Daily Pivots: (S1) 1.0406; (P) 1.0435 (R1) 1.0452; More… EUR/USD’s down trend finally resumes and intraday bias is back on the downside. Next target is 1.0090 long term projection level. On the upside, above 1.0448 minor resistance will delay the bearish case and turn intraday bias neutral again. In the bigger picture, the break of […]
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Tuesday, 5 July 2022
ByteTree CEO: ‘Gold and Bitcoin Will Be Important Components of an Investment Portfolio for Years To Come’
On Monday (July 4), Charlie Erith, Lead Portfolio Manager and CEO at research-driven investment adviser ByteTree Asset Management, wrote about the importance of gold and Bitcoin as hedges against monetary policy errors. ByteTree, which was founded in 2014, is “a research-driven boutique providing investment solutions and institutional-grade crypto-asset data on Bitcoin and other cryptocurrencies, as […]
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http://dlvr.it/STMkgh
Fear in the crypto market recedes
Bitcoin rose
on Monday, ending the day at around $19,800. The recovery continues Tuesday
morning, taking the exchange rate to 20,300 and adding 6.4% over the past 24
hours. Ethereum added 9.8% to $1160, while other top-ten altcoins gained
between 2.7% (XRP) and 9.8% (Solana).
Total
cryptocurrency market capitalisation, according to CoinMarketCap, rose 6%
overnight to $917bn.
The
cryptocurrency Fear & Greed Index rose 5 points to 19 by Tuesday, the
highest level since May 7, near the upper edge of ‘extreme fear’ territory.
Traders took
advantage of a US weekend when the stock market was not trading to buy. In
addition, Asian trading is also moderately positive, adding to the optimism of
retail participants.
According to
CoinShares, capital inflows into crypto funds last week amounted to $64m, with
the bulk coming from funds that allow shorts on bitcoin ($51m).
Cryptocurrency-related
companies have had to fend off information attacks pointing to problems. Circle
CEO Jeremy Allaire, for example, denied rumours of issues with the USDC
stablecoin. KuCoin trading platform CEO Johny Lyu denied rumours of a possible
exchange default and assured that the platform had nothing to do with LUNA or
Three Arrows Capital.
Market veteran
Peter Brandt said that USDT has no place in the financial system and that
stablecoin will die soon.
Singapore-based
cryptocurrency lending and trading platform Vauld, which targets the Indian
market, announced that it is suspending withdrawals due to market volatility.
The
developers of Solana blockchain-based decentralised finance (DeFi) project
Crema Finance have suspended all operations due to a hack.
With such a
background, the crypto market growth looks like the intention of retail to “buy
when there is blood on the streets”. However, at this stage, when we see only
timid attempts at growth, it would be too early to talk about confirmation of a
broken downtrend.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
This article was written by FxPro FXPro at www.forexlive.com.
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http://dlvr.it/STMZ78
USD/JPY Daily Outlook
Daily Pivots: (S1) 135.07; (P) 135.42; (R1) 136.06; More… Range trading continues in USD/JPY and intraday bias remains neutral for the moment. On the downside, break of 134.25 support will indicate short term topping at 136.99. Intraday bias will be back on the downside for 131.34 support resistance turned support. Nevertheless, firm break of 136.99 […]
The post USD/JPY Daily Outlook appeared first on Action Forex.
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http://dlvr.it/STMVX4
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.2831; (P) 1.2867; (R1) 1.2896; More… Range Trading continues in USD/CAD and intraday bias stays neutral at this point. On the downside, break of 1.2818 minor support will resume the fall from 1.3077 towards 1.2516 support next. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry […]
The post USD/CAD Daily Outlook appeared first on Action Forex.
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http://dlvr.it/STMVTJ
Utility Coins Vs Meme Coins: A Guide For New Investors
This helps investors identify the tokens that best fit their portfolios, and helps casual users decide which tokens are best for them to invest in, based on the crypto experience they want to have. While there are many categories on the market, the largest two currently are utility coins and meme coins.
Utility coins are those such as Solana (SOL) and Ethereum (ETH), whose purpose lies in their ability to hold a diverse and thriving economy, with the tokens having multiple usages across the crypto landscape. They are utility coins because the tokens have many ways to be utilised. These tokens are usually also associated with a parent blockchain, that can host other, smaller projects.
Meme coins, such as Samoyedcoin (SAMO) and Big Eyes (BIG), serve an entirely different purpose. These tokens exist to fuel the community around them, built up by hype and Internet trends that allow them the chance to make a big impact on the market as a whole, with some able to retain this interest long-term.
But which is the better investment for those new to crypto? In this article, we will be exploring the benefits of both.
Utility Coins - The Major Player
When looking at the top 15 tokens by market capital on Coin Market Cap, a majority of the tokens seen are utility tokens, such as Solana (SOL).
This is because, simply, when a utility coin gains traction and has the infrastructure to support itself, it can go on to become a staple in the crypto landscape, with its utility allowing it to be used in all manner of scenarios.
Take Solana (SOL), for example.
Solana (SOL) is a token and blockchain whose utility can be seen across the multiple projects it hosts. Solana (SOL) is a platform that allows users to mint NFTs for sale and trade, build Web3 games, and build new tokens, alongside a host of other services and toolsets that give Solana (SOL) the chance to be used in almost every aspect of a crypto users experience.
One project hosted on Solana (SOL), for example, is Samoyedcoin (SAMO), a meme coin deriving from industry titans Dogecoin (DOGE) and Shiba Inu (SHIB) that features the Samoyed dog on its token.
The token aims to become an ambassador for Solana by onboarding users, and showing the potential of meme coins, emphasising the community and learning experiences these tokens can provide.
With all of these projects like Samoyedcoin (SAMO) using Solana (SOL), it is no wonder that its value is so high. It makes investments in these sorts of projects relatively safe, as when a token has become this established, even in a market crash it is unlikely that the token will completely crumble.
However, returns on these projects may not always come quickly, and not all utility tokens can gain this level of success. It, therefore, makes utility tokens a good choice for new investors, however, requires careful examination when the token is new or less mainstream.
Meme Coins- The Exciting Alternative
For a perfect example of the potential of meme coins, consider Big Eyes (BIG), one of the most recent to enter the market.
Taking the typical canine meme coin and flipping it on its head, Big Eyes (BIG) features a cat, who goes far beyond being just a cute face on a token design. The cat, Big Eyes, is a coding genius and business mogul, who designed the Big Eyes (BIG) token to capitalise on his cuteness and spread awareness for ocean preservation.
The character has been designed to be intriguing and greatly marketable, with an appearance that sets him apart from other meme tokens and a personality to keep users engaged. This engagement has been engineered to continue through the platform's dynamic tax system, which negates buying and selling taxes on tokens, as well as no fees.
This all combines to make Big Eyes (BIG) a very exciting meme token project, with the potential to stay in the upper echelons of the market, even after its initial launch hype.
Therefore, for new investors wanting to get involved in meme tokens, be sure to do some research on Big Eyes (BIG).
Find out more about Big Eyes (BIG) at:
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
Instagram: https://www.instagram.com/BigEyesCoin/
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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http://dlvr.it/STMRPv
China Caixin / Markit Services PMI for June: 54.5 (expected 47.3)
China Caixin / Markit Services PMI for June surges to 54.5
* expected 47.3
* prior 41.4
Composite 55.3
* prior 42.2
These are the final PMIs from China for June. Earlier:
* China June PMIs solid, but "Soft market demand is still the main problem ... " (NBS)
* China June Manufacturing PMI 50.2 (expected 50.5) Non-manufacturing 54.7 (expected 52.5)
* China Manufacturing PMI for June: 51.7 (expected 50.1). Private survey Caixin / Markit PMI
--
Comparing the two surveys (official vs. Markit):
* The Official PMI survey typically polls a large proportion of big businesses and state-owned enterprises.
* Caixin indicator features a bigger mix of small- and medium-sized firms
jpy
This article was written by Eamonn Sheridan at www.forexlive.com.
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EUR/USD Mid-Day Outlook
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