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Crazy Markets Day Ahead

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Ever since the great recession of 2008, the governments and central banks of the world have been pumping ludicrous amounts of money in the financial system in order to artificially inflate asset prices.

In the short term, this is really good for large corporations and financial institutions. However, the long-term effects of these extraordinary and unprecedented policies are yet to be seen. Some economists have hypothesized that the fallout from all this excess money in the system could be even more devastating than the original financial crisis that it was intended to fix.

The US Federal Reserve has been making great efforts lately to get back to a normal policy. Next week, they should give us some indication about how they plan to get rid of more than $4 Trillion worth of bonds and other assets that they have bought over the last decade.

The European Central Bank however, is still pumping about €60 Billion into their economy on a monthly basis. In today’s monetary policy meeting, Mario Draghi is largely expected to maintain the pace of this program even though the noticeable effects have been very minimal lately.

The fact that an unelected official has so much power over so many people is a bit sad. I sincerely hope that in the near future, we’ll be moving to a better form of money. One that is more efficient, more democratic, and more fair to everyone.

Mati Greenspan
eToro, Senior Market Analyst

Please note: All data, figures & graphs are valid as of June 8th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

Today is the day we’ve been speaking about for almost two months. When Theresa May first announced the snap elections on April 18th she had a very wide lead in the polls. Since then her lead has narrowed to about 5%.

The main issue on the table is Brexit and what type of relationship England and the EU will have in 5 years time. Multiple terrorist attacks and budget plans from both parties have tried to change the focus of these elections. However, at the end of the day, the main decisive factor will be voter turnout.

Price action in the UK’s Pound Sterling has been as complacent as her citizens of late and many are just tuning out.

In this graph, we can see the GBPUSD since the Brexit Referendum about a year ago. Draw your own conclusions.

At this point, it’s impossible to know what will happen next. Who will win, by how much, and how the market will react remains a large question mark. Exit polls should be available as early as 10:00 PM in London. Be ready for anything!!

eToro has organized a special webinar to discuss these elections with three of our popular investors, all from the UK and all with excellent trading stats. Of course, like all things in eToro lately, the topic of conversation was changed about half way through to cryptocurrencies.

The recording is available now on YouTube:

Trump Under Fire

Today fired FBI Director James Comey will take the stand and reveal the nature of some private conversations he’s had with Donald Trump. His opening statement has been released already. You can find it here.

The main quote that keeps coming up is…

“I need loyalty, I expect loyalty.”

Legal experts feel that from this statement Trump may have crossed a line but hasn’t done anything explicitly illegal. Therefore, we may actually see some relief from the whole fiasco. However, if the Q&A session today has any further revelations, the consequences and market reactions could be significant.

Crypto Mining is Big Business

Recently, both AMD and NVIDIA have announced that they will be making brand new graphics cards specifically designed for mining cryptocurrencies.

Both card makers have been selling out due to an influx of people looking to get in on the action. So there is certainly a high demand for this new product.

So, if you’re scared about the extreme volatility involved in trading directly on Bitcoin and Ethereum or even if you’re just looking for another way to balance out your portfolio. You can also check out the stocks of these two companies who are looking to capitalize on this new industry in quite a different way.

Thanks to Jasper Lee our Managing Director in China for bringing this to my attention. Shares in both of these companies are surging on the news

Have an amazing day ahead!!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re 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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4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com.




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3 Comments

3 Comments

  1. embersburnbrightly

    June 8, 2017 at 2:08 pm

    “The fact that an unelected official has so much power over so many people is a bit sad. I sincerely hope that in the near future, we’ll be moving to a better form of money. One that is more efficient, more democratic, and more fair to everyone.”

    Well said, and I would make the same argument against even elected officials having as much power as they do over current forms of currency. Excessive burdens put on any populace for the gain of a few always leads to the populace becoming intensely motivated to figure out a solution to put some of that power back into their hands.

  2. Mati Greenspan

    June 8, 2017 at 2:35 pm

    Thanks Ember. Keep on burning!

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Altcoins

Cryptocurrencies Bounce from Intraday Lows as Bitcoin Price Stabilizes, Stellar Regains Momentum

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The crypto markets were back in positive territory Saturday, with prices rebounding from an intraday slump that saw the likes of Stellar XLM post double-digit percentage losses.

Crypto Market Update

Bitcoin and the largest altcoins were seeing green Saturday afternoon, as bullish sentiment returned to the market following an earlier slump. At the time of writing, the combined value of all cryptocurrency was $282.7 billion, according to CoinMarketCap. The market bottomed closer to $272 billion at 21:00 UTC on Friday. Total trade volumes were $12.3 billion, a decline of 20% from the previous day.

The bitcoin price reached a low of $7,262 Friday before swinging sharply in the opposite direction over the next 16 hours. Bitcoin now sits at $7,411, with average daily volumes hovering near $3.9 billion.

Stellar XLM – the week’s top performer – was down 10% earlier in the day as bullish sentiment wavered. However, Lumens have bounced back sharply, and now trade more than 6% higher compared with 24 hours ago .The Stellar price currently sits at $0.291.

Stellar returned a whopping 53% for the week through Friday on reports that IBM was looking to launch a new stablecoin on the XLM network.

Ethereum was also trading in positive territory Saturday following a week of modest gains. At the time of writing, ETH/USD held near $467 for a 24-hour return of 3.8%.

Fake Volumes?

Trading volume – the amount of a security that changes hands over a given period – is a hotly debated topic in the cryptocurrency market. Last month, Hacked reported on a recent study showing that a large chunk of crypto trade volume is fabricated by exchanges.

Cryptocurrency trader and researcher Sylvain Ribes concluded that more than $3 billion in claimed trading volume was fabricated. The study, which was carried out in March, outed OKEx as the worst offender with over 90% of its order books being nonexistent.

While we have not been able to verify Ribes’ claims, data provider CoinMarketCap has announced new measures to crack down on fake volumes.

Now, data provider CoinMarketCap has announced new measures to address what it says could be fake volume figures.

In a blog post published Thursday, the site said it has already lowered a minimum volume requirement for digital currency exchanges listed on the site. The policy is intended “to filter for more popular exchanges that could be listed on CoinmarketCap.”

The blog post identified three “volume concerns” it intends to tackle, including fee-free mining models, low fee models and artificial volumes.

The post added:

“While we have a relationship with most of the exchanges listed on our site, there is no guarantee that any of them will respond or comply to any specific guidelines, but we have to continue showing users the best approximation of price and volume based on all the data we have available.

The evolution of new models such as transaction mining also means that there needs to be new ways to account for volume. Compounding it is the fact that they are, in fact, enabling greater liquidity in the way that users are trading more readily on the platforms.”

CoinMarketCap added that its volume data reflects of “best approximation of price and volume” based on available data.

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 504 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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Altcoins

Bitcoin Diamond Pumps Again: 106% Price Surge in Five Minutes

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Bitcoin Diamond appears to be in the midst of its third pump and dump this month after its value just jumped by 106% within the space of five minutes.

At 4.30pm UTC, just thirty minutes ago at the time of writing, BCD coins jumped from a price of $2.27 to $4.69. The surge was accompanied by a sudden boost to the daily volume of just under $1 million – all of which came between 4.30pm and 4.34pm.

In the few moments that it has taken me to write this far, the price has since dropped back down to $4.12, leaving the coin on 81% gains. The question now becomes whether or not enough people buy into the coin to push its value up enough for the dump to take place. Recent Bitcoin Diamond pumps have occurred over several days, as well as over several hours.

Third Pump This Month

Indeed, this is the third pump that BCD has experienced in the month of July. The first one on July 7th was the biggest thus far, with volumes surging by $10 million at the time of the pump. The second one, just a few days ago, saw a likely profit of around $2-3 million for the market manipulators.

bitcoin diamond

This time the volume is much lower, but could still prove ‘successful’ if enough gullible traders decide to climb on board the gravy train. One would assume that after recent events everyone would be steering clear of BCD, so the next few hours or days will reveal a lot about the mentality of the average trader on the exchanges.

For the sake of market legitimacy (a noble but far-fetched ideal, I know) it would be nice to see the market shun Bitcoin Diamond’s movements completely, and leave the pumpers holding coins with less value than when they started.

Broad Price Range

Looking at BCD’s exchange activity reveals a scattering of disparate prices spread across multiple platforms. The Huobi price on the BCD/BTC trading pair sees Bitcoin Diamond at a value of $8.96. The same trading pair on Binance meanwhile is priced at just under double that value at $16.86.

Moving down the exchanges, a $500,000 trading volume on OKEx against USDT lists BCD coins at $2.09 a piece. From there the valuation fluctuates between $1.35 and $16.93. Coinmarketcap indicates that all of the values around the sixteen dollar range have not been counted in the statistics.

From a bipartisan viewpoint, it will be interesting to see if the pumpers can really hit a trifecta within the space of two weeks. Grab the popcorn and stay tuned.

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 26 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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VeChain Price Grows 12% Ahead of Binance Token Swap

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VeChain (VEN) is set to officially depart the Ethereum network in the next few days, as Binance readies for the token swap which will see VEN tokens become VET (VeChain Thor) coins.

VeChain’s price has grown in the lead up to the swap, gaining 12% over the last 24 hours and breaking into the $1 billion section of the market cap high-flyers club. Beginning the day at a price of $1.62, VEN raced to $1.86 – marking 15% growth in a day when most of the market was somewhat stagnant.

That peak for the day has since settled down at around $1.81 at the time of writing, marking 12% net gains over the day.

Many VeChain holders thought the gig was up following 23% losses between July 17th and July 20th, and while VEN’s price hasn’t recovered to its former high, its reversal over the last 24 hours has been sudden and stark.

Binance Carries Out VEN Token Swap

The departure of VeChain from the Ethereum network to its own blockchain is due to finalise tomorrow, with Binance carrying out the token swap. According to the Binance support article, VEN holders have until tomorrow to move their funds to the exchange, at which point the mainnet swap will commence.

Trades will be stopped on the 23rd, with a snapshot of the wallet balances occuring at the same time. Binance expect trades to commence on the 25th of the month, when VEN tokens shall be no longer. The upgrade to a proprietary blockchain will bring with it a new coin, namely the VET (VeChain Thor) coin – accompanied by new trading pairs. As Binance state:

“Trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). Deposits and withdrawals for VET will also be opened at this time. Please note: Once trading opens in the new VET trading pairs, all prior VEN trading pairs will be delisted from the exchange.”

VeChain Thor X-Nodes

To celebrate the one-year anniversary of the VeChain launch, and to mark the emigration to their sole blockchain, the VeChain Thor team are holding a lottery for the network’s X-Node operators – details of which can be found here.

X-Nodes appear to be another variation on the masternode idea, except the VeChain Thor protocol allows node operators to also take part in the mining process. This apparently speeds up the network to a greater degree; but ultimately sacrifices some decentralization in the process.

One VEN token will be worth 100 VET, and it currently requires 15,600,000 VET to run an X-Node. That equates to an initial stake requirement of around $280,000 after the token swap. Such incentivization has been used to great effect on the likes of Dash and PivX on their masternode systems, while other versions of the same thing can be found in Tron’s super-representatives, and EOS’s block producers.

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 26 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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