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Crypt0 B0unce

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The amount of bureaucracy and regulation that goes on in the European Union is simply incredible. The entire continent is a virtual minefield of political tripwires and multi-level legal landmines. Sometimes it’s a wonder that they can even move forward at all.

So, when thinking about the legalization of digital currencies in the single market it will no doubt be a tough nut to crack. That said, some major headway has just been made.

A private bank in Switzerland has just announced some alternative investment services that include storing and trading on Bitcoins.

Now, Switzerland is not an official EU member but they are part of the single market and do play a leadership role especially when it comes to financial services within Europe and across the globe. Gaining acceptance from a Swiss Bank is indeed a huge step forward for the global adoption of Bitcoin and for all blockchain technology.

Many thanks to Lawrence Patrick for tagging me with this headline. 😉

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs below are valid as of July 13th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Great green stocks!

Virtually all major indices are in deep green over the past 24 hours. Janet Yellen’s testimony was a huge boost of confidence in the global economy and corporate profits.

Many of the Senators used their time questioning Yellen to point out how strong the economy is and many of them even cleverly worded their questions to debate the issue if the economy is running well because of the current president or the previous one.

As far as unwinding their $4.5 Trillion balance sheet, very little was said. Only that it would happen gradually over the course of a few years and a small admission that it may cause long term interest rates to rise.

The Dow Jones closed last night at a brand new record high.

Today’s Agenda

More of the same. Janet Yellen will have another Q&A session with members of the US Congress. This will very likely be her last appearance before Washington as the Fed Chief. When asked whether she will seek another term as Chair of the Federal Reserve her answer did not seem very enthusiastic.

We do not expect Janet to end her speech with a mic drop.

Also, today is a landmark meeting between Angela Merkel and the new President of France Emanuel Macron. Over the past few years, due to weak leadership from France, Germany was forced to take on a stronger role in guiding the young European Union. Now that France has a new young energetic leader perhaps we’ll see a greater collaboration between the two strongest economies in the bureaucratic block.

Here we can see the German and French stock indices over the past year. The strong upward push from Yellen yesterday certainly a very comforting move. Now let’s see if they can knock it out of the ballpark.

But what may cause bigger headlines is Trump’s arrival in Paris today to meet Macron. With all the heat at home, this seems like another great chance for Trump to get out of town.

Crypt0 B0unce

The fall has certainly been painful for some. Especially those who got in at the top. It’s great to see the faith of those who got in early and hodling long term throughout this gut wrenching pullback.

Many alternative analysts are now saying enough is enough and it’s time to start looking for a bottom. Indeed, over the past 24 hours, 92 of the top 100 digital currencies are in the green. Many of them with double and even triple digit percentage gains.

The number one question that I’ve been getting from clients is about Ethereum of course. So here’s my answer….

Now that blockchain technology is gaining recognition from more and more developers there is a huge push and tremendous excitement around the idea of making an internet that revolves around Decentralized Apps.

Ethereum is a ground breaking platform both in creating these Dapps and in creating new digital assets. So far, it’s the best platform that we’ve seen and certainly the most popular.

However, in the future, we may see another platform that works just as good if not better. Think about the browser wars of the 1990s. At first, Netscape was the king, then Microsoft stole most of their market share with the Internet Explorer. After that many went to Firefox but these days most people use Google Chrome.

For now, almost all of the hot ICOs are using Ethereum. While hope this continues, any investment in the crypto market it is very high risk and if Ethereum does hold its spot as the Dapp and ICO king over the next decade it may very likely pay off in a big way.

In this graph, we can see the incredible journey from $50 a coin all the way up to $428 and now back to $200.

Here we can see eToro’s volume on this incredible asset. As can be expected, our clients are trading the momentum. That’s why we seem more positions executed on days that there was a significant movement.

eToro sentiment on Ethereum is now and has always been above 98% buying.

Have an awesome day!!

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 122 rated postsSenior Market Analyst at Etoro.com.




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3 Comments

3 Comments

  1. embersburnbrightly

    July 13, 2017 at 11:50 am

    I laughed out loud at this sentence: “We do not expect Janet to end her speech with a mic drop.”

    🙂

  2. chavs69

    July 13, 2017 at 1:32 pm

    Some have indicated that ETC may be an undervalued dark horse when it comes to the IOT. What are your thoughts?

  3. Columbo

    July 15, 2017 at 12:56 pm

    yeah but Falcon has a bad history:
    http://nypost.com/2016/08/13/swiss-private-bank-linked-to-malaysia-scandal/
    I am not sure if overall that’s more good than bad.

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Altcoins

Encrypgen Beta Launch Sends Token Soaring

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Encrypgen (DNA) provides customers and partners best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. Although the company has only been around for a few years, it appears to be a major player in the genomic blockchain security space. Security breaches at Ancestry.com and privacy concerns at 23andMe have created a void that Encrypgen hopes to fill.

Price Action

Earlier this week, Encrypgen reached a significant milestone after launching its Gene-Chain beta platform. DNA token is soaring by 20% since the announcement on Wednesday evening.

Encrypgen Price Chart

Encrypgen is far ahead of schedule since the initial expectation was the end of August. The company expects the final live version of the Gene-Chain to be available by the end of September. DNA is a utility token so platform usage will determine its value. DNA is inching its way closer to the finish line and traders appear to be backing it.

Since August 1, DNA is one of the best performing ERC20 tokens. I created a list of the top 50 ERC20 tokens and analyzed their returns since August 1. None of them have a positive return. In comparison, DNA has generated a 7% return during the same period. While the return is negligible compared to the fall 2017, it’s still a positive development. Especially since the price rise coincides with a major development milestone.

Encrypgen Value Proposition

Genetics is playing an increasingly pivotal role in the world of drug discovery. Researchers use genetic data to help them understand how diseases start and how they progress. One of the main reasons that Encrypgen caught my attention is that it is attempting to fill a real world void as a few of the largest non-crypto companies are facing serious issues. Two of those companies are Ancestry.com and 23andMe.

Ancestry.com is the most popular genealogical and family tree tracking company. Unfortunately, it appears that popularity comes at a cost. In December, a server on the company’s RootsWeb service exposed a file that has usernames, email addresses and passwords of 300,000 registered users. The stolen information was then leaked and posted online in plain text.

Another popular company in the industry, 23andMe, has its own issues regarding privacy. Lawmakers and consumers are expressing concern regarding privacy after a consumer submits their genetic test to the company. This is especially true in light of the recent $300 million collaboration deal that GlaxoSmithKline (GSK) struck with 23andMe.

Encrypgen’s Gene-Chain platform appears to be the answer to the problem. Consumers will be able to upload their genetic data via Encrypgen’s secure portal which then goes into the company’s database. That data will then be secured with the company’s Gene-Chain. One of the most interesting parts is that consumers get paid when researchers want to purchase their data. According to a recent article from Reuters, consumers can expect an average payment of $130 each time that researchers buy their data. This is an excellent way for consumers to generate passive income.

Conclusion

Investors need to keep their eyes on Encrypgen as the company finalizes its Gene-Chain platform. With the recent price action, the coming catalysts, and the compelling value proposition, the DNA token may be one to begin accumulating.

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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Altcoins

Four Altcoins Rebound +50% Over Twenty-Four Hours

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Most coins and tokens in the market cap one hundred are glowing green for the day of Friday, August 17th, but it’s the altcoins further down the list that have felt the strongest bounce.

Such a bounce may have been inevitable after the bloodletting of August which saw many altcoins lose north of 50% over the course of the month. The coins that suffered the worst have now benefited the most after surging to gains in excess of 50% over the past day.

Ontology (ONT)

On the afternoon of August 16th, Ontology (ONT) was priced at $1.44 after climbing from five month lows over the previous few days. Overnight the token saw a trebling of its daily volumes and the price surged to a daily peak of $2.16  – marking a growth of 50% by 03:30 UTC.

When the surge cooled off the price sprung back to around the $2.00 range, where it has hovered since daybreak this morning.

The recovery by Ontology is in proportion to the losses it experienced earlier in the month, after losing 50% between August 8th and August 14th.

VeChain (VET)

VET coins are up 53% for the day after jumping from $0.009955 to a peak of £0.015232 at 07:30 UTC this morning. Market cap statistics for VeChain have been reset after the coin underwent a token swap which saw VEN tokens changed to VET.

Like Ontology, the VET price has since stabilized after the surge, with the $0.0015000 range being maintained for the last six hours. Over 96% of VET trades have come on Binance where BTC and USDT trades dominate the majority.

Nano (NANO)

Nano’s peak was later in coming and peaked 13:30 UTC today, just a couple of hours before publication. From a low of $1.21 yesterday afternoon, NANO coins saw their value increase by 60% en route to a price of $1.94 – an over two week high that returns Nano to a July valuation.

Once again Binance finds itself host to the overwhelming bulk of the trades today, with NANO/BTC pairs alone making up 81% of the daily total. Overall daily trades have climbed from $5 million to $17 million over the last twenty-four hours – Nano’s highest daily volume since early June.

Cortex (CTXC)

Cortex saw a trade influx of over 300% today, with the $21 million daily volume not being seen since mid-July. Over the last day the coin price ascended from $0.253153 to a peak of $0.503776 – marking 99% growth over twenty-four hours.

Unlike the other coins and tokens on this list, Cortex isn’t listed on Binance and instead finds the majority of its action coming from Huobi, where BTC, ETH and USDT trades make up over 70% of the total.

Most cryptocurrencies are growing green today, although Bitcoin and Ethereum have only notched up growth within the range of 1-3%. Further down the rankings the altcoins are feeling the bounce, presumably due to the proportional extent of their losses earlier in the month.

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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4.4 stars on average, based on 38 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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Analysis

Crypto Update: Ripple Leads Oversold Bounce

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The major cryptocurrencies are holding on to their recent short-term gains, as the oversold bounce that followed the early-week liquidation continues. One of the most oversold top coins, Ripple is leading the way higher as it broke out above the $0.30 resistance and rallied to $0.32 in early trading. The total value of the market reached $215 billion, but as Bitcoin and Ethereum are still capped by the $6500 and $300 levels respectively a broad short-term trend change is not confirmed in the segment.

Monero is also among the relatively stronger coins today, extending its bounce above the $90 level, and getting close to the key $100 zone in the process. Litecoin, which has been also showing early signs of strength, failed to build on the rally, and as the leadership is still weak, correlations are high, and the downtrends are intact with regards to most of the coins, traders should remain defensive until further signs of strength in the segment emerge.

XRP/USDT, 4-Hour Chart Analysis

Ripple is trading in the strong $0.30-$0.32 zone, after the overnight rally, being the only major that triggered a short-term buy signal. Despite the signal, the long-term bearish setup is still clearly in place, and the coin continues to face strong resistance at $0.32, with a weaker level also ahead near $0.35, and traders should only treat the current move as a counter-trend rally. Support below $0.30 is found near $0.28, with a stronger long-term level at $0.26, and the coin already cleared the oversold short-term momentum readings.

ETH/USD, 4-Hour Chart Analysis

We are still looking at Ethereum as the most important gauge of the state of the market, as ETH has been in the epicenter of the recent steep selloff, and now it is trying to gain ground above the key $300 level.

Despite the relative stability of the coin, it failed to follow Ripple higher, and also failed to trigger a short-term buy signal, as the declining trend clearly remained intact, even as the steepest trendline has been broken. The coin faces strong resistance just above the current price level and near $335, while support is found between $275 and $280 and near $260.

Bitcoin Still Stuck Below Resistance

BTC/USD, 4-Hour Chart Analysis

BTC has been trading in a narrow range below the $6500 level as altcoins attempted to rally, but the relatively strong coin still failed to show bullish meaningful momentum. The coin remains on a neutral short-term trend signal, and with the key long-term $5850 level not being in danger, the long-term outlook is also neutral.

A move above $6500 could still trigger a short-term buy signal, but the rest of the segment will likely need further consolidation for a trend change, and further strong resistance is ahead at $6750 and $7000, while support is found at $6275 and $6000.

EOS/USDT, 4-Hour Chart Analysis

While a few coins are showing promising short-term signs, most of the majors remain deeply wounded from a technical perspective, with the likes of NEO, IOTA, DASH, and EOS all managing only a weak bounce, despite the clearly oversold momentum readings. With that in mind, the odds of a re-test of the lows are still high, and volatility might increase again in the coming days.

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 320 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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