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eToro Market Update: Did Google Kill Free Press?

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Hi Everyone,

It might have been a small update, or a large one, we really have no way of knowing.

The end result is that after a June 6th update to Google’s artificial intelligence algorithms that select the news we see there’s been a massive shift in online traffic. Some websites are seeing their user stats surge to unprecedented levels while others saw their traffic plunge so deeply that they can no longer sustain the business.

One of the most reputable crypto news websites, CCN.com has been now been shut down. They’re pointing the finger of blame squarely on the tech giant whose well-known motto is “do no evil.”

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Even though it’s clear that some websites gained at the expense of others, I’m not entirely sure that I buy the ‘journalistic bias narrative’ alluded to in the above article but what is clear here is that big tech companies certainly have the ability to play kingmaker in many aspects of our personal lives and businesses.

It wasn’t long ago that these companies were the champion disruptors but looking now it seems that they might well be ripe for disruption themselves.

@MatiGreenspan – eToro, Senior Market Analyst

Today’s Highlights

  • Tear the VIX
  • Litecoin’s Fundamentals
  • Bitcoin’s Transactions

Please note: All data, figures & graphs are valid as of June 11th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The stock markets have been on a tear lately. By now several indices are just a spitting distance away from their all-time highest levels. Here’s a shot of the Dow Jones, which is just 3% away from breaking the latest funk.

google, bitcoin, crypto, search

As we’ve been discussing, the only thing that really matters are central banks and lately they’ve been extremely supportive.

That doesn’t mean investors aren’t nervous though. With all the geopolitical uncertainty and the latest jobs numbers flop last Friday, there’s plenty of reason for tension. This article explores some of the areas where tension is flaring up…

google, bitcoin, crypto, search

We can also see it quite clearly in the bond market, where yields have been tanking over the last few weeks.

What’s the old Buffett saying though?… Something about fearful and greedy. I forget.

It seems to me that markets are simply not pricing in risks properly. This could very well be due to the artificial suppression of interest rates over a prolonged period of time.

Some Litecoin Graphs

While the rest of the crypto markets were taking a nap yesterday, Litecoin decided to make a break for it and within moments reached a fresh high.

google, bitcoin, crypto, search

Many are saying that this sudden surge is solely due to the having event, which is now approximately 55 days away.

google, bitcoin, crypto, search

To me though, it seems like there’s a lot more to it than that. Litecoin has been a clear leader throughout the current bull run and its strong push off the lows in mid-December is arguably what kicked off this entire rally.

A large part of cryptoasset evaluation comes from the network effect. As Litecoin is the second most well-established network and has a very large and growing community it stands to reason that it is one of the leaders in the space.

Those type of things can be felt clearly on social media but we can also see a few of the strong fundamentals in these two graphs.

The first one is the transaction rate. We can see quite clearly the spike in transactions on the Litecoin blockchain during the peak of crypto summer, December 2017, but what I find more interesting is that the number of transactions remained very consistent throughout the crypto winter at around 20,000 transactions per day.

google, bitcoin, crypto, search

This stabilization in the transaction rate created a floor on the level of usage in this currency.

The second graph is the hashrate, which has been growing lately. Another major factor in crypto evaluation is the network’s ability to remain secure. As we can see, Litecoin’s hashrate is now at it’s all time highest levels.

google, bitcoin, crypto, search

At this point, the Litecoin network is second only to Bitcoin in network stability and security.

Bitcoin’s Transactions

While we’re already delving into blockchain transactions today, I also wanted to show that bitcoin’s transactions rate data is now a bit more reliable than it’s been over the last few months.

As you might recall, a company called Veriblock has been using Bitcoin’s main blockchain as a method for securing other blockchains. In February, it was estimated that more 30% of all BTC transactions were actually coming from Veriblock.

Thanks to research from The Block, we now have a graph that shows the percentage of Veriblock transactions over time. At least for now, it seems that the total is less than 10% of bitcoin transactions.

google, bitcoin, crypto, search

This could also explain the dip that we’ve been tracking in the TPS rate, which has backed away from all-time highs lately.

google, bitcoin, crypto, search

Let’s have an amazing day ahead!

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)

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Cryptocurrencies price prediction: Bitcoin, Ethereum & TRON – European Wrap – 17 October

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Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Ethereum market update: ETH/USD recovery capped by $178.00

ETH bottomed at $171.90 on Wednesday. By the time of writing, the second largest coin recovered to $176.78, however, the upside momentum is too weak to allow for an extended recovery towards critical $180.00. ETH/USD has gained 1.2% since the beginning of the day amid global recovery on the cryptocurrency market led by Ripple’s XRP.

Ethereum

TRON price analysis: TRX/USD crashes to 14th place on CoinMarketCap

At the time of writing, TRX/USD is changing hands at $0.0148. The coin has lost over 6.5% in recent 24 hours, and the downside momentum is still growing. Currently, TRON takes 14th place in the global cryptocurrency market rating, losing three positions to Monero (XMR), Cardano (ADA) and LEO. The total market value of Tron reduced to $983 million; an average daily trading volume registered at $626 million.

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China is Even “Closer” to Launching its Own Cryptocurrency

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While Libra is fighting obstacles, China is on the track to release its own crypto.

While Libra is fighting obstacles, China is on track to launch its own cryptocurrency. 

Cryptocurrency and China: closer and even closer. In August, the country said that its own token is just around the corner. The recent reports reiterate this “closeneness.” 

To be fair, China’s efforts are remarkable. Why? Because the country has banned and re-banned crypto. As a result, 88 Chinese cryptocurrency-exchanges closed. 85 projects for the initial placement of tokens seized to exist.

At the same time, in March 2019, the People’s Bank of China refused to recognize cryptocurrency as a means of payment, referring to its unreliability. However, it seems like it is a matter of who actually owns the cryptocurrency — the Chinese government or someone else. Thus, in August China’s central bank announced it is going to launch CBDC very soon.

It seems that the continuously worsening trade war between the U.S. and China only encourages this project.

What will be the main features of China’s crypto?

The CBDC coin will have a 2 level structure due to the country’s complicated economy. Mu Changchun, Deputy Chief of the People’s Bank of China (PBOC) explained, “The People’s Bank of China is the upper level and the commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of the digital currency.”

He also mentioned that CBDC’s design will to some extent replicate Libra. And it will handle 30.000 transactions per second.

CBDC will be supported by Alipay and accessible through WeChat. Curiously, Alipay officially advised a few days ago they will ban any crypto payments.

The soon-to-be launch has generated a lot of opinions. In particular, Ripple’s CEO, Brad Carlinghouse believes it should be “a call for action for the US” if they want to remain a leader in the cryptocurrency industry.

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Which Cryptocurrency Should I Invest in 2019?

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What is the best cryptocurrency to invest in 2019? Lots of new and existing crypto investors ask this question. There are so many cryptos to invest in, but many analysts recommend investing in the oldest cryptocurrency in existence. If you have heard of digital currency, then Bitcoin must be the first you would come across. Its dominance is the highest in the market. If the coin continues to rise, it may just be the best cryptocurrency to invest in 2019.

Why you should invest in Bitcoin

Bitcoin price changes every day and it has seen several lows and highs in the last couple of years. BTC price went from $76 to $20,000 in a massive bull run in December 2017. After reaching this point, the coin dropped again to $6,000 and picked up again in April 2019. Since this time, it has fluctuated up and down.

With such a volatile market, how can you pick an excellent time to invest in Bitcoin? Here are some ways to find out:

One event was when BTC was split into 2 cryptos – Bitcoin and Bitcoin Cash. The investors who took advantage of this opportunity made huge profits while doubling their investments.

BTC price dropped a while later and investors panicked and sold off their Bitcoin which pushed the price below $10k. Bitcoin is the best long-term crypto investment you can make in 2019. Now is the best time to buy since there are only a few BTC left to be purchased. Also, BTC is the most secure investment of crypto and it also controls the market to a large extent.

In addition, the technical competence of bitcoin with Schnorr signatures, Segwit, MAST, Bulletproofs, MimbleWimble, Confidential Transactions, Drivechains, Sidechains, and Lightning Network is on the rise. All these factors come together to make it hard for other cryptos to catch up.

How to invest in bitcoin

You can buy Bitcoin from popular crypto exchanges such as Binance and Coinbase. The process is easy and you can easily store it in so many wallets on the web or even hardware wallets. It is an excellent time to have Bitcoin in your portfolio and it can take up 40-50% of the crypto portfolio.

However, if you want to venture into a Bitcoin investment, you need to remain updated with the latest trends and news around BTC. Most times, when there is new information about technical improvement in BTC, it may be a good time to buy. Another good time to buy is when the price of Bitcoin crashes because it is a good opportunity to buy at a low price.

If you haven’t invested in cryptos at all, then starting with BTC is the best option. Despite missing the first opportunity to buy bitcoin when it was cheap, investing now is still an excellent idea.

Investing in cryptos generally can be profiting. However, it means that you must also be ready to lose money. All the expert predictions in the world can not be correct all the time. No one in the space truly knows what will happen to the price of a cryptocurrency.

The best advice to heed when it comes to investing is only investing money that you aren’t afraid to lose. Keep this in mind before investing in any cryptocurrency.

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