Fire in the Hole Defused | Hacked: Hacking Finance
user

Cryptocurrencies

Fire in the Hole Defused

Posted on .

Fire in the Hole Defused

Introduction

This article was posted on Monday, 11:31, UTC.

Hope you had a fantastic weekend and hope that you’re having an amazing summer so far.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Banks in the UK will be closed today for a summer holiday but markets are all open. Let’s have some fun!

@MatiGreenspan
eToro, Senior Market Analyst

 

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Please note: All data, figures & graphs are valid as of August 28th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

A compromise was found in the end. The central bankers who met in Jackson Hole Wyoming over the weekend, are good at compromises and even better at making sure the markets stay calm, especially when they are the problem.

In short, those who were aggressive going into this meeting have toned it way back. The United States needs to start getting serious about tightening their monetary policy. Europe has been testing the waters and trying to decide if they should do the same. Asia and emerging markets want to keep the money loose for as long as they can.

I believe this image here just says it all. Kuroda (Japan) laughing, Yellen (USA) concerned, and Draghi (Europe) pondering. Drink up that coffee Janet, there’s lots of work still to do.

Brexit Talks…

…continue today, despite the summer holiday. We still have about 1.5 years until the March 2019 deadline, which is still plenty of time to work out an excellent, mutually beneficial, deal IF they get cracking now.

So far little progress has been made but it does seem that most of the major distractions are now out of the way. So short of any new distractions, hopefully, we can get on with some substantive talks now.

The Euro has been one of the strongest performing currencies so far this year, which is why we can see this graph of the EURGBP trailing towards the sky in the last few months.

Crypto-part

The crypto market is on a very gradual rise so far this month and has had a relatively quiet weekend. The overall market cap for all cryptocurrencies broke above $150 Billion for the first time last Wednesday and has not looked back since.

Even though the overall market has been rather stable, there have been significant swings from one currency to the next. One of the winners by far is Litecoin. As the fight heats up between Bitcoin and Bitcoin Cash, Litecoin has emerged as a safe haven of cryptos.

Lasts night LTC has broken out with a new all time high of $64.79 a coin before a minor retracement this morning.

Litecoin has been receiving a lot of the crypto-magic lately. The price has risen 735% since the community decided to implement the segwit solution on April 11th. The same solution that has just been implemented on Bitcoin last week.

In that timeframe, Litcoin has been one of the fastest rising cryptocurrencies. Second only to Ripple.

Let’s have an amazing week ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
Mate Csar
Analyst
Trader 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 Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
A deluge of economic data this week will make its…