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Webinar: Cryptocurrency Consolidation Needed Before Next Move

Webinar: Cryptocurrency Consolidation Needed Before Next Move

Nick Cawley, Strategist

In this webinar we discussed the current state of the cryptocurrency market as investors’ lack of appetite leaves the market without any real trading bias. A period of consolidation may lie ahead which could see support levels tested as traders challenge the bulls.

Other cryptocurrency topics covered included

  • South Korean financial authorities are looking to impose a tax on digital exchanges as well as asking for user transaction data as the financial authorities continue their clamp down.
  • Coinbase, owner of the GDAX cryptocurrency exchange, announced revenues of $1 billion last year, proving there’s more than one way to make money out of digital tokens.
  • The market needs a period of consolidation to help re-build trust in the cryptocurrency space before the next leg higher.

If you are interested in trading Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) or Litecoin (LTC) check out Introduction to Bitcoin Trading Guide

--- Written by Nick Cawley, Analyst

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

Follow Nick on Twitter @nickcawley1

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

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