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Cryptocurrencies

Happy Fork Day

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Hi Everybody,

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As many of you know, today the Bitcoin scaling debate will run up against a critical deadline.

This is sure to be the most uncertain time in the world of digital currencies and after the astonishing surge in pricing since the beginning of the year and positive legislation for digital assets from several countries, the world is watching.

As it stands, 100% of the mining community is signaling to implement the Segwit protocol and 87% are voting for SegWit2x. Another option that has been gaining momentum is bitcoin cash, which will be attempting to hard fork the network today.

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Bitcoin cash is said to have a newer and stronger code than even SegWit2x but the support for it in the mining community is still extremely small. Of course, since bitcoin cash is offering to give 1 BCC for every BTC held in a “supported wallet” the excitement from users has been overwhelming.

Now, nobody really knows how this is all going to play out. What we do know is that many brokers and exchanges including eToro will be halting all transactions within the next few hours for an undetermined period of time until everything is sorted out.

eToro’s downtime will begin today at 11:00 GMT and will last until our experts feel that the network has stabilized.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Any reaction to N Korea?

USDollar holding support

Forking Brexit (EURGBP)

Please note: All data, figures & graphs are valid as of July 31st. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

With earnings season well under way, traders on Friday have propelled the Dow Jones to a brand new all time record high.

A shakeup in the Trump administration, failed healthcare reform bill, new Russian sanctions, nor a successful missile test from North Korea could bring the stocks down.

There does seem to be a bit of a safety play in the markets this morning though. We can see in the currency markets that the three main safe haven currencies are leading the day so far.

Even the U.S. Dollar, which has been falling nonstop lately, seems to have found some temporary support.

As well, the ultimate safe haven, gold is extending its gains from the past few weeks and is on track for a very strong July.

One thing that may be causing investor optimism is the price of oil, which has reluctantly crossed the $50 mark in the last few minutes.

Soft Brexit Fork

While we wait to see if there will be a hard fork or soft fork in bitcoin, we can see in the U.K. parliament that the notion of a soft Brexit is now in danger of a hard fork.

Prime Minister May’s Tory party is splitting itself in two over what immigration to the U.K. will look like immediately after the Brexit. Chancellor Philip Hammond and his allies are very happy to keep the borders relatively loose, while his opponents argue that an immigrant free Britain was the main driver behind the decision to leave the EU in the first place.

So far, no word from the Prime Minister on this critical issue.

Meanwhile, the Euro strength is overtaking the British Pound and some analysts are forecasting that parity (1.0000) might be in striking distance for the EURGBP.

As always, let me know if you have any questions, comments, or other feedback. Wishing you 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.

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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.



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Bitcoin

We Have to Talk About Bitcoin Again

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It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

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Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

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Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.

Featured image courtesy of Shutterstock. 

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Cryptocurrencies

Trade Recommendation: Qtum

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The price of Qtum has bounced from the support zone formed by the 0.035000 support level and Senkou B line of the Ichimoku indicator. The DMI confirms trend market conditions and allows opening long trades. We have a trading opportunity. Pending orders for buy should be placed at 0.037800 level with stop orders at 0.034000 level. The main profit target is 0.050000 level. The part of trade volume can be left for the long run. If you don’t use leverage, the recommended trading volume for this trade is up to 5% from your deposit.

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Market: QTUMETH
Buy: 0.037800
Stop: 0.034000
Profit Targets: 0.050000

The trading signal is based on Bittrex chart.   

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again

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The most valuable coin had another encouraging week, as it emerged from a brief but violent correction, just to reach new highs towards the end of the week, draining capital from altcoins. The total value of the market is stagnating near the all-time high, but BTC crossed the $100 billion mark as it surged past the $6000 price level, controlling 58% of the market.

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With the long-term MACD clearly being overbought, and as the long-term target has been hit, investors should now be looking for exit points, even as the short-term uptrend is intact. The range projection target of the recent correction is found at $7000, but correction risks are already high, and only small positions should be kept in the current setup.

BTC/USD, Daily Chart Analysis

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Most of the major altcoins are trading in narrow ranges this weekend after a slightly bearish week, as the optimism surrounding Ethereum’s major update faded and the second largest coin re-entered its previous range.

Litecoin, Dash, and Monero are still looking encouraging despite the lengthy correction, while the recently, while the relatively weak Ethereum Classic IOTA continue to show worrying signs. As the Bitcoin long trade is getting stretched,  let’s see the how the daily charts of the altcoins are shaping up.

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