6/10/2021
Recent news for Bitcoin:
The DOJ's recent recovery of the bitcoin stolen in the ransom of the Colonial Pipeline served as a bullish case for crypto. The fact that over 80% of the money taken by cybercriminals was recovered shows that it is not as difficult to track as we had it out to be. The US government's argument has always been that the decentralization and anonymity provided by crypto platforms is a major obstacle standing in the way of government endorsements. However, this recent discovery made by the DOJ helps to shed light on the digital market as a whole.
Cardano makes big moves:]
The rest of the altcoins tend to move in the same direction that bitcoin moves, and this tends to create many of the same trade setups in the market. Having that said, Cardano (ADA/USD) shows something promising on the fundamental side. Earlier this month, the coin and Nervos Network (CRB/USD) partnered on a project to what looks like a public network of cryptocurrency.
ETH 2.0 and Space Chain
Ethereum 2.0 is working to reduce blockchain energy consumption through proof-of-stake. They are also planning to send a beacon chain node in orbit to help reduce costs in the long run. Their plan is to maximize decentralization along with security. Zee Zheng, CEO of SpaceChain believes the future of crypto is literally among the stars as he plans to help take Ethereum 2.0 to outer space.
The dollar flew higher last week as a result of resilient economic news along with a higher PCE than expected. Now the DXY has reached a decision point in price action. This week's NFP will help determine the sentiment around the potential June rate hike. Here is what we are looking at: EdgeFinder Analysis USDCAD […]
Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD? EdgeFinder Analysis GBPNZD is a pair that should […]
As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound. EdgeFinder Analysis GBPJPY still maintains […]
