Connect with us

Cryptocurrencies

The Jon Snow of Crypto

Published

on

In about eight hours from the time of this writing the moon will pass in front of the sun and cover it completely in a total solar eclipse.

// -- Discuss and ask questions in our community on Workplace.

The eclipse will be visible across the United States of America starting in the Washington State and making it’s way towards Florida.

My family and I are lucky enough to be scheduled for a flight from Vancouver Canada to Los Angeles that, if my calculations are correct, should take us right through the path of totality.

Will try to snap some photos for you.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

@MatiGreenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs below are valid as of August 21st. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

The White House shake up continues as Donald Trump’s top advisor Steve Bannon has left the scene. For those of you who are unfamiliar. Steve Bannon was the editor of an online tabloid that reeks of conspiracy theories and racism.

Bannon has been instrumental in helping Trump win the Presidency but on Friday it was revealed that he will be going back to his old job.

This was seen as a positive thing by the markets, which ended higher on Friday but not positive enough to bring them to weekly gains.

This morning, markets are brooding over the departure of the infamous investor Carl Ichan from Trump’s billionaire dream team of advisers.

At this point, headlines about who is and who is not at Donald Trump’s side are having a direct impact on the financial markets.

This week in Markets

As far as the economic calendar is concerned, the week should start off fairly uneventful but by the end there is a chance to pick up some real momentum.

On Thursday, Friday, and Saturday we should be getting news from the Jackson Hole Symposium. This annual event will be attended by many politicians and bankers including Janet Yellen and Mario Draghi.

Long term investors should pay close attention to these meetings as we are at somewhat of a crossroads in the world of monetary policy.

On the one hand we’ve seen a big push from many central banks to tighten up the money, to raise rates, and reduce the quantitative easing measures.

On the other hand, some countries may not be ready just quite yet to let go of these tools and doing so could potentially have dire consequences.

Game of Crypto

The world of crypto has been extremely eventful since Friday and the powers that be are nipping at each others heels.

The old king Bitcoin remains on the Iron Throne for the time being but his dominance has decreased significantly in the past few days. Just a week ago BTC controled almost 52% of the crypto market. Today it is down to 46%.

From the north, the bastard bitcoin cash that nobody seemed to have much hope for just last Thursday has been gaining ground in an astonishing way.

A strong victory on Friday led to further gains in price until it was discovered that miners of bitcoin cash would be receiving greater rewards than those who mine for the old bitcoin. The first house has defected just this morning as mining pool btc.com, who currently controls about 13% of the total bitcoin mining ability, has begun to support Bitcoin Cash.

Meanwhile in the South, Ethereum has been growing in usefulness. The number of transactions on the network have consistently been reaching record breaking levels and the volumes seem to be increasing as well. Just this morning the price has bumped above $300 per coin and the momentum has carried it to it’s highest level since June.

Keep your eyes open. The games are afoot.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

2 Comments

2 Comments

  1. jeffc89

    August 21, 2017 at 3:12 pm

    Great post Mati, love the GOT references lol

  2. Chris G

    August 21, 2017 at 3:33 pm

    love it mati … go ethereum 😉

You must be logged in to post a comment Login

Leave a Reply

Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

Published

on

The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

// -- Discuss and ask questions in our community on Workplace.

The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(more…)

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
5 votes, average: 4.60 out of 55 votes, average: 4.60 out of 55 votes, average: 4.60 out of 55 votes, average: 4.60 out of 55 votes, average: 4.60 out of 5 (5 votes, average: 4.60 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Altcoins

NEO Shows Poise While Other Cryptocurrencies Struggle

Published

on

NEO has quietly emerged as one of 2018’s best performing cryptocurrencies, defying multiple market selloffs en route to new highs. The so-called Ethereum of China has also carved out a name for itself in the fast-growing ICO market, where it is now among a small handful of blockchains enabling startups to raise capital through the popular crowdfunding model.

// -- Discuss and ask questions in our community on Workplace.

New Record Highs

NEO was the only major cryptocurrency to spike this weekend, even as bitcoin and Ethereum suffered declines. The coin pushed higher on Monday, hitting a new record of $205.46. It would later consolidate around $190 for a gain of 17%.

The latest rally gives NEO a market cap of $11.8 billion, putting it eighth among active cryptocurrencies. Trade volumes over the last 24 hours reached $1.5 billion with 65 million tokens in circulation. The majority of the turnover occurred on just two exchanges: Upbit and Binance.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

With the gain, NEO’s value has appreciated around 120% year-to-date. That’s nearly double the price growth of Ethereum, a comparable platform that recently took back the second seed on the crypto market cap leader board.

Ethereum of China

NEO’s trajectory over the last six months has mirrored Ethereum’s both in terms of value and project development. Its success is partly owed to ether, as both cryptocurrencies are based on smart contracts. NEO differs from Ethereum on several fronts, including the execution of C# code, which makes it more attractive for developers.

Beyond the hype, NEO provides developers with the toolbox to advance the smart economy by digitizing assets and automating the management of those assets through smart contracts. It is perhaps the only cryptocurrency that can succeed in a heavily regulated China, which only recently tightened the noose on cryptocurrency miners as part of its broad offensive against digital assets.

With the exception of Stellar Lumens, NEO is perhaps the only cryptocurrency not named Ethereum that is making inroads into the ICO market. Dozens of token raises have launched on the NEO platform, including 27 in the span of two days. Although China has banned ICOs, there’s a possibility that regulators may one day introduce a centralized model that will allow the government to oversee the entire process.

According to at least one metric, ICOs raised more than $6 billion last year, with December being the most successful month yet with more than $1.6 billion raised.

While this is merely speculation at this point, the Chinese ban on cryptocurrency was initiated just before the 19th National Congress of the National Party. The event, held every five years, is usually a showdown between communists die-hards who want to maintain the old system of central planning and those who are seeking more liberal reforms.

Regardless of China’s regulatory future, NEO appears poised to capitalize on any opportunity involving public blockchain. The company certainly has that ambition, and has shown no issue following national guidelines.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Altcoins

Ripple Crashes to 2018 Lows Amid Lingering Doubts Over South Korean Regulation

Published

on

Ripple took the plunge on Monday, falling to its lowest level in nearly three weeks as investors continued to ponder South Korea’s regulatory shakeup of the cryptocurrency market.

// -- Discuss and ask questions in our community on Workplace.

XRP/USD Price Levels

Ripple’s native XRP token touched a session low of $1.47 on Monday, which represented a decline of more than 16%. The coin’s price was last seen hovering at $1.58 for a loss of 10%.

XRP briefly traded at its lowest level since Dec. 29. The token is currently testing the Jan. 11 low of around $1.57.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

At present values, Ripple is capitalized at $62 billion, according to CoinMarketCap. That’s roughly half of Ethereum, the world’s no. 2 digital currency system. Ripple had briefly claimed the second spot in the crypto charts before a brisk selloff knocked it from record highs.

Ripple ran into volatility last week after CoinMarketCap removed several South Korean exchanges from its listing due to “extreme divergences in prices from the rest of the world.” The action prompted a multi-billion-dollar selloff of XRP, which is traded heavily on the Korean peninsula.

Why is Ripple Plunging?

It has been a roller coaster two months for Ripple. The cryptocurrency has managed to distance itself from other altcoins thanks to growing institutional support from major banks, credit cards and clearing houses. News of major partnerships sent XRP north of $3.30 after New Year’s day. The gains were quickly followed by profit-taking that was followed by a sharp correction in the cryptocurrency market.

The latest drop is largely attributed to fears over pending South Korean regulations governing cryptocurrency. Hacked reported earlier that central authorities were looking to shut down anonymous trading on domestic exchanges, not ban cryptocurrencies entirely.

The initial shockwave was triggered by Justice Minister Park Sang-ki, who announced Thursday that his department was proposing a bill to regulate the crypto market. The Korean government later said it was considering a response to what it believes to be excessive speculation, but had not reached a decision.

Like other cryptocurrencies, Ripple’s record-breaking gains have been largely driven by South Korean trade desks. Of the nearly $2 billion in XRP tokens transacted Monday, roughly 55% were traded using the won, according to CoinMarketCap. Bithumb continues to be the biggest platform for XRP trades, followed by Upbit and HitBTC. Bithumb and Upbit are both based in South Korea.

It hasn’t been entirely negative for Ripple. The company recently announced a partnership with MoneyGram that will provide the remittance firm with instant liquidity. The partnership appears to be a pilot program, with MoneyGram testing XRP payment flows via xRapid, the cryptocurrency’s blockchain solution for real-time liquidity.

XRP has the ability to settle transactions within seconds, thereby enabling faster cross-border flows. Its potential is currently being explored across Asia’s financial district, giving XRP the unofficial distinction of being the banker’s cryptocurrency.

Ripple’s fundamentals as a transaction agent suggest it still has room to grow in a highly diverse cryptocurrency market. There’s also speculation that U.S.-based exchange Coinbase is considering XRP for its platform. The exchange only supports four cryptocurrencies at the moment, including bitcoin, Ethereum, bitcoin cash and Litecoin.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending