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Cryptocurrencies

The Weak & the Strong

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The old saying in the market “buy the rumor, sell the news” only sometimes applies to cryptocurrencies.

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For example, when the segwit solution was implemented on Litecoin it improved the speed of transactions but since there were so many people buying the coin before the implementation happened, on May 10th once it actually went into effect the price peaked.

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Those buying for the long term do feel that this is a minor setback and that in a year from now the price will be much higher.

On Ethereum, it seems that the good news never stops coming. To the point that it is impossible to tell exactly which bit of good news is affecting the price.

This network is the only one built specifically to incorporate smart contracts and more and more people are seeing it as the future of the internet.

-Mati

Please note: All data, figures & graphs below are valid as of May 22nd. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

With Trump still on tour in the Middle East, it seems the stock markets are enjoying a bit of a relief rally.

The seasoned deal maker managed to close plenty of deals in Saudi Arabia and will be landing in Tel Aviv shortly. Of course, in dealmaking and in politics sometimes you need to dial back and sometimes you need to double down.

In order to achieve success in Saudi Arabia, President Trump has dialed back his criticism of the Islamic faith and doubled down on his anti-Iran rhetoric. Seems a strange thing to do on the same day that Iran has overwhelmingly voted to keep their liberal Western-minded leader.

Meanwhile, North Korea continues their provocative missile tests despite many warnings from the United Nations. Last night, Pyongyang confirmed another medium range ballistic missile.

Over in the UK, Theresa May seems to be struggling to keep her lead. eToro investor Mark Eden AKA @InvestusMaximus pointed out that since the Labour party announced their agenda, they have significantly narrowed the polling margins.

Mark writes…

He goes on to say that voter sentiment requires further attention as price action on the Pound Sterling could return to focus on politics early this week.

On a technical level, the Sterling is not in a good position at all. The breakout of the 1.3000 level was not very strong and this morning we find ourselves about 10 pips below the dotted line.

Risk sentiment is not very clear in the markets at the moment. Both Gold and USDJPY seem to be flopping around without any clear direction.

Oil is focused keenly on the OPEC meeting this Thursday. Wide expectations are that we’ll see production cuts through the first quarter of 2018. It will be difficult for them to deliver anything beyond this already ambitious goal that the markets seem to already have priced in.

Cryptocurrency Milestones

Clients and employees in eToro seem to have only one thing on the brain. Cryptocurrencies Bitcoin and Ethereum have both had a spectacular weekend.

Bitcoin has broken through a very important barrier and is now trading above $2000 per coin. It has already seen a pullback and used the 2k level as support to climb higher.

This is what we call a strong breakout…

Ethereum is a different animal altogether. After breaking a new all time high on Friday of 96.75 the price has skyrocketed and now finds itself all the way at $159 a coin. This represents a massive 39% growth just over the weekend

The overall value of all digital assets in circulation has reached $77.5 Billion. This is more than triple what it was at the start of the year.

We maintain our stance. If indeed the world is moving towards a digital economy that relies on the blockchain for both money and computer applications, this number will need to rise exponentially in order to support this type of growth.

Let’s 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: Bitcoin Cash

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The price passes through the cloud. ADX line of DMI indicator rises and it tells us about possible strong price movement. We have trading opportunity. Buy orders can be placed above the high of the signal candle and the downtrend line at 1503.00 level. Stop orders must be placed below the local swing low at 1120.00 level. Profit targets are 2000.00 and 2400.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BCCUSDT
Buy: 1503.00
Stop: 1120.00
Profit Targets: 2000.00 and 2400.00

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The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Bitcoin Cash.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Altcoins

Monero Forges Ahead as Prices Cross $290

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Monero shot up again on Tuesday, as the privacy-focused altcoin approached new highs on the promise of lower transaction fees.

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XMR/USD Price Levels

Monero has been on a tear for the past five weeks with prices more than tripling since Nov. 5. At press time, XMR/USD was up 7.5% at $289, where it was not far from session highs. The cryptocurrency recently established new lifetime highs north of $307. A re-test of those highs could be imminent as XMR continues to push north of $290.

With the latest gain, Monero has added 20% over the past five days, and is ranked no. 7 in terms of dollar-denominated market cap. The total value of XMR in circulation is now $4.6 billion, according to CoinMarketCap. That puts it above NEM (XEM), bitcoin gold (BTG) and Stellar Lumens (XLM).

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Monero’s trade volumes remain well below altcoin leaders Ethereum, Litecoin and IOTA. As of Tuesday, XMR turned over $188 million over the previous 24 hours, with South Korea’s Bithumb responsible for about a quarter of total transactions. The XMR/BTC exchange on HitBTC saw nearly 17% of the daily turnover. XMR/USD traded on Bitfinex also saw more than 16% of total transactions.

Although significant, Monero’s gains have occurred in lockstep with the broader cryptocurrency universe, with altcoins benefiting significantly from bitcoin’s record highs.

Bulletproofs Present Cost-Saving Potential

Monero Research Labs is working hard to reduce the network’s transaction fees by up to 80%, a signs of a bright future for the leading altcoin. The implementation of Bulletproofs also appears to be working in favor of lowering transaction sizes on the network.

For the uninitiated, bulletproofs are essentially an improvement in the bandwidth efficiency of Monero’s confidential transactions. Bulletproofs are also capable of lowering both the transaction size and transaction fee of the Monero platform. The implementation of this protocol is expected to benefit Monero in other important ways, such as faster verification times.

Monero developers are implementing bulletproofs in two stages, the first being the single-output proofs. This will be followed by multiple-output proofs at a later stage. As of last week, Monero said bulletproofs are moving into testnet shortly.

“Overall, bulletproofs represent a huge advancement in Monero transactions,” Sarang Noether wrote in a Dec. 7 blog on the Monero website. “We get massive space savings, better verification times, and lower fees.”

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Altcoins

Ethereum Flirts With Record Highs as Buterin Compares Crypto Surge to Salvator Mundi Auction

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Ethereum prices climbed to fresh records on Tuesday, as crypto mania picked up where it left off before the launch of bitcoin futures over the weekend.

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ETH/USD Price Levels

The value of ether touched an intraday high of $522.63, which was the highest level ever recorded for the world’s no. 2 cryptocurrency. Ether’s previous record was set on Saturday when prices crossed $518.

At press time, the coin was valued at around $513 for a gain of more than 8%. That gave ether a total market cap of nearly $50 billion. The cryptocurrency has added more than 4,000% this year, putting it among the world’s top altcoins.

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Trade volumes approached $2 billion over the previous 24 hours, which is equivalent to 118,000 bitcoin. Coinbase’s GDAX exchange had the highest turnover, with ETH/USD accounting for more than 9% of the volume. Bitfinex also processed more than 9% of ether transactions via ETH/USD. Meanwhile, Bithumb’s ETH/KRW cross saw 6% of the daily volume.

In all these cases, more than half a billion in ether was transaction.

Ether has successfully traded above $500 on several occasions, but has struggled to maintain those price levels. The previous record high was partly associated with the latest CryptoKitties craze, which promises frictionless trading of digital assets via blockchain.

Looking ahead, ether could struggle to break free from its recently defined trading range between $450 and $500. Although the market is slowly recovering from a congested network, record highs have been much harder to come by in recent months than other cryptocurrencies. By comparison, bitcoin has set multiple record highs over the same period. Several leading altcoins have also managed to climb to new heights on multiple occasions. Ethereum’s rally continues to be very much off-and-on.

Buterin Weighs In

Ethereum creator Vitalik Buterin recently compared the cryptocurrency market with the Salvator Mundi auction, which raised $450 million in November. The 23-year-old said growing interest in cryptocurrencies was “a reflection of the world at large. Buterin highlighted the growing popularity of CryptoKitties in sending his point across.

“I actually like the digital cat games,” Buterin said in a Dec. 4 tweet about CryptoKitties. “They illustrate very well that the value of a blockchain extends far beyond applications that would literally get shut down by banks or governments if they did not use one.”

Ethereum Use Cases on the Rise

Ethereum’s smart contract capability is being used by Switzerland’s largest banks to prepare for new European financial regulations. UBS announced Monday it has entered into partnership with Barclays, KBC and others to advance the MiFID II data collection initiative. The program will be driven by Ethereum smart contracts and run on the Microsoft Azure platform.

The combination of smart contracts and cloud will ensure banks can meet more stringent regulations on a common platform that will enable industry-wide reconciliation. Presently, these institutions must perform checks independently.

MiFID II will officially launch Jan. 3, 2018, and will replace the current regulatory directive.

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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