Bitcoin, Ethereum Prices Drop 3% in Sluggish Crypto Market: Factors and Trends

Over the past 24 hours, the valuation of the cryptocurrency market has dropped from $390 to $373 billion, by more than $17 billion. The bitcoin price dipped below $8,300 and the value of Ether, the native cryptocurrency of the Ethereum network, dropped to $690.

Main Factors Behind the Cryptocurrency Market Slump

The recent correction of the cryptocurrency market and the short-term decline in the price of bitcoin, Ethereum, and other major cryptocurrencies and tokens can be mainly attributed to three major factors: Bitfinex taxation policy, scandal of South Korea’s two largest cryptocurrency exchanges UPbit and Bithumb, and the initial sell-off of the Mt. Gox trustee’s bitcoin funds.

As CCN reported on May 17, Bitfinex requested a portion of its users to forfeit their tax IDs and social security numbers. Bitfinex is a company that is headquartered in the British Virgin Islands, with another office in Taiwan. BVI does not have a taxation policy for cryptocurrency investors and its favorable regulation attracted many of the biggest businesses in the cryptocurrency sector such as Bitfinex and large-scale initial coin offerings (ICOs).

However, the pressure from major economies and governments like the US could have a negative impact on the British Virgin Islands if the US decides to directly engage with the government of BVI to crackdown on US-based investors using Bitfinex to buy and sell cryptocurrencies to avoid taxes.


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The Bitfinex team said last week:

“The government of the BVI may then exchange information with the tax authorities of the customer’s country of residence, consistent with the British Virgin Islands law, the U.S. Foreign Account Tax Compliance Act (FACTA), and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS).”

Major cryptocurrency trading groups including Whalepool publicly stated that it will stop using Bitfinex until its taxation policy changes and encouraged others to do the same.

The sell-off by large-scale investors on Bitfinex, which still remains as the biggest bitcoin-to-USD exchange, was one of the major factors that contributed to the slump of the cryptocurrency market throughout the past week.

The South Korean cryptocurrency market has only started to recover from the UPbit and Bithumb scandal as of recent, upon the release of the official audit report of leading accounting firm Yoojin that confirmed the funds of UPbit identically matched its balance sheet.

The cryptocurrency market will likely recover from the Bitfinex situation relatively soon and it is a matter of time before the large-scale investors that have withdrawn from Bitfinex utilize other exchanges and over-the-counter markets to re-enter.

If investors in the South Korean cryptocurrency market regain trust in local exchanges and the global market recovers from the Bitfinex case, it is highly likely that the cryptocurrency market rallies and regains momentum.

Short-Term

In the short-term, it remains uncertain whether the bitcoin price manages to stay above the $8,200 resistance level and refrains another drop below the $7,000 region or records a corrective rally back to the $8,800 to re-enter the $9,000 region. Either results are possible, based on the movement of the bitcoin price and its volume in the upcoming days.


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Stock Market Update for Monday, May 21st, 2018

Is the China- U.S. trade war over?

Not quite. But according to Treasury Secretary Steven Mnuchin, the trade war is “on hold”.

The U.S. and China wrapped up trade talks over the weekend and the news was positive. According to Mnuchin there was “very meaningful progress” made during the talks, and China has agreed to buy more U.S. goods.

Traders loved the news, and stocks were up at the open. Although there was a sell-off midday that erased a portion of the early gains, the major indices managed to finish higher.

The DOW led the way today with a 1.2% gain, closing above 25,000 for the first time since March 13th.

The Russell’s march to new records continued. The Russell 2000 finished with a new record high again. This means that the small-cap index has finished with a new record for 4 days straight!


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.7% gain. Up 20 points, the S&P ended at 2,733.
  • The DOW ended 1.2% higher. Adding 298 points, the DOW closed at 25,013.
  • The NASDAQ was up 0.5%. With a 40 point gain, the NASDAQ finished at 7,354.
  • Bitcoin ended 2.0% higher. Adding $165, Bitcoin is trading at $8,420.

Crude Oil (CL) was higher at the open and never looked back. Trading at multi-year highs, CL finished 1.4% higher at $72.39 a barrel.

General Electric (GE) made headlines after announcing a deal to merge its transportation business with Wabtec (WAB). The $11.1 billion deal with the rail equipment maker sparked a 1.9% rally in GE. Wabtec was also higher, ending the day with a 3.5% gain.

Micron (MU) had a nice jump today after announcing that they will raise their current quarter forecast because of a healthy semiconductor industry. Micron finished the session 3.9% higher.

 

Source: RockwellTrading by Markus Heitkoetter | Original Link

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Indices Present an Excellent Trade Setup

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Stocks rally as the trade war is called off. You may want to watch this video right now for lots of excellent trading opportunities you can take advantage of this week….

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Why SPY Could Top Here But NFLX Has Room to Run

FREE: Discover the High Probability Setup Behind John Carter’s $1.4 Million TSLA Options Trade

Each stock or index does move to the beat of its own drummer….

John Carter

John Carter’s father was a Morgan Stanley stock broker. One day during high school, John came home from the mall where he was working at a store making cookies. He had saved up $1,000 over the course of a few months and his dad told him that he and some of his friends were going to buy “some call options on Intel” the next day. With his father’s direction, he bought 10 call options at $0.75, and sold them a few days later for $1.50, doubling his money. He was hooked and has been trading ever since—going on 25+ years now.

 

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Projecting Price Targets on Daytrades

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Crude oil triggered a 5-minute buy and the price movement ranges worked to perfection. Here’s how to do it and the tool that I use to project these targets just like this crude oil setup.

Raghee Horner

Raghee Horner started trading at 17 while still in high school. She continued her pursuit of trading through college until going full-time after graduation; torn between the charts and law school, the markets won out.

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Stocks making the biggest moves premarket: GOOGL, GE, MBFI, TSLA, FOXA & more

Check out the companies making headlines before the bell:

Alphabet – Alphabet’s Google operation was the subject of a piece in last night’s episode of “60 Minutes,” highlighting the company’s power and airing comments from critics who say Google is stifling competition.

General Electric – GE will merge its transportation business with rail industry equipment maker Wabtec, in a deal worth $10 billion net of tax benefits.

MB Financial – The Chicago-based bank operator agreed to be bought by Fifth Third Bancorp in a $4.7 billion cash and stock deal, worth $54.20 per share. That represents a 24 percent premium over Friday’s closing price for MB Financial.

Tesla – The automaker is the subject of two recommendation from proxy adviser ISS, which said shareholders should vote against directors Antonio Gracias and James Murdoch, and vote for a proposal to separate the chairman and CEO roles. Both jobs are currently held by Elon Musk. Separately, Berenberg raised its price target on Tesla stock to $500, saying a gross margin above 25 percent for the Model 3 is “comfortably achievable.”


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21st Century Fox – The company won dismissal of a lawsuit by former Fox News anchor Andrea Tantaros which had accused the company of spying on her in retaliation for sexual harassment accusations.

Envision Healthcare – Envision is a takeover target of a joint effort from hospital operator HCA and private equity firm KKR, according to Reuters. Envision is a provider of services to physicians.

Pinnacle Foods – The food maker has hired Evercore Partners to explore strategic alternatives, according to a New York Post report. The paper notes that Pinnacle has been facing pressure from activist investor Jana Partners to merge with ConAgra Brands.

Middleby – Middleby is buying Taylor Co. from United Technologies for $1 billion in cash. Middleby is best known for commercial kitchen equipment, while Taylor makes ice cream and frozen drink machines.

Xerox — Japan’s Fujifilm remains set on buying Xerox despite the cancellation by Xerox of their planned merger deal, according to the Nikkei news service. However, Fujifilm is reportedly refusing to negotiate with major Xerox shareholders Carl Icahn and Darwin Deason.

Athenahealth – The company should hold a formal sale process, according to shareholder Janus Henderson. That firm holds an 11.9 percent stake in the provider of cloud-based medical business services and made its wishes known in a Securities and Exchange Commission filing.

IHS Markit – The financial analytics company is buying Ipreo from private-equity funds managed by Blackstone and Goldman Sachs for $1.855 billion. Ipreo is a provider of financial services solutions and data.

Campbell Soup – The stock was downgraded to “underperform” from “neutral” at Bank of America/Merrill Lynch, based on 2018 being a transition year under an interim CEO who will be initiating an extensive strategic review.

Snap – Snap was upgraded to “neutral” from “sell” at MoffettNathanson, which said the risk/reward profile is now balanced with the stock having fallen by about half since the “sell” recommendation was first made more than a year ago. The firm did call Snap’s life as a public company “nothing short of an unmitigated disaster.


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Source: cnbc.com | Original Link

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Crypto Market Rebounds After Poor Week

On previous reports, CCN noted that the $8,200 resistance level is an important threshold to observe given that a drop below the $8,200 mark could lead the bitcoin price back to the $7,900 region.

Over the past 24 hours, the cryptocurrency market has rebounded as the bitcoin price reached $8,500 and tokens such as Tron (TRX), AirSwap (AST) and Ontology (ONT) recorded gains in the 10 to 20 percent range.

Ontology, Tron, AirSwap

The majority of tokens in the space have experienced an intensified movement on the downside, mimicking the downward pressure of bitcoin but with larger margins. Consequently, even tokens like ONT, ICON (ICX), and 0x (ZRX), which have consistently outperformed most major cryptocurrencies throughout April and May, fell substantially.

On May 21, most of these tokens rebounded from their recent losses, recording large gains against bitcoin which recorded a 4 percent increase against the US dollar. Against bitcoin, ONT recorded a 10 percent increase, AST rose by more than 15 percent and TRX demonstrated a 9.5 percent rise.

AST is a particularly interesting token to observe, especially as a long-term investment because despite its hype and media coverage it received, it still remains as the 198th largest cryptocurrency in the world with a $62 million market valuation. Although the market cap of AirSwap is relatively small in comparison to other tokens like ONT and ICX, AST has more room to grow in the long-term.

The Relative Strength Index (RSI) of AST is at 53, signifying a neutral zone. Given that AST is still demonstrating a neutral condition after a 15 percent increase against bitcoin and both exponential and simple moving averages show a positive short-term trend, it is likely that AST continues to grow past its current price at 0.00004925 BTC.


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We’re at the beginning of a major digital revolution… a technological advancement with the power to mint more millionaires than any other investment opportunity since the discovery of electricity and the birth of the internet. Click here to learn more.


Strong Bounce

Bitcoin has been on a continuous downward trend ever since it failed to test the $10,000 support level in early May. Over the past 7 days, the bitcoin price has remained in the range of $7,900 to $8,785, struggling to gain momentum above $8,800, which is considered as a major support level that could allow the price of bitcoin to test the $10,000 support level again in the short-term.

The latest attempt of bitcoin to breach the $8,800 support level was on May 15, nearly a week ago. After surpassing $8,850, due to the pressure of bears, bitcoin dropped rapidly to $7,925 and bouncing back in the $7,900 region. If the bitcoin price can rebound to $8,800 in the upcoming days, possibly within the next 48 hours, it is likely that the bitcoin price tests the $9,600 support level soon after, eyeing an entrance into the $10,000 region by the end of May.

Over the past week, bitcoin has been able to gradually build momentum from $7,900 to $8,500, which it has not done in previous corrective rallies. The stability in the price movement of bitcoin could provide more resilience in testing major support levels in the short-term.


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Here are the 4 things that are moving the markets right now

After a positive start on Monday, stocks struggled for most of the week.

Here’s what was moving the markets last week:

  • Trump & China – Trade negotiations seemed to fall flat after President Trump said that he was doubtful a deal with China could be reached.
  • Small Cap Stocks – The Russell 2000, comprised of small-cap stocks, finished with new records for 3-days straight (Wednesday thru Friday).
  • Treasury Yields – On Thursday, 10-year yields hit 3.11%, the highest level since 2011.
  • The DOW –  With Friday’s close, the DOW is now back in negative territory for the year (0.02%, down 4 points). Cisco (CSCO) was the biggest loser for the DOW last week after dropping 5.9%. Cisco reported better than expected earnings on Thursday but dropped 4.3% during the two trading sessions after the earnings beat.

By the end of the week, the major indices were trading slightly lower while Russell sat at record highs.


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Here’s where the major indices ended the week:

  • The S&P finished with a 0.5% loss. Down 15 points, the S&P ended at 2,713.
  • The DOW ended 0.5% lower. Dropping 116 points, the DOW closed at 24,715.
  • The NASDAQ was down 0.7%. With a 49 point loss, the NASDAQ finished at 7,354.
  • Bitcoin ended 2.0% lower. Dropping $165, Bitcoin is trading at $8,255.

Crude Oil (CL) had its best weekly close since July of 2015. On Thursday, Crude Oil pushed past $72 a barrel but quickly reversed. CL ended the week with a 0.8% gain at $71.34 a barrel.

In earnings news, Nordstrom (JWM) suffered a 10.9% loss on Friday after missing same-store sales estimates. Applied Materials (AMAT) was another earnings loser after cutting revenue guidance. AMAT lost 8.3% on Friday.

On Saturday, a joint statement following the conclusion of last week’s trade talks revealed that China has agreed to significantly increase its purchases of U.S. goods. Although the statement didn’t address recent tariff threats, it made clear that two countries will “seek to resolve their economic and trade concerns in a proactive manner.” We’ll see how the markets digest this news on Monday.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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This is Why Lower Volatility Will Not Last Long

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Volatility settled back down by the end of the week, but will this last?

In this crucial weekend video update we look at the reasons why this volatility may not remain low for long. You may want to watch this video right now for lots of trading opportunities you can take advantage of next week…

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