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The Harder You Try

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Watching the images come in from Spain over the weekend it’s difficult to get over the shock. Government forces in black riot gear firing rubber bullets and beating the crowds back with batons. Men in masks forcefully entering polling stations and violently confiscating ballot boxes.

These are not the scenes we’re used to, not in Western Europe. The Prime Minister of Spain was quick to defend the actions of his Police force but by doing so he has played right into the hands of the Catalonian separatists. Every time he uses the term “illegal” to describe the referendum people are reminded about who makes the laws.

Polls from one week ago showed the chances of this referendum voting against independence. However, seeing an elderly citizen beaten with a stick has a way of swaying public opinion.

The separatists are now prepared to declare their own independence in the coming days. After all, now that the world has just seen a clear demonstration of their reason for wanting independence they have the upper hand and would be foolish not to press the advantage.

Sometimes the harder you try to stop something the likelier it is to happen.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Muted Reaction

Gold as a Hedge

Crypto Dash

Please note: All data, figures & graphs are valid as of October 2nd. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

All things considered, the stock markets are doing quite well. Most major indices surged into the closing bell on Friday and are even opening the weeks with some gaps higher.

The only exception is the ESP35 in Spain, which did open with a gap down and though it did go down in the first few moments of trading has largely recovered already.

As we’ve discussed in the past, the stock markets used to be a good barometer for risk and an event like we saw over the weekend would have a tendency to push things down. However, due to central bank interference in the markets, this risk metric is now broken and European stocks will keep going up as long as they are supported by the ECB.

Gold has dropped almost $10 an ounce since opening last night. The world’s favorite precious metal has also ceased to be a barometer of market sentiment and is simply reacting to the strength in the US Dollar.

In this short-term graph, we can see that each sharp move down in gold is matched with a surge in the USDOLLAR (green line).

Many portfolio managers are still advising to store a percentage of your assets in gold on low leverage as a hedge against the USD weakness that we’ve been seeing since Trump took office. So the lower prices may provide a few excellent entry points for this strategy over the coming days or possibly weeks.

Crypto’s make another dash

Bitcoin and the crypto market is having a good start to the week. After a long weekend of mostly nothing, BTC has busted through $4300 a coin early during the Asian session this morning with volumes coming mainly from Japan and South Korea.

The next point of resistance on the chart is $4,500 (dotted yellow line). If we get beyond that it’s clear skies to the all time high of $5,000.

Going the other way we can see the rising support (green) line has already passed the $3000 mark.

eToro is very proud to announce that we have recently added the option to trade Dash!

This unique cryptocurrency is currently the sixth most valuable network with a total market cap of $2.4 Billion. Dash is a champion of online payments and even allows for small amounts to be sent completely anonymously.

Looking at the chart, we can see the trend is clearly up. However, there is some room for it to fall on in the near term.

Let’s have an amazing week ahead!!

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 105 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Game (GTC) Gains 60% Yesterday and Loses It All Today

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This time yesterday the crypto market was nosediving, and as has become standard practice in such times, links to suicide prevention hotlines were posted on popular crypto forums.

But amid the flurry of red candles stood one proud green column; and a token which showed 60% gains while everything else sank.

GTC tokens started yesterday at a price of $0.125, and by the end of the day its value had surged to $0.20.

However, in the last 24 hours all of those gains have been wiped off the table, and Game.com has even been forced to pay interest on those gains as the token price has since sunk to $0.114 – a price even lower than it started at before the spike.

GTC had spent most of the month within the $0.09 – $0.13 range,

What the crypto market giveth, the crypto market taketh away – or at least that’s how it often seems to play out. The Game.com team may have been slightly too optimistic at this time yesterday, when they tweeted out the celebratory exclamation:

“GTC TO THE MOON CONFIRMED!!!”

Pump and Dump?

Looking at the shape of the GTC’s weekly graph, the natural assumption would be that it has been the victim of a pump and dump.

Game.com’s 24 hour trading volume increased by an astronomical 3500% – starting yesterday with a daily volume of around $2 million, before jumping to $72 million just a few hours ago. That volume has dropped back down to the $40 million range in the last four hours, and continues to fall.

Such movements are not uncommon among tokens lower down on the market cap Top-100. Indeed, Game.com finds itself positioned in 96th spot, with a valuation of $87 million, among other coins which have experienced unnatural market movements in recent weeks, such as Enigma, Funfair and Decentraland.

This time yesterday GTC had broken into the Top-70’s, but now faces the proposition of dropping out of the Top-100 entirely.

All Roads Lead to Tether

Nearly 60% of GTC’s total trades in the last day have come from Gate.io, where $30 million worth of trades were made against USDT. The second highest volume of trades also came against USDT on the OKEx exchange.

Only 14% of the total trades have come against BTC, while ETH trades only account for around 10% of the day’s volume.

Yesterday’s spike marks the highest market valuation reached by GTC since April 22nd, when the value of one token surged to a price of $0.45, which was even higher than the $0.35 valuation achieved during the spike of January.

Game.com aims to become a media hub for the gaming industry. The team’s annoucement states:

“Through the creation and integration of game content, we provide ready-to-go entertainment services and application environment to facilitate the rapid expansion and development of blockchain technology.”

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 12 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

EOS Plunges 18% En Route to Two Month Low

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A sudden downturn in the early hours of this morning has wiped out much of the slow gains made in the last few days. The entire market has sunk to levels far below that of the dip on June 9th, and EOS is now priced at a level not seen since early April.

From a high of $10.49 earlier in the morning, EOS plunged to $8.59 just a few hours ago. A slight rebound has seen it rise back up to $8.67, but that still marks 17% losses over 24 hours.

EOS has been hit the hardest out of all the coins in the market cap Top-20 today. This mirrors the short period of growth around a week ago as the market recovered from the June 9th dip. EOS recorded close to 20% gains that week, and now that same balance has been rescinded.

This sends EOS back to its early April price – right before the EOS token sparked a major bull run and went from $8.49 to $22.52 within the space of three weeks.

EOS is not alone in its reversion to pre-April levels. Ethereum has shown the same movements, while Bitcoin has sunk to a price not seen since October of 2017.

The majority of trades over the last day have come from Huobi and OKEx, with EOS/USDT trades making up the vast majority of the movement. Meanwhile, on the Zebpay exchange, where $0.25 million worth of trades have taken place, the price of one EOS token currently stands at $8.43.

Mainnet, Block Producers,Token Swap

EOS has had a busy month, with a mainnet launch; a stalled block producer vote; and a whole host of airdrops launched from its platform in between.

Industry pundits will no doubt succumb to the temptation to speculate, but when so many red candles appear across the board within the space of a few hours, the only thing left to do is throw your hands in the air and admit defeat.

News, whether fake or real will probably surface in the next few hours which explains away the reason for the sudden market-wide crash; but how much of it is to be trusted, and how much of it is the manipulative propaganda of whoever is moving the market, for whatever means?

Bithtumb $30 Million Hack

The Bitthumb hack of a few days ago is taking prominence in the headlines at the moment, but there was a significant delay between the $30 million being stolen from the exchange, and the downward reaction of the market that we saw this morning.

News of exchange hacks, irregularities, or merely ominous announcements have consistently had a negative effect on the market in the past. However, there is a growing community online who view such news as useful camouflage for the people who are really pushing the prices. However intriguing that may be, it only leads to further speculation at this point.

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 12 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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Selloff Resumes: Cryptocurrency Market Heads for Weekly Loss After Friday Tumult

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Cryptocurrency prices fell hard on Friday, with EOS hitting its lowest level in 60 days as bear-market pressures re-emerged following days of stable trading ranges.

Coins See Red

Cryptocurrency prices were down across the board, with major altcoins like EOS and Ethereum falling double digits percentage-wise. EOS reached a session low of $9.30, its worst reading in two months, following a botched mainnet launch that has yet to be resolved.

Ethereum prices are down more than 10% at $477. Ether bottomed around $468 earlier.

Bitcoin is currently testing four-month lows after being rejected several times at $6,800, a key inflection point for the digital currency. As Hacked reported Thursday, bitcoin’s rejection at that level was a strong sign that the recovery was losing steam. BTC/USD reached a low of around 6,092.38 on Friday, according to CoinMarketCap.

Bitcoin was last down more than 7% at 6,210.

Nearly every coin ranked in the top-100 by market cap was down compared with 24 hours ago, with the only exception being Game.com, a lesser-known altcoin.

The cryptocurrency market cap plunged by more than $30 billion to $257 billion. It had spent most of the week above $285 billion. Total trade volumes have averaged $14.1 billion over the last 24 hours.

Bearish Cycle Continues

While there was no immediate catalyst for the Friday selloff, the pullback is likely a continuation of the bearish cycle that re-emerged last month. The market has formed a new bottom in the wake of last week’s $60 billion selloff, a sign that bearish pressure is likely to remain.

Contrary to some reports, the recent cyber attack on Bithumb is not the cause of the recent price shakeup. Although the market dipped initially following reports of the breach, it recovered just as quickly and continued higher.

That said, the attack did catch the attention of financial watchdogs across the Asia Pacific region. On Friday, Japan’s financial regulator
ordered several digital currency exchanges to improve their anti-money laundering practices.

The order from Japan’s Financial Services Agency (FSA) led bitFlyer, the country’s largest crypto exchange, to suspend the creation of new accounts as it beefed up its standards.

South Korea’s financial regulators have also stated they will expedite the creation of new cryptocurrency laws following the recent attack. According to various reports, new legislation could be on its way in a matter of months.

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 463 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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