So Much Trouble in the Markets | Hacked: Hacking Finance
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So Much Trouble in the Markets

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So Much Trouble in the Markets

Introduction

This article was posted on Tuesday, 10:57, UTC.

No words can describe the sadness. When a man decides to take his own life in order to kill children at a pop concert, the entire world mourns. Our hearts go out to the victims and their families.

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Some reports went as far as to say that the British Pound is falling on this tragedy. Though I don’t think there is any direct correlation it’s a comforting thought that perhaps financial markets can feel pain or even cry.

-Mati

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Please note: All data, figures & graphs below are valid as of May 23rd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Today the White House will unveil their new budget plan, which they’ve proactively named “A New Foundation for American Greatness.”

As expected, the plan calls for increased military spending and decreased funding for the poor and the sick. Though the Republicans have a strong majority in congress, they are unlikely to wave this budget directly through.

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Perhaps it will work in the administration’s favor that Trump himself is off overseas trying to bring peace to the Middle East. This way, his administration and congress can hash things out as quickly as possible, without distraction, so that everybody can get on to something that everybody feels passionate about, cutting taxes for the rich.

The financial markets have gone flat again. As Air Force One left Washington DC the VIX volatility index dropped notably. Yesterday Wall Street was able to claw back a bit of the losses from last week’s Trump Dump but many analysts are skeptical of these low volume gains.

For now, there is just a touch of safe haven trading.

Gold once again finds itself near the top of its range and finding some resistance at $1264 per ounce. Should further geopolitical uncertainty continue, it could carry it past the yellow line and $1300 may be around the corner.

The USDJPY is inching towards support at 110.25 (yellow line). If investors continue with the safe haven appetite it could push as low as 108 (blue line) below which there is no support for quite some distance.

RIP Ripple

In an article published on Huffington Post, of all places, senior officers of the company that created Ripple attempted to fight back against accusations and defend what they see as the future of banking.

They did make a few fair points about how the old system is too slow and expensive. However, they did not make a convincing case to explain why they felt justified in owning outright more than half of the global supply of XRP (Ripple) tokens.

By the end of the piece, they had even stooped so low as to start bashing bitcoin. They called her slow and unscalable. Of course, I’m sure they know by now that a solution for the bitcoin scalability issue could be just around the corner.

In fact, in a New York conference yesterday, Bitcoin Miners agreed that a solution for quick and easy verification of Bitcoin transactions could be implemented as soon as September.

Not only that, a new startup called RSK Labs is now developing a project to bring Ethereum-like smart contracts to the bitcoin network.

The total market cap of the bitcoin blockchain reached a new high yesterday of $37 Billion. Still, a very small number if you think about the growth that is likely to come from Japan in the coming months.

However, this is probably the riskiest market since the dawn of time. Even just last night we saw a huge drop of more than $100 in less than 10 minutes. So please proceed with caution.

Let’s have a safe and successful day ahead!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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.



Feedback or Requests?

Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

Comments
  • user

    AUTHOR Stagediver

    Posted on 11:10 am May 23, 2017.

    Hi Mati,
    interesting read on the Ripple, though calling it “RIP Ripple” is a bit harsh. Yes there is no end to end concept by ripple and bitcoin bashing is not the idea. Still i believe the overall approach of ripple and vision sounds appealing + still it is not a matured market, as you said. And ripple seems to be out of all “banking ILP solutions” based on blockchain is the most advanced. Not saying they will succeed in long term but definitely not “RIP” – very alive.

  • user

    AUTHOR Mati Greenspan

    Posted on 3:48 pm May 23, 2017.

    Hi Mr. Diver,

    Some very valid points you carry. Thanks.

    XRP is on a monster rip and that’s not for no reason.

    However, in my view, mass adoption by the banking sector is unlikely over the long term.

    If not only because they’re holding most of the supply than because there are other more efficient systems to turn to that will eventually keep more of the wealth in house.

    Have a great day!!

  • user

    AUTHOR Crytokings

    Posted on 11:28 pm May 23, 2017.

    Hey Mati,
    I appreciate your insight, especially as related to the importance of Trump getting down to business of making the rich richer & poor poorer. Since I joined hacked.com the info has been invaluable. You are helping us “commoners” beat this rigged system! My hat is off to you sir! Thanks for all you do. Bob

  • user

    AUTHOR Mati Greenspan

    Posted on 4:06 pm May 24, 2017.

    Wow!! Thanks a lot for the excellent feedback kind stranger. Feel free to hook up on the eToro network as well. My handle is @matigreenspan

  • View Comments (4) ...
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