Connect with us

Altcoins

Let’s Take the Power Back!

Published

on

It seems clear by now to many of us that the next leap in the evolution of technology will be that of decentralization.

The innovation of distributed ledger technology “blockchain” has shown us that centralized money, power, and data are inherently weak and that by spreading out these things over an entire network we can strengthen all of them and make them more effective.

Why then do the entire industry and the cutting edge cryptotraders, all rely on the same stupid centralized website to get our information and pricing?

I’m as guilty as everyone else on this and find myself logging into coinmarketcap.com several times a day to check pricing. I’ve seen them cited over and over again in articles as if they’re some kind of authority and it’s gotten out of hand.

CMC caused the market to crash on Monday. Whether this was intentional or not remains to be discovered. For myself and all of you reading, I propose that we boycott this website effective immediately.

I’m sick and tired of their banner adds that intentionally promote scammy ICOs and sick and tired of them having total authority over a market that should be free, especially where there are so many other great websites that can give us the information we need just as quickly and just as efficiently.
 
@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

  • Action in The Bonds
  • Japan Exiting?
  • Ethereum is the Safer

Please note: All data, figures & graphs are valid as of January 10th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Usually, the bond markets are the most boring market to be involved in. As an incredibly low risk asset, the volatility is often times non-existent.

Yesterday however, there was some sudden sell off in US treasury bonds. Here we can see the TLT 20 year bond, which is trading on eToro.

What bond traders like to watch are the yields, which trade inversely to the price. Seeing the Yield on the US 10 Year spiking above 2.5%, for the first time since March, was enough to raise a few eyebrows on Wall Street.

Nevertheless, with eyebrows raised investors kept plowing into buy positions on the stock market. The S&P500 has closed with a record high every day this year making it one of the strongest starts for stocks ever.

What caused the bonds to sell-off?

Many analysts are pointing to “monetary tightening.” The central banks of the world are in the slow process of raising interest rates and gradually trying to reverse the “loose money” policy that has been in place since 2009.

The Bank of Japan, who until now has been the most aggressive champion of quantitative easing, showed a tiny sign that they might be reducing their monthly bond buying practices.

In their monthly purchases yesterday they bought a total of ¥190 Billion, instead of the ¥200 Billion that they bought last month.

That’s it. A tiny difference, less than $90 million difference from one month to the next has the entire bond market in a tizzy.

Though the Stocks don’t seem to be affected much, the currency markets certainly have been.

The USDJPY fell quite quickly below the current range (dotted blue line) and below the psychological level of 112 Yens to the Dollar.

Finally some action!!!

Let’s Talk about Crypto

The crypto market is also seeing somewhat of a selloff. The overwhelming gains we saw in Ripple’s XRP token’s over the few weeks are being rapidly clawed back. It looks like XRP has found some sort of floor at $1.50 but we’ll see how that develops.

It should be noted, that even if XRP retraces all the way to $1.10, it will still be worth 5 times what it was a month ago.

For those of you who got in early and are still hodling, awesome!! For those of you who got in late and are now hurting, I feel you and I’ve been there before. Next time please try to be more diverse in your investments and try to take a more long term approach to the markets.

The pullback isn’t just in XRP though. In fact, the only cryptocurrency that seems to be in green today is Ethereum. As we’ve noted several times in past updates, Ethereum is acting as the safe haven in this market.

Bitcoin Mining

It seems we have an update on the status of bitcoin mining in China. Official documents from the Chinese authorities obtained by the Financial Times indicate that China will in fact be cracking down on Bitcoin miners.

This is particularly concerning because most mining is still done in China. Though many other countries have plans to ramp up their operations, these things take time and none are fully operational just yet.

This news comes at a particularly bad time for the world’s first cryptocurrency as the backlog of unconfirmed transactions known as the mempool just does not want to clear. Even though the number of transactions processed by the bitcoin blockchain is coming down, there are still about 170,000 unconfirmed transactions at any given time.

The thing to watch is the hashrate. To bitcoin’s benefit, the computing power of the network has grown drastically over the last few months. If it starts to falter now it will be a very bad sign for bitcoin indeed.

The SegWit solution could still save bitcoin but the possibilities of this happening seem increasingly slim. Alas, only 10% of miners have gotten onboard so far.

Even though I love bitcoin, the amount of energy it currently uses to facilitate the blockchain is quite excessive. If the protocol cannot be updated to make it more efficient, perhaps it’s best that the way be cleared for other more efficient cryptos.

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro. Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
11 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 511 votes, average: 4.73 out of 5 (11 votes, average: 4.73 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 103 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

2 Comments

2 Comments

  1. Chris G

    January 10, 2018 at 7:04 pm

    I’m with you on CMC

  2. Parentesi

    January 10, 2018 at 10:12 pm

    CMC sucks. yes! I barely go there, only to look at the Market Cap mainly or to get info on a token, to see website info, what markets it is on. But now after they kicked out some asian platforms, it lets me think they are somewhat doing whatever they please and not e reliable source at all. Good to read others think the same.

    As of Etherium staying stable sort fo and other going down. NEO is doing very well too, OMG too and a lot of others. Just the focus in the West is very much on the big five and some surroundings.
    ETH, XBT, BCH, LTC, XRP ect…
    If you do not look at them, but rather for real applications possibility’s, your swings become lower and more stable.

You must be logged in to post a comment Login

Leave a Reply

Altcoins

Cryptocurrency Prices Have Recovered $26 Billion from Last Week’s Bear-Market Low

Published

on

Cryptocurrency prices were seeing green on Tuesday, as investors continued to rally behind news of a popular bitcoin trading app being granted regulatory approval to operate in New York. The push for regulated crypto custodial services has also not gone unnoticed, with the likes of Coinbase looking to overcome one of the final barriers to institutional adoption.

Crypto Prices Hit One-Week High

Digital currencies on Tuesday overcame tepid trading conditions and lower trade volumes to reach their highest level in seven days. The total market peaked at $294.2 billion at 17:00 UTC but has since consolidated at $290.5 billion, according to CoinMarketCap. As a reminder, the market bottomed near $264 billion last week, the lowest since early April.

Crypto prices have been surprisingly stable since last week’s brisk selloff. As Hacked reported earlier, bitcoin volatility is at its lowest level in a year even while factoring the latest price collapse.

Almost all of the top-ten coins had reported gains over the past 24 hours. Tron’s 8.3% gain was the biggest, with TRX trading at $0.048.

Ethereum rose 3.4% over the past 24 hours to trade at $536.86. Bitcoin cash reported slight gains, climbing 1.6% to $900.54.

Bitcoin was virtually unchanged compared with the same time Monday. The world’s largest cryptocurrency by market cap is up 2.5% over the past seven days.

Although trading volumes were a paltry $13.2 billion, turnover is up 39% from Sunday’s lows.

Prices received their initial boost Monday afternoon on news that Square, Inc.’s Cash app was granted a BitLicense to operate in New York. The app, which has a bitcoin trading platform, has more than seven million active users. The company, which is led by Twitter’s Jack Dorsey, saw its share price and market cap rise significantly on the news.

Custodianship: The Final Frontier?

San Francisco-based Coinbase has joined forces with hedge funds and third-party custodians to unlock up to $10 billion in institutional capital. According to some industry insiders, custodianship is the last of the major barriers to widespread cryptocurrency adoption among hedge funds, banks and day traders.

As Goldman Sachs, Nomura Holdings and others have demonstrated, there is strong appetite for cryptocurrencies at the institutional level. But without a stable and robust custodian service, staking large positions on a highly volatile market is not considered feasible. This is especially the case for funds that are involved with handling university endowments and pension programs.

According to Ari Paul, co-founder of the Blocktower crypto-focused hedge fund, institutional money has been trickling into the digital currency market since mid-2017. And while adoption has been slower than expected, “that doesn’t mean it’s not coming,” Paul tweeted May 31. “There are a lot of pieces that need to come together, one big piece being third party custody,” he said.

Kyle Samani, a cryptocurrency hedge fund manager, recently told Bloomberg that custodianship is viewed as “the final barrier” to market entry. “Over the next year, the market will come to recognize that custodianship is a solved problem. This will unlock a big wave of capital,” he said.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 457 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.




Feedback or Requests?

Continue Reading

Altcoins

TRON Spikes 21% in 24 Hours Ahead of Token Migration

Published

on

Only a few days away from its departure from Ethereum, TRON’s token price surged over the last day, racing to 21.4% gains in just under 22 hours.

That took the TRX token – which is due to go through the dreaded swap process on the 21st of June – from a starting price of $0.041 last night, to a price of $0.051 a few hours ago.

Since then its movement has corrected somewhat, but gains of around 14% have been holding steady since the sudden spike, and TRX is still close to the 5 cent mark as it tries to break out of the $0.04 range that it has been mired in since the sudden dip around early June.

TRX was trading at $0.10 on April 30th, and in the month and a half since then its value has sunk by an unbelievable 60%. In the same period, BTC lost just over 30% of its value, while Ethereum’s losses are closer to 40%.

In this context, TRON’s growth over the last 24 hours doesn’t seem all that out of place. Every day we see sudden gains recorded by altcoins which are correcting for sudden losses experienced earlier in the month.

TRON’s 60% loss over this period was itself a correction for the month of April, where TRX began the month trading at $0.030, only to find itself at a price of $0.10 just four weeks later. That 233% upwards movement was one of the best recorded by a Top 20 coin April, and the subsequent losses were almost equal in scale.

BitTorrent Acquisition

It was confirmed at the start of the week that TRON founder Justin Sun had followed through on his plans to buy the BitTorrent file-sharing platform.

A reported figure of $140 million is sure to make juicy headlines, and it marks one of the rare occasions when the crypto world has reached out and got involved with other industries. We can only speculate at this point whether Sun plans to simply oversee BitTorrent, or if he intends to integrate it somehow with his crypto platform.

Token Migration

On May 31st when the mainnet originally launched, TRON’s price didn’t see the kind of spike that everyone was expecting. By that time the long, bearish slide of May was already in full effect, and a price of $0.062 at that time would actually seem desirable now.

But now, in the ramp up to the token migration, TRX is starting to see some movement. It’s 24 hour volume is now three times as much as it was on Saturday – going from $114 million to its volume of $356 million at the time of writing.

Whether this is an omen of good things to come for the much hyped platform remains to be seen.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 11 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.




Feedback or Requests?

Continue Reading

Altcoins

New York Approval of Crypto Trading App Ignites Price Rally for Bitcoin, Altcoins

Published

on

The cryptocurrency market on Monday added $13 billion in the span of one hour after New York’s Department of Financial Services granted Square a digital currency license.

Square Cash App Approved for BitLicense

San Francisco-based startup Square, Inc. announced Monday it has been granted approval by New York regulators to launch its cryptocurrency trading platform in the state. The new crypto service will be offered through Square’s Cash app, which has seven million monthly active users, based on the company’s first-quarter earnings call.

The announcement was confirmed by Square in conjunction with an official press release issued by New York’s Department of Financial Services (DFS).

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.,” Superintendent Maria Vullo said in a statement. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

Bitcoin buying launched for Cash users last fall; by January, most users had access to the crypto trading platform. Square announced in March it would seek a BitLicense to bring bitcoin trading to the nation’s second-most populous state.

Cash App has reportedly generated $34 million in profit through its bitcoin trading service.

Bitcoin, Cryptos Pop

Cryptocurrencies added roughly $13 billion in value between 12:22 UTC and 13:27 UTC, bringing the total market cap to $289.5 billion. Total trading volumes spiked by more than $1.5 billion over the same period.

At press time, the total value of all cryptos in circulation was $287.1 billion, according to CoinMarketCap. That represents a gain of about $23 billion from last week’s bear market low.

Bitcoin reached a high of $6,781.14 following the Square Cash announcement. It was last seen trading around $6,716, according to BarCart data.

The largest cryptocurrency by capitalization showed signs of breaking down earlier in the day as prices approached $6,300 on the major exchanges. BTC/USD was little changed over the weekend as the bulls failed to extend last week’s modest relief rally.

Despite the latest gain, bitcoin remains about 10% lower for June and is down more than 50% year-to-date.

As an asset class, altcoins rose more than $8 billion Monday afternoon. At $172.2 billion, digital currencies outside of bitcoin represent 60% of the total market.

All coins within the top-ten reported gains. Percentage-wise, Tron was the best performer, rallying 5.4% to $0.045. Ethereum jumped 3.4% to $517.46. Bitcoin cash added nearly 4% to trade at $884.28.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 5 (4 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 457 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.




Feedback or Requests?

Continue Reading

11 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending