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Stretch Your Limits

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Seeing Bitcoin and Ethereum both in double digit gains this morning is certainly a welcome sight. Let’s hope this continues.

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The Bitcoin scalability issue is currently coming to a head. The website known as bitcoin.org has recently published this statement on their site.

Without going into too much detail, they’ve basically said to stop all Bitcoin transactions from August 1st until the confusion clears up but did not specify when that might occur.

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Of course, the most alarming statement…

So yeah. This is real. This is happening to our beloved original digital form of money. We sincerely hope the changes will be for the better.

More details will be published in coming market updates. For now, let’s take a look at some other things that are moving. What I will say is to please be prepared for extra volatility within the crypto markets.

Of course, we’re already speaking about the most volatile asset class since the beginning of time. It’s quite possible that in the coming days, even these limits will be stretched.

@MatiGreenspan
eToro, Senior Market Analyst

 

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

Market Overview

Shock and awe gripped Washington DC yesterday when a vote to repeal Obamacare was squashed in the Senate.

With the Republicans controlling three out of three branches of the US government, getting rid of one of the most opposed policies from the previous president should have been a walk in the park.

Good thing the stock markets were closed when the vote was finalized. Wall Street was not damaged in the least. Perhaps the news cycle will move on by the time they open today.

Other markets were certainly affected. Asian markets appear to be down so far this morning.

Most notably though, is the US Dollar, which took a massive hit. The Inflation figures that came out on Friday had sent it to the lowest point since before the US elections (yellow circle). Last night’s bad news has sent the US Dollar back to the levels it was trading last August.

Carney’s Novel Opinion

At 2:30 PM London time Mark Carney will be unveiling the new £10 note, featuring Jane Austen. Apparently, they can’t put JK Rowling on any money just yet, so they decided to go with one of her favorite authors.

This event will be a welcome intermission for the troubled central banker. Politics and Policy have put the Canadian born Governor of the Bank of England at wit’s end.

His recent turnaround in attitude towards lifting rates has been pushing the Pound higher lately. At the time of this writing, the GBPUSD is giving the 1.3100 level a serious test.

Could the late Jane Austin spark further demand and cause investors to start speaking about a Sterling recovery?

Something Happening

The Australian Dollar is stretching its limits today as speculation builds on the Reserve Bank of Australia.

RBA Governor Philip Lowe opted to play it safe during their last meeting and did not raise the interest rates. However, the minutes of that meeting which were published last night indicated that they are indeed happy with the way the economy is going.

This optimism directly reflects the attitude of the European Central Bank and the Bank of Canada, who just raised their interest rates last week.

The thought that the Australian Dollar might soon be offering a higher rate on deposits has many traders on the edge of ecstasy. This is already a very lucrative carry trade opportunity. The thought that the value of the currency can go higher and that the rollover payments could increase has caused a virtual explosion in the price.

Put all that against a weaker greenback and we can see some real satisfaction on this graph of the AUDUSD.

Have an awesome day!!

This content is provided for information and educational purposes only and should not be considered to be an 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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Altcoins

Stellar Lumens Leads Market Recovery After MobileCoin Crowdraise

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Stellar Lumens led the cryptocurrency price recovery on Thursday after a privacy-based ICO by the name of MobileCoin raised $30 million using the Stellar Consensus Protocol. The announcement drew greater foot traffic to XLM despite a broad pullback in the market mid-week.

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XLM/USD Price Levels

The value of Stellar Lumens (XLM/USD) is up nearly 17% at the time of writing to trade at $0.404. The cryptocurrency is trading just a fraction of a cent below its most recent two-month high set on Tuesday.

Lumens, which normally trades against other major cryptocurrencies, was last valued at 0.000044 BTC (+4.8%) and 0.000618 ETH (+4.8%).

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Daily trading volumes amounted to $187 million, according to data provided by CoinMarketCap. Binance is the largest market for XLM, with roughly one-quarter of total transactions processed through the exchange. Poloniex and Upbit each represent roughly one-fifth of the XLM market.

Stellar led a strong market recovery on Friday, with every coin in the top-25 recording gains. At the time of writing, the cryptocurrency market was valued at $415.5 billion with total transaction volumes worth $27.4 billion.

MobileCoin ICO

The conclusion of MobileCoin’s multi-million-dollar ICO was a large catalyst for the XLM rally on Thursday. The privacy-based mobile token employs the Stellar Consensus Protocol to streamline mobile payments more quickly.

Once the MobileCoin network is launched, users will be able to integrate mobile payment features with popular messaging programs, such as WhatsApp. The Canadian startup is backed by Binance Labs and other prominent players in the blockchain industry. It launched its token sale via Ethereum, where one MOBL token was valued at $0.10. The crowdraise easily topped the soft cap target of $20 million. The funding round was denominated largely in bitcoin and ether.

Stellar’s integration with MobileCoin is significant for several reasons. For starters, it gives Stellar a foothold in the mobile payment market at a time when more blockchain-based startups are looking to disrupt the space. This means Stellar could become the bridge for users looking to use blockchain solutions to send and receive money through instant messaging services.

Secondly, Stellar is already positioning itself as a possible launchpad for initial coin offerings. Although MOBL is not a Stellar-based project, integration with SCP suggests companies are attracted to the platform’s speed and scalability. While Ethereum is the undisputed king of the ICO market, Stellar has put forward favorable solutions for overcoming the so-called gas problem.

As a value proposition, Stellar has carved out a strong presence in the top-ten cryptocurrencies when measured in terms of market cap. The platform is currently No. 8 with a total value of $7.5 billion, which is roughly $120 million shy of Cardano.

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 358 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Is the Tokyo Whale Planning His Next Big Move?

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Roughly 16,000 units of bitcoin were transferred from the Mt Gox wallet this week, igniting speculation that the ‘Tokyo Whale’ was planning his next fire sale.

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Mt Gox Liquidation

The CryptoGround monitoring service reported Thursday that nearly $141 million worth of BTC was transferred out of a wallet associated with the now defunct Mt Gox, once the world’s largest cryptocurrency exchange. The motivation for the transaction is not clear but there’s strong reason to believe that the trustee in charge of liquidating Mt Gox is planning his next sell order.

According to Twitter account associated with CryptoGround, it is unclear whether the coins have been sold.

“Looks like 16k BTC from Mt Gox were consolidated to this address We obviously don’t know if they were sold or just moved for some other reason,” tweeted Alistair Milne, a bitcoin entrepreneur.

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Nobuaki Kobayashi, the so-called Tokyo Whale, has been tasked with offloading all remaining assets associated with Mt Gox. The trustee has already sold $400 million worth of bitcoin and bitcoin cash since September. Roughly $1.9 billion worth of digital currency remains to be sold.

Whale Sightings and Market Prices

Cryptocurrency traders are naturally curious about Kobayashi’s ongoing efforts to liquidate wallets linked to Mt Gox. The fear is that oversized sell orders could spark a sharp decline in bitcoin’s market value, making the digital currency harder to evaluate.

According to analysts, Kobayashi may have been partially responsible for the market’s sharp downturn on Wednesday. However, this has not yet been confirmed.

Bitcoin’s multi-week rally has prompted several sell orders from some of the world’s largest cryptocurrency wallets. Last week, whales unloaded a combined $100 million in BTC after the digital currency skyrocketed above $8,000. Bitcoin’s third-biggest wallet offloaded 6,600 units of the digital currency last week, followed by a sell order of 6,500 for anonymous wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r.

While the trades were associated with a sizable drop in prices, bitcoin quickly regained momentum en route to fresh highs above $9,000. The digital currency briefly returned to those levels on Thursday before consolidating around $8,900 on the major exchanges.

Interestingly, the trade that ignited bitcoin’s bullish reversal may have been placed by a whale, or a large institutional investor. Bitcoin prices first crossed $7,000 on Bitfinex before the rally extended to other exchanges.

The cryptocurrency market peaked at $437 billion earlier this week, having gained roughly $188 billion from the Apr. 6 swing 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 358 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Correction Continues but Uptrend Not in Danger

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The major cryptocurrencies are consolidating in a choppy range today following yesterday’s sharp pullback, with the total value of the market stabilizing near the $400 billion level. All of the largest coins found support above key support levels, keeping the bullish trend intact, as the overbought readings are being cleared.

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While the correction will likely continue and our trend model is still only neutral from a short-term perspective in the case of most of the coins, the underlying trend is positive, and we expect the recovery to resume after the dip.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin fell below the $9000-$9200 support/resistance zone during the pullback, but it remained above the $8400 level that marks the previous swing high. The MACD indicator is still showing a downswing, but it is now in neutral territory, and the coin could already be ready to resume the uptrend and aggressive traders could enter new positions, using the overnight low as a stop loss level. Below $8400, further support is found near the $7650 level, while targets are ahead at $10,000 and $10,500.

ETH/USD, 4-Hour Chart Analysis

Ethereum found support just below the $600 level and moved back to the vicinity of the $625 support level holding within the steep short-term uptrend.  A break below the trendline is still likely, and a test of the $555 to $575 zone is possible after the strong rally. That said, ETH, one of the leaders of the upswing is expected to resume the recovery after the correction, and long-term investors should hold on to their coins despite the move. Further support is at $500, with targets still ahead near $735, $780, and $845.

EOS Holding Up Well Amid Broad Correction

EOS/USD, 4-Hour Chart Analysis

EOS has been spearheading the broad rally in the segment, and the coin got close to the prior all-time high before the current correction, being the largest coin to do so since January. Although the currency retreated somewhat from the highs, it remains from a short-term perspective and traders should use tight stop losses or reduce their positions as correction risk is high here.

IOTA is the closest to giving a short-term buy signal among the majors, as it began the correction earlier and found strong support near the previous swing high, while there are no negative outliers that would hint on a failed rally off the recent multi-month lows. With that in mind, long-term investors could still use the current correction to boost their altcoin holdings.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 235 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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