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Legalize It

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Great news!!!

Authorities from the new government of South Korea have announced yesterday that they are introducing a framework to regulate and legalize Bitcoin. South Korea has been one of the world’s largest buyers of digital currencies so far this year and this news comes as an extremely pleasant and well-timed surprise for blockchain enthusiasts.

Today, the first 334 stores (of the 260k store deal) in Japan have started to accept the shiny digital asset.

The government of India is expected to announce their decision on digital currencies later this month and we hope for some more good news.

All these new users are currently threatening to put a strain on the Bitcoin blockchain as it was not built strong enough to facilitate this many transactions. However, the Bitcoin mining community has been working hard to reach a solution and just might be able to pull it off within the next 30 days.

Seemingly unrelated, Goldman Sachs has revised their forecast stating that we could see a huge drop before a major surge all the way up to $4,000 a coin by the end of the year.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs below are valid as of July 4th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

“For every action, there is an equal and opposite reaction.”

-Sir Isaac Newton

With all the positive updates coming from the South, the situation in North Korea seems to be escalating to a not so positive place. This morning, Kim Jong Un conducted one of the most successful missile tests to date.

The rocket flew for more than 37 minutes before landing approximately 200 miles off the Japanese coast. Here’s a map from CNN.

President Trump was quick to respond with two tweets calling for “a heavy move” from China to “end this nonsense once and for all.”

However, the response from China seemed a bit less urgent and they plan to continue with their strategy to talk Un down.

This is likely to be a very hot topic as leaders from around the world gather this Friday and over the weekend for the G-20 meetings in Hamburg. This convention is set to be the setting for the much awaited and (possibly) the first meeting between Donald Trump and Vladimir Putin.

President Xi Jinping will be meeting with Putin in Moscow today, presumably to align Chinese-Russian relations before the big event. As far as China is concerned relations between the two nations have never been better, while relations with the Trump administration are on an unsustainable path of escalation.

Nasdaq Oops

They’re calling it a glitch.

Last night the Nasdaq accidentally sent out some very sour quotes by mistake.

Shares of Apple, Google, Amazon, Netflix, eBay, Zynga, and more were all showing at exactly $123.47. For some of these companies, the move represented more than 3000% gains, for others a major loss.

These stocks were already under pressure and while these type of mistakes can sometimes happen, it does not instill confidence in markets that many are already calling overvalued.

Just yesterday a legendary investor from Merryl Lynch put out a very bearish post, which was picked up by marketwatch.com with this chart as the centerpiece.

Bucking the Trend

One more giant move that is worth mentioning is the Australian Dollar, which went on a wild ride last night.

Nobody was really expecting the Reserve Bank of Australia to raise their interest rates at their meeting yesterday but they were expecting them to get onboard with the rest of the world’s central banks.

Over the last few weeks, we’ve seen a huge push from the ECB, the BoE, Fed, and others to tighten the money and raise interest rates. It seems they’ve printed enough money since 2009 to last us a very long time. Now it’s time to stop the printing and get back to normal economic policy.

The RBA seems to be having none of that though. While they did change their tone just a bit, they are still erring on the side of caution and would like to see a rise in wages before tightening the belt.

Here we can see the AUDUSD ramping up before the meeting and then selling off promptly after. For upside down currency traders and for carry-traders, this is quite a significant pullback for the high-yielding asset.

As always, please feel free to send me your questions, comments, and feedback. I’m always happy to hear it. 🙂

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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Altcoins

TenX: Look Out The Brits Are Coming

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We have written about TenX in the past with admiration for its business model. We weren’t the only admirers.  Last year TenX raised $80 million, ranking it as the ninth largest ICO of 2017. But now, there is a new threat, UK based Wirex.  These Brits are less well financed but much further along with a real product ready to launch in the US. Could this could put the kibosh on tiny TenX? Let’s take a look.  

You Gotta Love The Concept: Mass Acceptance

Both TenX and Wirex share a similar business model. They make cryptocurrencies spendable anytime, anywhere in the world. Start with their wallet and add a supported cryptocurrency. Then when the need to fill the gas tank or pay for dinner arises, pull out your TenX or Wirex card bearing the VISA or MasterCard logo and complete the transaction.

During the transaction, your crypto is instantly converted to fiat in one seamless step.  The cost of this service to the cardholder is unclear but we presume it will have to compete with exchange fees from entities like Coinbase or Binance.

True, there are certain limitations. So far the Wirex wallet accepts only Bitcoin.  TenX boasts of accepting Bitcoin, Ether and Litecoin. That covers about 90% of crypto assets but still leaves out a long list of altcoins and the bazillion of recently minted stablecoins.

Other marketing highlights at the TenX website include the opportunity to “Spend at over 42 million points of acceptance online and offline, in almost 200 countries – perfect for the world traveller.”  Unfortunately the website also notes, “We’re working hard to bring the TenX Card to you as soon as possible. Join the waitlist in the app to be notified when it’s out.”

Neither approach is perfect.  For crypto purists the only solution is for Bitcoin and other altcoins to be accepted directly as a medium of exchange. Maybe that dream will take place by 2028 or sooner but be careful about holding your breath.

Another flaw is that both systems appear dependent on either the VISA or MasterCard payment rail (and this has been a big problem). Even under ideal circumstances these transactions fail to reach the dream of being both frictionless and free.  However from the standpoint of mass acceptance, the merchant is already absorbing these costs so it should not impede acceptance of either TenX or Wirex.

Wirex Comes To America

Now Bitcoin.com reports that Wirex, which just registered in Canada, has its sights on a US launch. There are two aspects about this that are worth noting.  First, Wirex is using transfer technology from i2c. Not being a technology mavin, it is unclear what this exactly means to things like speed and costs but it can’t hurt Wirex’s invasion of America.

So why should investors in TenX be concerned?  After all, things haven’t exactly been all that shining.  At one point this year, TenX ranked in the 50 most highly valued cryptos.  It pretty much carved out a giant sized niche.

And then back in January a great many of Visa’s cryptocurrency debit cards ceased working as the company ended its relationship with a debit card provider called WaveCrest. Affected cards were those issued by WaveCrest, including products from CryptoPay, Bitwala, TenX, Wirex and others. Since then, the price of TenX has dropped from $5 to about $0.55.

This is where the connection between Wirex and i2c could be the answer to the problem. According to Bitcoin.com “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the US.”

A Few Metrics on Wirex

If any published data can be believed, it would appear the Wirex already is a small force in crypto to fiat payments.  According to its website, Wirex has over 900,000 customers in 130 countries having participated in over $1 billion in transactions.  That maybe be peanuts compared to the total value of all transactions but it ain’t exactly chump change either.

So while loyal fans of TenX patiently wait for their plastic and investors sit on their $0.55 crypto investment, Wirex appears ready to steal the thunder.

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 114 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Altcoins

TRON Price Slides 7.2% Despite Release of TRON’s Version of MetaMask

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TRON just received its own version of Ethereum’s MetaMask in the form of TRONLink – an app which allows web browsers to interact with the TRON blockchain.

While the new feature may open up the TRON blockchain to the technically curious, it is unlikely to register a blip on the radar of the average altcoin buyer.

As such, TRX has seen a continuous slide for the last five days, during which time it lost 7.2% of its value.

This reverses the trend of recent months which had seen TRX break away from the pack thanks to various fundamental developments, and an always active Twitter presence.

TRON Blockchain Gets TRONLink

Created by a TRX wallet developer, TronWatch, the new TRONLink browser extension is available for Chrome, Firefox, and Brave Browser users.

The extension functions in the same way as Ethereum’s MetaMask, allowing for direct, secure access to blockchain applications and services.

According to the Medium blog post released earlier in the week:

“By integrating TronLink, developers are able to interact with the smart contracts they create for their DApps right inside their browser. Interactions that were previously impossible are now easily accomplished. This enables games, applications, sites, and more , all fueled by the TRON blockchain through TronLink.”

The extension comes at an apt time in the development of Tron, and can now be used to access TRONBet – the blockchain gambling app which recently pushed TRX transactions to higher numbers than that of Ethereum.

TRON founder and CEO, Justin Sun, took to Twitter to announce the news himself, stating:

“With TronLink Beta, developers will now be able to access #TRON‘s blockchain, create and interact with decentralized applications from their Chrome and Firefox browser. More #Dapps on TRON very soon!”

TRX/USD

In the five days leading up to October 23rd, the value of TRX dropped by 7.2%, as the coin price slowly dipped from $0.024933 down to $0.023114.

That’s the biggest dip TRX has taken since the flash dip on October 10-11th, when TRX lost close to 25% of its value. Yet despite this, TRX is now at break even for the month, having opened at the $0.023 mark thirty days ago.

The quarterly high of $0.04 reminds just how much potential for growth there still is the altcoin market. Back in spring of 2018, $0.04 was the support level from which TRX sprung to 100% growth in the month of April.

TRX/BTC and TRX/USDT trades are the most concentrated across various exchanges in the last twenty-four hours. TRX volumes dipped to $75 million on Wednesday, down from the $400 million recorded on October 8th.

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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4.4 stars on average, based on 82 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 Extend Weekly Losses as Altcoins Still Glued to Support Levels

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We are having another broadly negative session so far in the cryptocurrency segment, with most of the majors sporting limited losses, and with only a few coins showing relative strength. While the picture is far from being disastrous, we have seen some technical deterioration in the top coins, as Ripple is still bleeding lower, and as Ethereum fell below the $200 price level again.

DASH/USD, 4-Hour Chart Analysis

The likes of Litecoin, Dash, EOS, IOTA, NEO, and ETC are still weak from a technical perspective, and although some of the minor coins are still faring somewhat better, at least short-term, the overall picture remains overwhelmingly bearish.

Bitcoin’s stability is still a plus for bulls here, but with no sign of meaningful bullish momentum among the top digital currencies, traders should remain defensive even with regards to the relatively stronger coins.


BTC/USD, 4-Hour Chart Analysis

The most valuable coin is trading slightly lower amid the segment-wide drift lower, but the $6275 support is still well below the current level, and the volatility in BTC’s market continues to be very low. A move below would warn of a test of the $6000 and $5850 levels, and for now, the short-term sell signal is still in place in our trend model despite Bitcoin’s stability.

The next major support zone below $5850 is found between $5000 and $5100, while resistance is ahead at $6500, $6750, and $7000.

Ripple’s Weakness Casts a Shadow on the Market

XRP/USD, 4-Hour Chart Analysis

Ripple hasn’t been able to hold last week’s gains, and the coin moved below $0.46 this week, warning of a coming test of the $0.42 level, and a possible resumption of its broader downtrend after its surge in September.

Below $0.42 support levels are found near $0.375 and $0.355, and further weakness could soon lead to a downgrade in our trend model with regards to the long-term outlook, with strong resistance levels still ahead near $0.51, $0.54, and $0.57.

LTC/USD, 4-Hour Chart Analysis

Litecoin has been one of the stronger coins so far today, but from a broader perspective, it remains relatively weak and the $51 support level looks more and more vulnerable. A break below primary support would likely lead to a test of the bear market low near $47, with the next major support zone below that found at $44.

The broad declining trend is clearly intact, in the coin and traders and investors shouldn’t enter new positions here, with our trend model being negative on all time-frames, and with strong resistance levels ahead near $56, $59, and $64.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to show relative weakness, and although remained stable in recent days, the broader setup hints on a likely test of the bear-market low. The coin drifted below the $200 level today, but volatility remains low, and trading activity is still very light.

The currency remains on sell signals on all time-frames, even as the immediate outlook is rather neutral, with key support found near $180, $170, and $160, and with strong resistance zones ahead near $235 and $260.

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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4.6 stars on average, based on 381 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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