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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

eToro Market Update: Amsterdam Giveaway

NewsBTC
NewsBTC
4 years ago
4 mins read
market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

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

Ad discliamer

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Hi Everyone,

Not sure if you have any plans for next week, but if you are able to get away for a day or two, come join me in Amsterdam.

Yeah, it was short notice for me too, but it’s now been confirmed that I’ll be representing eToro and talking about the markets at TNW’s Hard Fork Summit.

Though I can’t get you a flight and hotel, I can likely get you into the conference for free. To apply for a free pass, please click this link and plug in your details. We only have a limited amount of tickets available so please only apply if you plan on attending.

Incidentally, I noticed a plethora of cheap roundtrip flights for those in the surrounding area. Hint hint to London, Germany, and France.

@MatiGreenspan – eToro, Senior Market Analyst

Today’s Highlights

  • Full Employment Achieved
  • Market Reactions
  • Crypto Greens

Please note: All data, figures & graphs are valid as of October 7th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The US jobs report out last Friday did indeed reveal some keen insight into the state of the economy even though the numbers were all over the place.

Let’s break it down…

The headline number, which shows how many jobs were added came in a bit shy of estimates. Overall, the addition of 136,000 jobs is a bit weak but not alarmingly so.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

What was seen as a setback is the average hourly earnings that came in at exactly zero percent, which is the lowest wage growth in two years.

What was most surprising though, is the unemployment rate, which is now at its lowest levels since 1969.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

How did the markets react?

The market reaction was surprisingly positive. Despite all the analysts who were saying before the announcement that the key figure to watch was the wage gain, it seems that after the number was produced many headlines conveniently turned their focus to the unemployment rate.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

Here we can see the markets taking a very risk-on attitude at the time of the announcement (purple circles). Stocks went up, gold and the Yen dropped, and US treasury bonds caught a bid at the market open.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

Crypto Greens

Bitcoin continued to test recent support levels over the weekend but as of this morning, the entire crypto market seems to be making a positive push. Here we can see that XRP, IOTA, and TRX are outpacing the rest of the markets on percentage gain today. All three of which seem to have seen significant technical progress recently.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

The September 24th crypto market drop did hit bitcoin harder than most of the altcoins, and it seems that since that day some of the altcoins have been outperforming in general. However, if we look at the entire market from the June peak, we can see that double-digit losses are pretty common.

market, trading, crypto, cryptocurrency, bitcoin, blockchain, ethereum, amsterdam, digital currency

So, while it’s nice to see a lot of green on the short term charts, we need to remember that a) this market is still very correlated and b) it could take some time for these staggering losses to be clawed back.

Hypothetically speaking, if we do continue to see bitcoin trailing the rest of the cryptos, and if indeed we see a retracement of some of these losses, we could have a nice case for a new altseason. For now though, we’re still deep in the muck.

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.

Image by Kirk Fisher from Pixabay
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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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