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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.

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:

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 (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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4.7 stars on average, based on 105 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Cryptocurrency Market Update: Correction Deepens as Coin Values Approach 2018 Lows

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The cryptocurrency market approached its lowest level of the year Saturday in a continuation of yesterday’s flash crash that wiped more than $30 billion off coin values.

Market Update

Cryptocurrencies saw their combined market capitalization plunge to a low of $250.6 billion late Friday, according to CoinMarketCap. With the decline, coin values came within $2 billion of their bear-market low for the year.

At the time of writing, the total market cap was $255.9 billion on trade volumes of nearly $14 billion.

It became apparent early Saturday that bitcoin and Ethereum had found support near their Friday swing lows. Both coins are down less than 1% compared to 24 hours earlier.

Bitcoin touched a new yearly low of $5,938 on Saturday but has since consolidated above $6,100 on major exchanges. The largest cryptocurrency by market cap suffered a major reversal on Friday after failing to breach the all-important $6,800 threshold. The coin quickly broke down below $6,500 and has since tested multiple new lows. In terms of immediate support, BTC/USD is now eyeing $5,850.

Ethereum prices bottomed at $450.34 on Saturday, their lowest since mid-April. Ether values were last seen hovering around $470.

Elsewhere in the top-ten, EOS was down another 5% compared to yesterday and was last seen trading at $8.33. The EOS network is battling through a PR nightmare amid multiple delays and controversies.

Bottoming Process Continues

There doesn’t appear to be an immediate catalyst for the latest selloff. As Hacked reported earlier, attributing the declines to the Bithumb hack is misguided given that the market quickly recovered from the negative headlines. (The initial decline was also limited.) Bithumb has already announced plans to compensate users affected by the $30 million heist. The exchange also disclosed that the theft accounted for no more than 6% of its proven reserves.

Cryptocurrencies remain trapped in a long-term bearish cycle that emerged early this year after markets reached their highest level on record. According to Bill Baruch, President of Blue Line Futures, the six-month correction represents a bottoming process that has yet to conclude.

In a recent interview with CNBC, Baruch said that repeated selloffs over the past four months have “wiped out most, if not all, of the over-enthusiasm” and FOMO speculators from the market. While initially bad from the perspective of prices, this means speculative positions are declining. Hacked first noted the decline in speculative positions more than three months ago following the April Fool’s Day selloff.

Analysts have noted that the recent six-month correction mirrors bitcoin’s 2014 retreat, which highlights the boom-and-bust nature of the digital asset class. Against this backdrop, bitcoin and its altcoin counterparts likely need to demonstrate several months of consolidation and stability before the bull market re-emerges.

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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4.6 stars on average, based on 464 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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Game (GTC) Gains 60% Yesterday and Loses It All Today

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This time yesterday the crypto market was nosediving, and as has become standard practice in such times, links to suicide prevention hotlines were posted on popular crypto forums.

But amid the flurry of red candles stood one proud green column; and a token which showed 60% gains while everything else sank.

GTC tokens started yesterday at a price of $0.125, and by the end of the day its value had surged to $0.20.

However, in the last 24 hours all of those gains have been wiped off the table, and Game.com has even been forced to pay interest on those gains as the token price has since sunk to $0.114 – a price even lower than it started at before the spike.

GTC had spent most of the month within the $0.09 – $0.13 range,

What the crypto market giveth, the crypto market taketh away – or at least that’s how it often seems to play out. The Game.com team may have been slightly too optimistic at this time yesterday, when they tweeted out the celebratory exclamation:

“GTC TO THE MOON CONFIRMED!!!”

Pump and Dump?

Looking at the shape of the GTC’s weekly graph, the natural assumption would be that it has been the victim of a pump and dump.

Game.com’s 24 hour trading volume increased by an astronomical 3500% – starting yesterday with a daily volume of around $2 million, before jumping to $72 million just a few hours ago. That volume has dropped back down to the $40 million range in the last four hours, and continues to fall.

Such movements are not uncommon among tokens lower down on the market cap Top-100. Indeed, Game.com finds itself positioned in 96th spot, with a valuation of $87 million, among other coins which have experienced unnatural market movements in recent weeks, such as Enigma, Funfair and Decentraland.

This time yesterday GTC had broken into the Top-70’s, but now faces the proposition of dropping out of the Top-100 entirely.

All Roads Lead to Tether

Nearly 60% of GTC’s total trades in the last day have come from Gate.io, where $30 million worth of trades were made against USDT. The second highest volume of trades also came against USDT on the OKEx exchange.

Only 14% of the total trades have come against BTC, while ETH trades only account for around 10% of the day’s volume.

Yesterday’s spike marks the highest market valuation reached by GTC since April 22nd, when the value of one token surged to a price of $0.45, which was even higher than the $0.35 valuation achieved during the spike of January.

Game.com aims to become a media hub for the gaming industry. The team’s annoucement states:

“Through the creation and integration of game content, we provide ready-to-go entertainment services and application environment to facilitate the rapid expansion and development of blockchain technology.”

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 12 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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EOS Plunges 18% En Route to Two Month Low

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A sudden downturn in the early hours of this morning has wiped out much of the slow gains made in the last few days. The entire market has sunk to levels far below that of the dip on June 9th, and EOS is now priced at a level not seen since early April.

From a high of $10.49 earlier in the morning, EOS plunged to $8.59 just a few hours ago. A slight rebound has seen it rise back up to $8.67, but that still marks 17% losses over 24 hours.

EOS has been hit the hardest out of all the coins in the market cap Top-20 today. This mirrors the short period of growth around a week ago as the market recovered from the June 9th dip. EOS recorded close to 20% gains that week, and now that same balance has been rescinded.

This sends EOS back to its early April price – right before the EOS token sparked a major bull run and went from $8.49 to $22.52 within the space of three weeks.

EOS is not alone in its reversion to pre-April levels. Ethereum has shown the same movements, while Bitcoin has sunk to a price not seen since October of 2017.

The majority of trades over the last day have come from Huobi and OKEx, with EOS/USDT trades making up the vast majority of the movement. Meanwhile, on the Zebpay exchange, where $0.25 million worth of trades have taken place, the price of one EOS token currently stands at $8.43.

Mainnet, Block Producers,Token Swap

EOS has had a busy month, with a mainnet launch; a stalled block producer vote; and a whole host of airdrops launched from its platform in between.

Industry pundits will no doubt succumb to the temptation to speculate, but when so many red candles appear across the board within the space of a few hours, the only thing left to do is throw your hands in the air and admit defeat.

News, whether fake or real will probably surface in the next few hours which explains away the reason for the sudden market-wide crash; but how much of it is to be trusted, and how much of it is the manipulative propaganda of whoever is moving the market, for whatever means?

Bithtumb $30 Million Hack

The Bitthumb hack of a few days ago is taking prominence in the headlines at the moment, but there was a significant delay between the $30 million being stolen from the exchange, and the downward reaction of the market that we saw this morning.

News of exchange hacks, irregularities, or merely ominous announcements have consistently had a negative effect on the market in the past. However, there is a growing community online who view such news as useful camouflage for the people who are really pushing the prices. However intriguing that may be, it only leads to further speculation at this point.

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 12 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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