Going down a Stronger Path | Hacked: Hacking Finance
Hacked: Hacking Finance


Going down a Stronger Path

Posted on .

Going down a Stronger Path


This article was posted on Friday, 11:34, UTC.

In one of the biggest turnaround stories in history, it appears that Russia is about to legalize and regulate the Cryptocurrency markets.

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

This very sudden change of stance comes shortly after Vladimir Putin had a brief meeting with Ethereum founder Vitalik Buterin at a major economic event in Russia, with some very important people in attendance.

The news gets even better. Not only does Russia intend to regulate bitcoin and Ethereum, at a later stage they even intend to oversee the tricky ICO markets in which new cryptos are created.

// -- 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 -- //

Exciting times indeed.

eToro, Senior Market Analyst

Please note: All data, figures & graphs are valid as of July 21st. All trading carries risk. Only risk capital you can afford to lose.

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Market Overview

The market reaction to Mario Draghi’s speech yesterday was indeed a surprise, even to Mario Draghi.

Though he was trying really hard to keep his cards close to his chest and not give away his future moves, investors saw right through his poker face and used the speech as confirmation bias of current theories, that the ECB is right in the middle of a taper but won’t admit it.

Draghi did his best to project that the ECB has no immediate plans to wind down the massive stimulus package and even left the door open to increase it later but he could not hide the fact that the economy is indeed going down a stronger path.

In today’s currency wars most economies, including the Euro, are trying to maintain a weak currency to promote exports. The surge in the Euro over the past 24 hours was almost certainly not what Mr. Draghi was going for.

The EURUSD is now about 60 pips away from its strongest level since January of 2015 (yellow line).

On the other hand, Mario probably shouldn’t get all the credit for this move. The Euro strength is also a factor of President Trump crashing the Buck.

At this point, the US Dollar really needs a stronger path…

Bitcoin’s Path

Following last week’s update entitled “Bitcoin’s Brexit Moment,” it seems we have some important progress.

Last night, miners have signaled very strongly to implement SegWit. The headlines today read that BIP91 is locked in!!

Let’s refer back to the flowchart that we posted showing the possible paths.

Link to image: http://imgur.com/a/0nWwn

What this update means is that the BIP148 side is far less likely. From here the most likely path is either down, to implement SegWit with a soft fork, or to the left, implementing SegWit2x with a hard fork to increase the block sizes.

Now, just because miners are signaling for BIP91 is still not a guarantee that it’s going to happen. There are a large number of obstacles in the way and the path is still far from clear. However, at this point, we have a lot more clarity than we did 24 hours ago.

The effect on the price is quite clear. Bitcoin surged on the news coming close to its all time highest level due to the increased amount of clarity to the situation. In fact, over the past week, Bitcoin has erased virtually all of the losses that it saw since the peak on June 12th.

This is the magic of Crypto.

Wishing you an amazing weekend.

This content is provided for information and educational purposes only and should not be considered to be a 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


Senior Market Analyst at Etoro.com.

There are no comments.

View Comments (0) ...
The team:
Dmitriy Lavrov
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
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
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
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
Justin O’Connell
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
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
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
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
The most valuable coin is still leading the way higher,…