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Cryptocurrencies

Probably Nothing to Worry About

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Hi Everybody,

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It’s been almost 10 years since the stock markets peaked before the financial crisis. Back then financial firms were buying up assets called CDOs, bad mortgage loans that had been bundled up and repackaged to look like low risk assets.

As we know, the global banking and government response to this overborrowing fad was of course to print more money and make it easier to borrow more.

In the Financial Times today, economics professor Frank Partnoy writes about the ugly sequel that is playing out right now.

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Except, instead of risky mortgages, it’s risky corporate loans that are being repackaged. The assets are conveniently called CLOs. An oddly suspicious name if you ask me.

It’s probably nothing to worry about though. After all, what are the odds that an overwhelming number of corporate loans could go bust all at once?

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Mooch takes a Boot

Stocks High Dollar Low

Cryptos Move without Bitcoin

Please note: All data, figures & graphs are valid as of August 1st. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

You can’t make this stuff up.

After only 10 days in the White House, Trump’s new communications director Anthony Scaramucci heard the famous two words “you’re fired!”

Mooch is a good sport though, apparently, he wanted to give Trump’s new Chief of Staff John Kelly “a clean slate.”

Somehow, former reality star Donald Trump has managed to make politics more drama filled than a good episode of Jerry Springer. We kindly thank him for making young Americans excited about politics again. It’s about time.

Wall Street remains impervious to White House drama and the Dow Jones closed out yesterday with another brand new all time record high.

Either because of the above or due to a weak handed Federal Reserve the U.S. Dollar has continued its descent. The Dollar Index has fallen below the critical support of 93 points. Light support exists at 92 but there isn’t much below that.

Commodities like Gold and Oil are up due to the weaker Dollar.

Just for the fun of it, here’s a chart of the U.S. Dollar compared to the popular cryptocurrency Ethereum since February.

The market cap of all cryptocurrencies has risen today to $94.5 billion despite the current crisis in the Bitcoin network.

Let’s have an amazing 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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