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Cryptocurrencies

New Cryptos on the Move

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Hi Everybody,

In this crazy new world of blockchain technology and digital assets, news travels fast and prices move even faster.

Yesterday, I made a short video explaining the current Bitcoin scaling issues. About an hour after the video editing was complete and before I’d even had a chance to upload it to YouTube it seems the situation was already altered slightly.

You can see the video, which is still quite relevant, here: https://youtu.be/6gjKY-XHKMI

Yesterday afternoon, it was announced that a major supporter of bitcoin will be leaving the main network for a new one known as Bitcoin Cash. However, the level of support for this new project is still limited and so the price of BTC has only been slightly affected.

Let’s take a look below…

@MatiGreenspan
eToro, Senior Market Analyst

Market Overview

The world of traditional finance remains completely irrelevant. Let’s do it quickly so we can get on to the important stuff. 🙂

Janet Yellen’s interest rate decision today is expected to be boring by design. No changes and no press conference. No surprises expected. In just a few moments from the time of this writing, the U.K. will announce their quarterly growth number, watch the Pound.

Oil surged on less production in the USA. It’s a comforting thing to see that supply and demand are having a larger impact on the price than the talking heads of OPEC.

Stock market volatility reached a new all time low yesterday. The VIX “fear” index, which tracks the speed of movement on the S&P500 reached as low as 9.06. This, as the S&P500 itself, reached a new all-time high of 2,479 points.

In this chart, we can see the S&P500 (in white) against the volatility index (in green) since the beginning of the year. Notice the reverse correlation?

Bitcoin Cash (continued)

Now that we’re about 12 hours after the breaking news, it seems the market is already fully pricing in the possibility of a break-off. Some are calling it a hard fork but at this point, it doesn’t seem like one to me.

Here’s the graph of BCC since inception about 24 hours ago…

In that time, the price of bitcoin has come down by about $260.

As this project gains momentum or loses it, it could impact the price of bitcoin. Other than bitcoin cash, the mining community is still showing outstanding support for SegWit, which should be implemented shortly. Still unclear is whether or not we’re headed for a hard fork with SegWit2x.

Here’s where it gets fun. If SegWit2x does not come through, it’s now likely that more miners could move in favor of this new option.

News from Uncle Sam

In a groundbreaking announcement, the SEC in the United States has ruled that digital tokens of all kinds will now be considered as financial securities.

The ruling was part of an investigation into Ethereum’s first token sale “the DAO project.”

Going forward, ICOs in the USA are going to be a lot less fun and a lot more regulated.

Indeed, the current ICO market is a bit of a free for all and many consider these new token sales to be “wild west” investments. So a little oversight wouldn’t really be a bad thing. Personally, I was hoping that the tech community would provide a solution for this before Uncle Sam had the opportunity to bring down the sledgehammer.

So as far as the U.S. citizens are concerned the proverbial party seems to be over. However, other regions are certainly still free to proceed. A few days ago we learned that Russia is looking to oversee and regulate this market in their own way starting from next year.

Introducing the new Crypto CopyFund

Here in eToro, we are incredibly excited by the awesome growth of blockchain technology and we feel passionately that it will play a big role in the future of finance and technology.

So, we’ve been working on a brand new investment product for you that is designed to capitalize on this paradigm shift.

We’re very pleased to announce the release of the brand new Crypto CopyFund, which is now available on this link.

Yesterday, we held a one time webinar, hosted by yours truly, to show off the advantages of this unique way of investing and how simple it is to get started and of course answer the many questions from our current clients.

Feel free to review a recording of the presentation now on YouTube: https://youtu.be/CpXjOAyzc1Q

As always, please feel free to contact me directly with any questions, comments, or feedback.

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.

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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 135 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Bitcoin Cash Price Analysis: BCH/USD Hard Flops as Price Moves Within the Abyss

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  • Bitcoin Cash price falls into uncharted territory, struggling to find a bottom.
  • Weekly chart still points to further downside, RSI not within oversold territory as of yet.

The Bitcoin Cash price remains heavily on the back foot, the standout under-performer across the major altcoins. BCH/USD is currently running at three consecutive sessions of losses. The streak could have been much longer, however the price was given a breather ahead of a pick up in downside intensity. In the past two weeks, BCH/USD has dropped over 60%.

As covered in an article earlier in the month, BCH/USD failed to break down a key area of supply. This was seen within the $650 territory; the price had faltered here in early September. It was forced back down to the south, to then retreat at some neckline support, $410.

BCH/USD daily chart

The most recent occurrence within the above-mentioned supply zone was seen between 6-8 November. Heavy sellers piled in, forcing the price initially down to the neckline support, $410. Between the 15-19th November, BCH/USD had breached, retested and consolidated around this area, before a resumption of further bloodshed.

Downside Targets

Looking via the weekly chart, the BCH/USD exchange rate demonstrates that the price is literally falling into the abyss. This fall is very much uncharted territory, so the bears are free to drive this a far south as it needs to be taken. In terms of the RSI, this indicates that there is still some room for this to be driven lower. It has not quite reached oversold territory yet.

BCH/BTC weekly chart

When observing BCH/BTC, at the time of writing the price is testing the previous session’s low. This area is significant as it provided much needed support in October 2017. A break here and close below 0.04775 could be punishing. This again is movement into an unknown realm of price action, so it remains unclear where the bottom will be at this time.

Upside Targets

In terms of upside barriers, given the recent price action, new areas of resistance have been formed. Firstly, around the $370 level, as this was the former acting support during the consolidation between 15-18th November. Furthermore, eyes would then be on a retest of the breached neckline former support, $410. Lastly, should both these areas be conquered again, the supply from $600-650 would be next up.

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 55 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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Cryptocurrencies

TRON Price Slides 25% Overnight; TRX Hits New Low Despite BitTorrent Web Rollout

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TRON (TRX) was struck by a 25% loss overnight, and by Tuesday morning had sunk all the way to the $0.012 range – a price level not seen since December of last year.

That followed the rest of the market in yet another crash which wiped a further 18% off the value of Bitcoin, sending the coin price all the way to the $4,300 range – a price last seen in October of last year.

As the global crypto market cap hovers around the $140 billion range (down from $214B just last week), no fundamental news is making itself felt.

Even the launch of BitTorrent Web – an in-browser torrent streaming application – wasn’t enough to halt TRON’s slide/ That’s despite the earlier release of uTorrent Web back in September resulting in a chunky price boost for TRX.

BitTorrent Web Released

The BitTorrent team announced the release of BitTorrent Web last night, tweeting:

“A few months after officially launching µTorrent Web, we’re proud to launch BitTorrent Web. Available for Windows, it’s a simple, web-based torrent client for the #streaming age!”

As with the release of uTorrent Web last month, the new application will allow users to stream torrents direct from their browser, without having to download the entire file first.

TRON founder and CEO, Justin Sun, also took to Twitter to spread the news. Sun told his 576K followers:

“Congrats to the team for releasing BitTorrent Web! Torrent meet streaming to offer the best user experience. Available now on Windows, Mac version in the works…”

The uTorrent Web rollout was a measurable success back in September, with over a million daily active users hitting the platform within the first few weeks of launch. As tweeted by the BitTorrent team at the time:

“Proud to announce that our Web-based torrent streaming client, µTorrent Web, surpassed 1,000,000 daily active users. If you’re waiting for a BitTorrent Web, rest assured that it’s coming soon!”

TRON Price Update

For the twenty-four period leading up to Tuesday morning, the value of TRX sunk by 25% in line with the rest of the altcoin market. That fall took the TRX price from $0.017120 down to the trough of $0.012835 by around 09:00 UTC.

That means that TRON is no longer a billion dollar entity, as the market cap sunk to the $900 million range for the first time since December 2017.

TRX is now down 40% for the previous seven days – only slightly worse than the 35% lost by Monero (XMR), Litecoin (LTC) and Ethereum (ETH) – all of which are now flirting with new lows for 2018.

The only coin to offer any kind of resistance against the recent blood-letting is XRP, which remains anchored to the $0.45 valuation it has held for the last couple of months.

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.

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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 92 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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Cryptocurrencies

This Week’s Crypto Winners

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The past week worked out to generally be a down market for most cryptocurrencies, but we saw several experience massive increases over the last 7 days.

Nasdacoin

Nasdacoin increased a whopping 158.75% to reach a price of $2.47 as of the date of publishing. Ranking as #93 in terms of market capitalization, much of this change seems to be attributed to the team announcing that Nasdacoin would be listed on several new exchanges.

CREX24, BTC-Alpha, and MERCATOX all announced plans to list NSD on November 12th, and the result was a quick run-up in the price of the coin. From looking at the whitepaper, there doesn’t seem to be anything special about the coin, and it is easy to conclude that the recent increases are mostly the result of an improvement in accessibility, rather than a notable change in fundamentals.

Animation Vision Cash

Animation Vision Cash (AVH) is a content trading platform that underwent a significant spike on November 19th for an as yet unconfirmed reason. The platform differentiates itself among others by being an adult content trading platform. Content providers prefer this market mechanism a lot more, and the goal of the platform is to create a dialogue between producers and consumers. The recent 71% jump in price is likely the result of recent announcements.

On.Live

ONL, the coin of On.Live, went through a 70% spike in price to approximately $0.12. This is a true altcoin, with a market capitalization of approximately $2.4 million. The company is devoted to the idea of revolutionizing how video broadcast and remote consultations are executed. The ONL token is what would power the entire economy of the platform, however no new significant news has been released that explains this jump in price.

Factom

Factom has experienced a 51% run-up in price over the last 7 days, reaching a price of $6.49 at the time of publishing. Factom currently has a market capitalization ranking at 74 ($57.8 million), and this could continue to grow with the good news that has been published. On the 14th, it was announced that Equator would be incorporating Factom’s blockchain-as-a-service technology into their mortgage software. Generally, huge partnerships like this are seen as major successes, and help the public perception, as well as the economic case.

Birake

Birake had their BIR token appreciate 45% in the last week. Currently trading around a price of $0.12, Birake has a tiny market capitalization of $2.4 million. As a white label cryptocurrency exchange, they have a fairly unique offering, and it is natural that they have the occasional spike in price.

As you can see, there is a wide variety in the coins that were the biggest winners of the week. Some were in the top 100, and others weren’t even in the top 500. While this doesn’t negate the bear trend of the broader cryptocurrency market, it shows that there are still winners in our midst.

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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