Advertisement
| 08 August, 2018

Bitcoin tumbles below $6500

Lukman Otunuga is a research analyst at FXTM. A keen follower of macroeconomic events, with a strong professional and academic background in finance, Lukman is well versed in the various factors affecting the currency and commodity markets. Lukman holds a BSc (hons) degree in Economics from the University of Essex, UK and an MSc in Finance from London School of Business and Finance, where he studied corporate finance, mergers & acquisitions and the role of international financial institutions.

Website: www.forextime.com

News from the U.S. Security and Exchange Commission dented sentiment

Investors who were looking for a fresh opportunity to attack bitcoin were given the thumbs up after the U.S. Security and Exchange Commission (SEC) postponed its decision on approving the first ever bitcoin exchange-traded fund (ETF).

The sell-off witnessed on bitcoin continues to highlight how extremely sensitive the cryptocurrency remains to the ETF developments. Cryptocurrencies could receive a solid boost and end up becoming the main talking point across financial markets if the SEC approves a bitcoin ETF in September.

Taking a look at the technical picture, bitcoin is under pressure on the daily charts with prices trading marginally below $6500 as of writing.

Advertisement

Sustained weakness below $6500 could encourage bears to drag prices towards $6250.

Although the current trajectory for bitcoin is tilted to the downside, the outlook could change if a bitcoin ETF becomes reality.

Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.

Risk Warning: There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose, it is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. If the risks involved seem unclear to you, please seek independent financial advice.

The FXTM brand provides international brokerage services and gives access to the global currency markets, offering trading in forex, precious metals, Share CFDs, ETF CFDs, and CFDs on Commodity Futures. Trading is available via the MT4 and MT5 platforms with spreads starting from just 1.3 on Standard trading accounts and from 0.1 on ECN trading accounts. Bespoke trading support and services are provided based on each client’s needs and ambitions - from novices, to experienced traders and institutional investors. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC), with licence number 185/12 and licensed by the SA FSB with FSP number 46614. Forextime UK Limited is licensed with the UK FCA, number 777911. FT Global Limited is regulated by the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS and IFSC/60/345/APM.

Any opinions expressed here are the author’s own.


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.