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Hi Everyone,

The drive for crypto regulation continues across the globe with successes and setbacks for crypto-enthusiasts ongoing in different key markets.

In the USA, President Trump has appointed a new chairman to the SEC who is reportedly much more crypto friendly than his predecessor. Elad Roisman could very well tip the scale in favor of a bitcoin backed ETF and other crypto financial products.

In California, where I grew up and have just returned from, the law has been amended to include new definitions for crypto assets.

In the European Union, the EcoFin meetings have also proven fruitful

One setback that we’ve seen though, came from the International Monetary Fund, which has come out against the Marshall Islands’ plans to create their own cryptocurrency, known as the Sovereign.

However, the biggest debate continues. India’s hearing on the RBI’s infamous crypto ban has rolled over into today and we hope to get some good news there.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

  • Asian Stocks Down
  • EM Currencies Rebound
  • Ethereum Sell-off

Please note: All data, figures & graphs are valid as of September 12th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The mood among investors in Asian stocks is arguably grimmer than the crypto market at this point, as Asian stocks are currently in the longest sell-off of the last 16 years.

This rather clever headline compares the market cap of the Chinese stock market to that of the world’s largest corporation.

Here we can see the China 50 index, which is down 28% from its peak at the start of the year.

EM Currency Rebound

The Dollar seems to have levelled off recently. Over the next few days, we’ll get key updates from several central banks but the US Fed’s next big meeting is still two weeks away.

Still, today we’ll hear remarks from two Fed reps, Brainard and Bullard, as well as receiving insight from the Fed’s beige book, a bond auction, and even some PPI data for gauging inflation. However, all of the above events could easily be overshadowed by Apple’s big conference in Cupertino California tonight.

The company has become so big that its stocks are being seen by some as the go-to store of value investment, and as we’ve noted above a global benchmark. So these type of product launches may end up influencing other markets.

Related or not, we can also notice a bit of a bounce in the emerging markets currencies this morning.

Crude oil is also gaining against the Dollar today on news of two massive storms that are about to hit land, one in the United States and one in East Asia.

Ethereum Based Sell-off

Much to the chagrin of many crypto-enthusiasts, the bear market has continued over the last few days, with Ethereum seemingly leading the charge.

The general direction of the market is pretty clear, but it remains a mystery is why Ethereum is losing ground faster than most other major crypto assets.

Perhaps it could have something to do with statements from Vitalik Buterin…

The fact that Vitalik is less bullish could be causing some to sell and it stands to reason that most of his most devout followers will be holding Ether.

Either way, Vitalik’s statement that “there’s a ceiling in sight” doesn’t necessarily imply where that ceiling might be. At this point, even if we simply return to all time highs, it would represent a massive growth in price from where we currently are. My question isn’t about the ceiling, it’s about the floor.

Here we can see Ethereum’s massive 88% decline since the high on January 13th.

The fact remains that Ethereum is the most widely used blockchain with the most projects built on top of it and consistently sees the highest number of transactions per day. So despite the lower price, we have reason to believe that the Ethereum network and token are here to stay.

Let’s have an awesome day 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.

Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

Best regards,
Mati Greenspan
Senior Market Analyst

Connect with me on….

eToro: @MatiGreenspan | Twitter: @MatiGreenspan | LinkedIn: MatiGreenspan | Facebook:MatiGreenspan

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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Analysis

Tether (USDT) Confirms New Banking Relationship with Over $1.8 billion Balance

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  • Tether announces a new banking relationship with a Bahamas-based bank, Deltec Bank & Trust.
  • USDT stabilized within the $0.9900 territory; however the heights of $1.00 are proving to be unstable.

Tether, the company that introduced the controversial USDT stablecoin, announces a breakthrough with a new banking partner. They have opened a $1.8 billion bank account in the Bahamas, with Deltec Bank & Trust.

Tether said via Twitter, “We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://tether.to/tether-banking-relationship-announced/ Balance confirmation at 2018-10-31 attached.” The document confirmed the new relationship and the balance of over $1.8 billion.

Tether Due Diligence

Further, they detailed some of the due diligence process and covered some grounds on the USD-peg. Tether said, “an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies. This process of due diligence, was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.”

Tether Recap

In October, Tether announced via Twitter they destroyed 500 million USDT tokens. This was following a buyback of which was conducted over the course of several days. The buyback was done via exchanges and from coin holders. At the time, it was also noted that these tokens were originally sent to a treasury address and said to have totaled a balance of around 1 billion USDT. The buyback executed removed those tokens from circulation indefinitely.

Technical Review USDT

USDT daily chart

Since 27th October, USDT has managed to claw back into the 0.99000 price territory, generally stabilizing around this area. This comes after the price dropped below parity convincingly, losing the $1.00 mark between 14-15 October. As a result, this had caused a wave of reactions across the market.

Between 19th October and 27th October, the price had managed to hold ground within the 0.9800 area. USDT has since had very short-lived moments spiking back up the $1.00, however this has failed to be sustainable.  Finally, support has proven to be tough within the mentioned $0.9800 territory.

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 54 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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Altcoins

Ethereum Co-Founder Assures Cryptocurrency Market is Not about to Collapse

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  • Ethereum co-founder and Consensys founder Joseph Lubin comments on current digital market conditions.
  • Ether (ETH) “has some characteristics of cryptocurrency, but it’s really a crypto fuel or a crypto commodity”, according to Joseph Lubin. 

The co-founder of Ethereum and Consensys founder Joseph Lubin, said “digital currencies are not on the edge of a collapse”. He was recently speaking in an interview with CNBC, providing some general overview on current market conditions.

In his interview, Lubin spoke about how the ecosystem has seen several “booms and busts” within the past ten years. However, he noted that it has never looked so strong than it is today given the strong fundamentals that are seen with the ecosystem. The number of projects that are going on and people brought into the blockchain-sphere are a testament to the evolution of the industry. He added that “the foundational infrastructure is getting built out.”

Cryptocurrency infrastructure is evidently growing at some pace. For example, Bitcoin has its own developed infrastructure. Bitcoin wallets exist, as the case for almost every cryptocurrency available as well as many strong active cryptocurrency exchanges, Bitcoin ATMs in several countries. The ability to buy Bitcoins is now very simplistic, being able to use a smartphone with the ATM.

On the topic of regulation, Lubin commented how there is regulatory uncertainty with respect to the value moment of cryptocurrencies. He then diverted the initial question somewhat, mentioning that boiling down on the blockchain technology, current infrastructure building is decentralizing traditional systems. He listed the likes of trade, finance, tokenized custody systems and many others as being the most notable outcomes. Lubin further explained how regulatory uncertainty is becoming a thing of the past in “various different jurisdictions” across the globe.

Ether is a Crypto “Fuel”

Speaking specifically on cryptocurrencies, Lubin said Bitcoin is a cryptocurrency. However, Ether (ETH) “has some characteristics of cryptocurrency, but it’s really a crypto fuel or a crypto commodity,” additionally noting how Ethereum is a decentralized application platform. In his view, none of these types of platforms will need to be regulated. Finally he said “one doesn’t regulate technology, one regulates the use of the technology.”

Technical Review – ETH/USD 4-hour Chart

ETH/USD 4-hour chart

The current price behavior of ether is simply life-less, within an extremely narrow trading range. This is no thanks to the largely suppressed wider market. Volumes recently hit an all time low for 2018, a notable slowdown since mid-October. Within the last 10 trading days, it has moved in a mundane $8 range. A high seen at $210, the low of the range, $202.

Just like several other cryptocurrencies, price action is moving within a pennant pattern. Given such, it would typically suggest that a breakout is imminent. Should the bulls manage to breakout of the upper near-term resistance, $210, there could be a very fast move back towards $250. This is where the next major supply zone can be observed. Support has proven to be firm at protecting the $200 mark of late, any breach south of that would be catastrophic. The next demand zone is seen down within the $180-160 territory.

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 54 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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Altcoins

Steller Lumens (XLM) Unveils Starlight Instant Payments Channel via Interstellar

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  • Interstellar unveils a new secure instant payments channel, known as Starlight.
  • XLM/USD recent resistance rejection sees price within a 5-day losing streak. 

This new payment channel will work in a different fashion, in comparison to the traditional transactions, operating on the Stellar network. Currently the details are published and await consensus confirmation, prior to the funds being transferred. In terms of Starlight, it will facilitate locking in transaction funds within a secure channel. Payments will not require the network, revealing only the settled balances upon completion.

Instant Transactions – Zero Fees

Stellar’s Interstellar have unveiled a demo of Starlight, a new bidirectional payment channel operating on the Stellar network. It is said to be similar to Bitcoin’s own Lightning Network in terms of the purposes in which it serves. The channel will facilitate users of the network to send transactions that are of zero-fees. They will be able to do this in a private manner and in real-time. This will only be the case with the use of Lumens – Stellar’s native token in the transactions. The large boasting benefit of Starlight is that no longer will the days of time-consuming processes be a burden.

Furthermore, security of the Starlight is ensured by way of special information. This is exchanged between those involved with each payment. Details of the information include; signed Stellar transactions, of which do not get not published to the network. Only until one of the participants selects to bring closure to the channel. Once it is closed, the settled transactions send to each party’s Stellar account balance. This will take into account the back and forth channel’s history of payments.

Lastly, the final settled balances are revealed to the network once the channel is closed. In terms of the other activity within the channel, this will remain private and only be known to its participants.

Technical Review – 4-hour Chart

XLM/USD 4-hour chart

Despite the continued positive updates that surround the Stellar Foundation, XLM/USD remains in the direction of south. This is not being helped by the overall suppressed market that has been seen for quite some time now.

A big rejection was observed after XLM/USD bulls had attempted once again to break free from the triangular pattern formation. Price action has been contained within this since July. A firm attempt of a breakout has been attempted in September and on several occasions this month, October. As a result of the most recent rejection, on 23rd October, XLM/USD is running at its fifth consecutive session in the red.

In terms of support, eyes will be on $0.21 region, the 11 October low area. It is also in proximity to a generally choppy demand zone, demonstrated within August. Further south, support will be sought at the bottom of the mentioned pattern, just below the $0.20 mark. Lastly, a strong demand zone runs from $0.19-0.17 range. Should momentum swing back into the bulls’ favour, a firm break of the upper trend line will need to occur, around $0.25. This could see a fast run up back towards the $0.30 area and beyond.

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 54 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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