The Leading Cryptocurrency Stories for 7th May 2018

The Leading Cryptocurrency Stories for 7th May 2018
May 7, 2018

JP Morgan Chase was one of the sharpest critics of Bitcoin and cryptocurrencies. Its CEO Jamie Dimon had called Bitcoin a fraud. Last month, a lawsuit was filed on the financial institution accusing it of overcharging clients who had used its credit card to invest in cryptocurrencies. However, to the surprise of crypto enthusiasts, last week, the US Patent and Trademark Office revealed the bank has filed an application for a blockchain technology based system to track payments sent between financial institutions. The patent highlights the double standards of JP Morgan Chase.

Despite the negativity spread by some investors, blockchain technology continues to grip executives with FOMO, which stands for “fear of missing out”, a crypto lingo. The latest executive to put down paper to join a blockchain technology firm is Priyanka Lilaramani, an ex-director of Goldman Sachs for 11 years. She has recently joined as a CEO of HOLD, a card company enabling its users to get a loan quickly based on their crypto portfolio. Likewise, three top analysts at BlackRock Corp., a $6.3 trillion investment firm, have quit their jobs to create a venture capital firm named Eterna Capital. The $20 million Venture Capital fund is guided by Andrea Bonaceto, the mastermind behind the recruitment platform HiredGrad online.

The eagerly awaited ICO of Telegram messenger has been put off, after the company raised $1.70 billion in its pre-sale. The company plans to build Telegram Open Network (TON), a blockchain based platform to facilitate payments, censorship free browsing, file storage, and decentralised apps. The heightened scrutiny of SEC and the privacy offered by Telegram is considered as a major reason for Telegram to suspend the ICO. Cryptocurrency investors, eager to grab a share of one of the largest investment opportunities, are disappointed by Telegram’s abrupt decision to retreat from the planned ICO. The messenger app has more than 200 million users, but is banned in Russia and Iran.


Bitcoin (BTC)

Warren Buffett, the legendary investor, and his partner Charlie Munger, has always believed that Bitcoin is a bad investment. During the annual shareholder meeting of Berkshire Hathaway, Buffett once again claimed that the cryptocurrency is a nonproductive asset and has no intrinsic value. His partner Munger said “To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.” However, the uncrowned king of cryptocurrency is steadily moving forward. Most analysts believe Bitcoin will break above historic high in the second half of this year. The cryptocurrency briefly touched $10,000 mark yesterday, before selling pressure pushed it back below $9,500 levels. Read more here. 


VeChain (VEN)

Renowned accounting powerhouse Pricewaterhouse Coopers (PwC), with $36 billion in annual revenue and 220,000 employees, has acquired a stake in the blockchain technology company VeChain (VEN / VET). VeChain is an enterprise focused blockchain based supply chain management platform,  which can help prevent counterfeit products. VeChain network is made up of blockchain, unique IDs and NFCs (near field communication) and IoT (Internet of Things) devices. The company is launching its mainnet in June. VEN token is considered to be one of the most promising cryptocurrencies in 2018. Read more here. 


Cardano (ADA)

The blockchain, generally considered as an upcoming competitor of Ethereum, has signed a Memorandum of Agreement with the Ethiopian government. Under the partnership, Cardano’s blockchain network will be used by the agricultural sector in Ethiopia to improve productivity. Furthermore, Cardano team will train budding developers in the country. The developers are expected to start using the platform in 2018. Read more here. 


Our Forex Trading Plan

Bitcoin. The chart below clearly indicates the consolidation of Bitcoin (BTC) at 8800 levels. The stochastic oscillator is in the bullish zone. Furthermore, the cryptocurrency is moving along the ascending trend line, which acts as a support. Therefore, we can expect the bullishness to continue in the short-term.

To gain from the uptrend, we may invest in the BTCUSD pair, through a Forex broker. The preferred entry and stop loss levels are 9200 and 8700. After the long position is opened, we will place an order to exit at or near 10,900.

BTCUSD - Technical Analysis - 7th May 2018


Our Binary Options Trading Plan

Dash. Dash (DASH) faces severe resistance at 540 levels. The histogram reading of the oscillator of moving average has turned negative and the next known support exists only at 380. Therefore, we are expecting the private and anonymous cryptocurrency to undergo a correction in the short-term.

To gain from the downtrend, we are considering investing in a put option contract, which remains active until May 15th. Furthermore, the contract offered by a suitable binary broker may be acquired by us only if Dash trades near $480 in the cryptocurrency market.

Dash - Technical Analysis - 7th May 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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