Connect with us

Cryptocurrencies

Uncomfortable Sustain in Markets and Bitcoin

Published

on

Hi Everybody,

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.

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.

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 considered 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...

4.7 stars on average, based on 115 rated postsSenior Market Analyst at Etoro.com.




Feedback or Requests?

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. 🙂

You must be logged in to post a comment Login

Leave a Reply

Altcoins

KIN Token Sees 20% Price Jump Following Wallet Launch

Published

on

Kin (KIN) spiked 20% today amid a general market slowdown, and excluding one uncharacteristic spike in mid-May, the Kik-based token has now soared past weekly, monthly and quarterly highs.

KIN token charts

Kin began the day on a steady climb, going from $0.000177 at 6pm (UTC) last night, to the current price of $0.000214. That’s a hike in value of just over one fifth, and Kin quite appropriately climbed around ten places in market cap rankings in the process.

On the Up

The weekly gains for Kin are even more spectacular – 50% growth in just under seven days. The monthly gains are only 40%, reflecting the long slow dip of June. The return to today’s price of $0.000214 sends Kin back to its mid-April price, at a time when the market was considered somewhat bullish.

In fact, Kin’s long term charts show a pattern repeating itself, and it’s one which Bitcoin also seems to be following. We saw a short spike in February, followed by a dip in March. We then saw a month-long bull run throughout April, which was then promptly wiped out in May and June. Now it looks like we’re in for another ‘mini-spike’, so the question now becomes – how big will it be? If the previous ratios of decline continue to play out, it will mean the next ‘peak’ for Bitcoin will be $8,000, with subsequent spikes then descending up until the next, you know… big spike.

Beta Wallet Launches

The mobile messenger app, Kik, is the firm behind the KIN token, which is set to function as a cryptocurrency reward for users of the platform who engage with the transparent advertisements contained therein.

The idea is one you may have heard a lot about recently – foregoing traditional consumer advertising in return for a direct transactional link between advertiser, publisher and consumer. It has previously been called ‘human mining’ since the receipt of the cryptocurrency requires some basic human interaction, such as watching an ad, completing a quiz, etc.

The beta-wallet for the Kin cryptocurrency was released in the last 72 hours on iOS and Android, and the token’s market performance has not been hurt by it. The Kinit wallet apparently allows its users to earn several dollars worth of KIN on a daily basis, which can then be spent on various items in-app.

The PR statement from the Kin team elaborated on some of the Kinit wallet’s functions, saying:

Kinit is a fun, easy way to earn Kin, a new cryptocurrency made for your digital life. Earning Kin is just like playing a game, only better, because you get rewarded for completing fun daily activities like surveys, quizzes, interactive videos and more.”

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 considered 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...

4.5 stars on average, based on 26 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.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Divergence Deepens as Altcoins Fall, Bitcoin Flat

Published

on

The unusual discrepancy between BTC and the rest of the cryptocurrency market continued today, with the top 10 coins all losing ground with the exception of Bitcoin itself. Tuesday’s surge, which carried the segment to $300 billion in total market cap quickly fizzled out, at least as far as the major altcoins are concerned, but the largest digital currency is still holding on above the strong $7000 and $7350 support/resistance levels.

Altcoins are on short-term sell signals according to our trend model, but Bitcoin is still on a buy signal as the declining trend was broken by the break-out that remains intact, despite the segment-wide weakness.

Given the mixed, but one-sided setup, and the lack of bullish follow-through, odds still favor a bearish outcome, and traders should remain cautious with new positions here, even in BTC, the positive outlier. A broad trend change would require a meaningful leadership, and until that develops, a test of t eh June lows remains likely, with the possibility of new lows in the coming week as well.

BTC/USD, 4-Hour Chart Analysis

While Bitcoin failed to durably stay above the $7500 level, bulls successfully defended the support zone near $7350, despite the overbought short-term momentum readings. The coin is well above the line-in-the-sand $7000 level and the long-term support near $5850 that was in danger just one week ago.

Although the altcoin weakness makes BTC’s rally suspicious, the short-term bullish pattern is intact, as is the buy signal in our trend model. Further support is found at $6750, and $6500, while primary resistance is still ahead at $7650.

Selling Pressure Apparent in Altcoins

ETH/USD, 4-Hour Chart Analysis

All intraday rally attempts have been sold so far in most of the major altcoins, and Ethereum is just holding up above primary support at $450 despite the rally in the beginning of the week. The coin is on a short-term sell signal, and a test of the June lows is likely after the failed break-out. Strong resistance is ahead at $500 and between $555 and $575, while support is found at $420, $400, $380, and $360.

XMR/USDT, 4-Hour Chart Analysis

While Monero has been holding up relatively well in the last couple of days after getting stuck below the $150 level during the Tuesday surge, but the coin is still among the structurally weak majors, being on a long-term sell signal. As the other bearish leaders, NEO, LTC, and Dash are also trading below key long-term levels, we expect the coin to fall back below the $125 support and likely test the June lows in the coming weeks.

XRP/USDT, 4-Hour Chart Analysis

The third largest coin Ripple is already testing the $0.45 level after drifting lower ever since the Tuesday rally, and as its relative weakness is still clear, a break below that level seems to be imminent. Below that, the crucial long-term support zone near $0.42 could stop the decline of XRP again, but a move under that could trigger a long-term sell signal.

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.

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 considered 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...

4.6 stars on average, based on 297 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.




Feedback or Requests?

Continue Reading

Altcoins

ZenCash Price Sees Strong Performance After Supernode Upgrade

Published

on

ZenCash (ZEN) is one of the small handful of coins in the market cap top-100 to have recorded clear gains over the last twenty-four hours, as most of the altcoins struggle to maintain Bitcoin’s relative stability.

ZEN coins are currently up around 4% for the day, climbing from a price of $27.90 yesterday to the current value of $29.98 this morning. That doesn’t necessarily tell the whole tale however, as ZenCash has been fluctuating wildly all day long.

At one point in the last twenty-four hours ZEN coins peaked at $31.95, before falling back down to $28.31. A couple of hours later and the coin jumped back up to $31.16, before eventually levelling out.

Even at the current retracement, ZenCash is still up a ridiculous 39.9% for the week, after climbing from July 13th’s valuation of $20.71. The monthly numbers are even better – showing a 48% growth over the space of thirty days since June 20th’s price of $19.52.

We could probably count on one hand the number of coins in the top-100 to have recovered their valuations for the month, and ZenCash – unexpectedly perhaps – is among them.

Supernode Upgrade

The official ZenCash Twitter team have had a lot to announce in the last twenty-four hours, will an upgrade to their network having just recently been completed. The upgrade targeted many areas of the protocol, but perhaps the biggest difference is the addition of ‘supernodes’.

The Twitter team dropped the following announcement less than twenty hours ago:

“It’s a wrap! Zen’s mandatory software upgrade executed flawlessly! The updated software included significant code improvements and adjusted the rewards to add a new node class: Super Nodes. Special thanks to our miners and node operators!”

Perhaps the best explanation of supernodes comes from ZenCash themselves, in what sounds like a juiced-up version of masternode operators:

“Like Secure Nodes, the Super Node network has enhanced point-to-point encryption. Super Nodes will be tasked with managing key network and system functions such as hosting multiple services on sidechains, tracking and measuring Secure Node uptime, and queuing the node payment schedule for miners.”

Supernode Requirements

ZEN’s supernodes come with many of the same technical requirements as masternodes, although the hardware specifications are not necessarily as beefy as one would assume.

ZenCash say that just 8GB of RAM is required to run a supernode, along with a 100GB storage space. Likewise, a multi-core CPU is hardly an expensive purchase in this day and age, while the requirement to be online and running 96% of the time is actually a lot less than many masternodes, which often demand 99-100% uptime.

According to this tweet from the ZEN team, supernodes are up and running and ready to earn 10% of the block rewards:

“Super Node earnings start TODAY. Thanks for helping us test the servers and infrastructure during the ramp-up period!”

Ultimately, the success of ZenCash’s upgrade appears to have given them legs when most of the market has lost theirs.

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 considered 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...

4.5 stars on average, based on 26 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.




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

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