Cryptocurrency Value Growing $1 Billion per day
It’s been 10 days since the value of all cryptocurrencies crossed $30 Billion for the first time. Today that value stands at more than $41 Billion.
By value, we are referring to the market cap (price per coin times amount of coins in circulation) of more than 700 of the top cryptocurrencies, which are listed at: https://coinmarketcap.com
Not only is the overall value rising but the rate of growth is accelerating as well.
Bitcoin has crossed $1500 for the first time ever and Ethereum is now above $80 again as the tipping point seems only days away.
As these assets are moving rapidly, we at eToro have decided to trade them as a progressive market should be traded. From now on trading in cryptocurrencies will be open during the weekend on our platform.
I say we have a party when the market cap reaches $50 Billion. At the current pace, it should happen by next weekend. Anybody in?
The debate last night was quite a spectacle indeed as the top two candidates compete for 55% of the French population that didn’t vote for them in the primaries.
Commentators are referring to this more as a no punches pulled exchange of insults.
You can see the full debate with English translation here:
A snap poll after the debate declared Emanuel Macron as the winner of the debate but as we’ve seen in the past this type of outcome is not necessarily indicative of how people will vote in the election.
Going into the weekend, we will need to consider not which portion of the population feels that each candidate will win but what percentage of voters from each side will be motivated enough to get off their couches on a rainy Sunday morning and get to the polls.
European stocks are looking rather chipper this morning, all opening with a green gap and breaking the stagnation seen in the US and Asian markets.
What the Fed Said
In their prepared statement the Fed delivered a substantial surprise to the markets. They dismissed the recent slump in economic growth calling it “transitory.” They figure that as the year progresses the economy will indeed pick up.
The markets took this as a signal that we are indeed in for two more rate hikes this year and that the next one will be next month.
Market expectations of an interest rate hike on June 14th have gone from under 60% yesterday to above 90% this morning…
The Wheel Turns
As interest rate expectations rise, so does the USDollar…
As the US Dollar rises commodities fall. Here is gold…
Crude oil fell as well, but in all fairness, it was probably reacting more to the inventories announcement than to the Fed. In any case, the technical support line that we’ve been tracking on the daily chart has been broken big time.
With the US Dollar rising and the commodities falling, the Australian Dollar took a massive blow and is now trading at it’s the lowest level since January.
Today the President of Australia Malcolm Turnbull will be meeting with President Trump in the United States. If all goes well for Turnbull, perhaps the Aussie will also turn bullish. 😛
Some data coming from England this morning as well as a mysterious emergency announcement from the queen.
Later this evening we’ll hear from Mario Draghi and Governor of the Bank of Canada Poloz, as well as a monetary policy statement from the RBA.
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