This week’s bitcoin $65million audacious hack from Hong Kong’s Bitfinex went a bit like this:
it was so easy – too easy – so traders got spooked and the currency lost 5.5% against the dollar bringing a two day loss to around 13% by mid-Wednesday. But Thursday’s announcement has done the trick and seems to have soothed feelings so it’s climbing steadily again. Now around 70 points from the weekly average and 100 from the monthly high traders are showing faith in the digital currency. We see 600 then 650 as key positions.
In Europe the GBPUSD has run wild with Thursday’s interest rate announcements so we hope you cashed in as we predicted lots of fun after a week of doom and gloom in that market. Take a peak at this chart to see why traders were twitchy.
Every single indicator has dropped below the crucial 50 mark and business confidence has tanked to a ball-aching -47. The Bank of England governor insists he won’t drop rates into the negative but seriously, let’s call it what it is, a recession. So what are the Brits going to do? Print more money? In any other industry that’s called fraud but with a pretty name everyone laps it up so look out for some quantitive easing as we predict the UK market isn’t on the up any time soon. And what does it mean for our traders – beautiful volatility and chances to make money on the way.
So have some serious fun playing Bitcoin over the weekend and check back for Monday’s post to give you the big events that will shake the markets up next week.
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