The future is rapidly moving towards us. At this very moment, dozens of new apps are being developed that rely on blockchain technology, most of them based on the Ethereum network.
Last night a new project called Brave Browser created a new token called BAT (Basic Attention Token). This new browser is being developed by Mozilla co-founder Brendan Eich.
The new BAT tokens sold out in just 24 seconds raising about 156,000 ETH (about $36 Million) for the new startup.
Though this was one of the most successful ICOs (Initial Coin Offering) to date, we anticipate that the rate of such events will only grow as the Internet migrates to decentralized applications.
eToro, Senior Market Analyst
Please note: All data, figures & graphs are valid as of June 1st. Al trading carries risk. Only risk capital you can afford to lose.
Has globalization really peaked?
We’ll get a big hint today. President Donald Trump will announce his decision on the Paris Climate agreement at 3:00 PM New York time.
President Obama was a big part of the COP 21 Paris Climate Convention where global leaders made a monumental pact to cap global emissions. Donald Trump isn’t too fond of this and has vowed to back out of the agreement. According to his Twitter feed, the decision is imminent.
Some of Trump’s top advisors have urged the President not to renege on this one but at the moment we have no indication what the announcement will be.
Meanwhile, the Prime Minister of China, Mr. Li Keqiang, will be visiting Brussels today with the goal of making the world more connected. The One Belt One Road project has been a favorite of President Xinping to connect global supply lines with better infrastructure.
What about Brexit?
But perhaps the most titanic test of globalization will come from the UK. The general elections will be in exactly one week and the situation seems to be deteriorating by the minute.
According to the latest polls, Jeremy Corbyn’s Labour party now trails Theresa May by just 3 points!!
Of course, we know that the UK polls are not always the most accurate but for the first time, the media is asking, what if they actually win?
Well, most likely Brexit will still happen. Following the referendum last June, and the trigger of Article 50 in March, it is now seen by most as the will of the people and an irreversible decision. However, under Labour leadership, it will no doubt be a more soft exit than the one planned by May.
Many markets remain stagnant. Volatility ticked up a bit yesterday as Wall Street returned from their long weekend but the VIX volatility index still remains muted at 10.41.
The Asian session is looking pretty upbeat with stocks in Japan, China, and Australia all firmly in the green.
All investors are still watching the price of Crude Oil intently as the global oversupply remains a major concern. Yesterday, the price failed to climb above $50.50 a barrel (blue line) and subsequently slipped to lows below $48 (white circle) before recovering.
The Crude Oil inventories will be released this afternoon and could have a fair impact on the price, depending on the result of course.
Crypto Watch (technical analysis)
The Cryptocurrencies remain volatile. Some traders are expecting a major pullback and some are betting the farm that we’re about to shoot to the moon.
Bitcoin did break above $2350 this morning (dotted yellow line). Certainly a positive sign but the period of a clear trajectory towards the sky is still in question. We can expect heavy resistance around the 2500 to 2600 region (blue square).
Ethereum, on the other hand, seems to have built itself a nice solid support line on the short term chart…
Let’s have an awesome day ahead!
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Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.