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Forex Course

183. Introduction To Trading The ‘News’

Introduction

The forex market, or any other financial market, is always driven by sentiment. And by sentiment, we mean; investors will only pay what they believe an asset is worth. More so, their investment decisions are primarily ‘future-looking,’ meaning that the types of trades they make will reflect their expectations about the value of the asset they trade.

So, what drives the price of currency pairs in the forex market?

The simplest answer is the fundamentals of a country. Let’s revisit the forex basics here for a bit. The price of a currency pair is the exchange rate between two currencies. This price doesn’t just move up and down arbitrarily. It is determined by the economic value of either country – what is called fundamentals. You might be tempted to think that technical indicators drive price action in forex. Quite the opposite – almost all the time, the technical indicator follows the news.

So, when one country’s fundamentals improve or are believed to improve, the value of its currency will increase relative to other currencies. Similarly, when the country’s fundamentals deteriorate or are expected to worsen, the currency will depreciate.

Remember the laws of demand and supply. When the demand is high, prices tend to go up, and when demand falls, prices fall along with it. The same applies to the forex market. When fundamentals improve or are expected to improve, the currency is in high demand making its value increase. When fundamentals worsen or are expected to, traders dump the currency as its value drops.

So, how do forex traders know if the fundamentals of the country have improved or worsened? News! News, as always, is the carrier of everything.

Where to find News in the Forex Market?

In the forex market, news can be delivered in various ways. There are hundreds, if not thousands, of organizations and government agencies that publish various economic indicators. But don’t worry, you won’t have to go through thousands of webpages just to find relevant news regarding the currency pairs you are trading. Things are a bit neat in the forex market when it comes to news releases. The economic calendar simplifies things for you. Here, you will find virtually every scheduled publication of economic indicators from every country! This way, you get to know what’s happening and when it is happening.

Here’s a screengrab of an economic calendar.

Furthermore, these scheduled releases have been categorized depending on the magnitude of their impact. Of course, not all economic indicators impact a currency the same way. Some have negligible effects.

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Forex Videos

Is War Developing Between China, Taiwan & The USA! How To Trade In Times Of War!


Is a war developing between China, Taiwan, and the USA? 

Thank you for joining this Forex academy educational video.

Is a war developing between China, Taiwan, and the USA?

Taiwan was a Dutch colony between 1624 and 1661, having been administered by China’s Qing dynasty from 1683 to 1895. But today, China regards Taiwan as a breakaway province and says it is determined to retake it. However, Taiwan’s leaders argue that it is a sovereign state, with its constitution, democratically-elected leaders, and about 300,000 active troops in its armed forces.

China has been piling the pressure on Taiwan’s President, Tsai Ing-wen, to acknowledge the “One-China” policy since before she took over the role in 2016. 


And with the 2019-20 crisis in Hong Kong, as a result of the China / Hong Kong  National Security Law, some protesters, fearing extradition to mainland China, and facing criminal charges, have been escaping to Taiwan, many with their passports confiscated, elect to take the perilous 370-mile sea voyage to Taiwan which has promised assistance to the people of Hong Kong, thus antagonising China. 

After decades of hostility between China and Taiwan, things started improving in the 1980s, and China took advantage by putting forward a formula, known as “one country, two systems” – such as implemented in Hong Kong – and under which Taiwan would be given significant autonomy if it accepted Chinese reunification.

Also, throughout 2018, China put pressure on international companies by forcing them to list Taiwan as a part of China on their websites. Those who declined were threatened to be banned from doing business in China.

In the meantime, the US has been supporting Taiwan, much to the annoyance of the Chinese Communist Party, with Washington sending its highest-ranking politician to hold meetings on the island because what it said was an “increasing threat posed by Beijing to peace and stability in the region.” The US approved an $8 billion sale of F-16 fighter jets to Taiwan last year, taking its fleet to over 200, also angering the Chinese government.  

In a more recent development, Chinese fighter jets have been entering Taiwan’s airspace. SU-30 fighters and Y-8 transport planes have been spotted over Taiwan during September 2020, fuelling tensions in the region.     

Japan, worried about the number of US and Chinese military exercises in the region over the South China sea, see the possibility of an escalated conflict perhaps as the result of an accident.

Should such a conflict between China and America occur, what might we expect from the financial markets?  Mayhem, confusion, and extreme market volatility, stock indices around the globe would fall, but especially within the United States, and we might see the Japanese yen and Swiss franc being bought as safe-haven assets.

China seems determined to retake Taiwan, as much as Taiwan appears to want to break away officially.  The Chinese government would very likely not back down, and I’ll poke a finger in the west by provoking them into military exercises while flying over Taiwan’s airspace, which China sees as its own.

 

This is a crisis that he’s not going to go away anytime soon.  It will undoubtedly escalate.  Traders are advised to keep an eye on the escalating conflict because it will likely lead to spikes in many asset classes.

 

 

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Crypto Videos

Galaxy Digital Earnings Skyrocketing!


Galaxy Digital’s Q3 Earnings Skyrocketing

Galaxy Digital, a financial firm specializing in digital assets and blockchain technology, has reported that its over-the-counter trading desk reached record volumes in the third quarter. As they stated, this new report signaling that institutional uptake of cryptocurrencies is on the rise. 

The company’s Q3 earnings report showed an astonishing 75% year-over-year increase in trading volumes, as it reached approximately $1.4 billion. The increase was mostly attributed to an expanding counterparty base, the rollout of Galaxy Digital’s electronic trading platform as well as the continued growth of the company’s crypto derivatives business.

Assets under Galaxy Digital’s management totaled $407.4 million at the end of the third quarter, and the assets included $82.4 million in passive Bitcoin and index funds, as well as $325 million in the Galaxy EOS (read it as one word, eos, rather than spelling it) VC Fund. The latter represents a partnership with Block.one, a blockchain merchant bank and EOS founder.

Galaxy’s Bitcoin funds under management increased by 17.3% in the third quarter. While its large-cap Crypto Index Fund made a 32.3% return, the company still wasn’t able to turn a profit. Its Q3 net loss amounted to $44.6 million for the quarter ending Sept 30.

Galaxy Digital was founded in 2018 by a well-known billionaire and crypto evangelist Mike Novogratz. The company was founded in an effort to bring more institutional investors to cryptocurrencies. Novogratz said in an official press release that Galaxy Digital is in the process of preparing itself for the “incoming wave of institutional adoption ahead of digital assets as well as blockchain solutions by investors, corporates, and governments.”

When comparing the 2017 bull market to the current one, we can clearly see that the earlier bull run was largely driven by retail fear of missing out, while the euphoria surrounding Bitcoin in 2020 is quite different, as it is largely tied to institutional uptake.

All the evidence shows that institutional investors are flocking to Bitcoin in far greater numbers in the fourth quarter. Grayscale’s Bitcoin Trust experienced record inflows at the start of Nov, putting it on track to reach an astonishing 500,000 BTC by the end of 2020. That number would amount to roughly 2.7% of Bitcoin’s current circulating supply.


On top of that, institutional investors such as Paul Tudor Jones and Stanley Druckenmiller also not only own Bitcoin but openly talk about its potential benefits. They have both touted the cryptocurrency’s growth potential in the current environment.

Bitcoin’s price peaked at $16,500 in the past week, while it is currently fighting for $16,000, according to TradingView data. Whether the fight for this psychological level is won or lost, Bitcoin’s long-term potential is extremely bullish.

 

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Crypto Videos

Ex Goldman Sachs VP Seeking SEC’s Approval to get into Crypto With His Company Skybridge!


Another Mainstream Company Seeking SEC’s Approval to get into Crypto

Investment firm SkyBridge, founded by Anthony Scaramucci, a former Goldman Sachs” vice president, is one of the latest companies trying to step into the world of cryptocurrencies.

The company is trying to put together a hedge fund that would include Bitcoin investment, according to a United States SEC filing from Oct 14. The prospectus states: “The Company may seek to gain exposure to Investment Funds or Investment Managers that may enter into derivative transactions. These can include total return swaps, futures, and options. Investments by the Company may also be made in companies that are providing technologies related to digital assets and cryptocurrencies, or other emerging technologies.”

After more than 10 years of progress, the cryptocurrency sector is starting to gain traction on an institutional level. Several mainstream companies as well as individuals have kicked off a notable trend of entering and promoting cryptocurrencies, and most notably Bitcoin.

Billionaire investor Paul Tudor Jones stepped into Bitcoin heavily earlier this year. He also recently stated how early he feels that the investment opportunity still is.

Despite SkyBridge’s interest in investing in Bitcoin, the company still requires approval from the Securities and Exchange Commission before moving forward with the investment. The prospectus includes: “Neither the Securities and Exchange Commission, Commodity Futures Trading Commission nor any other US federal or state governmental agency or regulatory body has approved or disapproved the merits of investing in these securities.”

The prospectus included a section that described” “digital assets” in which it touched on and explained their uses, risks, as well as other points of consideration. The document stated that “Digital assets have no intrinsic value other than being a method of exchange. They are not based on tangible security, commodity, contractual right, or legal obligation” The values of digital assets shouldn’t be expected to be connected or correlated to other traditional economic or market forces, as the value of the investments in digital assets could decline rapidly, and even reach zero” the prospectus says after pointing out the crypto sector’s “tremendous price volatility” seen since its inception. They also added that this kind of volatility goes against the norms shown in other mainstream investments.

Bitcoin has, on the other hand, risen to significant heights in recent weeks and is currently inches away from its all-time high of $20,000.

 

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Forex Market Analysis Forex Videos

Forex & The US Presidential Election – How To Trade Biden VS Trump!

The US Presidential Election – what to expect from the Forex space?

Thank you for joining this Forex academy educational video. In this session, we will be looking at the upcoming US Presidential Election and what could happen in the Forex space in the run up to it and after the winner is announced.

It is a time of uncertainty in the global financial markets, with many Western countries seeing a second wave of the coronavirus, with massive unemployment and peaks and troughs in global gross domestic product, where no sooner can an economy begin to get back on its feet than a second lockdown offers the prospect of greater unemployment, more economic uncertainty and whereby governments are required to bail out their citizens and businesses with vast amounts of quantitative easing, which will see huge debt burdens emerge for generations to come.
Add to this the most contentious US presidential election ever, and it can only mean one thing: uncertainty. And traders and investors, including institutions, do not like uncertainty. It means that they have to diversify their portfolios in order to mitigate against risk.

The basic premise is that should Donald Trump managed to secure a second term in office, he has pledged to continue with the corporate reforms, and he has promised and to continue easing taxes. Whereas Joe Biden has promised to raise corporate taxes, and where he will undoubtedly increase liability on corporations with regard to further reforms and red tape, which has the effect of strangling the performance of the business. Not what you need in times like these.

Before the pandemic took hold in the United States, President Donald Trump was riding high with record-breaking high levels of employment, and record-breaking values in stock markets, largely because of his tax and corporate red tape roll backs and reforms. The investors loved him. He was undoubtedly one of the most successful presidents of all times in terms of the economic performance of the USA.

Fast forward a few months, and he could potentially go down as one of the worst presidents, and this has largely been down to what has been termed by many journalists, economists, and analysts, as well as great swathes of the population in the United States, has having lost grip of the pandemic to the point that he wilfully ignored the damage that it could do in terms of health to its citizens and to the health of the economy.

The polls suggest that he will pay the price and lose the election to Joe Biden.

And because we may see higher taxation and a rollback of reformed policies should Joe Biden become the next president of the United States, this is why we are seeing a pull-back in the US equities markets, and here we can see that the Dow Jones industrial average of the 30 leading companies had made incredible rebounds from the lows of middle of March when the pandemic really hit America hard, add where we almost saw a 100% rebound of the record-breaking high from February of over 29,000 for the index, on the basis that the market believed that the US federal reserve bank was handling the coronavirus well in terms of its interest rate policy and the amount of stimulus being offered by the government and hopes that a vaccine would quickly help the US to recover to pre-crisis levels and beyond.

In this yearly US dollar index chart, which measures the value of the US dollar against the most other widely traded currencies, the so-called majors, including the yen, euro, pound, Swiss franc, and Australian and New Zealand dollars, we can see that it found support at 92.00 in September, after heavily losing out against the majors, and more recently found support at 93.00 before pushing above 94.00. This is what we might expect as the US dollar has often been bought as a safe haven asset in uncertain times, and while the markets try to determine the amount of risk of the unknown, which is what would happen if Joe Biden and the Democrats took power. The dollar is also being bought and stocks sold because the democrats and republicans have not yet been able to reach an agreement on a much-needed extension to the financial stimulus aid package to help keep American firms and the public afloat.
Therefore, no stimulus deal could possibly now be agreed until after the elections, which will lead to more uncertainly, therefore more of the same for stocks and the dollar.
But if Donald Trump is elected for a second term, stocks should rally, and this might have the effect of a stronger US dollar and softer counter currencies, including the majors, perhaps with the exception of the British pound, but only in the event that the UK and EU manage to secure a free trade deal, and also perhaps with the exception to the New Zealand dollar, which is currently being very resilient to the recent upswing in the US dollar.
But if Joe Biden takes power, we would highly likely see extreme market volatility in all financial assets and where the fear of the unknown would offer no real directional bias for the markets in the short term. We also should look at the possibility that even if Biden swept to power, the markets might believe that he could handle the pandemic better than Trump, be less provocative to foreign powers – which could help investment in the USA – and this might also bring back investors into the equities space as a direct result. With the democrats then holding all the aces in Congress, a stimulus deal would be more likely to get through more quickly, and more stimulus should, theoretically, mean a softer US dollar, in which case traders will be looking for opportunities to short it against the majors in particular.
One thing is for certain; the markets are in for a bumpy ride. Traders, be warned.

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Crypto Videos

Crypto News – Founder of OKEx Exchange Arrested!

Founder of OKEx Exchange Arrested

OKEx suspended all withdrawals at noon on October 16. They stated that the reason for the withdrawal suspensions was their cooperation with an investigation. Eventually, the news about the reason for the investigation made it out to the public. It turns out that Mingxing Xu, the founder of OKEx, was arrested at least a week ago.

Although the OKEx team’s official announcement states that an individual in possession of the exchange’s private keys of the cold wallet is currently cooperating with a public security bureau in investigations. In short, this means that the person arrested is so important to the company that withdrawals could not happen without him around. Jay Hao, the CEO and co-founder of OKEx, stated that the issue was over a personal matter. He didn’t say much, and the whole announcement was very vague.


According to a recent report coming from Bloomberg, the Chinese police have launched an investigation directly linked to OKEx, but it’s still unknown what exactly prompted the investigation. The exchange has made several statements in which they were assuring clients that the funds are completely safe and other activities will continue as normal. One such announcement came from OKEx CEO Jay Hao, stating that: We understand that the suspension of withdrawals impacts our users’ experience on OKEx directly, and we wholeheartedly apologize for this.” He added that all other activities, such as deposits, spot trading, staking, derivatives, etc. remain completely unaffected.
However, while the OKEx team ensures its customers that everything is okay, analysts claim that Bitcoin’s most recent drop to the $11,300 support is caused by the market being afraid of another centralized exchange fiasco.

While many things are still unknown, it does seem that the arrest of Mingxing Xu might not be directly tied to OKEx and its operations. According to a non-official report that appeared online, Xu was already released on bail, while his arrest happened because he was ordered to assist in the investigation that was related to a backdoor listing of the European Group in Hong Kong in 2019.

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Crypto Videos

John McAfee Arrested For Tax Evasion! Promoting S**t Coins!

 

 

John McAfee Arrested For Tax Evasion

The US Securities and Exchange Commission has filed suit against the creator of McAfee antivirus and a long-term player in the crypto field, John McAfee. McAfee was charged with allegedly promoting initial coin offerings without ever disclosing that the ICO issuers were paying him. As this is a direct violation of the US securities law, the SEC has filed suit against this eccentric investor on Monday.

When taking a look at what the suit claims, McAfee allegedly leveraged his fame to make over $23.1 million in undisclosed compensation from November 2017 to February 2018. He earned the aforementioned amount by recommending at least seven “initial coin offerings” to his Twitter followers, claiming he was the Chief Technical Officer or Technical Advisor of the projects, or that he at least performed a thorough inspection of how well-built these projects actually were.
The SEC mentions seven unidentified ICOs and their issuers who privately communicated with McAfee’s crypto team to get him to publicly endorse their ICO projects in exchange for payment. The payments were denominated both in the native ICO coins as well as Bitcoin.

This is highly illegal and has previously provoked the authorities to go after celebrities that acted as ICO promoters, such as DJ Khaled and Floyd Mayweather, who both promoted ICOs without ever disclosing their financial interests.
In this case, the SEC’s complaint refers to a time period where McAfee was predicting not only the price of Bitcoin but also which ICO will “pump,” which turned out to be a self-fulfilling prophecy simply due to the following he had.

While the market soon discovered what’s behind McAfee’s ICO promotion scheme, the outlandish Bitcoin prediction stayed. He ultimately walked back on the prediction that Bitcoin will reach $1 million by the end of 2020, claiming he had only been trying to draw the public’s attention to BTC.


Authorities have been quick on their feet for this one, as the Justice Department reported that John McAfee has been arrested in Spain for the tax evasion charges and is awaiting extradition to the US. His arrest came only a day after the suit was filed.

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Forex Videos

Forex World Faces Another Economic Disaster Part 2!

 

Has the West got it right regarding the China & Hong Kong National Security Law? Part 2 of 2


Societies are complex and ever-evolving organisms,  and if China is to successfully govern Hong Kong then surely it has a right to implement changes to laws if when it feels the need to do so, after all, other countries do this all the time, and mostly without criticism and especially from China, who is fairly agnostic with regards to the governance of other countries.
While 27 countries in the West have openly criticized China’s new Hong Kong law, 53 other countries have come out in support of the new legislation. This is largely gone unreported.

What’s more, 2.9 million people in Hong Kong signed a petition supporting the new law, some 38% of the population in which case you can comfortably assume some people did not bother, in which case it could be as even as a 50/50 split of the population agreed.
Certainly, investors were happy as the Hong Kong stock market surged 1.7% as the bill was introduced.

One question which came out was that several accusations from media outlets – including Ming Pao, RTHK, ATV, TVB, Now TV, Oriental Daily News, and Apple Daily – that organizers had hired protestors, and that many had been paid between HK$200 ($26, £15) to HK$800 for turning up and protesting.

And while in the United States black lives matter’s protesters were called terrorists by Donald Trump, the protesters who were causing disruption, mayhem, wanton criminal damage and almost financial ruin for some businesses in Hong Kong, were called heroes by the West.

And so the question is, has the West got this wrong, and do they have the right to tell China how to handle its affairs and make threats of sanctions and tariffs without any real foundation that the new security law in Hong Kong is such a bad thing, especially as a high proportion of residents actually support it. Wouldn’t it be more advisable to sit back and watch how the new law is implemented and look at it from the point of view that action should only be taken should there be proven breaches of human rights and miscarriages of justice amounting from the new law? After all, how could anybody, with any common sense, expect that China will change the law, now that it’s actually been implemented?  Is it worth risking an economic fallout with China, especially as we are still in the midst of a global pandemic that is crippling economies around the world?

Perhaps we need to further analyze some more lessons from history and further statistics before we start trying to push China around: –

China’s percentage of the world’s gross domestic product in 1980 was 1%, which is quite staggering when we realize that it had grown to 15% in 2015, and currently in 2020, pre-pandemic, the figure was 18.5%.

If growth rates return as expected, by the end of 2021, the post-pandemic picture for China’s growth path could see it with 30% of world’s GDP between 2030 to 2035 according to economic modeling by Tsinghua University, Beijing. That is twice as much as the United States and almost identical to the United States and Europe combined. And, incidentally, that is the same as the percentage of global GDP China enjoyed in 1820.

Some Might argue that China expanded so incredibly because of reverse engineering and copying other countries’ products and stealing intellectual property rights.  However, China has moved on, and the West has certainly enjoyed buying cheaper products as manufactured in China.  But, China has now become a powerhouse of innovation and is clearly able to hold it so on that front, from cars, white goods, phones, computer systems, software, medicine, communications technology, as produced by Huawei and other Chinese tech firms. They are also leading designers of infrastructure projects, with the best rail system in the world. They own huge banking corporations and leading companies such as Alibaba, JD.com, NetEase; the danger is that China is about to leave the West in its shadow. And all this happened since the Chinese communist party abandoned a large part of its ideology in order to embrace capitalism.

China’s growth is simply disproportionate and while it’s most important relationship is with the USA, it is also highly focused on its relationships with the developing world, where it sees itself as having an affinity and especially with African nations which have enjoyed growth and wealth having sold natural resources to China and been able to benefit from infrastructure projects as designed and provided by China.  Some 65% of Africans have a favorable attitude to China and where some African countries are growing solely on the basis of their relationship with China.

Perhaps another lesson for the West is that in 1970 two thirds of global GDP was with the western world, where 15% of the world’s population lives, and only one third in the developing world where 85% of the population lived.

In 2015, 59% of the world’s GDP was accounted for by the developing world, and only 39% by the developed world. And of course, China has its tentacles in all the far-reaching corners of the developing world.

The West cannot stop China, and if it forces China into a situation where tensions become so bad and trust so failing between both sides, the result could be an economic fallout of unprecedented magnitude.

And while China is leaning towards becoming the biggest economic powerhouse on the planet, we should be working with them and not against them if we want to continue to reap the rewards of economic prosperity.

Further alienation by the West to China by forcing them into a corner over the issue of the Hong Kong security law could cause extremely harmful repercussions, which could see pandemonium in the financial markets should sanctions and tariffs be implemented and all while the world is still reeling from the Covid pandemic.  The timing of all this could not be worse. Long-term prosperity can only be met by stopping the rhetoric and working together under an umbrella of economic and political harmony.

Finally, what will the future hold for Hong Kong as a trading hub? Certainly, there is no imminent risk that the West will abandon the trading opportunities with regard to its important finance center, tourism, and import and exports should there be a full-scale trading crisis with China. The people of Hong Kong are largely seen as victims in the dispute over the new law.

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Forex Videos

The Forex World Faces Another Economic Disaster Part 1!

Has the west got it right regarding the China & Hong Kong National Security Law? Part 1 of 2

Tensions are building between the west and the Chinese government over the recent introduction of China’s National Security Law, but is the west right or wrong on this issue? Threats of tariffs and sanctions are firing in both directions, and some are being implemented while strongly worded threats are being bandied by both sides. To get a clearer picture, perhaps we need to go back in time a little to try and better understand this complex issue, which threatens to further destabilize global trade, where both sides will suffer economically.

Great Britain acquired Hong Kong Island from China in 1842, at the end of the 3-year Opium war, when the so-called Treaty of Nanking was signed. Hong Kong returned to Chinese rule at midnight on July 1, 1997. The ceremony was attended by the then British Prime Minister Tony Blair, Prince Charles of Wales, Chinese President Jiang Zemin, and U.S. Secretary of State Madeleine Albright. The only caveat in the arrangement was that there would be one country and two systems, whereby Hong Kong would retain its own economic and administrative systems.

However cracks began to emerge when the Chinese government attempted to introduce a fugitive offenders amendment bill that would have seen the introduction of an extradition treaty between Hong Kong and the mainland and where offenders from Hong Kong, or those on the run from China, could then be sent to mainland China for processing and prosecution, and if found guilty, there were the implications of jail time being spent on mainland China, thus eroding a fundamental section of the one country two systems arrangement.

There was an outcry by some members of the community in Hong Kong, and immediate objections and protests began there when the proposal for the new bill was presented in 2019 because this was seen as opening up the possibility of Hongkongers to perceived unfair trials and violent treatment in China. The protestors said the new bill would give China a bigger stronghold in the judicial system in Hong Kong, and it could be used to target activists and journalists.

The bill was withdrawn after violent protests in Hong Kong and after an 18-year old was shot in the chest with a live bullet as protesters fought police officers with bricks, petrol bombs, sticks, poles, and anything they could get their hands on.  Buildings were torched and vandalized, residents were terrorized as the violence escalated out of control, people were stabbed, and protestors tried to remain incognito by wearing black masks. The activists set up roadblocks, barricades and had standoffs with the police. Hong Kong had never seen violence on this scale in its modern history. The local economy and stock market suffered losses as a result.

The protesters had demanded an end to the bill, and that the stigma and possible risk of criminalization having been characterized as rioters be withdrawn, they also demanded an amnesty for arrested protesters and an independent inquiry into alleged police brutality, plus the implementation of complete universal suffrage, or the right to vote in political elections. They also demanded the resignation of Carrie Lam as Chief Executive.

Although the bill was withdrawn, China did not relent entirely and has now introduced a new Hong Kong national security law, which came into effect on June 30, 2020, and where the law’s key provisions include that: Crimes of secession, subversion, terrorism, and collusion with foreign forces are punishable by a maximum sentence of life in prison. Beijing will establish a new security office in Hong Kong, with its own law enforcement personnel – neither of which would come under the local authority’s jurisdiction and where some cases could be sent back to mainland China to be tried.

This has largely been met with consternation and criticism by the west where 27 countries have protested against the new bill and where Australia has immediately canceled its extradition treaty with Hong Kong by way of protest and offered what equates to a sanctuary to people who wish to flee Hong Kong and where the British government has said that it will offer U.K. residency to 3 1/2 million Hong Kong nationals with overseas British passports, should they wish to leave Hong Kong. The United States government has come out very strongly against the new law and says there will be consequences for China.

The European Union has also issued a strongly worded complaint to the Chinese government.  And whereby President Xi Jinping has counter issued strongly worded advice to all of those speaking out against the new security law to stay out of its affairs, while suggesting there will be consequences for those countries taking action such as Australia and where these actions are likely to be financial in nature, perhaps such as extra tariffs, sanctions or even a reduction in trade.

The market has begun to sit up and take note of the extraordinary exchanges and threats coming from both sides.  The Australian dollar has come under pressure, and President Trump has said that he has no interest in currently pursuing Phase 2 of the China / U.S. trade deal. The rhetoric has caused spikes and troughs in the U.S. equities market and the U.S. dollar, with implications to counter traded currencies as the fallout between China and its trading counterparts worsens.

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Crypto Videos

Craig Wright Admitted to Hacking MT. GOX!

Craig Wright Admitted to Hacking Mt. Gox?

 

Craig Wright’s legal team seems to have alleged that Wright controls one of the BTC addresses that is affiliated with the Mt. Gox hack.
Riccardo Spagni, one of the faces of the anonymous Monero coin, which is also known as Fluffy Pony, posted a tweet indicating Craig Wright’s affiliation with the Mt. Gox-related Bitcoin wallet.

Spagni tweeted, “Just so we’re clear, Craig Wright has openly admitted (through his lawyers) to be the person that stole 80,000 BTC from Mt. Gox.” Spagni also included court documents in the post.
The documents he posted indicate that the ‘1Feex’ address is the address where the stolen Mt. Gox funds were sent.

Mt. Gox address included among the Tulip Trust addresses

 

As a part of an ongoing legal battle, Craig Wright claims to have at least partial ownership of the Tulip Trust, which is a list of numerous Bitcoin wallet addresses that hold roughly 1.1 million Bitcoin. The aforementioned Bitcoin was allegedly mined by Wright and his business associate, Dave Kleiman, in Bitcoin’s earliest days.

Dave Kleiman passed away in 2013, leaving Wright completely unable to move the funds on his own. Spagni’s claim alongside the court document screenshots presented indicate that one of the alleged Tulip Trust wallet addresses contain stolen funds from the 2014 Mt. Gox hack.

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Crypto Market Analysis

Daily Crypto Review, Jan 06 – Qatar against crypto, Ripple skyrocketing

The cryptocurrency market had another good weekend, as the price seems to recover from the downturn it was in before 2020. The price of most cryptos increased when compared to when we last reported. If we talk about daily changes, Bitcoin’s price went up 1.62%. It is currently trading for $7,565. Meanwhile, Ethereum gained 2.97%, while XRP gained an astounding 7.04% on the day.

Dash gained 15.43% on the day, making it the most prominent daily gainer. On the other side, Bytecoin lost 12.74% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased by over half a percent over the weekend. Its dominance is now at 67.69, which represents a decrease of 0.62% from Friday’s value.

The cryptocurrency market capitalization increased by over $10 billion over the weekend. It is currently valued at $202.68 billion. This value represents an increase of $10.98 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

The Qatar Financial Centre Regulatory Authority (or QFCRA for short) announced a flat-out ban on cryptocurrency businesses. They forbid any form of conducting virtual asset services in or from the Qatar Financial Centre (QFC).

The regulator announced this news in a tweet, where it stated that authorized firms are not allowed to provide or facilitate the provision or exchange of cryptocurrencies as well as any related services until further notice.

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Technical analysis

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Bitcoin

Bitcoin bulls gathered over the weekend and brought its price from $7,000 all the way to $7,570. Its price moved explosively to the upside and gained a couple of hundred dollars before consolidating. Successful consolidation at the top of the move led to another spike which brought the price to its current levels. During the price increase, Bitcoin broke the $7,260, 7,415 and 7,525 resistances. It is now consolidating right above 7,525 and testing its strength.


Bitcoin’s RSI is very close to the overbought territory, while its volume is above average.

Key levels to the upside                    Key levels to the downside

1: $7,780                                           1: $7,525

2: $7,990                                           2: $7,415

3: $7,165                                           3: $7,260


Ethereum

Ethereum also moved up along with Bitcoin. It quickly broke the descending trend line and spiked to the upside. Its price went from $126 all the way to $141, where it is currently. Ethereum is currently right below the $141.15 resistance line, which it is attempting to break. However, RSI, which already reached overbought, as well as descending volume, are not promising indicators when it comes to price rises.


Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15


Ripple

XRP’s move to the upside reminds us of the 2017 spike. Its price skyrocketed and went from $0.185 to $0.21. However, the $0.211 resistance line stopped the move. XRP is now trying to recover from hitting a resistance it can’t pass. It is still unknown at which price XRP will consolidate.


XRP’s RSI is deep in overbought territory, while its volume is extremely high.

Key levels to the upside                    Key levels to the downside

1: $0.211                                            1: $0.205

2: $0.221                                            2: $0.1978

3: $0.227                                            3: 0.19

Categories
Crypto Market Analysis

Daily Crypto Review, Dec 6 – Cryptocurrencies will replace FIAT by 2030

We can see that the crypto market did not have many currencies move significantly in the past 24 hours. However, most of the market ended up in the green. If we look at the past 24 hours, Bitcoin’s price went up 0.52% and is now trading at the price of $7,402. Meanwhile, Ethereum managed to gain 1.48%, while XRP gained 2.54%.

The biggest gainer amongst the top100 cryptocurrencies by market cap for today is HedgeTrade, which managed to gain 48.72% on the day. The biggest loser of the day was iExec RLC, which lost 5.69% of its value.

Bitcoin’s dominance decreased a tiny amount as the market managed to gain a bit more in value than what Bitcoin gained. Its dominance is currently 66.44%, which represents a decrease of 0.3% from yesterday’s value.

The cryptocurrency market managed to increase in total market capitalization yet again. As the individual cryptocurrency values increased, so did the overall market cap. The market cap is sitting at $201.08 billion at the moment of writing. This value represents an increase of $2.16 billion against yesterday’s value.

What happened in the past 24 hours

Deutsche Bank researched how cryptocurrencies will do in 2030. They concluded that the demand for alternative currencies will rise and that digital currencies will eventually replace cash. This research was done for the “Imagine 2030” report.

Deutsche Bank strategist Jim Reid pointed out that crypto has solutions for many challenges the existing fiat system has encountered in recent years. On top of that, he said that crypto  itself poses one of the problems fiat has at the moment. He then said that people’s heightened demand for dematerialized means of payment and anonymity could possible bring more people to cryptocurrencies.

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Technical analysis

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Bitcoin

Bitcoin spent the whole day trying to pass its key resistance line of $7,415. almost every 4 hour candle managed to break the price but ultimately ended up below the line. If bulls don’t step up their game, Bitcoin’s price will remain under the key resistance level for the time being. If it happens, we could see a spike in volume followed by a sudden upward-faced spike.


Bitcoin’s volume is slightly lower than yesterday, while its RSI is slowly going towards overbought. This could indicate that bulls have a limited time when they can make a strong push to the upside before being crushed by the bears coming to the market.

Key levels to the upside                    Key levels to the downside

1: $7,415                                           1: $7,240

2: $8,000                                           2: $7,120

3: $8,425                                           3: $6,620


Ethereum

Ethereum is on the other side of the coin when compared to Bitcoin. While Bitcoin is trying to push above its resistance, Ethereum is trying to save its price from falling below its support. Ethereum moved back to the $147 line, and it is still unsure whether the price will stay above it or whether it will drop further down. However, Ethereum has many small support points that ended up being well-respected by the market.


 

Key levels to the upside                    Key levels to the downside

1: $156.8                                             1: $144.1

2: $161.1                                            2: $133.5

3: $163.4                                            3: $127


Ripple

XRP spent the past few days rallying its bulls, which resulted in a major attempt to the upside yesterday and another one today. While today’s move was not so explosive, it was much healthier. The 0.02267 resistance was strong again, and XRP failed to reach above it, but it did make some daily gains nevertheless. The green 38.2% Fib retracement line ended up being well-respected by the market, and the price managed to consolidate near it. However, it is unknown whether this line will play any role in the short future as XRP is moving down at the moment of writing.


XRP’s volume is much higher when compared to the previous days. Its RSI slowly gained momentum to the upside until the consolidation phase, where it settled down a bit.

Key levels to the upside                    Key levels to the downside

1: $0.222                                            1: $0.2185

2: $0.2267                                          2: $0.214

3: $0.234                                            3: $0.209

Categories
Crypto Market Analysis

Today´s Crypto Events 22.6.2018

You can find here all the news about the upcoming hard fork, releases, exchange listings,  updates, conferences, new launches, etc. We gather the most relevant events and conferences for you to pick from.


Today´s Events 21/6/2018


 

AdHive (ADH) — Weekly Q&A on Telegram Universa (UTNP) — UTN Distribution
Pylon Network (PYLNT) — RESCoop International Conference in Milan Groestlcoin (GRS) — Development Release
Soma (SCT) — Roadmap Release Bluzelle (BLZ) — Meetup in Kuala Lumpur
Nxt (NXT) — MTR Airdrop to NXT Holders NAGA (NGC) — Q&A Session and WebTrader Release
Chainium (CHX) — AMA on YouTube Nebula AI (NBAI) — Ama with Founder
PIVX (PIVX) — BiteBTC Exchange Listing

 

 

 

 

 

 

 

 

 

 

 

Categories
Crypto Market Analysis

Today´s Crypto Events 21.6.2018

This is the Cryptocurrency events calendar. All the news about the upcoming hard fork, releases, exchange listings,  updates, conferences, new launches, etc.


Today´s Events 21/6/2018


Cryptocurrencies (CRYPTO) — Dogecon 2018

DigiByte (DGB) — Hard Fork

TRON (TRX) — Migration from ERC20

TRON (TRX) — Bittrex Support – Bitfinex Support – Binance Support – Gate.io Support

Effect.AI (EFX) — Trading Competition

Sprouts (SPRTS) — Swap Sprouts to Auxilium

Pundi X (NPXS) — Binance Listing

Unibright (UBT) — Networking Event

NamoCoin (NAMO) — Nаmоѕtісk

SunCoin Community Currency (SUN) — Masternode Giveaway

Emerald Crypto (EMD) — Block Reward Halving

Endor Protocol (EDR) — Important News Release

AdCoin (ACC) — AdCoin.Click 2.0 Release

PolicyPal Network (PAL) — Blockchain for Finance

SpankChain (SPANK) — Community AMA

Apex (CPX) — Apex Airdrop


 

Categories
Crypto Market Analysis

Today´s Crypto Events 18.6.2018

This is the Cryptocurrency events calendar. All the news about the upcoming hard fork, releases, exchange listings,  updates, conferences, new launches, etc.


Today´s Events 18/6/2018


Docademic (MTC) – Monthly Airdrop

LATOKEN (LA) – Blockchain Economic Forum

StarCash Network (STARS) – Major Announcement

Pylon Network (PYLNT) – Roadmap Release

THEKEY (TKY) – Token Release

Aerium (AERM) – Swap Deadline

iExec RLC (RLC) – Deployment on Mainnet

Pylon Network (PYLNT) – Transactive Energy & Blockchain

IOTA (MIOTA) – First Charging Station in The World

Aion (AION) – Developer Meetup

Status (SNT) – Livestream

Synereo (AMP) – New Leaderboard

OriginTrail (TRAC) – Lunar Orbiter Release V1.0B-Rc

Ripple (XRP) – Listing on CoinSpot

Cashaa (CAS) – Livestream

Pillar (PLR) – BAI

DADI (DADI) – Developerweek

TokenPay (TPAY) – Listing on Cryptopia