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Ethereum Up 50% in Last Two Weeks on South Korea, ICO Hype

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Ethereum (ETH/USD) has been pushing higher over the past two weeks, with prices crawling back above $300.00 for the first time since June.

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ETH/USD Hits One-Month High

The ETH/USD exchange rate approached $315.00 on Wednesday, the highest level in over a month. The price pulled back on Thursday to settle just above $300.00. Prices held relatively steady at the start of Friday trading, giving etherum a market cap of roughly $28.2 billion.

With Thursday’s advance, ethereum has risen for six consecutive days and is up 50% compared to two weeks ago when it traded around $200.00.

The cryptocurrency has forged a new leg higher, with prices well supported north of $280.00. This level prevented the sellers from gaining control of the market on Thursday when the ETH/USD pair entered a mild correction.

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South Korean Buyers, ICO Hype Lift Prices

The South Korean won has done most of the bidding lately after lawmakers in the Asian country announced tentative plans to regulate cryptocurrency. According to CNBC, over 60% of ETH purchases are happening in the won currency.

South Korea would become the second Asian country to regulate cryptocurrency. Earlier this year, Japan spearheaded legislation recognizing bitcoin as a legal payment method. The announcement propelled the digital currency market to new record highs.

Ongoing hype surrounding initial coin offerings (ICOs) is also boosting buyer interest. ICOs are similar to crowdsourcing in that they allow startups to raise money by offering funders a stake in the company. ICOs raised $1.2 billion in June and July to surpass early stage venture capital.

In June alone, ICO funding exceeded $550 million. By comparison, angel and early VC funding came in at just under $300 million during the same month.

Bitcoin Stabilizes Near Record High

Ethereum has flown under the radar in recent weeks as infighting broke out in the bitcoin community. The rapid rise and fall of Bitcoin Cash – the newest edition to the cryptocurrency family – has had a minimal impact on the broader market. In fact, bitcoin prices surged to new highs this week as its mining community voted to accept the new Segregated Witness (SegWit) upgrade.

SegWit has been designed to scale up bitcoin’s capacity to boost efficiency and speed on the cryptocurrency network. It was also the point of contention that caused the chain split on Aug. 1.

Bitcoin Cash briefly spiked above $11 billion shortly after the fork, according to coinmarketcap.com, before crashing back down. On Friday, the market was valued at $4.6 billion – roughly $280.00 a coin.

Bitcoin (BTC/USD) has shot up to nearly $57 billion, with token values reaching multiple record highs. The BTC/USD traded within a narrow range Thursday and was last seen hovering just above $3,415.00, according to Bitstamp.

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 452 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Long-Term Cryptocurrency Analysis: Bull Market in Jeopardy

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As the crucial rally attempt that we pointed out in our previous long-term analysis failed, and the major coins sold off heavily afterwards, the segment is now in a difficult situation. While Bitcoin and especially Ethereum are still in bullish setups, the most valuable coin is now close to a major breakdown that could lead to structural bear market as we laid it out back in January.

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Some of the weaker coins are already below the large-scale consolidation patterns that developed after the year-end run-up, and as the divergence between the leaders and the laggards widens, the path of the two dominant coins even more importance.

BTC/USD, Daily Chart Analysis

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Bitcoin failed to trigger a short-term buy signal throughout the Ethereum-led rally in May and early June, and that technical weakness still persists, as BTC is now trading right at the April low, testing the key long-term base pattern.

A break below the strong support zone near $5850 would be the first similar event since the beginning of the bear market in 2014, and it could lead to an extended period of bearish bias for Bitcoin after the spectacular bull run of 2017. For now, the bull market is intact, with support found near between $6000 and $6275, at $5850 and below that at $5500, while resistance is ahead at $6500, $7000, $7350, and $7650.

ETH/USD, Daily Chart Analysis

Although Ethereum is clearly stronger from a technical perspective compared to Bitcoin, the coin is struggling to hold the key $500 level, as it is resumed its short-term downtrend. The April lows are well below the current price level and the long-term setup is bullish, so long-term investors could still add to their positions during the selloffs. Resistance above $500 is ahead between $555 and $575, while strong support is near $450, $400, $380.

(more…)

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 275 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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Altcoins

Bibox Token Down 33% for the Week

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Bibox Token’s (BIX) loss of 11% over the last 24 hours compounds the 33% loss it incurred over the past week, and ends a fruitful period of growth for the exchange token.

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When the rest of the market sunk throughout the month of May, Bibox managed to power through those thirty days, recording week on week growth to the tune of 133%. Between May 8th and June 8th, the value of BIX tokens grew steadily from $0.75 to $1.75.

This morning however, the price of one BIX token suddenly dived from $1.32 to $1.16, before recovering three hours later to reach $1.29. This marks the first major dip for Bibox in months, and even at its current price, it is still more than 200% up on its early April value of $0.40.

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Bibox Token Utility

Binance Coin (BNB) and Bibox Token (BIX) operate on the same basic concept – offer reduced fees to users if they convert some of their funds into the exchange’s specific token.

Binance offers users a 50% reduction in fees, while Bibox pushes that number up to 67.5%, but requires certain stipulations such as trading at least once per week.

Exchange tokens offer an attractive investment opportunity due to their ability to grow organically through regular use. Every time a new coin is listed on an exchange, it offers an entirely new pool of funds which could conceivably be traded with the exchange token.

A glance at the monthly charts of any exchange token reveals a constant pattern of regular spikes – the result of each new coin being listed on the exchange. Similar to Bibox, the BNB token has only risen in value over the last few months – displaying a 100% growth between March and June.

Dangers of Exchange Tokens

Many crypto users have a hard enough time storing their funds on exchanges as it is. And it’s no surprise given the amount of scandal and media furore that crypto exchanges have attracted over the years.

We’ve all seen how quickly the fortunes of an exchange can change. Regulatory announcements can temporarily derail the progress of an exchange; while malicious hacks can completely wipe them out, as in the case of Mt. Gox.

With such a potential for volatility, investors are reluctant to use exchange tokens in great amounts, and tend to keep a small amount solely to qualify for the reduced exchange fees.

However, with the kind of steady growth shown by the Binance and Bibox exchange tokens over the last few months suggests that these could be solid investment opportunities for long term growth.

If some of these exchange tokens can dodge the disruptive influence of hasty regulators; and if their platforms remain secure against hackers, there’s no reason why such tokens shouldn’t be taken advantage of. But those are big ‘ifs’.

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 9 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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Altcoins

SEC Decision on Ethereum Could Open Door to Futures Contract: CBOE President

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Proponents of Ethereum were vindicated Thursday when a high ranking U.S. regulator said transactions involving the cryptocurrency won’t be subject to federal securities laws. The announcement has renewed speculation that ether will soon make its way to the futures market.

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CBOE Optimistic About Ether’s Futures Potential

CBOE Global Markets Inc. President Chris Concannon announced Friday that his firm is seriously considering launching an Ethereum futures contract now that the Securities and Exchange Commission (SEC) has provided some guidance on the digital asset.

“We are pleased with the SEC’s decision to provide clarity with respect to current Ether transactions,” Concannon said in a statement, referring to the recent comments made by SEC corporate finance director William Hinman.

“This announcement clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.”

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Ether’s value shot up more than 10% Friday, reaching a high near $520. The currency has since fallen back to around the $500 level early Saturday, retaining a market cap of $50.2 billion on trade volumes of around $1.6 billion, according to CoinMarketCap.

Crypto trade volumes plummeted to around $11.8 billion Saturday, their lowest in over two months.

Ripple also took the SEC’s decision positively and argued that the regulator should apply the same standard to XRP.

“We believe that XRP likewise should not be classified as a security and look forward to confirmation from the SEC,” Ripple spokesman Tom Channick told Bloomberg in an email.

The SEC is said to be examining whether XRP should be grouped in with other securities given the fact that the majority of tokens are held by the San Francisco-based Ripple company.

Futures: A Double-Edged Sword

The launch of derivatives contracts is viewed positively by crypto traders, but as bitcoin futures have clearly demonstrated, this is by no means a golden ticket to profitability. In fact, it has been argued in several places that the introduction of futures is partly responsible for bitcoin’s bear market since December.

This theory was posited recently by Tom Lee, a leading cryptocurrency analyst at Fundstrat Global Advisors. In Lee’s view, the value of bitcoin tends to fall into expiration as traders short the contract but long the underlying commodity.

A controversial study by the Federal Reserve Bank of San Francisco last month concluded that futures have been the main drivers of bitcoin’s meteoric collapse. Fed researchers say the introduction of the CBOE and CME futures contracts in December made it much easier to bet on the decline in bitcoin.

Just as innovations in securitization and bond groupings contributed to the collapse of the subprime mortgage crisis, the arrival of bitcoin futures contracts have similarly impacted cryptocurrency price dynamics, the San Francisco Fed claimed.

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 452 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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