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That’s Just the Way It Is

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As if South Korea doesn’t have enough problems at the moment, Korea’s most popular exchange site bithumb, which is the number one crypto exchange by volume in the last 24 hours, and responsible for an estimated 10% of global cryptocurrency trading volumes, was hacked.

This hack attack does seem limited in scope. Overall, only about 3% of users reported having issues and though some headlines are saying that more than 100 Billion Korean Wons were stolen, that amount in US dollars comes out to only about $1 Million.

Still, this type of event serves to illustrate a sore issue for alternative investors that many of these online exchange sites are simply not secure. In this case, it was enough that the home computer of a bithumb employee was breached to compromise the personal details of clients funds.

Exchange sites can be very useful to obtain cryptocurrencies but please don’t keep your money in an unregulated marketplace. If you really want to hold the physical keys the best way to do this is by using a digital wallet. If your sole purpose is to invest in cryptos and take advantage of the price movement, make sure to use a regulated broker like eToro in order to minimize the risk.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs below are valid as of July 5th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

With all the talk about North Korea in the media over the last few days, it’s very strange that the markets remain complacent.

Usually, if there is a factor of risk, tensions between the USA, Russia, and China, or the like, we should see some type of flight to safe assets.

Well, Kim Jong Un has just demonstrated that he has the capability to send a missile as far as Alaska, and may have the ability to nuke Tokyo very shortly. Yet, the markets remain eerily calm.

Sure, the 4th of July could be partially responsible for muted volumes and activity but assets like Gold have had very little downtime and currencies like the Yen, and the US Dollar have been open throughout the holiday.

There was a light sell off at the end of the European session yesterday but stocks in Asia this morning seem oddly resilient. Here’s the China 50 index. Notice the last candle on the left showing today’s performance and notable recovery as Asian investors throw caution to the wind.

Fed Day

This evening, or around lunchtime on Wall Street, the US Federal Reserve Bank will release the minutes from their meeting three weeks ago.

The Fed, along with other central banks around the world, have been trying very hard lately to emphasize that the 2008 financial crisis is finally behind us and would love to get back to business as usual.

During their last meeting, they did manage to raise the interest rates by 0.25% to 1.25%, despite the economy not performing according to their expectations. They’ll have another meeting this month on the 26th and markets are currently predicting a 0% chance that they’ll raise the rates again.

For short term traders, an unexpected move by the fed could mean great gains, but for long term investors, it’s more important to keep in mind the projections of where we’ll be in a year or more. So let’s take a look…

Here, we can see the implied market probability of the Fed rate will be unchanged at 1.25%, raised to 1.5%, or raised to 1.75%, by August of 2018…

So, the most likely outcome is that we’ll be exactly where we are now, with a fair possibility of rates going up ever so slightly.

This could explain why the US Dollar has been underperforming over the last few weeks. The Fed is obviously talking tough and encouraging their counterparts to do the same, but markets are betting that they won’t be making any further advances on this front any time soon.

Crypto Market

At this point, the lack of excitement in the traditional markets seems to be mirrored in the digital world.

The overall market cap of all cryptocurrencies has remained steady at around $100 Billion for an entire month.

Though awareness has been gaining steadily and there have been many positive updates about new regulation and legalization of cryptos in various regions, for the time being, things are pretty stagnant.

Taking things into perspective, it’s really difficult to complain. Many of these coins have risen thousands of percentage points over the last year. So, a period of calm should really be a blessing. The fact that it’s holding in place should actually be seen as a very positive sign and we hope that it stays this way for a while as the markets get used to the new valuations.

The triangle patterns that we’ve been tracking are holding up well. To recap here are the technical patterns for Bitcoin and Ethereum.

So… until we see a breakout of these formations, we should probably take a look at the rest of our portfolios and be sure that everything else is on track. Remember, the key to any good investment is sustainability and diversification.

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. Namkyue Kang

    July 5, 2017 at 10:55 am

    1USD is 1150 Korean Wons so 100 billion Korean Wons is approximately $87M, not $1M…

  2. Mati Greenspan

    July 5, 2017 at 12:36 pm

    Thanks Namkyue. I stand corrected. There’s a lot of numbers floating around on various sites so it’s difficult to know exactly what the damage was. Near as I can tell it was more than 1 billion won and around $1 million.

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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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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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Litecoin Price Analysis: LTC/USD on a Potential Launchpad for Another Rocket to the North

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  • The Litecoin (LTC) price remains elevated, as the bulls look at continuing the strong recent run higher.
  • Coinbase Wallet announces support for Litecoin, joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

LTC/USD: Recent Price Behavior

The LTC/USD bulls have resumed upside momentum, following brief and minor pullback observed in the session on Thursday. At the time of writing Litecoin is seen trading up in minor positive territory, with gains of around 1.5%. It is worth noting, since 8th February the price has gained as much as 60%, with the high print up at $53.65 produced on 20th February.

The big chunky jump north came after the price managed to escape a narrowing daily range block formation. LTC/USD was moving within the confinements of this for 11 January to 8th February. The breakout higher was very much explosive, given the prolonged period it has traded within. In terms of the initial spike observed on the 8th, it was a gain of around 45% in a single session.

Coinbase Wallet to Support Litecoin

Coinbase, the leading U.S. cryptocurrency exchange, announced it will now support LTC on their native Coinbase Wallet. This will allow users to store their LTC directly on the app. The fifth largest cryptocurrency by market capitalization will be joining the likes of bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH) and Ethereum Classic (ETH).

Users of the Coinbase Wallet are going to have the ability to download a required update with Litecoin support in the coming weeks via the Apple Store or Google Play Store. Storing LTC will be immediately available upon the completion of the update. Users will need to choose the ‘Receive’ option; this can be observed on the main wallet page to deposit LTC into the wallet.

In the official blog announcement, Coinbase said:

“The new Wallet update with Litecoin support will roll out to all users on iOS and Android over the next few weeks. LTC support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Litecoin to send LTC to your Coinbase Wallet.”

Technical Review – LTC/USD

LTC/USD daily chart.

The Litecoin price has stabilized at heights above the psychological $50 price mark. A near-term area of demand is seen from the $50-$47 price range, which is helping keep LTC/USD propped up. The next upside targets for the bulls are seen just above a supply zone tracking from $55-$57. It last traded up at these heights back in November 2018. Should the bulls manage to maintain upside momentum, then eyes will be on a return into $65 territory, where the next area of supply is tracking.

In terms of support, as detailed earlier, immediate relief is found within the $50-$47 range. If this fails to hold, then a potential chunky wave of selling pressure would likely come into play. The next demand area to the downside runs from $42.50-$39.50; price last traded here between 9-16th February. LTC/USD had briefly consolidated within this zone before a further squeeze to the north occurred.

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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