There are two factors very important to price flow of any currency. The ability to obtain it, and the places you can spend it.
In most places in the world, at present time, it is very easy to buy Bitcoins online, but there really isn’t anywhere to spend them outside of select internet websites.
Well, the number of places to buy bitcoin offline increased rapidly in the month of May, especially in the US and Canada, bringing the total up to 1266 machines worldwide.
You can find one near you at: https://coinatmradar.com/
A number of places you can spend them is growing as well, while more and more retail stores in Japan adapt to the new technology.
eToro, Senior Market Analyst
Please note: All data, figures, and graphs are valid as of June 19th. All trading carries risk. Only risk capital you can afford to lose.
What’s to negotiate?
Despite what was announced shortly after the elections on June 8th, there is still no deal between Theresa May’s Tory party and the Northern Irish DUP.
This puts Great Britain in a very awkward spot as the formal Brexit talks begin today. Many analysts are saying that we’re more likely to get a softer Brexit but in my view, this is a bit premature. In order to know what type of Brexit we’ll see, first, we need to know who the Prime Minster of England is going to be.
If May doesn’t break ground with Arlene Foster in the next ten days, it seems like the weary citizens of the UK will be headed for yet another election.
The Pound Sterling is still way down since the referendum almost exactly one year ago. So it has been able to hold up will over the last week despite the mounting bad news.
A Strong France
If anybody was saying that Emmanuel Macron’s victory in the elections on May 7th was due to a weak opposition, today they have been proven wrong.
39 year old Emmanuel won 355 out of 577 available seats in the parliamentary election yesterday, receiving a resounding majority. What more could a young lawmaker ask for?
It seems that the people of France are really enjoying his vision for the future of France and the Future of Europe and they have just given him a solid mandate to go forward and enact the change.
The CAC 40 is flying this morning on the news and rapidly approaching her all time highest level (yellow circle).
The entire cryptocurrency market has been in deep consolidation over the weekend. Meaning, that they are moving in a very small range as everybody gets used to the current price, which is very close to the all time highs.
A breakout in either direction could lead to massive price shifts but at the moment let’s enjoy this little break.
Among the sell off and subsequent volatility, Litecoin managed to emerge as a safe haven. Though it is not traded as much, Litecoin is faster and cheaper than Bitcoin and over the past few weeks the price has remained quite stable.
As always, let me know if you have any questions, comments, or feedback. I’m always happy to hear them.
Have a wonderful week 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.
Bitcoin Hits $100 Billion as Record Rally Continues
Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.
Bitcoin’s Fresh Intraday High
BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.
At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.
Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.
The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.
Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.
Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.
Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.
It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s
A Day of Milestones
Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.
The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.
Featured image courtesy of Shutterstock.
Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down
Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.
While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.
BTC/USD, 4-Hour Chart Analysis
As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.
Trade Recommendation: Ethereum
The price bounced from 300.00 level. RSI and a reversal candlestick pattern confirmed price reversal. MACD supports upward movement and DMI allows opening long trades. Pending orders for buy should be placed above the local swing at 318.00 level. Stop orders should be placed below 300.00 support at 286.00 level. Profit targets are 350.00 and 390.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.
Profit Targets: 350.00 and 390.00
The trading signal is based on Poloniex chart.
- Week In Review: Stocks Take-Off Along with Bitcoin and the Dollar October 21, 2017
- Bitcoin Hits $100 Billion as Record Rally Continues October 21, 2017
- Will Crude Oil Reach $68 a Barrel in 2018? October 21, 2017
- ICO Update: Polkadot October 20, 2017
- Daily Analysis: Stocks Shoot for the Moon as Senate Passes Budget October 20, 2017
- Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down October 20, 2017
- Trade Recommendation: Ethereum October 20, 2017
- Bitcoin Cash Consolidates as Markets Search for Direction October 20, 2017
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