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(+) Asian Market Update – Friday: Coins Plummet; Asian Stocks See Moderate Gains


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(+) Asian Market Update – Friday: Coins Plummet; Asian Stocks See Moderate Gains

The post (+) Asian Market Update – Friday: Coins Plummet; Asian Stocks See Moderate Gains appeared first on CCN
The post (+) Asian Market Update – Friday: Coins Plummet; Asian Stocks See Moderate Gains appeared first on CCN

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Falling

The sky is falling for bitcoin cash.

All the main coins tumbled on Friday morning, with major losses seen in ethereum, litecoin bitcoin, and bitcoin cash.

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Litecoin saw the largest drop as of midday Friday. The cryptocurrency was down 19 percent to $252. On Coinbase, litecoin dropped to as low as $202 right before midday. So far this week, litecoin prices has lost over 30 percent, following a 111 percent gain in the previous week.

Ethereum also saw heavy losses Friday morning, trading down by 18 percent to $655 after midday in Hong Kong. The virtual currency dropped to a low of $620 in earlier trading.

Bitcoin extended losses for a sixth consecutive day on Friday morning, losing 15 percent to $13,400 after midday in Asia. On Coinbase, the virtual currency dropped to as low as about $12,710 at one point. Since Sunday, bitcoin has lost about 30 percent, which is a correction, but still not an extreme move for the highly volatile bitcoin.

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Bitcoin cash also plunged 37 percent on Friday morning to below $2,000 after midday. The price of bitcoin cash lost 17.8 percent on Thursday, following a 36.3 percent gain on Wednesday.

Main Market Movers – Mid-day Asian Trading Session

IndexesValue at MiddayDaily Change
Japan- Nikkei 22522,8650.00%
China-Shanghai Composite Index3,3030.11%
Hong Kong –Hang Seng29,4440.26%
South Korea-KOSPI2,478-1.96%
Australia-ASX 2006,0710.19%
S&P 500 E-Mini Futures2,6900.10%

Major Asian equity markets posted fractional gains on Friday, while stocks in South Korea tumbled and the Nikkei remained flat.

In South Korea, the Kospi lost 1.96 percent to 2,478 at midday. Though tensions on the Korean Peninsula have been stable, South Korea’s relationship with China have soured after the deployment of the US THAAD anti-missile defense system earlier this year. Companies that have major business operations in China, including supermarket operator Lotte Group have suffered badly as a result. The tourism and retail sectors in South Korea have also taken a hit as a result of much lower numbers of Chinese tourists, after Chinese tour operators were banned from organizing trips from South Korea.

In Japan, the Nikkei 225 Index hovered around the flat line at 22,865 at midday, even though the Japanese government on Friday morning approved a budget with record high government spending for next year, expected to further boost economic growth in the Land of the Rising Sun.

On the Chinese mainland, the Shanghai Composite Index edged up 0.11 percent at midday on Friday to 3,303. In Hong Kong, the Hang Seng Index moved up 0.26 percent to 29,444 as of midday.

Down under, the ASX 200 was up 0.19 at 6,071 after midday.

The S&P 500 E-Mini Futures was up 0.20 percent to 2,690.

Markets were also digesting the passage of the US tax bill in Congress, which is now expected to be signed into law by President Trump on January 3. Additionally, the US economy grew 3.2 percent in the third quarter, though that’s still below the expected 3.3 percent. Growth appears to remain robust in the world’s largest economy.

Currencies

The Japanese yen was flat against the US dollar at midday Friday, changing hands at 113.32 per dollar.

The Chinese yuan firmed 0.17 percent against the US dollar at 6.6520 per dollar.

The Australian dollar also firmed 0.12 percent on the dollar, changing hands at 1.2966 per dollar at midday.

Commodities

WTI Oil was down 0.03 percent to $58.19 per barrel at midday on Friday.

Brent Crude was up 0.14 percent to $64.82 per barrel.

Gold lost 0.05 percent to $1,265 an ounce.

News across Asia

In China, the Ministry of Commerce on Thursday protested a decision from the EU to change a “non-market economy list” on its anti-dumping laws to “significant market distortion,” which would make it easier for the EU to launch anti-dumping investigations against Chinese product. The Chinese commerce ministry said the decision is “unfair” and “runs counter to WTO rules.”

Take away: Though China-EU trade ties have been largely stable, apart from disputes in the steel and solar panel sectors, the tension is certainly rising and could jeopardize future cooperation.

In Japan, the Japanese government approved a record spending of $860 billion for fiscal year 2018/19 on Friday. Coupled with its decision on Thursday to leave the low borrowing costs unchanged, the move points to the Japanese government’s determination to further boost economic growth in the new year.

Take away: Though economic conditions have been improving for the world’s third-largest economy, constantly missed inflation targets pose challenges for the BOJ.

Featured image from Pixabay.

Disclaimer: The author owns bitcoin, ethereum and litecoin. He holds investment positions in the coins, but does not engage in short-term trading.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

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Asian Market Update – Thursday: Bitcoin cash tumbles as other coins gain; Asian stocks mixed

Market Overview

Asian Market Update – Thursday: Bitcoin cash tumbles as other coins gain; Asian stocks mixed

Published

1 day ago

on

December 21, 2017

By

Fredrik Vold

Sunrise

Bitcoin cash failed to maintain the strong upswing.

The prices of main cryptocurrencies were in a mixed mode on Thursday morning in Asia, as prices of bitcoin, ethereum and litecoin posted moderate gains, while bitcoin cash tumbled.

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The upswing was led by bitcoin, which saw its price surge by 3.60 percent to $17,090 at midday on Thursday. Bitcoin price been down every day of the week this week, losing about 16 percent since its all-time high on Sunday.

Litecoin also surged 3.47 percent to $316 at midday on Thursday. Litecoin has been down for the past two days, losing about 15 percent.

Ethereum edged up 1.45 percent to $814 at midday, after a loss of about 3 percent Wednesday.

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Bitcoin cash, which posted huge gains on Wednesday, tumbled on Thursday morning. As of midday, bitcoin cash was down 8.31 percent to $3,411. Bitcoin cash gained about 40 on Wednesday, which marked the fourth straight day of strong gains.

Main Market Movers – Mid-day Asian Trading Session

IndexesValue at MiddayDaily Change
Japan- Nikkei 22522,889-0.01%
China-Shanghai Composite Index3,3030.48%
Hong Kong –Hang Seng29,3800.50%
South Korea-KOSPI2,478-0.13%
Australia-ASX 2006,060-0.24%
S&P 500 E-Mini Futures2,6830.07%

Major Asian equities continue to be in a largely muted mode on Thursday morning, though stocks on the Chinese mainland and Hong Kong were up slightly higher. The US Congress has passed the tax reform – the biggest overhaul of US taxes in 31 years.

On the Chinese mainland, the Shanghai Composite Index edged up 0.48 percent at midday on Thursday to 3,303. In Hong Kong, the Hang Seng Index moved up 0.50 percent to 29,380 at midday.

The S&P 500 E-Mini Futures was up 0.20 percent to 2,690.

Despite the good news from the US, stock markets in Australia, South Korea and Japan were down slightly Thursday morning.

Down under, the ASX 200 was down 0.24 at 6,060 at midday.

In South Korea, the Kospi was down 0.13 percent to 2,478 at midday.

In Japan, the Nikkei 225 Index was off a slight 0.06 percent to 22,853 at midday.

The US congress on Wednesday passed the tax overhaul bill in both the Senate and the House of Representative, paving the way for the final signing of the bill into law by President Donald Trump. As a result, 80 percent of American taxpayers will face lower rates in 2018, while the biggest cuts will go to big corporations and the rich, according to US media.

However, concerns over the US government debt is growing because the bill does not offer a solution to offset the tax cuts that it has offered.

Currencies

The Japanese yen was down 0.04 percent against the US dollar at midday Thursday, changing hands at 113.43 per dollar.

The Chinese yuan firmed 0.15 percent against the US dollar to 6.6572 per dollar.

The Australian dollar also firmed 0.02 percent on the dollar, changing hands at 1.3041 per dollar at midday.

Commodities

WTI Oil was up 0.02 percent to $58.02 per barrel at midday on Thursday.

Brent Crude was down 0.14 percent to $64.39 per barrel.

Gold gained 0.21 percent to $1,267 an ounce.

News across Asia

In China, a key economic policy meeting has set the tone for China’s policy direction for 2018, singling out three priorities: fending off financial risks, eradicating poverty and reducing pollution. While the priorities had been previewed previously in top policymakers’ speeches and documents, the Central Economic Work Conference made it official and local governments will now follow.

Take away: The priorities signal that financial regulations will continue to be strengthened in 2018, and the Chinese government is more tolerant toward slower GDP growth in pursuit of higher-quality development.

In Japan, the country’s central bank kept its ultra-easy monetary policies steady, even though the Japanese economy has shown solid growth momentum this year. After a two-day policy meeting, the Bank of Japan left its 0.1 percent interest rate unchanged.

Take away: As economic conditions improve, the decision to maintain ultra-easy monetary policy could create problems for the BOJ to meet its inflation target of 2 percent.

Featured image from Pixabay.

Disclaimer: The author owns bitcoin, ethereum and litecoin. He holds investment positions in the coins, but does not engage in short-term trading.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

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Market Overview

U.S. Stocks Slip as House Gives Final Approval of Tax Bill

Published

2 days ago

on

December 20, 2017

By

Sam Bourgi

U.S. stocks headed for a second day of losses Wednesday, as investors shrugged off Congress’ final approval of new tax legislation.

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Stocks Struggle for Momentum

Equities declined for a second straight session, with the S&P 500 and Dow Jones Industrial Average finishing slightly lower.

The S&P 500 ended down 0.1% at 2,679.25, with six of 11 sectors finishing in negative territory. Utilities stocks were among the hardest hit, falling 0.8% as a sector. Consumer staples ended down 0.5%.

Losses in these sectors offset brisk gains in energy and telecommunication services, which rose 1.4% and 0.6%, respectively.

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The Dow finished 0.1% lower at 24,726.65. Meanwhile, the technology-heavy Nasdaq Composite Index pared losses to finish relatively flat at 6,960.96.

A measure of 30-day volatility known as the CBOE VIX declined for the first time in three days. The so-called “fear index” fell 3.1% to close at 9.72. Vol briefly fell below 9.00 in intraday trade, which put it on course for one of its lowest settlements ever.

GOP Celebrates Tax Reform

The Trump administration is celebrating its largest legislative achievement after the House of Representatives gave final approval Wednesday of a new tax bill. The Tax Cuts And Jobs Act introduces sweeping changes to the tax law, including a sharp reduction in corporate taxes and a deduction to many pass-through businesses.

The tax bill was approved by the House for a second time in a vote of 224-201. No Democrats backed the bill.

Earlier in the day, the bill was approved by the Senate in a party-line vote of 51-48.

GOP lawmakers joined President Trump at the White House Wednesday afternoon to celebrate the new legislative achievement.

“It’s always a lot of fun when you win,” Trump said at the ceremony on the White House lawn. “It’s really — it’s simple. When you think you haven’t heard this expression — we are making America great again,” he said.

Economic Data

On the data front, U.S. existing home sales shot up more than expected last month, a sign that a robust labor market was boosting demand for real estate.

The National Association of Realtors (NAR) reported Wednesday that existing home sales rose 5.6% in November to a seasonally adjusted 5.81 million units. That was well above forecasts calling for a 0.9% increase and the highest level in over a decade.

Lawrence Yun, NAR chief economist, said the gains were largely attributed to “faster economic growth in recent quarters, the booming stock market and continuous job gains.”

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On Thursday, the Commerce Department will issue revised Q3 GDP numbers. The report is expected to once again show annualized growth of 3.3% in July-September, confirming the fastest expansion in three years.

Friday is the most active session from a data perspective, with reports on durable goods orders and personal spending set for release.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

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Market Overview

Redistribution of Crypto Profits

Published

2 days ago

on

December 20, 2017

By

Mati Greenspan

Looks like we’ve got a pullback coming in on the Crypto market at the moment with many coins down 10% or more off of their all-time highs.

// — Discuss and ask questions in our community on Workplace.

This market is risky and hard to predict in the short term so we can’t really know if this pullback will get much deeper or be reversed within the next few hours.

With that said, many of you who already have significant profits may be wondering just how to redistribute them into a more long term, more sustainable portfolio.

This is exactly what we did in the webinar yesterday. Using my own portfolio as an example and using the help of some of our more experienced clients we demonstrated some of the principles of proper portfolio management using the power of social trading.

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Check out the recording of our session here: http://etoro.tw/2kPWXei

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

Trumps Taxes are Close

The South Korea Hack

Bitcoin Cash Grabs the Spotlight

Please note: All data, figures & graphs are valid as of December 20th. All trading carries risk. Only risk capital you’re prepared to lose.

Traditional Markets

Donald Trump’s tax cut plan is now so close that Wall Street traders are literally starting to salivate. Though, we’ve heard from many economists and even the top officials at the US Federal Reserve, the ones who are effectively in charge of the US Dollar, that this plan will not have a trickle-down effect on the economy.

Analysts point out that this plan is likely to increase the wealth of the ultra-rich at the expense of the US Deficit. The ones at the top are most likely to hoard the additional income rather than redistribute it. So what we’re looking at is a plan that will in effect accelerate the gap between the rich and poor in the United States.

Many have called the plan a “fiscal sugar high.”

So we should probably be a bit wary of the recent bull run because we all know what comes after a sugar high. There’s an old trader saying “buy the rumor, sell the news.”

Let’s hope that’s not the case here. In any case, if all goes according to plan the tax bill could be on President Trump’s desk ready to sign within the next 48 hours or less.

Youbit Hacked

Now, we’ve seen before how some hacks can have a huge impact on the crypto markets but most have little effect. It usually depends on who gets hacked, where and how and who is affected by it.

This one is very important primarily because of the location. As we know, South Korea is one of the largest crypto trading countries. So even though Youbit is not their biggest exchange site, the headlines that they’re shutting down for business will be in every paper, every discussion board, and a regular topic of conversation there this morning.

Youbit has already halted all deposits and withdrawals and plans to return clients holdings at the rate of 75 cents on the Dollar. This is certainly the kind of thing that can put a damper on the buying frenzy in a critical location.

Further details of the hack will be watched closely by the entire community. Though it does seem in large part that the damage has been done and the recent rally is on hold for the time being. When and if it will resume remains to be seen.

Bitcoin Network Status

One of the hardest hit by this minor pullback has been bitcoin. We’ve been speaking about the sustainability of the bitcoin blockchain in these daily updates for several weeks now and it seems that the network is indeed nearing it’s max capacity.

At the moment, there are 230,000 unconfirmed transactions in the mempool. The concerning thing is that this number has remained at elevated levels since December 6th.

This graph shows the number of unconfirmed transactions at any given time over the past three months.

The amount of transactions happening per second continues to increase, now at 4.81 TPS.

The good news is that it seems more computing power is joining the bitcoin mining force and the hashpower has also grown in the last three months.

Bitcash’s Gain

As we’ve seen many times over the last few months, Bitcoin’s loss is Bitcoin Cash’s gain. Despite the pullback that we’re seeing from the rest of the crypto market Bitcash is actually surging.

This graph shows the unique relationship between the two rival coins over the last month. Both of them have more than doubled in value over this time frame. But notice how many times when Bitcoin sees even a small pullback, Bitcash has a tendency to fly.

For the savvy investor, we need to check our politics at the door. No matter which one you believe has a better shot at replacing government backed money in the long run as a payment method and/or as a store of value, it may be prudent to have some amount of both in your overall portfolio.

As with any investment, the key is to diversify, diversify, diversify!

Wishing you a spectacular 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.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

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