For nearly as long as Bitcoin has been trading, its existence has been a thorn in the sides of crypto investors everywhere. And starting today, new investors in crypto may soon find out why veterans cringe when they hear the name: Mt. Gox. Find out why the infamous, original crypto exchange could continue to be the bane of each Bitcoin bull run. What Is Mt. Gox And What Does It Mean To Bitcoin? Mt. Gox is short for “Magic: The Gathering Online eXchange,” according to Wikipedia. But when its creator Jed McCaleb became interested in Bitcoin, he turned it into a cryptocurrency exchange. Without it, Bitcoin adoption might not have unfolded the way things have historically. Why then, are crypto investors suddenly so spooked about … [Read More...]
Commodities, Cryptos, and FX: King dollar sends risky assets lower
Oil Crude prices tumbled from a 10-month high as the dollar rebound resumed following sluggish US economic data that painted a darker short-term outlook for the world’s largest economy. Oil needed a big catalyst to keep the recent rally going so energy traders didn’t need much to head for the sidelines. Heading into a three-day weekend in the US, now was a great time to take off some risk, which is also adding to today’s slide in oil prices. The dollar rebound could last a little longer as Congress will have the standard back-and-forth over stimulus negotiations. Stimulus uncertainty should keep commodities under pressure as risk aversion flows will boost the greenback. Gold/FX Gold was supposed to have an easy end to … [Read More...]
US Close: Democratic Senator Manchin whipsaws markets, Oil jumps, Gold extends losses, Bitcoin sees some profit-taking
Democratic Senator Manchin’s office corrected the Washington Post story that implied he would object to the $2000 stimulus checks. Manchin wants vaccine distribution to be a higher priority over checks. US stocks recovered most of the weakness from the WAPO’s “absolutely not” interpretation of his comments. Biden still has his Blue Wave, but Wall Street was reminded that Manchin won’t always fall in line with the Democrats. Oil Crude prices extended gains despite one of the bigger increases with rig counts. The US oil rig count rose 8 to 275 rigs, the 7th straight weekly increase. The Saudis have taken away all concerns over the short-term crude demand outlook and as President-elect Biden has signaled, he will aim to deploy every available vaccine. … [Read More...]
Unprecedented Bitcoin Rally Leads Altcoins Into “Uncharted Territory”
The shocking Bitcoin rally has resulted in the cryptocurrency reaching two times its previous all-time high. Meanwhile, most altcoins have yet to return to the high they set years ago. This strange occurrence recently with altcoins growing in USD value, but getting hammered on BTC pairs has led the market into “uncharted territory,” according to one crypto analyst. Will Bitcoin continue to completely dominate altcoins from here on out, or will a proper altcoin season arrive where the rest of the asset class beats out BTC by a wide margin? The Bitcoin Bull Run That Left Altcoins Behind All eyes are on Bitcoin, stretching from Wall Street to Main Street, and even the government and banks are finally paying attention. Hard-coded rarity is … [Read More...]
This Eerie Ethereum Fractal Suggests The Top Is In… For Now
Once Bitcoin finally began to cool off, capital began to flow into Ethereum causing an enormous breakout. The rapid rise took the altcoin to an over 50% increase in just two days, but a selloff stopped the token’s booming trend in its tracks. Crypto is bullish, and more upside cannot be ruled out. But a fractal that closely mimics the rise the altcoin experienced from 2018 to 2019 has been discovered. And if the fractal acts as a roadmap of what to expect, the top might be in for the time being. Fractal Found On Ethereum Charts Could Lead To Correction The cryptocurrency market is bullish once again, thanks to Bitcoin breaking its former all-time high and recapturing the attention and capital of speculators everywhere. Institutions now … [Read More...]