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Cryptocurrencies

It’s a Crazy Crypto World

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With new digital tokens coming online every day, it’s becoming a bit difficult for an up and coming startup to stand out. What happened in yesterday’s event managed to cut through the noise and this morning the entire crypto community is talking about it.

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Bancor has been working on their code for more than a year and has developed what could very well be the future of online trading. Yesterday, they released almost 80 Million new Bancor tokens, which sold out in just three hours, despite heavy DDoS attacks on the website.

It was certainly the most valuable ICO (Initial Coin Offering) to date but the precise value is being reported differently by different websites. So, for your convenience, here’s a link to the main wallet they used to collect the funds:

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0x5894110995b8c8401bd38262ba0c8ee41d4e4658

As you can see, the current balance stands at 317,382 ETH, which at $400 a coin comes out to about $127 Million. Not bad for a company that is still relatively young and largely regarded as an experiment.

I forsee a future where companies that wish to raise money from the public will simply bypass Wall Street’s IPO system and go directly to investors using the blockchain. Oh, wait. That’s already happening.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs are valid as of June 13th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

The Trump saga continues today with Attorney General Jeff Sessions taking the stand to speak about the Russia connection and the firing of former FBI Director James Comey.

The market will be listening intently, but don’t expect too much reaction unless Sessions slips up. The big event that everyone is waiting for in this regard is the conclusion of Robert Mueller’s special Trump-Russia investigation. Reports that Trump is now considering to fire him as well are simply appalling.

Perhaps more pressing is the debt ceiling that the United States is coming up against. Treasury Secretary Steven Mnuchin urged Congress to get their act together and raise the spending limit sooner rather than later. At this point, the deadline is looking likely to come up in October or November but Mnuchin is really hoping to get it done in the next six weeks, before the August break.

According to usdebtclock.org the current the US national debt is about just shy of $20 Trillion.

For the moment the government is operating on about $40 Billion worth of free cash, which is much less than the $150 Billion that is said to be the bear minimum required level.

May needs a Win

Today Theresa May will meet with leaders of the DUP Northern Irish party, who is holding the 10 seats she needs in order to form a majority government.

Though the DUP has stated that they’re willing to work with May, they’re no dummies when it comes to political maneuvering.

If no deal is struck by the end of the day, it could spell real trouble for Theresa May, for the UK, and for the Pound Sterling, which is currently holding support by a tooth string at 1.2630.

Crypto correction

It’s a crazy crypto world lately. Bitcoin and Ethereum both saw new record high levels yesterday which were followed by some pretty sizable pullbacks.

The pullback on Ethereum measured in at about $100 per coin, which is about 25% of its current price. Take a look at yesterday’s candle on the chart. Despite the massive surge and pullback, the price still gained $25 over the course of the day.

The major volumes are coming from Poloniex, who is currently experiancing massive overflow and delays, as well as bithumb and coinone, the Korean exchanges who have really upped their game over the past week.

Despite the Japanese Bitflyer dropping to third place, the current volumes represent about double what they were doing at the beginning of the month.

Many cryptotraders on the eToro network are seeing this pullback as a blessing and using it to get in at a price that is lower than the all time high.

Trade safe and have an awesome day!!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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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Cryptocurrencies

Trade Recommendation: Monero

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The market moves in a horizontal channel between 85.00 and 100.00 levels. Now the price is at the bottom and we have a buy opportunity. RSI confirms price reversal and MACD histogram supports upward movement. DMI allows opening long trades. Pending orders for buy should be placed above the local high at 89.50 level. Stop orders must be placed at 84.30 level. The main profit target is 100.00 level. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: XMRUSD
Buy: 89.50
Stop: 84.30
Profit Targets: 100.00

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: DigiByte

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This is a new attempt to catch a trend reversal and open long trades on good levels. We have double bullish divergence which confirms price reversal with further upward movement. RSI confirms price reversal in the oversold zone. MACD supports upward movement and DMI allows opening long trades. It’s a buy opportunity based on the confirmed trend reversal signal. Entry level is 0.00000170 with stop orders at 0.00000125 level. Profit targets are 0.00000300 and 0.00000450 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: DGBBTC
Buy: 0.00000170
Stop: 0.00000125
Profit Targets: 0.00000300 and 0.00000450

The trading signal is based on Poloniex chart.

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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 the 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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