Cryptocurrency News and Talking Points
– The SEC has said that Bitcoin and Ethereum are not securities but a raft of ICOs may be.
– Another Korean exchange hack shows security standards are still lagging.
IG Client Sentimentshows how clients are currently positioned in a wide range of cryptocurrencies and how positioning has changed over the last week- and some cryptos are overwhelmingly long.
Cryptocurrency Market – Tight Ranges May Precede a Breakout
Little conviction in price action over the last week despite two pieces of important news. Late last week the US SEC said that Bitcoin and Ether should not be classified as securities, before warning a large section of the ICO market my fall under this classification. And earlier today, Korean exchange Bithumb revealed that it had been hacked and around $32 million of tokens had been lost. Both pieces of news would normally spark a notable market reaction but apart from a slight pull-back last week after the SEC statement, markets remain rangebound. Current tight ranges may well break shortly but cryptocurrency charts are currently neutral and are giving no clues to the direction of the next move.
One way to trade the cryptocurrency market is via the Ethereum/Bitcoin spread which reduces market sentiment risk.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account. In addition we run a Weekly Bitcoin Webinar to help you keep in touch with the market and make more informed trading decisions.
What’s your opinion on the latest cryptocurrency moves? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.
— Written by Nick Cawley, Analyst.
