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It’s a Crazy Crypto World

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It’s a Crazy Crypto World

Introduction

This article was posted on Tuesday, 10:27, UTC.

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.

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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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Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

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