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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.

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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.

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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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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

BitConnect Cryptocurrency Tanks After Company Shuts Exchange

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The value of BitConnect’s BCC token plunged on Wednesday, just one day after it abruptly announced it was closing down its controversial lending and exchange operation.

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BCC Fire Sale

BitConnect’s native token plunged to a session low of $5.69 as investors rushed for the exit. At last check, the cryptocurrency was down 90% to trade at $18.97, according to data provider CoinMarketCap. That was the lowest level since June, bringing BCC’s total market cap to $149 million.

Total daily trade volume for BCC amounted to $23.4 million, with HitBTC accounting for roughly 37% of the transactions.

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More pain is coming for BCC as investors rush to erase any exposure they once had to the controversial parent company. Various reports have indicated that holders of BCC have struggled to sell their tokens despite the platform appearing operational. This suggests that another fire sale may be on the horizon.

BitConnnect announced Wednesday that the rapid decline of its token’s price was a direct result of releasing all of its members’ coins at once.

The decline also happened to coincide with a broad selloff in the broader cryptocurrency market. The total market cap of all cryptocurrencies in circulation has declined by roughly $250 billion since Saturday, with all the major coins suffering heavy losses.

Halting Operations

BitConnect closed down shop after receiving two cease-and-desist letters from the Texas State Securities Board and the North Carolina Secretary of State Securities Division.

The company was honest about the reasons for exiting the market in a blog post that appeared on Jan. 16. According to the post, continuous bad press and multiple DDoS attacks also factored into its decision to close the operation. According to the blog post, all active loans will be transferred to users’ BitConnect wallet in a deposit worth $363.62, a rate that was calculated based on the coin’s average closing price for the past 15 days.

“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” the post said.

Prior to the announcement, BitConnect was accused by many in the blockchain community of being a Ponzi scheme. The criticisms have been levied by voices as diverse as day traders to Vitalik Buterin, the founder of Ethereum. The company operated a four-tier business model that promised users higher returns for bigger initial deposits. Through proprietary “volatility software” and other tools, BitConnect guaranteed users 1% ROI on a daily basis and up to 40% per month. Value investors rarely take such promises seriously.

If we take the blog post at face value, the team has no plans to abandon the project entirely. The post added: “This is not the end of this community, but we are closing some of the services on the website platform and we will continue offering other cyptocurrency services in 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.

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

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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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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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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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