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Some BIG Numbers Affecting Markets

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There are a bunch of big numbers being thrown around the markets today.

Let’s take a look at some of them and how they can create some moves.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 27th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

Warm congratulations to the government of Great Britain for pulling itself together. Theresa May managed to strike a deal yesterday with the Northern Irish DUP giving her the 10 magic seats needed to form a majority government.

The price…

Infrastructure spending in Northern Ireland: £1 Billion

The GBP fall since the election: 2.5 cents on the Dollar

Staying in the seat of power: Priceless

The number 1 Billion also came up in Alphabet today. EU courts are set to deliver a verdict on Google’s high-profile search manipulation case. The expected result is a fine of €1 Billion.

Looking past the number, people will want to know more specifically how the EU will impose further infractions of SEM (search engine manipulation) in the future.

22,000,000

Donald Trump’s latest plan to repeal and replace Obamacare will reportedly leave 22 Million Americans without health insurance over the next decade.

This number was a bit too large for many politicians to swallow and several members of the Republican party have already backed out.

Though health care and tax reform seem to continuously elude President DJ Trump, he did pull off a win with his travel ban. Citizens of 6 Muslim-majority countries, who have no current relations in the US, will not be allowed to travel to the USA for the time being.

The stock markets seem to be holding up just fine with the three major US indices trading at near record highs. The Asian session went off without a hitch. European markets are just opening now but not looking so hot.

The CAC and the DAX are down about 0.5% out of the gate.

1.8 Million Ounces

Another rather large order was placed on gold yesterday. According to reports, 1.8 million ounces were traded in under a minute. This is more than the total volumes on the night of the Brexit referendum or the night of Trump’s election.

Many analysts are calling this a fat-finger mistake and saying that some young trader must have accidentally pressed the wrong button. I don’t buy that for a single minute.

To me, this seems far more likely to be a case of market manipulation. We had something very similar on June 8th, that was also thought to be a mistake. I mean, come on, what are the odds of two major mistakes of this proportion with this amount of money involved in a single month???

On the chart, this recent drop brought the price almost exactly low enough to touch the bottom line of the upward channel that we’ve been tracking.

$24 Billion

The so called bloodbath in the cryptomarkets has claimed many victims already. The total retracement from the peak has seen a total loss of value of $24 Billion wiped off the total valuation of the crypto industry.

We’re seeing a bit of a bounce back today with Asian buyers stepping in lightly.

The good news is that we have some sort of semblance of support from the bitcoin and ethereum charts.

The bad news is that if either of these lines is broken it could lead to more panic and mayhem.

That said when trading cryptos we need to keep in mind the time frame of the trade. If you’re a short term trader, go with the flow, there’s plenty of momentum in this market for quick trading. If you’re a long term investor, don’t be concerned with the short term movements.

Either way, always diversify yourself!!

Let’s have an awesome 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 (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 152 rated postsSenior Market Analyst at Etoro.com.




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2 Comments

  1. embersburnbrightly

    June 27, 2017 at 2:12 pm

    Indeed, there appears to be entirely too many “fat fingers” all of a sudden, in various markets; too many “flash crashes” that don’t seem to bring the credible serious investigations they deserve.

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Altcoins

XRP Price Analysis: XRP/USD Bulls Eyeing Big Breakout to the Upside

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  • XRP/USD price action is moving within a bullish pennant pattern structure, subject to a potential aggressive breakout to the upside.
  • There is a substantial area of supply that runs from the $0.3500-$0.3600 price range. The price has not traded convincingly above since 10th January.

XRP/USD: Recent Price Action

Ripple’s XRP price over the last three sessions has cooled marginally, following a decent bout of buying pressure. Life was kicked back into the bulls on 17th February, where the price jumped a chunky 17% over three days. On 19th February, the XRP/USD pushed to its highest levels seen since 10th January, up at $0.3550. Given how explosive the move was to the upside within such a short space of time, the market quickly eased away from those initial highs.

The price appears to be gradually moving back towards a stable path to recovery. XRP/USD from the back-end of December 2018 had been trending lower, this having taken place within a sizeable descending wedge pattern formation. It managed to contain the price right up to February, where the bulls were then able to force an aggressive breakout on the 8th. The price after this breach above the wedge then began to consolidate for nine days, before resuming its move north.

XRP/USD 4-hour chart.

As touched upon earlier, recent price action has entered into consolidation mode. The price behavior has formed a bullish pennant pattern structure. Given the current technical observation, it does appear the price is very much subject to another breakout to the upside. It’s interesting to note that there is a recent pattern of behavior that XRP has been notably moving within. The price is undergoing periods of consolidation, which lead to chunky breakouts before consolidating again to repeat the process.

Key Technical Areas

XRPUSD daily chart.

Immediate support runs at the lower supporting trend line of the mentioned pennant pattern. The comfort tracks around the $0.3230-00 area, and a breach here will rule out the technical set-up. XRP/USD would then be subject to giving back the gains that were initially triggered on 18th February, potentially returning down to the $0.3050-$0.3000 range. The mentioned territory was where the price was consolidating, ahead of the most recent bull run.

To the upside, resistance is seen immediately at the upper descending trend line of the pennant. The near-term barrier is at $0.3300, and a break above would likely invite some decent buying pressure. Eyes will then be on the high area of 19th February, $0.3500-$0.3550, where supply is noted. XRP/USD had not traded convincingly above this mentioned zone since 10th January, when the price re-entered a bear market. Finally, the bulls would then look at breaking down the $0.4000 region, which has on several occasions proven to be a very tricky area of resistance.

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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4.6 stars on average, based on 126 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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Altcoins

Why Investors Should Be Paying Attention to Blox (CDT)

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In a world where huge promises about blockchains will be linked to blockchains and transactions-per-second will be infinite, it is important to remember that sometimes people just want a new killer app.

Blox (CDT) is one of these killer apps. Although not as popular (market capitalization ranked 376th), it has a very unique promise. It is a portfolio tracking and blockchain asset management application, with some social features being added along the way.

Formerly known as CoinDash, the company was rebranded to Blox in February of 2018. Now, it boasts features including virtual trading, multi wallets, watchlists, and cross-device compatibility, with many more to come.

Social Trading App for Blockchain

For anyone who has seen the popularity of social trading apps for equities, commodities, and options, this makes perfect sense as a cottage industry.

There are certain desires that Blox harnesses, like the idea of being able to piggyback on more successful traders and compare returns. Learning from others is a beautiful thing, and the social trading aspect of the platform enables that.

But it also does much more. For anyone who has experimented with multiple exchanges, you know the perils of dealing with a disorganized portfolio. You struggle to keep track of your cost base, your taxes become a mess, and everything goes sideways. Blox mitigates against this simple problem, while adding in a ton of functionality to keep the pros around.

The CDT Token

The ERC-20 token is still listed as CDT despite the name change. Instead of being mineable, all coins were issued by the founders at inception, and approximately 670 million CDT are in circulation.

Every coin needs a purpose, and use of CDT allows for control of one’s portfolio, as well statistical analysis that might help you get an edge. Additionally, if you elect to make your portfolio public, you are seen to be adding value to the platform and receive CDT in exchange. In the same way that some social platforms are starting to reward content creators, some traders will be rewarded to their contribution to the platform.

Blox offers Software-as-a-Service (SaaS) aspects that traders will be able to pay for in order to get an edge in their trading. Managing crypto assets is something that will only intensity over the next few years, and Blox is well-positioned to take advantage of that.

Short-Term Trading Opportunity

As an investment, Blox would definitely be considered more of an altcoin. It is available on Binance and has been trading sideways for the last week, with a bump occuring on the 21st.
It seems like CDT has been going through a consolidation period since the drop it took in November, and now a breakout period looks to be underway.

It might be too late on this one, as it is already taking off, but with a current level around 200 satoshis, it is easy to see a route to 225 or even 300 satoshis in the future. I’m not sure if this is a long-term bet, as it is still not fully “welcomed” into the mid-cap area, but CDT is definitely a coin to keep an eye on.

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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Altcoins

6 More Upcoming Crypto Events That Could Pump These Coins – and Last Week’s Winners

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This is a follow up to last week’s ‘6 Upcoming Events‘ article which detailed several tech updates on the horizon for various cryptocurrencies.

Before we break into this week’s batch, let’s look at how last week’s picks performed:

IOST gained 28%
Quarkchain gained 12%
Theta Token gained 17%
Aeternity gained 13%
Ethereum gained 19%
Cybermiles gained 9%

These gains did come amid a general market uptick, and have been caluclated at the highest possible cash-out point. THETA and IOST proved to be two of the week’s best performers, at the expense of many others; Quarkchain continues to climb, as does Aeternity. Ethereum may have been responsible for triggering the recent market surge on its own, but can it purely be attributed to the upcoming Constantinople update?

Here are six more upcoming events that might result in positive sentiment gains for the coins involved.

Holo (HOT) – Closed Alpha Testnet

Details on the upcoming closed alpha testnet can be found in this Github post. In short, this marks the first step towards getting developers up and running on Holochain using Nodejs and Rust programming languages.

Holo had a strong previous quarter and came charging out the gates in December, and by February had recorded 230% growth in three months.

There’s every chance we’re too late to this one, but after HOT declined 12% in the last three days, there could be another bounce in the run up to the testnet.

Testnet Date: 28th February

Po.et (POE) – E-Book Metadata Platform

Described as a blockchain protocol for ‘content ownership, discovery, and monetization in media’, Po.et is about to release a blockchain version of ISBN codes. The word is they’ll be applied to e-books, with the goal of becoming the metadata provider for the digital publishing industry. Po.et was recently mentioned in this examination of blockchain‘s role in that industry by the Columbia Journalism Review.

POE is ranked 218th by market cap, and has been in decline for most of the quarter. This week saw a slight reversal of that trend as the ETH-based token gained 5%, and volume rose from $200,000 to $1 million.

Launch Date: 28th February

Digitex Futures (DGTX) – Treasury Token Sale

The first round of cut-price DGTX treasury tokens are set to be released at the start of next month. A breakdown of the Digitex Treasury can be found in this official blog post.

DGTX tokens doubled in value in December, then halved again in January. The last seven days have seen more than 12% growth.

Token Sale Date: 1st March

Skycoin (SKY) – Skywire Mainnet Launch

Skywire is aimed at cutting out the dominance of centralized payment servers like BTCPay, which Skycoin views as a looming threat to free expression. Skycoin’s solution is a combination of handheld hardware processors and wire mesh technology, more on which can be read here.

Momentum has been building with SKY for the last two weeks as it soared to 24% gains before subsequently cooling off.

Mainnet Launch Date: 4th March

Pundi X (NPXS) – Commencement of Staking Rewards

Pundi X’s staking upcoming staking mechanism involves monthly payouts weighted to how long your funds remain staked – details here.

Looking at the three-month chart of NPXS shows a huge turnaround in mid-January. Since then the token gained 84%.

Staking Launch: 9th March

GameCredits (GAME) – Gaming Store Launch

In mid-March the GameCredits PC-gaming store is set to launch, where customers will be able to purchase AAA PC games using GAME coins. Benefits include discounts, no KYC or ID checks, and remote access to Fortnite, Battlefield 5, Far Cry New Dawn, and more.

GAME is ranked 328th by market cap, and can be traded on Upbit, Bittrex, Poloniex and Bitbay. Take a look at GAME’s daily chart from the last twenty hours and make of it what you will.

Store Launch: 15th March

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 147 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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