In this regular, weekly webinar we took a look at the extremely negative price action in cryptocurrency heavyweights Bitcoin (BTC) and Ethereum (ETH) and discussed the drivers for the slump from negative commentary to strongly-worded regulatory warnings. Discussions included –

  • JP Morgan CEO Jamie Dimon called Bitcoin a ‘Fraud’ at a banking conference in New York and said that he would fire ‘in a second’ anyone at his bank found dealing in the digital currency.
  • The UK FCA issued a strongly-worded on digital currency start-ups – ICOs – and said investors in these tokens could lose all their money.
  • The latest Bank of America Merrill Lynch fund manager survey showed that Bitcoin ‘long’ positions are the most crowded trade going. Follow the trend or mind the exit?
  • Bitcoin (BTC) and Ether (ETH) prices continue to slump – beware of catching a falling knife.

If you would like to know how to become a better trader, and avoid the common pitfalls and mistakes, Paul Robinson will be hosting his weekly trader’s webinar on Thursday here

If you missed this webinar and would like to know about future events, including next week’s Bitcoin webinar, see the full DailyFX webinar schedule here.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1