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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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4.6 stars on average, based on 152 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Why Investors Should Be Paying Attention to Blox (CDT)

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In a world where huge promises about blockchains will be linked to blockchains and transactions-per-second will be infinite, it is important to remember that sometimes people just want a new killer app.

Blox (CDT) is one of these killer apps. Although not as popular (market capitalization ranked 376th), it has a very unique promise. It is a portfolio tracking and blockchain asset management application, with some social features being added along the way.

Formerly known as CoinDash, the company was rebranded to Blox in February of 2018. Now, it boasts features including virtual trading, multi wallets, watchlists, and cross-device compatibility, with many more to come.

Social Trading App for Blockchain

For anyone who has seen the popularity of social trading apps for equities, commodities, and options, this makes perfect sense as a cottage industry.

There are certain desires that Blox harnesses, like the idea of being able to piggyback on more successful traders and compare returns. Learning from others is a beautiful thing, and the social trading aspect of the platform enables that.

But it also does much more. For anyone who has experimented with multiple exchanges, you know the perils of dealing with a disorganized portfolio. You struggle to keep track of your cost base, your taxes become a mess, and everything goes sideways. Blox mitigates against this simple problem, while adding in a ton of functionality to keep the pros around.

The CDT Token

The ERC-20 token is still listed as CDT despite the name change. Instead of being mineable, all coins were issued by the founders at inception, and approximately 670 million CDT are in circulation.

Every coin needs a purpose, and use of CDT allows for control of one’s portfolio, as well statistical analysis that might help you get an edge. Additionally, if you elect to make your portfolio public, you are seen to be adding value to the platform and receive CDT in exchange. In the same way that some social platforms are starting to reward content creators, some traders will be rewarded to their contribution to the platform.

Blox offers Software-as-a-Service (SaaS) aspects that traders will be able to pay for in order to get an edge in their trading. Managing crypto assets is something that will only intensity over the next few years, and Blox is well-positioned to take advantage of that.

Short-Term Trading Opportunity

As an investment, Blox would definitely be considered more of an altcoin. It is available on Binance and has been trading sideways for the last week, with a bump occuring on the 21st.
It seems like CDT has been going through a consolidation period since the drop it took in November, and now a breakout period looks to be underway.

It might be too late on this one, as it is already taking off, but with a current level around 200 satoshis, it is easy to see a route to 225 or even 300 satoshis in the future. I’m not sure if this is a long-term bet, as it is still not fully “welcomed” into the mid-cap area, but CDT is definitely a coin to keep an eye on.

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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Altcoins

6 More Upcoming Crypto Events That Could Pump These Coins – and Last Week’s Winners

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This is a follow up to last week’s ‘6 Upcoming Events‘ article which detailed several tech updates on the horizon for various cryptocurrencies.

Before we break into this week’s batch, let’s look at how last week’s picks performed:

IOST gained 28%
Quarkchain gained 12%
Theta Token gained 17%
Aeternity gained 13%
Ethereum gained 19%
Cybermiles gained 9%

These gains did come amid a general market uptick, and have been caluclated at the highest possible cash-out point. THETA and IOST proved to be two of the week’s best performers, at the expense of many others; Quarkchain continues to climb, as does Aeternity. Ethereum may have been responsible for triggering the recent market surge on its own, but can it purely be attributed to the upcoming Constantinople update?

Here are six more upcoming events that might result in positive sentiment gains for the coins involved.

Holo (HOT) – Closed Alpha Testnet

Details on the upcoming closed alpha testnet can be found in this Github post. In short, this marks the first step towards getting developers up and running on Holochain using Nodejs and Rust programming languages.

Holo had a strong previous quarter and came charging out the gates in December, and by February had recorded 230% growth in three months.

There’s every chance we’re too late to this one, but after HOT declined 12% in the last three days, there could be another bounce in the run up to the testnet.

Testnet Date: 28th February

Po.et (POE) – E-Book Metadata Platform

Described as a blockchain protocol for ‘content ownership, discovery, and monetization in media’, Po.et is about to release a blockchain version of ISBN codes. The word is they’ll be applied to e-books, with the goal of becoming the metadata provider for the digital publishing industry. Po.et was recently mentioned in this examination of blockchain‘s role in that industry by the Columbia Journalism Review.

POE is ranked 218th by market cap, and has been in decline for most of the quarter. This week saw a slight reversal of that trend as the ETH-based token gained 5%, and volume rose from $200,000 to $1 million.

Launch Date: 28th February

Digitex Futures (DGTX) – Treasury Token Sale

The first round of cut-price DGTX treasury tokens are set to be released at the start of next month. A breakdown of the Digitex Treasury can be found in this official blog post.

DGTX tokens doubled in value in December, then halved again in January. The last seven days have seen more than 12% growth.

Token Sale Date: 1st March

Skycoin (SKY) – Skywire Mainnet Launch

Skywire is aimed at cutting out the dominance of centralized payment servers like BTCPay, which Skycoin views as a looming threat to free expression. Skycoin’s solution is a combination of handheld hardware processors and wire mesh technology, more on which can be read here.

Momentum has been building with SKY for the last two weeks as it soared to 24% gains before subsequently cooling off.

Mainnet Launch Date: 4th March

Pundi X (NPXS) – Commencement of Staking Rewards

Pundi X’s staking upcoming staking mechanism involves monthly payouts weighted to how long your funds remain staked – details here.

Looking at the three-month chart of NPXS shows a huge turnaround in mid-January. Since then the token gained 84%.

Staking Launch: 9th March

GameCredits (GAME) – Gaming Store Launch

In mid-March the GameCredits PC-gaming store is set to launch, where customers will be able to purchase AAA PC games using GAME coins. Benefits include discounts, no KYC or ID checks, and remote access to Fortnite, Battlefield 5, Far Cry New Dawn, and more.

GAME is ranked 328th by market cap, and can be traded on Upbit, Bittrex, Poloniex and Bitbay. Take a look at GAME’s daily chart from the last twenty hours and make of it what you will.

Store Launch: 15th March

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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4.5 stars on average, based on 147 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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Litecoin Price Analysis: LTC/USD on a Potential Launchpad for Another Rocket to the North

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  • The Litecoin (LTC) price remains elevated, as the bulls look at continuing the strong recent run higher.
  • Coinbase Wallet announces support for Litecoin, joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

LTC/USD: Recent Price Behavior

The LTC/USD bulls have resumed upside momentum, following brief and minor pullback observed in the session on Thursday. At the time of writing Litecoin is seen trading up in minor positive territory, with gains of around 1.5%. It is worth noting, since 8th February the price has gained as much as 60%, with the high print up at $53.65 produced on 20th February.

The big chunky jump north came after the price managed to escape a narrowing daily range block formation. LTC/USD was moving within the confinements of this for 11 January to 8th February. The breakout higher was very much explosive, given the prolonged period it has traded within. In terms of the initial spike observed on the 8th, it was a gain of around 45% in a single session.

Coinbase Wallet to Support Litecoin

Coinbase, the leading U.S. cryptocurrency exchange, announced it will now support LTC on their native Coinbase Wallet. This will allow users to store their LTC directly on the app. The fifth largest cryptocurrency by market capitalization will be joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

Users of the Coinbase Wallet are going to have the ability to download a required update with Litecoin support in the coming weeks via the Apple Store or Google Play Store. Storing LTC will be immediately available upon the completion of the update. Users will need to choose the ‘Receive’ option; this can be observed on the main wallet page to deposit LTC into the wallet.

In the official blog announcement, Coinbase said:

“The new Wallet update with Litecoin support will roll out to all users on iOS and Android over the next few weeks. LTC support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Litecoin to send LTC to your Coinbase Wallet.”

Technical Review – LTC/USD

LTC/USD daily chart.

The Litecoin price has stabilized at heights above the psychological $50 price mark. A near-term area of demand is seen from the $50-$47 price range, which is helping keep LTC/USD propped up. The next upside targets for the bulls are seen just above a supply zone tracking from $55-$57. It last traded up at these heights back in November 2018. Should the bulls manage to maintain upside momentum, then eyes will be on a return into $65 territory, where the next area of supply is tracking.

In terms of support, as detailed earlier, immediate relief is found within the $50-$47 range. If this fails to hold, then a potential chunky wave of selling pressure would likely come into play. The next demand area to the downside runs from $42.50-$39.50; price last traded here between 9-16th February. LTC/USD had briefly consolidated within this zone before a further squeeze to the north occurred.

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 126 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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