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Incentives of Cash in the Summer Months

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Welcome to September. Hope you had a profitable August. If you were involved in Cryptos it likely was as the value of the industry has risen by $79 Billion for a total growth of 84%!!

Today also marks the one month anniversary of the bitcoin bastard known as bitcoin cash or BCH.

So far this has been one of the most interesting economic experiments I’ve ever seen. Each individual, exchange platform, and mining pool has their own set of risks and rewards, their own perspective, and their own agenda.

The market cap of all BCH currently in circulation is holding steady just under $10 Billion making it the 3rd most valuable blockchain network. However, despite a spike around the middle of the month, BCH volumes are far lower than BTC.

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Over the past 24 hours, only about $275,000 worth of BCH has traded hands, making it the 5th most traded. In comparison, BTC remains in the top spot with a 24 hour volume of $1,975,000.

For a brief time, BCH was more profitable for miners, which did cause some mining pools to switch over. However, this phenomenon has also been reversed and bitcoin is again more profitable to mine than BCH. At the moment, Ethereum is more profitable than both of them but these things tend to fluctuate rather quickly.

At this point, it’s extremely difficult to say whether Bitcoin Cash is near the end of its life cycle or just at the beginning, which is what makes it such a marvelous experiment.

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs below are valid as of September 1st. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

The Stock markets are having a slow but steady summer so far despite the record low volatility seen in July.

The Dow Jones has managed a gain of 522 for a total growth of 2.43% since June 21st (white circle on the chart below). Of course, after seeing the cryptos rise by 84%, 2.5% seems a bit boring but it’s really not.

If stocks go up by 10% in 12 months it’s generally considered a pretty good year and if we calculate from September 1st of 2016 we’re up 19.5%

At the moment, banks are providing loans at historically low rates. So if a firm can borrow money for 1% and return even 2% in a year in the stock market it’s only good business. 2.5% in the summer alone is still an excellent incentive.

The US Dollar, on the other hand, is not so hot…

Steven’s Jawboning

Yesterday, Donald Trump’s Treasury Secretary Steve Mnuchin admitted that having a weaker US Dollar would be good for US trade.

Mnuchin was previously on record saying that he supports the long standing policy of the United States to maintain a strong dollar. A policy that Trump has lambasted many times. Though Steve did not go so far as to fully agree with Trump he did highlight the benefits of a weaker Buck.

The Dollar did indeed react to Steven’s statement and thwarted a somewhat solid recovery that it was working on for the past few days.

Jobs Report

What this summer really needs is a good pop.

The US Non-farm payrolls report, which comes out on the first Friday of every month is normally pretty good at creating some volatility.

Analysts estimate that approximately 180,000 jobs have been created in the US economy since August 1st. A number which is historically quite average and fairly boring.

Nevertheless, seasoned traders will be watching very closely at 13:30 GMT for any surprises in the data.

Better or worse than expected job creation, employment percentage, or average salary earnings could certainly pump some life into a market which is almost ready to awaken from her deep summer slumber.

One more thing

Litecoin and Ripple are still exploding!!

They are up 16.5% and 10.5% respectively over the past 24 hours.

We’ve got 22 days left to summer. Please make the most of them!

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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2 Comments

2 Comments

  1. saintdesy

    September 1, 2017 at 4:52 pm

    You’re missing 3 zeros at the end of your numbers for BTC and BCH volume

    • Mati Greenspan

      September 4, 2017 at 11:56 am

      Thanks a lot Desy. You are correct. Very sorry about that. Will be more careful in the future.

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Altcoins

All Sports’ SOC Token Dips Amid Poor World Cup Showing

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The All Sports SOC token has sunk 11% over the past 24 hours, falling to a three month low of $0.107. This takes All Sports back to a late April valuation, right before its market cap trebled over the course of a week in early May.

AllSports Market Analysis

The SOC token’s poor performance against the dollar today coincides with the failure of a member of its advisory board to secure a win in the World Cup game played last night in Russia.

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Sergio Aguero is listed as a consultant on the All Sports website, and even though he managed to grab a goal last night, his Argentina team ultimately failed to get a win against Iceland.

In all objectivity, the price of SOC tokens had been falling for the last few days, so while the football match may have had something to do with it, it seems unlikely to have had a major impact.

Indeed, the value of the SOC token has crashed 30% in the last three days, after a fairly strong week which saw it trade for $0.15 against the dollar. Its 24 hour volume at that time peaked at $54 million. Today it’s back down to $12 million.

Argentina is the team which Lionel Messi represents, and they were hailed as early favourites for the tournament earlier in the week. Their draw against Iceland was all the more embarrassing for the fact that many of the Icelandic players are amateurs who have full-time jobs in addition to playing football.

Trades against Tether (USDT) have made up more than 60% of SOC’s entire trading volume, with Huobi and OKEx being the main centers of activity. The next most traded pair is SOC/BTC, the majority of which can also be found on Huobi and OKEx.

A Sports Hub

All Sports advertises itself as a future hub for the entire sports industry. Their roadmap details plans to turn their platform into a media, betting and market site; an ambitious aim in an industry that’s worth an untold number of billions or even trillions each year. In the UK alone, the football industry is worth an estimated $5.5 billion a year, and that’s without factoring in the billions spent in bookmakers or on gambling sites.

Footballer Advisory Boards

Grabbing a high-profile footballer to help launch your ICO is becoming all the more common, and All Sports are continuing that trend by listing not just one, but two world-renowned football players on their advisory board page.

Alongside Sergio Aguero is the Chelsea and Belgium superstar Eden Hazard, and their presence on the All Sports website is all the more startling for the fact that they are the only team members listed on the site.

Belgium play their first game of the tournament tomorrow against lowly Panama – a team they will be expected to beat. Here’s hoping that his company’s market performance doesn’t affect his own performance in the game tomorrow.

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 10 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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Analysis

Crypto Update: Coins Consolidate Above Support but Downtrend Still Intact

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It has been a very quiet weekend for the major cryptocurrencies so far, as the predominantly bearish week ended with range trading and a collapse in volumes across the board. Most of the top coins failed to gain back the ground they lost during the steep selloff, with only Binance Coin and VeChain showing meaningful bullish momentum.

The relatively strong Ethereum, EOS, and Ripple remained stable, with ETH hovering around the $500 level, EOS trading north of the key $10 support despite the network’s technical issues, and Ripple being stuck in a narrow range just below the widely-watched $0.54 resistance level. The total capitalization of the market has been virtually unchanged at $280 billion, as both Bitcoin and Ethereum flatlined.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin is trading right at the short-term support level near $6500, holding up just above the April low, with the crucial long-term support zone near $5850 that is vital for the whole segment. The coin is clearly in a short-term downtrend, while also being relatively weak on all time frames. The oversold short-term momentum readings are now cleared and that could point to a test of the lows in the coming days.

 

ETH/USD, 4-Hour Chart Analysis

Ethereum also cleared the short-term oversold readings, but it failed to leave the vicinity of the $500 support/resistance level. Despite the coin’s undoubted relative strength, and the still bullish long-term setup, the short-term trend signal remains a sell, and the declining trend is intact. Traders should still not enter new positions here, while investors could add to their holdings on the short-term selloffs. Strong resistance is ahead between $555 and $575, while further support is found at $450, $400, and $380.

Divide Widens between Leaders and Laggards

LTC/USD, 4-Hour Chart Analysis

Although short-term correlations skyrocketed during last week’s decline, the divergence between the relatively strong and weak coins got even more pronounced, with the likes of Litecoin, Dash, and Monero severely lagging the broader market. Litecoin got stuck below the $100 level after the breakdown last week, and it is below the long-term base pattern, as it failed to show relative strength during the weekend. Immediate support is found at $90, but new lows are likely in the coming days, as the short-term downtrend remains dominant. 

BNB/USDT, 4-Hour Chart Analysis

As a positive outlier, Binance Coin remained bullish amid the broad decline, holding on to the relative strength that it has been showing for several weeks. The coin’s stability is encouraging, and it’s nearing its rally highs with today’s surge, while having a good chance of resuming its uptrend, even as another segment-wide selloff could cause a jump in volatility again.

For now, the market is torn between bullish and bearish forces, and investors should focus on the technicals of BTC and ETH, while also keeping an eye on the leaders of the rally for signs of sutained strenght.

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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Analysis

Long-Term Cryptocurrency Analysis: Bull Market in Jeopardy

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As the crucial rally attempt that we pointed out in our previous long-term analysis failed, and the major coins sold off heavily afterwards, the segment is now in a difficult situation. While Bitcoin and especially Ethereum are still in bullish setups, the most valuable coin is now close to a major breakdown that could lead to structural bear market as we laid it out back in January.

Some of the weaker coins are already below the large-scale consolidation patterns that developed after the year-end run-up, and as the divergence between the leaders and the laggards widens, the path of the two dominant coins even more importance.

BTC/USD, Daily Chart Analysis

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Bitcoin failed to trigger a short-term buy signal throughout the Ethereum-led rally in May and early June, and that technical weakness still persists, as BTC is now trading right at the April low, testing the key long-term base pattern.

A break below the strong support zone near $5850 would be the first similar event since the beginning of the bear market in 2014, and it could lead to an extended period of bearish bias for Bitcoin after the spectacular bull run of 2017. For now, the bull market is intact, with support found near between $6000 and $6275, at $5850 and below that at $5500, while resistance is ahead at $6500, $7000, $7350, and $7650.

ETH/USD, Daily Chart Analysis

Although Ethereum is clearly stronger from a technical perspective compared to Bitcoin, the coin is struggling to hold the key $500 level, as it is resumed its short-term downtrend. The April lows are well below the current price level and the long-term setup is bullish, so long-term investors could still add to their positions during the selloffs. Resistance above $500 is ahead between $555 and $575, while strong support is near $450, $400, $380.

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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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