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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.

Featured image from 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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Altcoins

Stellar Lumens Leads Market Recovery After MobileCoin Crowdraise

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Stellar Lumens led the cryptocurrency price recovery on Thursday after a privacy-based ICO by the name of MobileCoin raised $30 million using the Stellar Consensus Protocol. The announcement drew greater foot traffic to XLM despite a broad pullback in the market mid-week.

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XLM/USD Price Levels

The value of Stellar Lumens (XLM/USD) is up nearly 17% at the time of writing to trade at $0.404. The cryptocurrency is trading just a fraction of a cent below its most recent two-month high set on Tuesday.

Lumens, which normally trades against other major cryptocurrencies, was last valued at 0.000044 BTC (+4.8%) and 0.000618 ETH (+4.8%).

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Daily trading volumes amounted to $187 million, according to data provided by CoinMarketCap. Binance is the largest market for XLM, with roughly one-quarter of total transactions processed through the exchange. Poloniex and Upbit each represent roughly one-fifth of the XLM market.

Stellar led a strong market recovery on Friday, with every coin in the top-25 recording gains. At the time of writing, the cryptocurrency market was valued at $415.5 billion with total transaction volumes worth $27.4 billion.

MobileCoin ICO

The conclusion of MobileCoin’s multi-million-dollar ICO was a large catalyst for the XLM rally on Thursday. The privacy-based mobile token employs the Stellar Consensus Protocol to streamline mobile payments more quickly.

Once the MobileCoin network is launched, users will be able to integrate mobile payment features with popular messaging programs, such as WhatsApp. The Canadian startup is backed by Binance Labs and other prominent players in the blockchain industry. It launched its token sale via Ethereum, where one MOBL token was valued at $0.10. The crowdraise easily topped the soft cap target of $20 million. The funding round was denominated largely in bitcoin and ether.

Stellar’s integration with MobileCoin is significant for several reasons. For starters, it gives Stellar a foothold in the mobile payment market at a time when more blockchain-based startups are looking to disrupt the space. This means Stellar could become the bridge for users looking to use blockchain solutions to send and receive money through instant messaging services.

Secondly, Stellar is already positioning itself as a possible launchpad for initial coin offerings. Although MOBL is not a Stellar-based project, integration with SCP suggests companies are attracted to the platform’s speed and scalability. While Ethereum is the undisputed king of the ICO market, Stellar has put forward favorable solutions for overcoming the so-called gas problem.

As a value proposition, Stellar has carved out a strong presence in the top-ten cryptocurrencies when measured in terms of market cap. The platform is currently No. 8 with a total value of $7.5 billion, which is roughly $120 million shy of Cardano.

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 358 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

Is the Tokyo Whale Planning His Next Big Move?

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Roughly 16,000 units of bitcoin were transferred from the Mt Gox wallet this week, igniting speculation that the ‘Tokyo Whale’ was planning his next fire sale.

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Mt Gox Liquidation

The CryptoGround monitoring service reported Thursday that nearly $141 million worth of BTC was transferred out of a wallet associated with the now defunct Mt Gox, once the world’s largest cryptocurrency exchange. The motivation for the transaction is not clear but there’s strong reason to believe that the trustee in charge of liquidating Mt Gox is planning his next sell order.

According to Twitter account associated with CryptoGround, it is unclear whether the coins have been sold.

“Looks like 16k BTC from Mt Gox were consolidated to this address We obviously don’t know if they were sold or just moved for some other reason,” tweeted Alistair Milne, a bitcoin entrepreneur.

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Nobuaki Kobayashi, the so-called Tokyo Whale, has been tasked with offloading all remaining assets associated with Mt Gox. The trustee has already sold $400 million worth of bitcoin and bitcoin cash since September. Roughly $1.9 billion worth of digital currency remains to be sold.

Whale Sightings and Market Prices

Cryptocurrency traders are naturally curious about Kobayashi’s ongoing efforts to liquidate wallets linked to Mt Gox. The fear is that oversized sell orders could spark a sharp decline in bitcoin’s market value, making the digital currency harder to evaluate.

According to analysts, Kobayashi may have been partially responsible for the market’s sharp downturn on Wednesday. However, this has not yet been confirmed.

Bitcoin’s multi-week rally has prompted several sell orders from some of the world’s largest cryptocurrency wallets. Last week, whales unloaded a combined $100 million in BTC after the digital currency skyrocketed above $8,000. Bitcoin’s third-biggest wallet offloaded 6,600 units of the digital currency last week, followed by a sell order of 6,500 for anonymous wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r.

While the trades were associated with a sizable drop in prices, bitcoin quickly regained momentum en route to fresh highs above $9,000. The digital currency briefly returned to those levels on Thursday before consolidating around $8,900 on the major exchanges.

Interestingly, the trade that ignited bitcoin’s bullish reversal may have been placed by a whale, or a large institutional investor. Bitcoin prices first crossed $7,000 on Bitfinex before the rally extended to other exchanges.

The cryptocurrency market peaked at $437 billion earlier this week, having gained roughly $188 billion from the Apr. 6 swing low.

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 358 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: Correction Continues but Uptrend Not in Danger

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The major cryptocurrencies are consolidating in a choppy range today following yesterday’s sharp pullback, with the total value of the market stabilizing near the $400 billion level. All of the largest coins found support above key support levels, keeping the bullish trend intact, as the overbought readings are being cleared.

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While the correction will likely continue and our trend model is still only neutral from a short-term perspective in the case of most of the coins, the underlying trend is positive, and we expect the recovery to resume after the dip.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin fell below the $9000-$9200 support/resistance zone during the pullback, but it remained above the $8400 level that marks the previous swing high. The MACD indicator is still showing a downswing, but it is now in neutral territory, and the coin could already be ready to resume the uptrend and aggressive traders could enter new positions, using the overnight low as a stop loss level. Below $8400, further support is found near the $7650 level, while targets are ahead at $10,000 and $10,500.

ETH/USD, 4-Hour Chart Analysis

Ethereum found support just below the $600 level and moved back to the vicinity of the $625 support level holding within the steep short-term uptrend.  A break below the trendline is still likely, and a test of the $555 to $575 zone is possible after the strong rally. That said, ETH, one of the leaders of the upswing is expected to resume the recovery after the correction, and long-term investors should hold on to their coins despite the move. Further support is at $500, with targets still ahead near $735, $780, and $845.

EOS Holding Up Well Amid Broad Correction

EOS/USD, 4-Hour Chart Analysis

EOS has been spearheading the broad rally in the segment, and the coin got close to the prior all-time high before the current correction, being the largest coin to do so since January. Although the currency retreated somewhat from the highs, it remains from a short-term perspective and traders should use tight stop losses or reduce their positions as correction risk is high here.

IOTA is the closest to giving a short-term buy signal among the majors, as it began the correction earlier and found strong support near the previous swing high, while there are no negative outliers that would hint on a failed rally off the recent multi-month lows. With that in mind, long-term investors could still use the current correction to boost their altcoin holdings.

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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4.5 stars on average, based on 235 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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