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Gold Creating Kilonova

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For the first time ever astronomers around the world were treated to an astonishing event in outer space called a Kilonova.

Two dead stars known as neutron crashed into each other at high speed. The stars were relatively small (just about 12 miles in diameter) but extremely dense. Some scientists estimate that a single teaspoon of the star’s substance would weigh a billion tons on Earth.

The outcome of the collision was the creation of copious amounts of metals that are extremely rare here on earth like Gold and Platinum. The sight is being hailed as one of the biggest advances in astrophysics and even answers the age old question “where does gold come from?”

Some Bitcoin extremists on the web were quick to point out that gold may not possess as much rarity as it used to and therefore is no longer the best store of value as it was throughout history.

However, the Kilonova did take place approximately 130 million light-years away. So until we invent interstellar travel gold’s status as a backup monetary system and safe haven remains solid.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of October 17th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Stocks are generally positive today as the global equity bubble reaches ever higher. As we’ve mentioned most analysts feel that stocks are expensive but that this overvaluation may continue for up to two years.

The US Dollar is also making a move of strength lately and is up sharply against its peers over the last 30 days.

Over the long term though, this move in the Dollar is simply a bounce against a larger downward trend that’s been happening since Donald Trump took office.

Of course, Trump’s weakening of the Dollar could also be seen as a small reversal from the upward trend that’s been forming over the past decade.

Today’s Event

The highlight today will most likely be a speech from the Bank of England Governor Mark Carney, who will be testifying before the Treasury Select Committee in London.

Traders want to know if indeed Mark will be raising the English Interest rates at their meeting next month. Currently the market is placing an 83% chance of a hike on November 2nd.

Furthermore, if indeed the rates are raised, investors want to understand the future path of monetary policy in the UK. Will this hike be a “one and done” or are we on the path to further hikes going forward?

In the wake of the referendum, the BoE cut interest rates near zero to try and cushion the Brexit blow. Now that it’s clear that the blow is less than expected many economists feel that it’s time to reverse that move.

The GBPUSD is strengthening this morning in anticipation but if Carney does indeed want to sustain these moves, he’s gonna need to be a bit more aggressive than he’s been to date.

Ripple Short

Ripple’s first annual Swell conference is well underway. No doubt everyone there is very excited about the recent announcement from the Gates Foundation that they will be using Ripple’s technology in their new efforts to open the world of banking to billions of people.

Just before the conference started though there was another unrelated announcement that could affect the price as well. The tech giant IBM has just made public their new Hyperledger Blockchain with the goal of speeding up international interbank transactions.

This sounds extremely similar to Ripple’s goal, which is to “replace the Swift system that banks currently use to send funds.”

Now, I’m no bank manager but I do believe that most big banks would be quicker to work with an established company like IBM than with even the most successful startup.

As far as the technical analysis of Ripple’s XRP token goes, we are just near the top of a huge price range from 15 cents to 30 cents.

On top of all that, the topmost copied Cryptotrader in eToro has just announced on his wall that he’s going for a big short sell with the anticipation of a price drop.


Of course, short sell trading is risky and cryptotrading is even more risky. So as always please be sure to diversify your investments and build a proper portfolio.

Let me know if you need any help with that. Today I’ll be holding a webinar to discuss the markets and portfolio positioning with our top equity clients. If you are one of them, feel free to join in at: etoro.tw/Webinar

Let’s have an amazing day!!

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 (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 114 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Cryptocurrency Market Hits One-Week High as Volumes Spike 38%; Bitcoin Cash Jumps 10%

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The cryptocurrency market booked solid gains on Monday, as coin values and trading volume reached their highest levels in a week.

Market Update

With the exception of Tether’s USDT stablecoin, all major cryptocurrencies in the top-ten reported gains. In percentage terms, bitcoin cash was the strongest performer, rising more than 10% to a high of $804. That was BCH’s highest reading in nearly a month, according to CoinMarketCap.

The value of bitcoin reached a high of $6,691 Monday for a gain of nearly 5%. At press time, BTC/USD was trading at $6,674 on daily trade volumes of $4.6 billion. As Hacked previously reported, the $4 billion volume mark is closely associated with uptrends for the bitcoin price. Bitcoin is now eyeing resistance between $6,800 and $6,900, which is the upper end of last weekend’s rally.

Ethereum also notched one-week highs with gains of more than 5%. The second-largest cryptocurrency by market cap was last seen trading just above $476. The clean break above $450 is an encouraging sign for the bulls, who continue to target$500 as a critical inflection point for ETH/USD.

Ripple XRP showed positive momentum Monday as prices rose to fresh one-week highs. The so-called “banker’s cryptocurrency” is up 6.1% at $0.474. Ripple has been in the spotlight for all the wrong reasons lately as the San Francisco-company fends off another lawsuit claiming XRP is a security.

Market Sentiment Improves

A sudden shift in investor sentiment underpinned the market’s $20 billion gain on Monday. That shift was fueled by reports that BlackRock, the $6.3 trillion asset manager, is exploring entry into the cryptocurrency market.

Sometime over the past 12 months or so, the company has gone from vilifying crypto to treating it as a potential value driver. According to CNBC, BlackRock has been researching cryptocurrency since at least 2015.

At the time of writing, the total cryptocurrency market was valued at $270.5 billion. It notched $271 billion earlier in the day, the highest in seven days.

Trading volumes shot up 38% to $14.2 billion, with Binance and Huobi each processing more than $1 billion in transactions.

Coinbase – a company betting big on firms like BlackRock entering crypto – has also been a source of optimism after it announced Friday that it has short-listed five coins for future consideration. The five coins in question are Stellar (XLM), Cardano (ADA), Zcash (ZEC), Basic Attention Token (BAT) and ox (ZRX).

Coinbase remains non-committal about whether it will eventually add these cryptocurrencies to its exchange listing. However, their mention was enough to spur double-digit percentage gains early Saturday.

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 497 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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Altcoins

Ethereum Price Returns to Weekly High; EOS Behind ‘Fish’ Attack?

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Ethereum has regained lost ground over the week, returning to the seven day high of $475, even breaking the $476 mark just under an hour ago. For the last few days pundits and analysts marked the $450 barrier as the breakout point, but the growth really accelerated after breaching the $455 level.

In the last twelve hours or so Ethereum went from a price of $446.86 up to $476.13 – a 6.5% growth. If we look at the the strongest surge, which occurred six hours ago at 10am (UTC), we see that ETH prices experienced a 5% spike within just a few hours.

Looking at the weekly trend we see that ETH was falling in value against the dollar for six out of the seven days. Yesterday the coin tried to push upwards, but flattened out in the middle of the day. Last night into today marks Ethereum’s (and most of the market’s) first extended growth pattern for the week.

On June 16th Ethereum’s price was around $489 – not all that far off today’s level. Yet by June 21st the price had hit $543.72, meaning ETH’s value still stands at 12.5% less than during the monthly peak.

Exchange Activity

Bitcoin started the day with faster growth than Ethereum, but eventually fell away to 3.88% growth, compared to Ethereum’s 6.5%. The vast majority of Ethereum’s trades are coming against BTC right now, with ETH/BTC making up around 27.5% of the daily total.

The next most popular trade is against USDT, making up nearly 20% of the 24 hour volume.

The busiest exchange for Ethereum today has been CoinEx – the China-based exchange where the biggest trade volumes come in the form of BTC/USDT trades.

Interesting to note is Ethereum’s second most concentrated source of activity today, namely on Bitfinex where 5% of ETH’s daily total has been directly against U.S Dollars. That amounts to $80 million of the daily volume of $1.7 billion, and marks a sharp influx of new money into the markets.

iFishYunYu Attack

Spam attacks are nothing new to the Ethereum network, and are ultimately helpful in the long run due to their tendencies to highlight potential weaknesses in the platform.

The spam attacks commenced again this week as a smart contract began to overload the Ethereum network with pointless, meaningless transactions. At one point the flurry of activity raised gas prices to over 200 gwei, while some users have reported fees of several ETH at the absolute peak of the spam.

The attack was configured using Ethereum’s own token launching features. Around 5 billion ‘Fish’ tokens were created and distributed to multiple wallets, which then distributed them around to more. What followed was a senseless series of transactions between the wallets which eventually succeeded in congesting the network.

The issue has since been resolved, but already some Ethereum developers are pointing the finger at representatives, either official or unofficial, of EOS. Let the crypto wars commence…?

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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4.4 stars on average, based on 22 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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Bitcoin

Bitcoin Price Gains Momentum as BlackRock Gets Serious About Crypto

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After a week of lateral moves, the bitcoin price rose Monday on reports that one of Wall Street’s biggest asset managers was assembling a team to explore cryptocurrency adoption.

Bitcoin Price Update

The largest cryptocurrency by market capitalization peaked near $6,620 at 08:49 UTC, the highest in six days. At the time of writing, bitcoin was trading near the intraday high of $6,620 for a gain of 4%, according to CoinMarketCap.

Bitcoin held relatively steady over the weekend, with prices hovering between $6,300 and $6,400. The coin’s successful defense of $6,000 – a key technical and psychological threshold – has encouraged bids after trading volumes plunged to their lowest levels of the year.

As Hacked reported Sunday, turnover in the cryptocurrency market fell to $8.8 billion over the weekend. Bitcoin accounted for roughly a third of that total. On Monday, bitcoin’s trading volumes were back up to around $4.9 billion, the highest in two weeks.

Bitcoin is likely to run into resistance north of $6,800 – a region that capped last weekend’s rally. BTC/USD peaked at $6,866 on July 8.

Institutional Bull Run?

Bitcoin’s gains were fueled by speculation that BlackRock, one of the world’s largest asset managers, is planning an entry into the cryptocurrency market.

London’s Financial News, citing unnamed sources, said BlackRock has assembled a working group to investigate blockchain technology and cryptocurrencies. Sources also indicated that the team of exports is looking at what other asset managers are doing with cryptocurrencies and how it can impact BlackRock’s underlying business. The findings of the research will be presented to senior management.

“Like most financial institutions, BlackRock has a working group that meets periodically to exchange information on blockchain and consists of employees from various parts of the business,” a spokesperson for the company said in a statement, according to CNBC.

“We have been looking at blockchain technology for several years, recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.”

CNBC believes the working group was first assembled in 2015.

While cryptocurrencies continue to polarize Wall Street, major financial institutions are slowly changing their tack. It was only last year that BlackRock CEO Larry Fink said that bitcoin was merely a “speculative” instrument used for anonymity and money laundering. Now, his company may be on the cusp of entering the market.

Exchanges like Coinbase are betting big on institutional adoption and have created a suite of custodial services aimed at luring this segment of the market. Industry experts believe that the next major bull market for cryptocurrencies will be driven mainly by institutions, marking a significant departure from the retail-dominated surge of 2017.

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 497 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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