The Leading Cryptocurrency Stories for 1st August 2018

The Leading Cryptocurrency Stories for 1st August 2018
August 1, 2018

Failing to stay above $8,000 level yesterday, Bitcoin pulled the cryptocurrency market down once again with the decline in it’s price. Despite the selloff, the cryptocurrency market continued to see a large inflow of positive news.

Cryptocurrency mining hardware manufacturer Bitmain has generated a profit of $1 billion in the first quarter of 2018. The company anticipates earnings of between $2 billion and $3 billion in 2018. Sources close to Bloomberg had revealed this info. Bitmain is planning to raise about $17 billion through an IPO (initial public offering). The documents filed with the regulator revealed the information.

Charlie Lee, creator of Litecoin, announced that he will act as advisor for the development of blockchain compatible smartphone by HTC. Back in May, the Taiwanese electronics giant announced its intention to develop a crypto compatible smart phone. The smart phone, christened Exodus, will act as a bridge to blockchain networks and a storage device for Ethereum (ETH) and Bitcoin (BTC). Exodus will also support the Lightning Network on Litecoin.

The Agricultural Bank of China (ABC) completed its first ever blockchain platform based lending in Guizhou province. The bank used a private blockchain to process the loan application and disburse $300,000 based on an agricultural land as collateral. The use of blockchain based system prevents double spending, a method employed by fraudsters to obtain loan from multiple financial institutions using the same property as collateral. The tamper proof system stores the data regarding borrower, lender and collateral. This can be verified by other banks, preventing abuse of credit system.

Thomson Reuters has entered into a partnership with CryptoCompare to offer trading data for 50 cryptocurrencies. CryptoCompare will collate the trading and order book data received from multiple “trusted” cryptocurrency exchanges and send it to Reuters, which will offer it to institutional clients using Eikon platform. According to Reuters, the data is expected to provide a “reliable insight” to institutional investors, allowing them to forecast the price of cryptocurrencies with a “high degree of probability.”  

 

Stellar (XLM): On July 19th, Stellar announced that it has received accreditation as the first blockchain to be Sharia (Islamic law) compliant. Yesterday, the Central bank of Bahrain approved the Stellar project as Sharia compliant blockchain. From now on, all projects implemented by Stellar and its associate companies are automatically regarded as Sharia compliant. The certification enables Stellar to easily launch new products in the middle-east and gain quick adoption. Read more here. 

Our Forex Trading Plan

Ethereum. Considering the increase in competition faced by Ethereum, it is our choice of asset to trade in the Forex market. The price chart indicates resistance at 483. The next major support exists only at 365. Technically, the oscillator of moving average, which has crossed below zero reading, reflects a decline in momentum. Additionally, the cryptocurrency is also trading below its 50-day moving average. Therefore, we are expecting the ETHUSD pair to move down in the short-term.

To benefit from the downtrend, we are planning to go short in the ETHUSD pair near 420, with a stop loss order above 450. We would consider booking profit when the cryptocurrency pair declines to 365 levels.

Ethereum - Technical Analysis - 1st August 2018

 

Our Binary Options Trading Plan

Bitcoin Cash. Bitcoin Cash (BCH), which generally moves in tandem with Bitcoin (BTC) is the asset we wish to trade in the binary market. The BCHUSD pair has broken the support at 784. The next major support is only at 680. Additionally, the stochastic oscillator is also in the bearish zone. Therefore, we are expecting the BCHUSD pair to move down in the short-term.

Based on the analysis, we are planning to invest in a put option contract offered by a binary broker. We prefer to deal with a binary broker who offers us a contract, which is valid for a period of one week. Furthermore, the BCHUSD pair should be trading near $750 in the cryptocurrency market.

Bitcoin Cash - Technical Analysis - 1st August 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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