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Cryptocurrencies

Markets of Magic & Faith

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Hi Everybody,

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The world of cryptocurrencies has never been more exciting. What we’re witnessing now with the new bitcoin spinoff is nothing less than value creation by magic and faith.

The new currency goes by many names. The official name is Bitcoin Cash and some brokers are listing it as BCC and some BCH. It’s also received the nickname Bcash. Personally, I think BitCash would be very fitting.

Whatever you call it, the value of this new network has gone from 0 to more than $12 Billion, back to $5 Billion, and now floating somewhere in the middle.

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Any asset is worth exactly what somebody is willing to pay for it. For now, people are willing to pay about $473 per coin, which some are seeing as a discount to what the original BTC is trading for.

However, even though the market is giving it a suddenly high valuation, the mining community is reluctant to turn over their hashpower. This is far from over.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Overboard on Russia

Ripple by volume

BoE Today!

Please note: All data, figures & graphs are valid as of August 3rd. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

With a huff and a grunt and many verbal complaints, President Trump signed some new sanctions against Russia.

Pressure was mounting from other branches of the U.S. government to punish Russia for their alleged interference in Trump’s election. This concession to Congress is quite significant and could possibly provide a turning point for this administration and increase faith in the President.

The new sanctions were controversial not just at home. European officials were pretty ticked off that the USA is acting without their consent nor concern for their interests. After all, they’re a lot closer physically and it does seem that these sanctions can have an adverse effect on oil supplies, which Merkel is currently trying to get from Putin.

The U.S. Dollar has gained some ground against the Ruble lately but the reaction to these new sanctions has been a bit dull. If the USDRUB breaks above 61 it would certainly be significant.

Meanwhile, the investigation into whether Trump was part of Russia’s plot to make him president is gathering strength. Special prosecutor Robert Mueller is not only building a case. he’s currently building a dream team.

The Trends…

…are strong. The Dow Jones reached a new all time high yesterday topping 22,000 points for the first time. The U.S. Dollar fell further and the Euro is flying off the charts.

Cryptocurrencies are rather flat. Other than the addition of BitCash the market is rather stable.

So let’s take a look at our latest addition to the platform and see how she’s going…

The Ripple Affect

(Link to Liam’s comment on eToro)

As can be expected, the community here in the world’s most awesome social investment platform has embraced the new digital asset.

These astonishing numbers can be seen at: https://www.etoro.com/markets/xrp

and, just for you, I’ve obtained a special graph from our Trading Room that shows the volume on the platform since opening.

The Main Event

For Forex traders, this fundamental setup is as good as it gets…

Last time the Bank of England met, Governor Mark Carney was staunchly opposed to any type of adjustment in interest rates. Since then he’s done an apparent 180 and has recently come out in support of raising the rates.

Currently, the BoE is offering just 0.25% interest on deposits. This was adjusted down from 0.5% in the wake of the Brexit as an emergency measure.

The impact of a rate increase on financial markets is usually so great that the Bank of England is not likely to make an adjustment today. The shock would be too great and could lead to economic instability. Especially, after the signals from last meeting.

However, many analysts and traders are expecting the Mark to make his new views policy today and signal that a rate increase will be coming soon.

No matter what the announcement is, expectations are high in both directions and large positions will be placed. Virtually all the major players will have their finger on the trigger and scope set to GBPUSD at high noon London time.

Let’s hope for some of that Carney Magic!

Have a wonderful day ahead. 😉

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.

Featured image from Shutterstock.

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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Cryptocurrencies

Trade Recommendation: Monero

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The market moves in a horizontal channel between 85.00 and 100.00 levels. Now the price is at the bottom and we have a buy opportunity. RSI confirms price reversal and MACD histogram supports upward movement. DMI allows opening long trades. Pending orders for buy should be placed above the local high at 89.50 level. Stop orders must be placed at 84.30 level. The main profit target is 100.00 level. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: XMRUSD
Buy: 89.50
Stop: 84.30
Profit Targets: 100.00

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: DigiByte

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This is a new attempt to catch a trend reversal and open long trades on good levels. We have double bullish divergence which confirms price reversal with further upward movement. RSI confirms price reversal in the oversold zone. MACD supports upward movement and DMI allows opening long trades. It’s a buy opportunity based on the confirmed trend reversal signal. Entry level is 0.00000170 with stop orders at 0.00000125 level. Profit targets are 0.00000300 and 0.00000450 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: DGBBTC
Buy: 0.00000170
Stop: 0.00000125
Profit Targets: 0.00000300 and 0.00000450

The trading signal is based on Poloniex chart.

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Bitcoin

We Have to Talk About Bitcoin Again

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It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

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Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

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Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for the Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. “We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.”

Featured image courtesy of Shutterstock. 

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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