2018 Crypto Crash: Here’s What Actually Caused It Altcoins1 week ago Holochain (HOT) Up 25% On Rising Volume and Positive Weiss Predictions Blockchain1 week ago Your Guide to Precious Metals on the Blockchain Altcoins1 week ago Cardano ADA Jumps 5% as Mainstream Attention Grows Altcoins6 days ago XRP Price Analysis: XRP/USD Explosive Breakout a Matter of Days?