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Daily Update: U.S. Stocks Retreat as Trump Reshuffles Cabinet

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U.S. stocks declined Tuesday, reversing a strong open as political turmoil in Washington weighed on investor sentiment.

Nasdaq Pulls Back from Record

All of Wall Street’s major indexes finished in negative territory on Tuesday, with the Nasdaq Composite Index pulling back from record territory. The technology-driven index fell 1% to close at 7,511.01.

The broader S&P 500 Index was down 0.6% by the close to settle at 2,765.31. Seven of 11 sectors contributed to the loss, with financials and information technology each shedding more than 1%. Energy and consumer discretionary stocks also posted firm losses.

The Dow Jones Industrial Average declined 171.58 points, or 0.7%, to settle at 25,007.03.

Al three major indexes started the day in positive territory before giving back gains on political headlines involving the Trump administration.

A measure of implied volatility known as the CBOE VIX rose for a second consecutive day but continued to trade below the historic average. Wall Street’s gauge of investor anxiety rose edged up more than 3% to 16.34, on a scale of 1-100 where 20 represents the historic average.

Tillerson Out, Pompeo In as Secretary of State

President Donald Trump removed Rex Tillerson from his post as Secretary of State on Tuesday, a move that caught markets and members of his own party off guard. CIA Director Mike Pompeo was immediately named the successor, ending months of public discord between Trump and his former Secretary of State.

The decision to replace Tillerson comes as the Trump administration embarks on high-stakes negotiations with North Korea on matters ranging from economics to Pyongyang’s nuclear program. Although the Secretary of State is not considered a key decision-maker on economic policy, the cabinet shuffle triggered renewed anxiety over the internal dynamics of the Trump administration.

Trump praised Pompeo for earning “the praise of members in both parties by strengthening our intelligence gathering, modernizing our defensive and offensive capabilities, and building close ties with our friends and allies in the international intelligence community.”

Inflation Rises

A closely-watched report on U.S. inflation came in as expected Tuesday, all but confirming the Federal Reserve’s plans to raise interest rates later this month.  The consumer price index (CPI) rose 0.2% in February, which translated into a year-over-year gain of 2.2%, the Department of Labor reported from Washington. That was slightly ahead of January’s 2.1% annual pace.

So-called core inflation, which strips away volatile goods such as food and energy, also rose 0.2% on month and 1.8% annually.

The U.S. central bank keeps close tabs on inflation to determine the future path of interest rates. Fed officials are widely expected to raise interest rates by a quarter point at next week’s FOMC meeting.

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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4.7 stars on average, based on 740 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Augur (REP) Cements Strong Week with 100% Growth and ‘Veil’ Derivatives Launch

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Augur (REP) jumped 52% in value early on Thursday, cementing a break-out week in which the ETH-based token doubled in value.

Trade volume for the token increased seven-fold in the last twenty-four hours, and spiked by over 6,433% since the start of the week. The sudden upturn coincides with the launch of Augur’s Veil platform on the Ethereum mainnet.

Augur Unveils Veil

As detailed in the Augur team’s latest weekly report:

“Veil, the peer-to-peer prediction market and derivatives platform built on top of Augur and 0x, has officially launched on the Ethereum Mainnet! Veil’s goal is to bring Augur and peer-to-peer markets mainstream.”

Veil aims to be a more streamlined, easy-to-use version of the Augur platform – which has already been criticized for its lack of approachability. It will offer access to a variety of markets, as detailed in the weekly report:

“Veil allows users to interact with Augur markets in a streamlined, web application format. Right now, one can take leveraged long/short positions in BTC/USD, REP/USD, and ZRX/USD, predict the winner of the Academy Awards, speculate on Ethereum’s gas price and hash rate, and trade Grin futures.”

Veil’s 2019 Academy Awards prediction market.

Also of note is the option to create your own trading bots using Veil’s ready-made API. But ultimately, U.S users join the ranks of Cuba, North Korea and Syria in not being allowed access to Veil right off the bat, owing to legal troubles. No date has been suggested for the rollout of the platform in the U.S.

Augur Price – REP/USD

Binance’s REP/BTC market appeared to be the source of REP’s 38% spike on Monday, however Upbit’s REP/KRW market has since taken over, and dominates over one third of the token’s $50 million daily volume.

Just three and a half days ago REP was being traded at volumes of $750,000. By Thursday morning (UTC) that figure had risen to $50 million – a 6,433% increase, and 600% more than this time yesterday.

All of this carried the coin price up just over 100%, from a price of $8.16 to $16.33 in just over seventy-two hours. This returns REP to a five-month high, and a price point not seen since mid-September of last year.

Growing REP

Augur was the beneficiary of a glowing appraisal by venture fund group 1Confirmation earlier in the week – one which may have helped REP gather momentum over the last few days. Headed by Nick Tomaino and backed by the likes of Peter Thiel and Mark Cuban, the Medium post titled ‘Long Augur’ posits REP as being a strong investment over the long term.

The Augur team retweeted the article not once but twice since Monday, as the post gained traction on crypto-twitter.

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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4.5 stars on average, based on 123 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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Christmas Dip: EOS, ADA, BCH Down 20-24%

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The cryptocurrency market lost 14% in the twenty-four hours leading up to christmas day, amounting to approximately $21 billion of the global market cap.

Bitcoin lost just over 10% in the process, while the major altcoins underwent the biggest corrections after more than a week of extravagant growth. EOS (EOS), Cardano (ADA) and Bitcoin Cash (BCH) all lost between 20% and 24% of their value.

EOS Price – EOS/USD

EOS sunk 20.9% from yesterday’s high of $3.10 down to Tuesday morning’s low of $2.45. EOS had previously increased 23% in value since Saturday, December 22nd, but today’s correction has wiped out that three day growth in one fell swoop.

Over 50% of daily trades came against Tether (USDT), while overall volume has fallen 50% since the start of the week, from $1.5 billion down to $1 billion.

The return to the $2.45 range places EOS block producers at roughly the break even point in terms of profitability, and is 57% higher than the thirteen-month low that was struck in mid-December.

EOS is the only major altcoin to be operating at a loss for the week, likely owing to the fact that it took its turn to pump a week or two earlier than most.

Bitcoin Cash Price – BCH/USD

The BCH coin price lost 24.2% during the dip – its larger losses in line with its larger gains earlier in the month. From Monday’s high of $205.15, BCH’s dollar value dropped to $155.40. That’s still 106% up from December 15th’s low in the $75 range.

Bitcoin Cash trade volume is down from last week’s high of $2.1 billion, to today’s total of $600 million. Over 20% of trades came from the eastern markets, shared between KRW, JPY and CNY trades.

One of the largest investors in Bitcoin Cash, the mining giant Bitmain was recently reported to be laying off 50% of its staff by the end of the week. Speculation suggests the sinking of the BCH coin price and the continued shockwaves from the recent Bitcoin Cash hardfork are the underlying causes.

Cardano Price – ADA/USD

The Coinbase speculation that kept Cardano afloat during much of early December appears to have dissipated. By Christmas morning Cardano had lost over 20% of its value since the day before, falling from $0.049282 down to $0.039260.

Over 60% of daily trades came from USDT trades – a common sign across the board following December 24th’s spike which looked like it would continue into the 25th, but failed to do so.

Ledger, the hardware wallet manufacturer, recently announced that Cardano support would be active in its products following the next firmware update, expected for January.

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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4.5 stars on average, based on 123 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

Ethereum Price Analysis: ETH/USD Using Recent Bottom as Launch Pad for Potential Rocket Moves

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  • ETH/USD has gained a big 38% over the past 6 days now.
  • The key thing to note is bulls have more to deal with in this run higher, in comparison to 2017.

ETH/USD is on one serious mission to recovery. The bulls have been surging over the past six days now, minus the small pullback on Wednesday. It does very much appear, that the bottom has been observed across the cryptocurrency market, given the sheer power and momentum behind the current moves.

The Downfall of ETH/USD

ETH/USD weekly chart. The price had been falling for five consecutive weeks.

As a brief recap, the price has been falling throughout the year of 2018. Downside pressure did pick up some serious pace and became very devastating in November. ETH/USD fell for five consecutive weeks, accumulating big chunky losses. This was the longest run to the downside seen since October-November 2016.

The price was seen down around 95% from the peak high in January of this year. Just on the 7th December, the lowest level since May 2017, at $83. ETH/USD bears forced a retest of this on the 15th. This sparked a revival in the market bulls. Leading the price into its current run observed, having gained 38% at the time of writing, since that bounce.

Upside Targets

ETH/USD daily chart. Bulls have surged 38% in the past 6 days of trading.

The next potential barrier of obstruction for the bulls is eyed at around $130, an area the price consolidated for a brief period at the back end of November – early December before then resuming its move lower. Outside of this, another small barrier seen within the $170 area, last traded here mid-November during the midst of the fall.

Other than the above-mentioned, it could be a very fast return for ETH/USD in firmly reclaiming the psychological $200 mark. Between September right up to November, the price was stuck within a very narrow range. This may prove to be the sticky challenge for the bulls, depending on momentum levels.

Furthermore, eyes will then be on $300. The key thing to note is that during the huge bull run of 2017, there was little in the way of historical levels. This helped in providing a clean run to the north, at heights that were reached. However now, during this bearish trend, levels of resistance have been formed, which will be new to the bulls in tackling.

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 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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