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3 people have been killed in a tragic and cowardly act in Barcelona. Hours later Spanish police shot and killed five more terror suspects, some of which may have been wearing explosive vests.

More than 100 people have been killed in terror attacks over the past year in Europe and the United States and more than 1000 in the rest of the world. Every one of them is a tragedy and a sin, a harsh reminder that pointless hatred exists in a world which is otherwise very peaceful in many ways.

Most of these incidents have very little affect on financial markets. Institutional investors have grown callous as the real economic implications of such events has waned. Retail investors have all but forgotten that such events used to move markets and so have ceased to trade them.

This attack is somehow different. This attack was claimed directly by the Islamic State. After the West’s numerous victories against ISIS many were starting to think it a thing of the past. The fact that they were able to coordinate this type of attempt, even if it did mostly fail, is a chilling sign that terrorism is probably not going away anytime soon.

@MatiGrenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of August 18th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Though the terror streak in Spain may have had something to do with the losses in the stock market most financial media is pointing to a rumour that was running around Wall Street yesterday that Trump’s top economic advisor Gary Cohn quit his post.

Even though the myth was quickly debunked, it managed to ignite an inner fear on Wall Street. What if Trump’s top advisers, the sane ones, all start walking out on him.

After all, most Americans who don’t fully believe in the President’s abilities at least believe that he will surround himself with good people. What if those good people, many of whom are currently cringing at Trump’s comments over the past few days, started to disappear? Then what would we be left with? Steve Bannon, Kellyanne Conway, and Chris Christie.

This thought alone was enough to send the markets tanking on Thursday and send the VIX volatility index to close near it’s highest levels of the year.

The Dow Jones awoke from it’s slumber and indeed a deep slumber it was in. This was the first session that the DJ30 has moved more than 1% in either direction in 63 trading sessions.

Metals Thrive

Perhaps due to all the market uncertainty and drive to safety or maybe for some other reason, the precious metals are moving forward, many of them coming close to the breakout zone.

The number one mover by far is Platinum, which has gained more than 4% since the start of the month. Here is a graph with several different important metals. Make of it what you will.

Gold has been trading cautiously around $1,300 for a while now. At the moment though, we’re less than $6 short of that mark. After testing this psychological level in April, and in June, will it be able to break through in August?

Inline image 2

European Minutes

The meeting minutes from the ECB yesterday revealed some rather large cracks in the “let’s normalize monetary policy” push that was so apparent around the world last month.

Many central banks were saying that it’s time to start tightening money by raising interest rates and reduce/reverse quantitative easing. Well, the United States seems divided on that front. Though the ECB doesn’t seem divided just yet, they did express concern that the Euro is too high for it’s own good.

The Euro very politely declined after these comments as many thought the ECB might now be inclined to do something about it.

Still, after the massive gains in the EURUSD that we’ve seen so far this year, the pattern on the chart does seem to be a classic bullish shaped flag.

 

Wishing you a wonderful weekend.

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.

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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4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com.




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  1. Andie

    August 18, 2017 at 8:19 pm

    While annoying terrorist attacks is really not that big a deal. In fact, the amount of money defending all of us from terror attacks is out-sized relative to the threat. No to diminish the horror. But I make this point to put this problem in its proper context…Attention bias by those with the most power does not necessarily reflect reality. Of course the temptation is to dismiss this information, which of course proves the point. I’ve translated the stats below into a bias free format so that we can all see a far larger problem that we accept as “normal.” This is STILL a savage planet.

    Three (3) = The number of X murdered every day by Y in the U.S.

    4.8 Million = The number of X in the U.S. who experience physical violence by “Y” every year.

    Meanwhile, the number of American troops killed in Afghanistan and Iraq between 2001 and 2012 was 6,488. The number of American X who were murdered by Y during that time was 11,766. That’s nearly double the amount of casualties lost during war.

    X and Y used to abbreviate mammalian gonosomes

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Altcoins

Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinbase Pop

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The Ethereum price wasn’t able to hold onto its gains today despite seemingly marching toward the $500 level on Monday, as market technicians have predicted that the downward trend remains intact despite yesterday’s rally. Meanwhile, daily trading volume in the cryptocurrency market is hovering at about $13.8 billion compared to its 2017 peak of more than $50 billion, as per CoinMarketCap data cited in reports.

The more trading in digital currencies, the higher the revenue of bitcoin exchanges like U.S.-based Coinbase, which incidentally is in the process of adding a handful of altcoins. While it may seem that Coinbase’s answer to the weaker average trading volume these days is to bolster its platform with more coins, a leading exchange executive said that’s not the case. Coinbase Vice President and General Manager Adam White told CNBC that customer demand fueled the decision.

“Certainly volumes today are lower than they were at the end of Q4 and January. The idea behind adding new assets is very simple: our customers want it,” White said, adding that more than 20 million individuals are signed up on the exchange in addition to institutional investors, the latter of whom are demonstrating “unprecedented” interest in the space.

The assets that Coinbase is moving toward adding include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). And while these coins are likely to be directed to the exchanges indexes, their presence does not reflect a bullish position on the part of Coinbase, White noted. Nonetheless, let’s take a look at each of them.

Cardano (ADA)

eToro exchange just published a report focused on Cardano, referring to the smart-contract-fueled platform as “Blockchain 3.0.” Cardano remains in the nascent stages but it’s designed to pick up where the Bitcoin and Ethereum networks fall short on scalability. ADA has advanced about 13% since Coinbase’s Friday announcement. But Cardano has shed more than three-quarters of its value since the beginning of the year.

Basic Attention Token (BAT)

Basic Attention Token describes itself as a “blockchain-based digital asset” startup. BAT is advancing more than 4% today and has been among the top performers since Coinbase announced plans to add the coin. BAT has added 33% to its value since the Coinbase announcement.

Stellar Lumens (XLM)

Stellar is advancing about 1% today and has tacked on about 28% since the Coinbase announcement. The coin also got a boost when the SEC Thailand said that Stellar would be an acceptable form of payment by iPO issuers. A Stellar follower on Twitter joked that soon XLM would be accepted at every McDonald’s.

Zcash (ZEC)

Privacy coin Zcash is up almost 2% today and its value has ballooned by 22% since the Coinbase announcement. ZEC was also added by fellow U.S.-based cryptocurrency exchange Gemini in recent weeks, so it has the tailwind of both listings.

0x (ZRX)

The thing about 0x is that it already had a relationship with Coinbase ahead of the listing announcement. So much of the enthusiasm for a listing may have already been baked into the price. ZRX is shedding some ground today, down about 1%, but it’s up about 48% since last week.

Disgruntled XRP Investors

Coinbase was accused by some XRP investors, a community that has been waiting for their Coinbase day in the sun, of price manipulation in the altcoin the exchange announced it’s exploring now.

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 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Altcoins

Dogecoin Price Surges 20% After Robinhood Listing

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Dogecoin has been one of the day’s biggest movers, climbing 20.8% and trebling its daily volume in the process.

Given that we’re dealing with DOGE, we’re going to have to make full use of our decimal places. This time last night one DOGE coin was trading at a price of $0.0024. Fast forward 24 hours and its value now stands at $0.0029 – that’s a 20.8% growth which has come fairly steadily over the last day, except for the brief spike which sent it to $0.0027 at 6pm (UTC) last night.

Today’s movement puts Dogecoin at 31.8% gains for the week, based on the $0.0022 starting point seven days ago.

Looking at DOGE’s monthly numbers, we see that it has now returned to the monthly high with its breach of the $0.0029 mark today. But as is always the case at this stage of a market downturn, such numbers require to be placed in the larger context. Three months ago, during the mild peak of April, one DOGE was worth $0.0058, meaning that even with today’s growth factored in, Dogecoin is still down 50% over the last 90 days.

Robinhood and DOGE

Recently launched crypto exchange, Robinhood, added Bitcoin Cash and Litecoin just last week, and now a press release has dropped which signals Dogecoin’s integration onto the Robinhood platform. As stated in the release:

“Starting today, you can invest in Dogecoin on Robinhood Crypto, commission-free. With last week’s announcement of Litecoin and Bitcoin Cash, you can now invest in five different cryptocurrencies on Robinhood.”

Robinhood is a U.S based exchange which offers compatibility with stocks and ETF trading, as well as cryptocurrencies. The service is only available in the U.S at the moment, but has not yet been rolled out across all states. According to Robinhood they are currently working on extending their reach beyond the current 17 states they have already.

“We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI.”

Beyond the Meme

Everyone will be somewhat familiar with DOGE’s humble beginnings in the crypto space, and many initially derided it for its seeming silliness and triviality.

Yet the community at large thought differently, and eventually DOGE grew in stature to become a regular fixture in the top-100 coins, and has taken its position just in front of the fire in the cryptocurrency living room.

During January’s peak DOGE reached a market cap of over $2 billion and a price of $0.0178. DOGE’s 11 billion circulating supply contributes to keeping its relative value down, but Dogecoin has often popped up as the most transacted cryptocurrency in existence at certain times, although not necessarily the most valuable.

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 23 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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Altcoins

TenX Price Up 47%; Anomaly Detected on Bithumb Crypto Exchange

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TenX (PAY) was at the nice round number of one dollar last night before triggering a run which saw it spike to $1.47 by 2am (UTC). Since then the price has dropped back down to the $1.30 mark, but that still represents 30% gains for the day.

Just last week, TenX was priced at a value of $0.58 per token, with a market cap of $60 million. But in the last few days the PAY token has soared into the market cap top-100 and has hit 153% growth for the week. A daily volume of around $4 million at the start of the week has been replaced by peak volumes of $70 million over the last 24 hours.

The price may have dipped in the last few hours, but a glance at the daily volumes actually shows an increase, suggesting that TenX’s movements for the day aren’t over yet.

Bithumb Anomaly

PAY tokens were temporarily unable to be withdrawn on the Korean exchange Bithumb in the early hours of this morning. The lack of influx of new funds created a supply shortage on the platform, thus pushing the value of PAY tokens to a value of $7.32 – that’s a 632% growth in value, purely because of a temporarily disabled withdrawal system.

The volumes being traded on Bithumb amount to $200 million, and predictably all come in the form of direct trades between PAY and KRW (South Korean Won). That volume alone in 11 times the total recorded by CoinMarketCap at this given time.

Besides Bithumb, the most active exchange for TenX has been Upbit, followed closely by Bittrex, where BTC trades make up the vast majority. In fact, if we exclude the KRW trades from Bithumb (which we officially should) then we see that PAY/BTC trades make up over 75% of the total daily volume.

A History of Volatility

TenX’s overall charts make interesting reading. The ATH for PAY tokens was not in December-January as one might expect, but in August 2017 when one token was worth $5.33 and TenX had a market capitalization of half a billion. December’s peak, by comparison, only took PAY to a value of $5.00, but with the same market cap.

Barring a surge in April, TenX has been falling since January. Although the movements of the last two days may suggest a sudden change of sentiment. On July 16th, less than 48 hours ago, TenX was sitting at a price of $0.72. That means that it has grown by 104% since Monday.

Such movements usually trigger calls of the dreaded pump and dump, but TenX’s history shows a tendency for such dramatic movements, and this might just be par for the course. You can read more about TenX’s features here in this comparison against ICON.

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 23 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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