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Uncomfortable Sustain in Markets and Bitcoin

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Hi Everybody,

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After much uncertainty regarding the future of the bitcoin network, it seems we now have more clarity.

After years of debating about the right thing to do for bitcoin, the community has finally taken action and has implemented the SegWit solution. The move has been seen as incredibly positive and has propelled bitcion to new all time highs.

It has now been announced that the much in question SegWit2x “Hard Fork” is scheduled to happen within the next 90 days, or sometime in mid-November.

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The August 1st deadline has passed us quite smoothly but still to come is the network split that will double the size of each block in the blockchain. We hope this goes smoothly as well.

However, some trouble is brewing under the surface. A recent update to the Bitcoin Core software will force any SegWit2X fork to be contentious and create a new blockchain. When Bitcoin Core 0.15.0 is released, it will begin disconnecting all nodes who are signaling for SegWit2x and essentially make them invalid.

At this moment, the mining pools are staying silent. No doubt cowering from this sudden blow to what seemed like a reasonable compromise. Going forward, they need to decide if they want to simply be happy with SegWit, without going for the Fork or create a new blockchain to support SegWit2x.

Of course, if you’re already creating a new blockchain, why not just use the one that was already created and turn to Bitcash. Though the price doesn’t seem to be affected much bitcoin is very likely for some more surprises in the near future.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Volatility Sustained

Markets Taking a Dip

Inflation Data Tomorrow

Please note: All data, figures & graphs are valid as of August 10th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

The volatility that we saw in the stock markets yesterday has indeed continued. The VIX has sustained and closed out yesterday above 11 points.

Not exactly a high number but at least it’s away from the historic lows that it’s been setting these past few weeks. To put things into proportion, here’s a graph of the VIX over the last 2 years. In mid 2016 we can see the Brexit bump and at the start we have the sell-off of August 2015, the last major market correction.

For now, fear is still at a very low level. However, the flight to safety that we noted yesterday is still very much at play.

Gold has reached even further highs clocking in as high as $1280 this morning and the USDJPY is indeed looking weak, indicating Asian concerns have not abated.

The Swiss Franc rally however is retracing for the moment. It’s come a long way in a short time so some type of retracement is not at all surprising.

The U.S. Dollar, which has been dropping since January is indeed getting some support. Most likely her safe haven status is what’s holding her up at this point.

Bitcoin and Ethereum have seen minor resistances but by the chart the trends looks strong.

What’s Next?

We continue to monitor the news for any updates about North Korea. Many investors still put a nuclear war at a very low probability. Of course, even a low probability of something that terrible has a way of sparking fear. If there are no further updates in the near future, we can expect this to blow over… at least until the next time.

This is far from resolved and for now there doesn’t seem to be any clear path to a resolution.

On the data front, we have some PPI data that could be key later today but the big release that everyone is waiting for is the inflation data tomorrow, which we’ll of course cover tomorrow.

Very sorry for the delay in the updates yesterday and today. I’ve been travelling a lot lately. Tomorrow’s may be a bit late as well. We should be back on schedule by next week. It’s really nice to see all the Emails and messages coming in once we pass the 15 minute mark. Very glad to see that you guys are eager to read the updates.

Have an awesome day 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.

Featured image from 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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2 Comments

2 Comments

  1. P. H. Madore

    August 10, 2017 at 4:03 pm

    We might note that the recent spike in BTC may have a lot to do with the self-same Bitcoiners cashing out their Bcash and buying more BTC.

  2. Mati Greenspan

    August 11, 2017 at 3:31 pm

    Good Point. I believe we mentioned this in the previous day’s update. 🙂

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Altcoins

Bitcoin Cash Surges as Cryptocurrency Bear Market Winds Down

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The value of bitcoin cash rose sharply on Wednesday, as momentum returned to the altcoin following a two-month downtrend.

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BCH/USD Price Levels

Bitcoin cash jumped nearly 16% on Wednesday, outpacing bitcoin and the rest of the major altcoins. In doing so, prices came to within a few dollars of $900.

At the time of writing, BCH/USD was trading at $883.53 for a total market cap of $14.9 billion, according to CoinMarketCap. That puts BCH comfortably in fourth spot on the cryptocurrency leader board when measured by market cap.

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By comparison, the cryptocurrency market as a whole added 5.2% on Wednesday to $342 billion. The total market has now gained more than 37% over the past week, a strong sign that the bear market had ended.

BCH generated trade volumes of $611 million on Wednesday, which is roughly 3.3% of the total market. Digital currency exchange OKEx generated 14% of the daily volume, followed by Huobi (10%) and HitBTC (9%).

Investors tracking the coin’s bullish reversal are keeping close watch of the psychological $1,000 level. The cryptocurrency has generated strong support in the low $800s, with immediate resistance located between $890 and $900.

Bitcoin Cash: Undervalued?

While there was no immediate catalyst for BCH’s oversized gains, some analysts believe that a larger breakout is looming as volatility and trading volumes continue to grow. Bitcoin cash also has the perception of being undervalued, even in light of the recent price recovery. Traders looking to buy the dip still have plenty of opportunity with prices still down a full 78% from the December record.

Bitcoin cash has had prolonged periods of hot-and-cold since it was conceived last August. Prices generally trailed the broader cryptocurrency market until November when the backers of Segwit2x failed to activate their hard fork. The fork was cancelled after its backers were unable to form consensus on the upgrade. The market’s response saw BCH diverge sharply with the original bitcoin, with the former reporting huge gains and the latter equally large percentage losses.

BCH recorded multiple record highs in December after Coinbase announced it was offering trading of the cryptocurrency alongside bitcoin, Ethereum and Litecoin. However, the launch was shrouded in controversy amid reports of insider trading at Coinbase. As of last month, the company was battling a class action lawsuit over those claims.

 

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 332 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: Monero Price Jumps above $225 as Coins Hold Their Ground

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The cryptocurrency segment is having a mixed but encouraging session so far, as the sudden selloffs of the last couple of days were all bought and the short-term correction lows held up.  Although most of the major cryptocurrencies are trading below their breakout highs as of now, there are standout performers, like Monero, Stellar, and Bitcoin Cash, and the early leaders of the rally are also showing stability.

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These signs of bullish rotation are positive, and as the short-term momentum indicators are back to neutral territory with regards to most of the majors, the segment could be ready for another leg higher in the coming days. That said, as the broad declining trend channels are still intact in both Ethereum and Bitcoin, a trend change is not yet confirmed and short-term trades should still apply strict risk management.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin held up above the key support zone near $7650, despite the spikes lower, and the low volume consolidation continues to be the dominant pattern. The $8400 resistance is now perfectly aligned with the declining trendline that capped rally attempts all year, and a crucial test of that zone is likely this week.

Long-term investors could still add to their holdings, while our trend model also turned bullish again today. The $9000-$9200 zone is the next target above $8400, while further support found at $7300.

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a similar short-term pattern, with the declining trendline also ahead as strong resistance for the second largest coin. Although ETH lost some of its relative strength against BTC, its stability in a very positive sign for the whole market, and the coin could resume the recovery in the coming days. Resistance is ahead at $535, with further zones between $555 and $575 and near $625, while support is found at $500 and $450.

Monero Surges as Litecoin also Shows Strength

XMR/USDT, 4-Hour Chart Analysis

The long-term leaders of the segment, XMR and LTC are finally pulling their weight again, as Monero left the short-term consolidation zone with a bang today, while Litecoin is also close to hitting new rally highs, despite yesterday’s dip. XMR still faces strong resistance at $240 and $300, but today’s move confirmed a new short-term uptrend.

Ripple, Stellar, ETC, Dash, and Bitcoin Cash are also benefiting from the bullish rotation, but EOS, NEO, and IOTA are also looking bullish after leading the market higher last week. Al in all, price action in the segment is I line with the continuation of the broad rally, even as a new uptrend is still not yet established and correlations between the coins remain above healthy bull market levels.

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 224 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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Altcoins

Stellar Prices Jump to Six-Week Highs Ahead of Cannabis ICO

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Stellar’s XLM currency rose on Tuesday to its best levels in six weeks, bringing its total market cap to a high of $5.9 billion. Although there was no immediate catalyst for the rally, excitement over a Stellar-backed cannabis ICO may have contributed to currency’s oversized gains.

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XLM/USD Price Levels

The value of XLM reached a high near $0.32 on Tuesday, having gained nearly 12% from the previous day. The cryptocurrency was last seen trading at $0.30, where it was up 6.2%.

XLM, which trades against other major cryptocurrencies, was last valued at 0.000038 BTC (-2.6%) and 0.000597 ETH (-1.7%).

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By holding gains, Stellar overcame a broad reversal in the cryptocurrency market that began around 15:00 UTC. It remains the eighth-largest cryptocurrency by market cap and the 16th most traded by volume.

More than $112.5 million in XLM exchanged hands on Tuesday, according to CoinMarketCap. Binance accounted for roughly 30% of the total while Upbit processed more than a fifth of daily transactions.

Stellar: Future ICO Platform

In addition to riding the momentum of the most recent cryptocurrency recovery, Stellar is benefiting from positive speculation about its utility as an ICO platform. Case in point: Canadian cannabis company Nezly will launch its Stellar-backed token raise on Friday following a six-week pre-sale. The company is utilizing XLM blockchain “for enhanced crypto security, speed and robust intelligence.”

Nezly has a hard cap of $36.5 million U.S., with 120 million tokens available for purchase. The token raise accepts bitcoin, Ethereum and U.S. dollars as payment.

In November, Smartlands became the first ICO to launch on the Stellar network, raising a total $1.75 million.

For many, Stellar is one of a select few blockchains that can compete with Ethereum for ICO dominance. When it comes to ICOs, Stellar has several unique benefits, including decentralized exchange services embedded directly on the platform. This makes it easier to trade new tokens without having to pursue listings on major exchanges.

Stellar is also said to have customizable features that could appeal to many segments of the ICO market, which cuts across several industries and sectors. At the same time, it has purposely limited certain features to keep malicious actors from exploiting the program.

It will take a lot of work for Stellar to unseed Ethereum as the go-to ICO platform, but there are features in place that could make it more popular among developers wishing to launch a new token.

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 332 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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