Day: October 5, 2020

$575 Billion Fund Strategist Picks 2 Critical S&P 500 Speed Breakers

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Federated Hermes chief equity market strategist Phil Orlando considers the election and rising COVID-19 cases as threats to the S&P 500. Economists have lowered their forecast for the fourth quarter, projecting a 4.3% annual economic contraction. Growing uncertainty and nervousness in the markets amidst a declining economy pose major threats to U.S. equities. Phil Orlando, Federated Hermes chief equity market strategist, pinpoints two potential catalysts for an S&P 500 downtrend. First, the fund manager said a Democratic wipeout of the election would pose specific threats to the markets. Second, Orlando…

Thai central bank issues $1.6B in government bonds on IBM blockchain

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The Bank of Thailand launched the world’s first blockchain-based government savings bond issuance platform using IBM’s blockchain technology. Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds, as per IBM’s official announcement on Oct. 5, 2020. The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant validation of documents involved in bond issuance. IBM along with the…

Ripple (XRP) Price Rally Runs Into Significant Resistance: $0.255 Holds The Key

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Ripple is up over 6% and it climbed higher above the $0.2450 resistance against the US Dollar. XRP price is still struggling to clear the key $0.2550 resistance zone. Ripple gained bullish momentum and surged above $0.2450 against the US dollar. The price ran into the main $0.2550 resistance and settled above the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to resume…

Cryptowisser: 75 Crypto Exchanges Dead in 2020 – More Will Follow

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5th October 2020, leading Crypto service comparison site – Cryptowisser, announces its Crypto exchange graveyard. The detailed page lists and explains the many crypto exchanges (largely centralized exchanges) that have disappeared, expired or collapsed this year, giving an insight into the volatile and competitive crypto exchange industry. There was a 56% increase of dead crypto exchanges from last year with no signs of letting up. While the general crypto industry continues to see impressive growth, the crypto exchange industry is challenged with competition, saturation and forever increasing regulations. According to…

Ethereum Reaches Crucial Resistance: Technicals Hint A 5% pullback is Likely

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Ethereum is currently correcting higher above $350 against the US Dollar. ETH price is now trading near a major hurdle at $355 and it might start a fresh decline. Ethereum is up close to 2% and it broke the $350 resistance zone. The price is currently trading above the 100 hourly simple moving average, but facing hurdles near $355. There is a crucial contracting triangle forming with resistance near $355 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either rally above $355 or it might…

Bitcoin Defies Gravity, But $10,900 Still Presents Strong Resistance

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Bitcoin price is slowly recovering from the $10,387 low against the US Dollar. BTC broke the $10,650 resistance and it might soon test the $10,800 resistance or the $10,900 barrier. Bitcoin started a fresh upward move above the $10,550 and $10,650 resistance levels. The price is up 2%, and it is trading above the $10,700 level and the 100 hourly simple moving average. There is a key rising channel forming with support near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently…

Uniswap (UNI) Likely to “Continue South” After Rejecting at Key Resistance

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Uniswap’s UNI token has seen a serious selloff throughout the past few hours, causing its price to revisit a crucial support level that previously stopped it from seeing any significant downside. The cryptocurrency is now just a hair away from its lows of $3.50 that were set following its rally to highs of $8.50. The intensity of the decline it has seen since peaking has come about due to a combination of fading hype, weakness across the aggregated market, and a lack of imminent catalysts to boost its price higher.…

Bitcoin Fractal Predicts a Return to $11,000 Is Imminent

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Bitcoin has been consolidating between $10,000 and $11,000 over the past month, barely deviating from this relatively tight range. A crucial fractal analysis predicts that the cryptocurrency is primed to break out of this range in the coming days and weeks. Here’s more on why. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Bitcoin Primed to Move Higher, Fractal Shows Bitcoin is primed to move even higher in the coming days and weeks according to one fractal analysis shared by a cryptocurrency trader. The fractal suggests…

Polkadot (DOT) Could Incur Strong Correction as Macro Support Nears

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It’s been a tough past few days for all altcoins. Polkadot (DOT), especially, has suffered. The native digital asset of the Polkadot ecosystem has shed a few percent in the past 24 hours but is down 10% from its weekly highs. The cryptocurrency’s correction comes as Bitcoin, Ethereum, and especially altcoins have inched lower. While BTC remains in no man’s land from a technical perspective, DOT is reaching a point where it could face a severe correction if it drops under a crucial support level. The support level has held…