Latest posts of: FXOpen Trader

Bitcoin Hits July Low

The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:

also loses in court against Binance, Coinbase;
approves Black Rock's Bitcoin ETF application.

Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.

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Watch FXOpen's July 10 - 14 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: USD/CHF, UK STOCK MARKET, S&P 500 PRICE DROP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

Market Analysis: What to expect from the upcoming reporting season
Market Analysis: Trials for the UK stock market continue
CNBC Pro Poll: Strategists see S&P 500 price drop before year-end
USD/CHF Analysis: Swiss franc strengthens to 2020 pandemic levels

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XRP Is Not a Security!

The ruling was announced by Judge Analisa Torres of the Southern District of New York. The litigation that lasted more than three years between the US SEC regulator and Ripple Labs ended in favor of the latter, to the great joy of the entire cryptocurrency community.

The head of Ripple Labs, Brad Garlinghouse, thanked everyone who helped the company win the lawsuit. And the Coinbase exchange announced that the XRP token will be allowed to trade again.

The price of the XRP token rose sharply in price against the backdrop of a positive court decision (we pointed out the likelihood of this event back in winter), while:

→ the capitalization of Ripple exceeded $40 billion;

→ “shortists” (those who bet on the price decrease) lost about $31 million, as evidenced by the total data on the liquidation of positions on the largest cryptocurrency exchanges;

→ the sharp rise in the price of the XRP token led to an increase in the price of BTC/USD, ETH/USD and other cryptocurrencies.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Standard Chartered Predicts Bitcoin at $120k

The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.

Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.

Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.

Compare 2 periods when the price of bitcoin exceeded USD 30k.

In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.

And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Watch FXOpen's July 3 - 7 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: TSLA STOCK, USD/JPY, NASDAQ, FTSE 100 DROPS

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

Market Analysis: Wall Street optimistic ahead of inflation news
TSLA Stock: Price Chart Analysis. The bull market continues...
Market Analysis. USD/JPY: Calm before the storm?
NASDAQ Analysis: Index Is at 1-year High! Is It Sustainable?
Market Analysis: FTSE 100 drops below June low. What gives hope to the bulls?

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The Price Has Updated the High of the Year, What's Wrong With That?

In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:

→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.

Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).

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Watch FXOpen's June 26 - 30 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP/EUR, AAPL ALL-TIME HIGH, GOLD DROP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

Market Analysis: Yield curve and stock market downside risks. Alarming signals?
GBP/EUR Analysis: GBP makes a sudden dip against EUR. Is a recession finally looming, or is it just a blip?
Market Analysis: AAPL share price hits all-time high. Will we see the company's capitalization reach USD 3 trillion?
Market Analysis: What made gold drop to 3-month low?

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The Price of Bitcoin Updates the Maximum of the Year, What's Next?

After skyrocketing last week for the 3 reasons we wrote about earlier, the price of bitcoin hit a 2023 high on Friday, surpassing USD 31,400 per bitcoin. This was facilitated by the news that the SEC approved the first exchange-traded fund (ETF) of bitcoin futures with leverage.

In April, the bulls were already above the psychological level of USD 30k per bitcoin, but after that a pullback followed, culminating in the price dropping below the psychological level of USD 25k per bitcoin. The BTC/USD market once again emphasized the emotionality of its participants — this is how you can interpret the tendency of the bitcoin exchange rate to the US dollar to make reversals after the breakdown of psychological levels.

What will happen next? Will the price of bitcoin follow the June breakdown according to the rollback scenario that was realized after the April breakdown? The probability of this is indicated by the bearish SHS patterns (head-and-shoulders), which formed when the price of bitcoin exceeded the level of 30k. You may also have deja vu, as the 2 peaks above 30k in 2023 resemble the 2 peaks (in April and November) above 60k in 2021.

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Watch FXOpen's June 19 - 23 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson : USD/JPY, FTSE 100 ON DECLINE, INTC SHARES UP, GBP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

Market Analysis: INTC shares up 16% in just one week. What’s the reason?
GBP Analysis: What is the next move for the pound? One-year high begs the question
Market Analysis: USD/JPY at the high of the year
Market Analysis: FTSE 100 on decline, reacting to news about inflation in the UK

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Why the Price of Bitcoin Rose to USD 30k

Yesterday, the BTC price topped USD 30k for the first time since April. There may be several reasons, among them:

→ Powell's speech to lawmakers on Capitol Hill yesterday. The Fed chief said further rate hikes are a pretty good guess as to where the Fed is heading. The dollar index reacted to his hawkish statement with a fall. At the same time, it pushed up the bitcoin rate against the dollar. In addition, Powell paid tribute to cryptocurrencies, saying that they are stable and adding that the Fed views stablecoins as a form of money;

→ after the negative news background related to the Fed lawsuits, positive events followed, indicating the interest of institutional firms in the US in the crypto market. For example, the BlackRock fund (more than USD 8 trillion under management) filed an application last week to launch an ETF based on bitcoin. And a new cryptocurrency exchange, EDX Markets, backed by Citadel Securities, Fidelity and Schwab, has gone live;

→ change in the balance of supply and demand in the market after the price of bitcoin breaks through the psychological level of USD 25k.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

BTCUSD Analysis: Positivity Has Returned to the Markets, But for How Long?

The price of bitcoin is rising to the highs of June after a sharp drop that happened due to SEC lawsuits against the Binance and Coinbase exchanges.

Fortunately for crypto investors, the situation did not go according to the worst-case scenario. The court did not freeze Binance.US funds, giving the regulator and exchanges the opportunity to find a compromise. But if it does, what kind of compromise will it find and when? It is not surprising that we will be able to witness the massive relocation of crypto companies from the US:

→ To the UK. This week, the House of Lords of England approved the FSMB cryptocurrency regulation project, which has been under consideration since June 2022. Now the document must be approved in Parliament and sent to the king for signature. This month, by the way, venture capital firm a16z announced plans to open its first office in London later this year, citing a more predictable business environment.

→ To the UAE. VARA, the world's first independent regulator of virtual assets, operates there. As of January 2023, there were over 500 cryptocurrency startups operating in Dubai.

→ To Hong Kong, where the Securities and Futures Commission (SFC) approved a loyal licensing regime for virtual asset trading platforms.

→ To Europe, where the principles of regulation of the cryptocurrency market are laid down in Markets in Crypto Assets (MiCA).

Meanwhile, the bitcoin chart shows that the market has formed a false breakout of the USD 25k psychological level. We wrote about this option on June 15th.

Watch FXOpen's June 12 - 16 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: USD/CNH, MSTF ANALYSIS, FED'S DECISION.

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

Market Analysis: Wall Street optimistic ahead of inflation news
USD/CNH reaches year-to-date high
MSFT analysis: Will Microsoft rally now the acquisition is off the table?
Market reaction to the Fed's decision.

What became known at Powell’s press conference.

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BTCUSD Analysis: Bears Attack the Psychological Level

Last night, the price of bitcoin fell below USD 25k for the first time since mid-March. And the bitcoin chart this morning shows sellers breaking through yesterday's low.

There can be two fundamental reasons for the dominance of sellers:

→ yesterday's press conference of the head of the US Federal Reserve (more details in the next post);

→ claims against the Binance and Coinbase exchanges by the US SEC regulator, which declared about 60 crypto assets as securities.

BTCUSD Analysis: Clients Fleeing Binance

According to various estimates, from USD 2.36 billion to USD 3.35 billion was withdrawn from the largest cryptocurrency exchange in 1 week. The head of the exchange, Changpeng Zhao, said that the drop in the balance could be exaggerated due to the depreciation of cryptocurrencies against the dollar, but fears are growing.

Hearings will be held today to freeze the assets of the Binance.US exchange in a lawsuit filed by the SEC. By the way, Binance also received a complaint from regulators in Nigeria, a country leading in the adoption of cryptocurrencies in Africa.

Cryptocurrency market enthusiasts are given hope by a bill introduced yesterday by Congressmen Warren Davids and Tom Emmer, which involves the restructuring of the SEC and the dismissal of its head, Gary Gensler. However, believing that this will happen may be too naive.

In one week after the lawsuits from the SEC, the market capitalization of crypto decreased by approximately USD 75 billion. The decline leaders are crypto assets that the SEC classified as securities - ADA, BNB, MATIC and others - about 60 assets in total. Fortunately for enthusiasts, ETH and BTC are not among them.

Watch FXOpen's June 5 - 9 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson : PRICE OF BRENT OIL, S&P-500 , AAPL ANALYSIS, NATURAL GAS

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

The price of Brent oil rises after Saudis’ decision. “This market needs stabilisation,” Saudi Energy Minister says
S&P-500: historical imbalance. Why is it dangerous?
AAPL Analysis: ‘Zombies’ take a big bite of Apple. All-time high over already?
Natural Gas Analysis: Third lowest value of the year about to be fuelled by optimism?

The Crypto Market Is Under Pressure Due to SEC. Apart from This Coin

This week, the financial regulator SEC launched an attack on the cryptocurrency industry, suing the Binance and Coinbase exchanges, while classifying a number of popular coins as securities. As a result, since the beginning of June:

→ the price of bitcoin decreased by approximately 2.2%;
→ the price of Ethereum decreased by approximately 1.8%;
→ the price of BNB, the native token of the Binance exchange, has decreased by approximately 16%.

However, if we look at the Ripple chart today, we will see that the price of XRP has risen by about 2.5% since the beginning of the month. The fact is that Ripple has been in a state of litigation with the SEC since December 2020 (the commission also considers XRP a security). And the latest claims of the regulator have a lesser effect on the XRP exchange rate against the US dollar.

Moreover, rumors are circulating that the SEC has a presentiment that it can lose in a dispute with Ripple. And therefore, with new lawsuits against Binance and Coibase, it is trying to influence the decision in the case with Ripple, to reduce reputational risks.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

BTC/USD Analysis: Test of an Important Breakout Amid Scary News

The cryptocurrency market is shaken by claims from the SEC. The lawsuits by the US financial regulator against the world's largest cryptocurrency exchange Binance and its head Changpeng Zhao have added to the lawsuits against the Coinbase exchange, whose shares are traded on Nasdaq. In response, Coinbase representatives said that the exchange has no plans to ban the trading of crypto assets that the SEC considers securities, and does not plan to phase out staking services.

Cryptocurrency market participants anxiously monitor incoming news:
→ Hearings are scheduled for June 14 on the SEC request to freeze Binance.US assets.
→ A division of Binance.US has drastically reduced the number of cryptocurrency pairs available for trading.
→ Coinbase does not see the risk of losing customers or banking partners; the exchange has more than $5 billion on its balance sheet, available to maintain operations and pay legal fees.

Market Analysis: "Black Monday" for Crypto Community

On June 5, it became known that the SEC filed a lawsuit against the largest cryptocurrency exchange Binance, collapsing the price of bitcoin and other cryptocurrencies.

Here is the essence of claims:

→ improper handling of customer funds,
→ misleading investors and regulators,
→ violation of the law on activities with "unregistered securities” — the stablecoins of the BUSD exchange, the native BNB token, as well as a number of cryptocurrencies.

In addition, a lawsuit was filed against the head of the Binance exchange, Changpeng Zhao, who hastened to reassure customers: do not give in to fears, the exchange continues its work.

NASDAQ 100 Overtakes Bitcoin

This is how prices for popular exchange-traded assets changed from March 1 to May 31:
→ The price of the NASDAQ 100 increased by almost 20%
→ The price of the S&P-500 increased by almost 6%
→ The price of gold increased by almost 7%
→ The price of bitcoin increased by almost 14%
→ The price of Ethereum increased by almost 12%

For a long time, cryptocurrencies were the leaders of the spring market, but in May, the NASDAQ-100 made a sharp leap upwards, thanks to the soaring of the NVDA share price and the hype around artificial intelligence (AI).

What will happen in summer?

According to Citigroup analysts, there is a risk that the rally in US technology stocks will end as investors want to take profits.

Perhaps the hype around AI will decrease, as its widespread adoption should take time. Barclays analysts note that past game-changing technologies took several decades to show up at the level of the entire economy. Take electricity, automobiles, and refrigeration, for example – US labor productivity skyrocketed in the 1950s, 3-4 decades after these technologies were introduced.

XRPUSD Analysis: White Marubozu Pattern above $0.4462

Ripple price continues its bullish momentum after touching a low of $0.4462 on May 25. Strong upsides are located in the range of $0.5200 and $0.5500.

On the hourly chart:

We can clearly see a white Marubozu pattern above the $0.4462 handle, which indicates a bullish trend.
The relative strength index is at 66.22, which signifies a strong demand for Ripple at the current market prices and the continuation of the buying phase in the market.
Moving averages signal an upwards price movement at the current market level of $0.4992.
The STOCHRSI is in the oversold area, indicating buying pressure and bullish sentiment.
Ripple is now trading just below its pivot level of $0.5006. It’s facing its classic resistance at $0.5021 and a Fibonacci resistance at $0.5043, after which it will be able to move towards $0.5200.
A moving average bullish crossover is seen with AMA20 and AMA50.