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eToro Market Update: From Solid to Strong

NewsBTC
NewsBTC
6 years ago
4 mins read
dollar, litecoin, china, brexit, crypto, markets, cryptocurrencies, analysis, etoro, markets, china, usa, trump

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Hi Everyone,

We’re gonna keep the brief, brief today as I’m about to hop on a plane over to London.

Will be staying fairly central for the next week and probably won’t stray far from Piccadilly, so if you’re in the neighbourhood feel free to hit me up on eToro, Twitter, or LinkedIn.

@MatiGreenspan – eToro, Senior Market Analyst

Today’s Highlights

  • China Stocks Slide
  • From Solid to Strong
  • XRP Spike

Please note: All data, figures & graphs are valid as of August 2nd. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Now that a lot of the big companies have reported their quarterly earnings, markets may return their attention to the trade war.

Helping them retain focus…

etoro, crypto, trading, markets, japan, china, USA, trump

Chinese stocks are melting at the moment with the China50 down a massive 5% today.

etoro, crypto, trading, markets, japan, china, USA, trump

Fed Upgrade + BoE on Deck

As expected the Fed meeting yesterday flew way under the radar. No change was made to interest rates or monetary policy. However, the did upgrade their outlook on the economy from “solid” to “strong.”

So continues the dissonance that we highlighted in Monday’s market update (entitled: Cupcakes & Rainbows).

Up next is the Bank of England who for the first time since November 2nd are expected to adjust their interest rates.

The economy isn’t doing particularly well but it does seem that the BoE is in a bit of a jam and may need to do something to firm up monetary policy.

The Pound Sterling has weakened significantly since the highs experienced earlier this year and, given the tight downward channel, Governor Carney will have to tread very carefully going forward.

etoro,crypto, trading, markets, usa, trumph, china, japan

 

XRP Spike

Yesterday we saw a nice little pop in Ripple’s XRP token. The reasons for some people to be bullish are pretty clear at the moment.

etoro, markets, trading, blockchain, japan, china, US

 

What isn’t clear is the suddenness of the spike. Using hindsight analysis, we can see that the move was building up throughout the morning (purple circle). Once it passed 0.4375 per token, things accelerated quite rapidly leading to a 6% surge in the span of an hour.

It even took XLM along for the ride…

etoro, markets, trading, crypto, trump, china, japan, us

Nobody can really say for sure but there are a lot of theories floating around that some large banks might be stress testing the system for much wider adoption. Though the transaction numbers are declining, it is entirely possible that someone is accumulating some XRP reserves.

We’ll need to keep tracking Ripple’s main blockchain over the next few days to see if we can notice any increased activity.

Wishing you an amazing day ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. 

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

About the Author: Mati Greenspan is a Senior Market Analyst at eToro

Connect with Mati on….

eToro: http://etoro.tw/Mati  | Twitter: https://twitter.com/matigreenspan | LinkedIn: https://www.linkedin.com/in/matisyahu/  | Telegram: https://t.me/MatiGreenspan | Office Phone: +44-203-1500308 (ext:311)

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC 
or any of its team members. NewsBTC is neither responsible nor liable for the accuracy of 
any of the information supplied in Sponsored Stories/Press Releases such as this one.
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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