Today we’ll see a bit of history. The multi-crypto trading and wallet platform CoinDash will be holding their ICO to offer their proprietary coins to alternative investors.
CoinDash is currently being incubated in our offices here in eToro to give them an extra head-start, not that they need it. There are some extremely talented individuals working on this.
We wish Alon and the team abundant success on this journey. For those of you wishing to participate in this project, please visit: https://www.coindash.io/
eToro, Senior Market Analyst
- China GDP
- Brexit Week
- The Halvening
Please note: All data, figures & graphs are valid as of July 17th. All trading carries risk. Only risk capital you’re prepared to lose.
Salivating at the thought of financial earnings, investors on Wall Street seem concerned with nothing but their next meal.
The stock markets have indeed been on a smooth journey to outer space and rising quite steadily in the past few years forging new highs on a regular basis.
The Dow Jones and the SPX500 are currently at their all time highest levels and the Nasdaq 100 is not far off.
One thing propping up markets this morning are the growth numbers out of China.
The GDP figures have been picture perfect since the market sell off in 2015 when investors got nervous about the future growth of the world’s largest exporter.
Here we can see the actual numbers of China’s economic growth over the past few years. Notice how things got really stable in July of 2015, bottomed out in 2016 and are now notching up gradually.
Start the Brexit Already
It’s been almost 4 months since the Brexit officially began with Theresa May triggering Article 50 on March 29th. Since then, nothing much has happened as far as meaningful talks between the UK and the EU go. That changes today.
Brexit secretary David Davis and his team will be sitting with EU negotiator Michel Barnier and his team over the course of this entire week. For the first time, they’ll put all of the issues on the table including Irish Borders, rights of citizens living abroad and of course the much debated Brexit Bill.
At the moment, the Pound Sterling is sitting comfortably above the psychologically important level of $1.30. Here we can see the GBPUSD since the referendum. This week will give us some unique insight into how the details will influence pricing.
69% of 4000%
The brutal pull back continued over the weekend. That the crypto markets are on the back foot has been apparent for the last few weeks. Of course, if we zoom out and look from the beginning of the year, we’re still way up in the sky.
Let’s take a look at Ethereum since it was added on eToro in February.
From $10 all the way up to $428 represents a total growth of approximately 4000%. From the peak on June 12th to yesterday’s low, it’s lost about 69%. Of course, if we look at from the beginning until today, we’re still talking about a gain of about 1800%, which is quite incredible if you think about it.
Today’s bounce alone, from yesterday’s low until the time of this writing, is a gain of 33%. These kind of moves are a dream come true for day traders and swing traders who know how to read momentum.
Now let’s look at the overall market since the beginning of the year.
The dip yesterday took us to the lowest point since May 17th. Though the value of the crypto industry is almost half of what it was at the peak of June 12th, it’s still more than triple what it was on January 1st.
Some traders have made some money on the way down.
Some are now screaming to “buy the dip.”
Let’s have an amazing week ahead!!