News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: https://t.co/YQG1aaIT8C #DailyFXGuides https://t.co/oOyN7fUaC6
  • The Federal Open Market Committee (FOMC) Minutes may drag on the price of gold as the central bank appears to be in no rush to switch gears. Get your market update from @DavidJSong here: https://t.co/2EvNplObIk https://t.co/hhEAnqhAEu
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/gNiVpWrd1p
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/4zEwS7mFJE
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/nB2f5m56nq
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
Bitcoin Plunges as SEC Denies Cryptocurrency-based ETF Application

Bitcoin Plunges as SEC Denies Cryptocurrency-based ETF Application

Daniel Dubrovsky, Strategist

Talking Points:

  • The Securities and Exchange Commission rejected a Bitcoin-based exchange-traded fund application
  • Bitcoin declined as much as 24 percent against the US Dollar, this also marked a 1-month low
  • The SEC cited concerns over Bitcoin’s unregulated market as part of the rejection

Have a question about trading the markets? Join a Q&A webinar and ask it live!

The markets were delivered a shock of volatility towards the end of the trading week as the Securities and Exchange Commission (SEC) rejected a Bitcoin-based exchange-traded fund application (ETF). As the news crossed the wires, the digital currency fell as much as 24 percent against the US Dollar in the space of minutes, touching a one-month low. It quickly pulled back from its extremes to trim some of its losses, leaving a 1-hour candle that offered a 14 percent contraction.

In terms of what the group requires for ETF applications to be approved, the SEC upholds that the product in question must be consistent with rules designed to prevent fraudulent and manipulative practices to protect investors and the public interest. Having said that, the commission noted that because significant markets for Bitcoin are unregulated, the exchange wouldn’t be able to perform sufficient surveillance.

As Chief Currency Strategist John Kicklighter mentioned in previous analysis, one of the fundamental drives for Bitcoin is its value as an alternative to traditional fiat currency – a role benefited by the lack of regulation. Fiat money is defined as being a unit of account, store of value and medium of exchange. The SEC’s decision is a step away from boosting the legitimacy of the new asset which could subsequently bolster liquidity to the digital currency. Yet, despite the setback, Bitcoin remains the most liquid of the cryptocurrencies.

Moving forward, Bitcoin traders and users will weigh this development in terms of its long-term adoption and development. Inclusion in popular financial products like exchange-traded products isn’t the only path to prominence for this alternative asset. It continues to enjoy considerable appeal amongst global participants looking to circumvent capital controls. This value lead the Bitcoin to its first true surge in 2013 when Cyprus cut off fund withdrawal of locals and foreign investors offshoring capital in the country. China has become the most recent test of this back channel asset. However, authorities in the financial power house of taken considerable steps these past weeks to rein in Bitcoin exchanges.

Bitcoin Plunges as SEC Denies Cryptocurrency-based ETF Application

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES