The Leading Cryptocurrency Stories for 13th June 2018

The Leading Cryptocurrency Stories for 13th June 2018
June 13, 2018

The cryptocurrency market started bleeding on Monday due to three main reasons. Firstly, the CFTC has issued subpoenas to four main cryptocurrency exchanges, asking for trading data, to investigate price manipulation. Secondly, Coinrail, a cryptocurrency exchange was hacked during last weekend, leading to the loss of altcoins such as PundiX. Thirdly, Bitinfocharts indicated that a large Bitcoin investor, who holds roughly 95,000 BTC, has moved more than 8,000 BTC to Huobi exchange. All these factors turned the mood bearish. However, by Tuesday evening, the slide was arrested. Cryptocurrency market participants hope the recovery enables Bitcoin to cross the $10,000 mark this time to trigger a massive rally.

One of the main difficulties in trading cryptocurrencies is that very few exchanges support fiat-crypto pairs. In fact, many of the exchanges do not support fiat deposits and withdrawals to avoid regulatory issues. However, this is about to change as Binance, the world’s largest cryptocurrency exchange by trading volume, is planning to offer Euro-crypto pair soon. The information was shared by Zhao Changpeng, CEO of Binance, with Bloomberg.  

When it comes to cryptocurrency market, female participation has been considerably less than male participation. According to a research conducted by the London Block Exchange (LBE), the number of women investors has doubled over the past six months. Investment interest has increased to 13%, from 6% last year. Notably, female Millennials have shown greater interest towards cryptocurrencies. The study has shown that female investors are 50% less vulnerable, compared with men, in making irrational investments.

In the US, Wells Fargo bank has banned cryptocurrency purchases with credit cards.  The bank, however, has announced that it is only a temporary measure. The Bank of America, JP Morgan Chase, Citigroup and a few UK banks have implemented a similar ban. The cryptocurrency market is prone to extreme volatility. Therefore, banks are taking such measures to avoid risk. A study by LendEDU has showed that 18% of Bitcoin purchases were made using credit cards and nearly 22% were unable to pay back the loan. 


Ethereum Classic (ETC)

Ethereum Classic gained 25% yesterday after Coinbase sprung a surprise by saying that it will add support to the cryptocurrency in the coming months. Another boost for Ethereum Classic came in when Binance exchange listed ETC/USDT and ETC/BNB pair for trading. Notably, Ethereum Classic is one of the seven cryptocurrencies, which Thailand regulators have recently allowed as mode of payment for investing in new token offerings. Read more here. 



Tron, which aims to decentralise internet, launched its mainnet on May 31. The company has also announced Tron Accelerator Loan program to support impressive decentralised applications. To achieve its objective, Tron has acquired BitTorrent, the popular file sharing protocol. Rumours of acquisition started circulating back in September 2017. In January Justin Sun issued a letter of intent, but the deal was briefly put off when BitTorrent promoters started negotiating with other interested parties. Sun filed a lawsuit seeking a temporary restraining order. The matter was later sorted out and the deal had gone through successfully. Read more here. 


Our Forex Trading Plan

Bitcoin Cash. Bitcoin Cash (BCH) has turned extremely weak in the chart. Having failed to break the resistance at 1,650 in the third attempt, the cryptocurrency has broken the major support at 996. The next major support is only at 612. Furthermore, the momentum indicator has crossed below the reading of 100. Therefore, a continuation of the current down trend is expected.

To capitalise on the downtrend, we may go short in the BCHUSD pair near 870, with a stop loss order above 1,000. Once a short position is opened, we would place an order to cover the position near 610.

Bitcoin Cash - Technical Analysis - 13th June 2018


Our Binary Options Trading Plan

Dash. Anonymous cryptocurrency Dash (DASH) has broken the descending triangle pattern, as shown in the image below. The MACD indicator is moving below the reading of zero. Therefore, a sharp downtrend is expected in the days to come.

By investing in a put option contract, we are hoping to gain from the probable downtrend in the price of Dash. At the time of purchasing a put option from a binary broker, we would choose June 21st as expiry date for the contract. We may go ahead with the trade plan only if Dash is trading at about $290 in the cryptocurrency market.

Dash - Technical Analysis - 13th June 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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