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Goldman Sachs to Embrace Bitcoin?

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The bitcoin revolution may be too good to pass up for one of Wall Street’s biggest firms. Goldman Sachs Group Inc. (GS) has announced that it is considering a new trading operation dedicated to BTC and other cryptocurrencies.

Goldman Sachs Weighs Digital Currency

The Wall Street Journal has confirmed that Goldman Sachs is in fact interested in bitcoin, and is currently exploring whether to begin trading the instrument. To clarify matters, a Goldman spokeswoman has this to say:

“In response to client interest in digital currencies we are exploring how best to serve them in this space.”

Though the firm has acknowledged it may not proceed, the fact that it’s interested could boost bitcoin’s standing in the mainstream investment community.

However, it’s not like bitcoin needs Wall Street’s approval. The world’s No. 1 digital token has more than quadrupled this year. Bitcoin is widely regarded as the face of the cryptocurrency market, which now extends to over 1,100 digital tokens.

Goldman’s open-minded approach to cryptocurrency is a welcomed break from the vitriol being spewed by other industry players. J.P. Morgan Chase & Co (JPM) Chief Executive Jamie Dimon recently called bitcoin a “fraud” and said he would fire any employee who dabbled in it. Less than a week later, it was confirmed that J.P. was already trading bitcoin on behalf of customers.

Big Banks Already Dabble in Blockchain

Despite Jamie Dimon’s adversarial outlook on bitcoin, his bank has already dabbled in the blockchain, the revolutionary technology behind cryptocurrency. Goldman Sachs has also explored the blockchain and its potential to reshape financial services.

Blockchain has enjoyed broad mainstream appeal, with governments and central banks experimenting with it. In fact, the author is of the opinion that interest in blockchain has been partly responsible for the rapid rise of cryptocurrency. Regardless of your views on digital currency, the technology behind it is too powerful to pass up.

The global cryptocurrency market is worth nearly $150 billion. As digital tokens proliferate, they will become harder for the major institutions to ignore.

Bitcoin values approached $4,500 on Monday, having gained more than 11% compared to last week.

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 647 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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Bitcoin

Bitcoin Price Maintains Premium on Bitfinex in Wake of USDT Fallout

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Bitcoin resumed its range-bound trading on Wednesday, though the premium paid for BTC on exchanges like Bitfinex remained elevated following the large-scale cash-out of USDT. The short-term outlook remains mixed with prices showing little signs of making new highs.

BTC/USD Update

The bitcoin price reached a high of $6,794 on Bitfinex, compared with an average peak of $6,616 for the broader market, according to CoinMarketCap. At the time of writing, BTC was valued at $6,712 on Bitfinex, having declined 0.6% from the previous day. That gives bitcoin a market capitalization of around $114 billion, which amounts to 53.9% of the overall market.

BitMEX, a popular crypto derivatives platform, has emerged as the biggest market for BTC in recent days. As of Wednesday, the exchange processed more than 17% of the digital currency’s transactions via BTC/USD. The second largest market based on overall volume was won-based transactions on Bithumb.

Overall, BTC remains locked in a falling trendline since July, which represents the last major peak in values. Since reaching a high above $8,400 on July 24, bitcoin has been in a state of perpetual decline, with downside pressure keeping prices locked below $6,800. At the same time, the market has established firm support near the psychologically significant $6,000 level. At this point, there’s little reason to believe that level is in jeopardy.

The cryptocurrency market was little changed on Wednesday as volumes hovered near $12 billion. At press time, the total market cap was valued at $210.4 billion. The market peaked above $221 billion earlier in the week as trade volumes more than doubled.

Bitcoin’s Hefty Premium

The largest digital currency by market cap is still trading at a premium on exchanges like Bitfinex, which facilitate large volumes of USDT trades. On Monday, bitcoin’s quoted price on Bitfinex was roughly $900 higher than other exchanges as investors pulled out of USDT, a controversial stablecoin that is used to buy leading digital currencies such as BTC. Since Monday, Tether has been trading well below the one-for-one dollar peg it usually claims. At press time, USDT was worth less than $0.98.

Bitcoin’s volatility index has risen this week, though largely remains near 17-month lows. As of Tuesday, bitcoin’s 30-day volatility tracked had risen to 1.98%, according to bitvol.info. The index fell to a low of 1.56% earlier this month.

Declining volatility is a marker of maturity and stability in the market. However, it has also made upside momentum more difficult to sustain. That’s because falling volatility is commonly associated with declining trade volumes. Bitcoin’s daily turnover surged past $7 billion at the beginning of the week but has since fallen back to the low $4 billion range.

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 647 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

Crypto Update: Sideways Drift in Cryptoland

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Not much has changed in the past 24 hours in the cryptocurrency segment, with most of the majors experiencing light trading activity and low volumes following Monday’s spike.

Ripple stayed in the center of attention as the third largest coin has been drifting higher together with Stellar, outperforming the broader market. Despite the gains, XRP also remained clearly in Monday’s range, and the technical setup continues to be shaky even concerning the strongest digital currencies.

While Tether continues to trade with a discount, leading to a slight premium in the price of cryptos on several exchanges, volatility is very low in the markets. Although most of the top coins are slightly lower today, the small moves mean that the total value of the market is still near the $210 billion level, and Ripple is edging closer to Ethereum in market cap yet again.

XRP/USDT, 4-Hour Chart Analysis

Ripple is holding on above the key $0.42-$0.46 zone thanks to its relative strength, but the coin is still on a short-term sell signal in our trend model, as it failed to show real momentum since the surge that was fueled by the dislocation in Tether’s market. XRP still faces strong resistance levels near $0.51, $0.54, and $0.57, and until a move above the spike high, a new short-term uptrend is not confirmed and traders should still not enter new positions.

BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to rally back above the primary resistance level at $6500, even as the coin stabilized well north of the $6275 level and its pre-surge price zone. With that in mind, the coin remained on a short-term sell signal, with a test of the $6000 support still being likely.

While the long-term setup is still neutral, and the long-term support zone near $5850 is fairly safe currently, given the overwhelmingly bearish long-term outlook in the segment, we continue to be defensive towards Bitcoin as well. Further resistance levels are ahead at $6750 near $7000, while below $5850 the next major support zone is found between $5000 and $5100.

Ethereum Holds Just Above $200 as Litecoin and Dash Continue to Lag

ETH/USD, 4-Hour Chart Analysis

With the exception of Ripple and Stellar, altcoins are leaning bearish today, with Ethereum still being the most important laggard of the segment. While ETH is trading above $200, it remains in bearish technical setups on both time-frames, and the recent days confirmed the weakness of the second largest coin again.

Traders and investors shouldn’t enter positions here, as a move towards the $170 bear market low is still likely in the coming period, with strong support level as also found near $180 and $160 and with resistance ahead near $235 and $260.

Dash/USD, 4-Hour Chart Analysis

Dash has been showing weakness throughout this month, and the coin is now likely headed back towards the key $150 level. A move below primary support would warn of a test of the bear market low near $130, while an unlikely move above $170 would signal a trend change. For now, Dash remains on sell signals on both time-frames, and trades should stay away from the coin.

LTC/USD, 4-Hour Chart Analysis

While Litecoin experienced an encouraging bounce in September, it is among the weaker major coins again, and the $51 support level is back in the spotlight. A move below that level is still likely even after the spike above $56 on Monday, since sellers are clearly in control of the currency’s market.

The next major support zone is found near $44, with the bear market low above that at $47, while further resistance is ahead near $59 and $64.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 377 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

TRON Price Analysis: TRX/USD Cools After Reports Suggest of Potential Baidu Partnership, but Not Blockchain Focused

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  • Reports of TRON and Baidu partnership focused on cloud computing resources.
  • TRX/USD price has cooled over the past two sessions, but supported within an ascending channel.

Potential TRON and Baidu Partnership – Not Blockchain Related

The founder of TRON Justin Sun, had left the community very excited on Friday, after tweeting “Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

According to ODaily, a local Chinese newswire, the partnership will be focused on cloud computing resources, not blockchain. It covered that TRON would be buying cloud computing resources from China’s equivalent to Google, Baidu. This was cited and translated by CNLedger.

If this being the case, it could be somewhat disappointing for some of the TRON community. There would have been general expectation and hope, of this being related to the foundation’s blockchain network. As it states the partnership remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

The report covered that Tron and Baidu will be working to maximize inter-compatibility. In addition, “to build, operate and debug blockchain products” based on Baidu Cloud. Baidu and Tron have not yet formed any connection at the blockchain business level. Currently the cooperation mainly focuses on the purchase and use of (Baidu’s) basic cloud computing resources.” As covered by CNLedger’s translated report.

Despite the circulating details, there has not been an official confirmation from either TRON or Baidu.

TRON Launches TronGrid

Most recently, TRON launched a website known as TronGrid, which will toolbox for developers. As a result, it will assist them in being able to integrate DApps smoothly into the TRON ecosystem. The move somewhat similar to Ethereum’s Infura.

Technical Review – 4-hour Chart View

TRX/USD 4-hour chart

TRX/USD price has cooled over the past two days now. Following a large spike up to $0.027980 on 15th October, the price had headed deep into a known supply zone. This is seen tracking form around $0.02700 – 0.028500 range. As a result, sellers forced TRX/USD back down within an ascending channel pattern.  It has been grinding higher within this channel since the 12th October.

Given the cooling in price action, it is worth noting the support seen at the lower trend line of the mentioned pattern. Furthermore, comfort can be observed around $0.024850. A breach may see a very fast move back south, reversing the upside move from 12th October. This could see a drop down to $0.020670.

Looking to the upside, should this ascending channel continue supporting the price, as it has been. Then expect bulls to give the near-term supply zone another retest. However, this area has been respected since the back-end of September. It is evident that sellers remain camped within this territory, not an easy task for the bulls to break down. ­

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 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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