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What the Future Holds

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Hope you had an excellent weekend. Our inspiring technological achievement for today comes from Singapore.

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The country has just recently issued their first few Singapore Dollars on the Ethereum blockchain. Project Ubin is running a private version of Ethereum so unfortunately, they’ve not opted for total transparency.

This news is a huge leap forward for blockchain technology, but unfortunately two steps backwards for fairness and income equality.

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Unless I misunderstood the project, which is entirely possible, this new money being developed in Singapore will be exclusively traceable by the banks and government, leaving private citizens in the dark.

Mati Greenspan
eToro, Senior Market Analyst

Please note: All data, figures & graphs are valid as of June 12th. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

The damage done by Theresa May seems to be quite contained at this point, almost like a nuclear weapon that may or may not be deployed.

The Tories unlikely alliance with the Northern Irish DUP did manage to put the markets at some level of ease. Let’s hope that they are able to strike a solid deal soon.

For now, May is still in charge but after gambling with the fate of the nation and losing, there are many who would like to see her replaced asap.

The largest reaction can be seen in the British Pound, which fell more than 300 pips on the night of the election (blue circle). Since the Brexit referendum one year ago, there have been two surges upward. One was Theresa Mays “Strong Brexit speech on January 17th (yellow circle) and the second was when May called the snap elections and the markets perceived that she will strengthen her hand (orange circle).

Arguably, a strong May has been responsible for saving the Pound from falling below 1.2000. So further uncertainty could certainly bring it back to that point.

Other Markets

… don’t seem the least bit concerned about what happened in the UK. At this point, Brexit seems a foregone conclusion so the only real question is what kind of deal will the UK get with Europe.

Wall Street continued to venture into record high territories on Friday but the Dow Jones and S&P 500 did experience some minor pullbacks before the weekend.

Gold continued on downwards and is now seriously testing its short term support level (dotted yellow line). A stumble below that line could easily lead it to the bottom of the blue channel so watch out for any large sell orders.

Oil is also testing the lows and for the last three sessions has been holding at $46 a barrel. The blue box represents a large area of support between $42.5 and $45 a barrel. However, if the oversupply pushed it below that it could spell trouble.

Aside from the Trump-related drama in the USA, the markets are now waiting for the Federal Reserve meeting on Wednesday. For now, analysts continue to argue what the Fed will do and coming so close to the meeting with uncertainty still prevalent is not a good situation.

Cryptos Blast Off!!

The surge towards crypto assets continued this weekend. With Ethereum passing $300 for the first time and Bitcoin now trading above $3000 in Japan and China. The West is still a tad lower but if the trend continues we should catch up shortly.

Ethereum didn’t take any time to rest at this milestone and is already trading above $360 a coin. A new ICO called Bancor is coming online today could attract some fresh money into the Ether network.

This project is right at the heart of blockchain as the future of the internet and may one day completely replace CFDs as the main way people trade stocks, commodities and other financial assets online.

We’re still in the early stages of blockchain technology but the thought that Bitcoin and Ethereum could one day replace money and the internet is certainly gaining traction.

The total market cap of all digital assets, as reported by coinmarketcap.com is now just shy of $115 Billion and rising fast

Let’s have an amazing 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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Bitcoin

Bitcoin Hits $100 Billion as Record Rally Continues

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Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.

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Bitcoin’s Fresh Intraday High

BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.

At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.

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Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.

The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.

$10,000 Bitcoin?

Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.

Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.

Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.

It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s

A Day of Milestones

Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.

The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.

Featured image courtesy of Shutterstock. 

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Analysis

Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down

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Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.

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While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.

BTC/USD, 4-Hour Chart Analysis

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As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.

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Cryptocurrencies

Trade Recommendation: Ethereum

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The price bounced from 300.00 level. RSI and a reversal candlestick pattern confirmed price reversal. MACD supports upward movement and DMI allows opening long trades. Pending orders for buy should be placed above the local swing at 318.00 level. Stop orders should be placed below 300.00 support at 286.00 level. Profit targets are 350.00 and 390.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

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Market: ETHUSD
Buy: 318.00
Stop: 286.00
Profit Targets: 350.00 and 390.00

The trading signal is based on Poloniex chart.

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