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Regulation Week/IBM & Lumens

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What an ugly week. This is the frustrating part of cryptocurrency. You can take an hour trying to find news to support why things are tanking, and there is nothing. I haven’t needed to trade anything for about two weeks now, as I have migrated most of my earnings to ETH. This week put most of us underwater in terms of profit, but seeing ETH stick above $1,000 when BTC was in the $8,000s was extraordinary.

People are beginning to differentiate technical currency from store of value. I do not provide recommendations, but it is quickly becoming apparent that Ethereum has extraordinary value. Their DAPP and smart contract technology is the paradigm in blockchain commerce. That means people use it a lot to pay/get paid for ICOs, development and smart contracts. Solidity is the coding language of Ethereum, and people who can design with it at a high level are extraordinarily rate due to the fact that all of them became filthy rich as early investors. Scarcity and demand are all I am seeing.

My take on the markets

The pain we’ve witnessed the past few weeks is temporary. We have an SEC and futures joint meeting on Feb. 6. This is the big one. Other than the U.S., Japan, China and South Korea, I am not too concerned with governments’ views. India was the culprit this week, with about three different people in their government saying different things about their regulation of currency. I have absolutely no interest in their opinion, as American business/government will determine the future.

On the other side of the spectrum, we have Japan , which has fully embraced crypto and blockchain. Their implementation of blockchain technology will allow them to move much further ahead in the way their companies do business and interact with each other. Their biggest bank (Mitsubishi UFJ) is launching a cryptocurrency exchange! I will be rippin’ the cryp’ in my Mount Fuji Temple in no time. A country like this adopting technology can only be forward moving. Cryptocurrencies can now be used in Japanese banking and transactions, and it is one of the most advanced societies the world has ever seen. Don’t get so gloomy on your prices, we have entire countries getting behind us.

If I could provide one opinion, just don’t move a thing right now. Stay still. Turn off the computer and silently watch the SEC meeting. We will see how they are going to be laying down the law, and that will most likely be what other countries follow. Regardless of whatever happens, we now have smart people looking into the market, so the times of shoddy whitepapers and no coin ecosystem value are long gone. We will get our 1,000% growth this year, but if it is spread across more dog and Trump coins then this ship is going to sink again. We want this market to be built on the customers of these coins, not speculation. This is something we can’t change as investors. Hopefully, as Robinhood exchange comes out with stock/crypto trading for ETH and BTC, we can get some more sticky assets in ETH from new adopters. But, Feb. 6. Remember that date.

IBM and Lumens

I came across the relationship between IBM and Lumens while researching Stratis. The results surprised me.

IBM does have a competitive cloud business, but this is not their relationship with Lumens. IBM has developed a rapid payment processing system, and has used XLM  as the encrypted currency to settle the transactions immediately, and compliantly (AML procedures, KYC Information all necessary). So far, banks in the South Pacific – Australia, Indonesia, New Zealand to name a few – have already begun using it in their payment processing for cross-border transactions. The way that people describe XLM is that it can take the digital form of any currency – crypto or non-crypto –  use that form to rapidly transact and send funds to any destination, and then change form and settle in the desired currency instantly.

IBM’s Michael Dowling, payment group Group CTO, went on Reddit and did a Q&A about his company’s relationship with Lumens/XLM. When describing their relationship, he said: “It is not just long term, it is tight.” He even mentioned that they are working on opening up fiat/XLM at the institutional level so that banks could begin working with each other in this manner more broadly. Lumens ended the year with almost 14 bank relationships, and Mr. Dowling said that was the beginning.

This was a huge move for IBM. They are the technological backbone of corporate America, as our office infrastructure is almost holistically operated with IBM technology. The fact that they are professing a tight relationship with cryptocurrency is astounding. Please read my earlier analysis on Stellar, as their ICO platform alone is investment-worthy. This IBM relationship is truly the icing on the top. Banks in the South Pacific are small potatoes. IBM and Lumens are waiting for the Feb. 6 meeting mentioned above, and then the true work begins. Please get your popcorn, and also think about a Lumens investment at these lows.

 

This is NOT a recommendation to buy or sell cryptocurrencies. I am sure most have lost some money right now, so stay put and wait the storm out. I will say it once more. 2/6/2018. This will determine the rules from now on, and I will not be moving a muscle until that happens. Let’s all hope for the best. Good luck. Please do follow me on Twitter @raijincrypto for some tidbits throughout the week.

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 27 rated postsMythological God of Lightning. Cryptocurrency/Blockchain writer, evangelist, and friend. May the odds be ever in our favor.




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2 Comments

2 Comments

  1. mvppvm_07

    February 12, 2018 at 4:03 pm

    So what happened on the 6th? This post begs the question “When will you write the analysis for what transpired on the 6th?” .

  2. Cachingman

    February 12, 2018 at 8:31 pm

    Click on Raidens name and you’ll see all articles by him…
    This is what you’re looking for 😉
    https://hacked.com/sec-meeting-aftermath-thoughts/

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EOS Price Forecast: EOS/USD Heading for Another 300% Move?

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  • EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern.
  • The price is moving around levels seen back end of March to early April, before a bull run of over 300%.

The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend.

EOS DApp Hacked Again

An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities.

Technical Review – 4-hour Chart View

EOS/USD 4-hour chart

EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity.

Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory.

April 2018 Bull Run

EOS/USD April bull run

In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today.

Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of.

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 33 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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Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

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  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

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 33 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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IOTA Price Analysis: Current Behavior Raises Concerns of Another Drop in the Price

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  • Current technical indications still point to downside risks for IOTA’s MOITA price.
  • Near-term chart view sees a rising wedge pattern. The daily chart observes a bearish pennant formation.

The IOTA price remains at risk for now of a breakout to the downside. It appears more likely that downside pressure will be seen, in comparison to any upside surprises. Despite this, IOTA’s native token has made solid recovery in just over a week of trading. Since 25th September, it has gained 8%. Trending higher has been observed from a low of around $0.5200, up to current levels around $0.5600.

IOTA Developments

Most recently, Bitpanda announced they now offer deposit and withdrawal services for IOTA. Bitpanda is fintech company based in Vienna, Austria. They specialize in selling and buying Bitcoin and other cryptocurrencies. Becoming Europe’s leading retail broker for Bitcoin, Ethereum, Litecoin and more, boasting a user base of over 900,000 users. “We are very pleased to announce not only withdrawal and deposit functionalities for IOTA on Bitpanda, but also that Bitpanda now officially supports the latest IOTA tech — IOTA Hub,” as stated in their most recent blog post.

This move goes to show the growing presence IOTA is having across the market. The market acknowledgement of the foundation’s technology. IOTA’s MOITA is currently the 11th largest cryptocurrency by market cap, which is seen at $1.5 billion.

Elsewhere, as covered previously, the foundation is very close to revolutionizing the car insurance industry. They presented a new project in which they have been working on at bIOTAsphere. This was a proof of concept technology, known as Tangle. Full details mentioned in the previous article.

Near-term Technical Review 

IOT/USD 60-minute chart

Looking via the 60-minute chart, current price action has formed a rising wedge pattern. This price behavior makes it susceptible to a breakout to the downside. Should the bears manage to breach the lower support, sellers could pile in. To the downside, support in this view can be seen tracking around $0.5650. Further to the downside, 60-minute support should come into play around $0.5420.

Daily Chart Technical Review

IOT/USD daily chart

For over a month now, price action, as clearly seen on the daily chart view, has been firmly within consolidation mode. The range is getting tighter, building up the likelihood of an imminent breakout. Resistance is sitting just ahead around $0.5850, very close to current levels. Support eyed at $0.5430, a breakout could see the price tumbling. A potential downside target would likely be around the $0.4000 territory, testing 14th August low.

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 33 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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