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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
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
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
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.22% 🇳🇿NZD: 0.17% 🇨🇭CHF: 0.13% 🇦🇺AUD: 0.11% 🇯🇵JPY: 0.09% 🇬🇧GBP: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/80LrZaVKVY
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/MWWPCQa00w
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.12% US 500: 0.11% Germany 30: -0.01% France 40: -0.08% FTSE 100: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XAGdQtsijK
  • WTI crude oil prices fell for a second day to US$ 38.80, marking a two-day decline of 4.6%. The selloff pressure was primarily due to a rapid rise in global coronavirus infections and dwindling hopes for a US relief package before the US election. https://t.co/ZYgNr3B3BH
  • 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/38gTDn8ejP https://t.co/fqwM6tbGfe
  • The US has registered 59,691 new coronavirus cases on October 25th, marking a decline for the second day after hitting a record on 23rd. Yet risk assets appear to be vulnerable to further pullback should coronavirus cases continue to climb around the globe. https://t.co/jcXzNDYhoD
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/parnPmQwIj
  • Market Update Broad risk-on tilt seen in APAC trade Risk-sensitive $AUDUSD moving higher alongside #crudeoil prices and #SP500 futures Haven-linked $USD and $JPY sliding lower against their major counterparts
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.83% Oil - US Crude: 0.43% Gold: 0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/T7ZsigkoyK
  • The Australian Dollar didn’t appreciate fading Chinese industrial profits as roadblocks risk undermining global growth recovery bets. Will $AUDUSD fall on bearish technical cues ahead? - https://www.dailyfx.com/forex/market_alert/2020/10/27/AUDUSD-Forecast-Chinese-Industrial-Profits-Flash-Global-Growth-Warning.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/kIpo2YmhtL
Bitcoin Price Rally Continues as XRP Boasts Largest Gain in 8 Months

Bitcoin Price Rally Continues as XRP Boasts Largest Gain in 8 Months

2019-05-14 18:00:00
Peter Hanks, Analyst
Share:

Bitcoin, XRP Talking Points:

  • According to Coinbase, Bitcoin registered the highest trading volume since November 2018 yesterday as it drove above $8,000
  • XRP is on pace for its best intraday performance since September 2018 after Coinbase announced it will offer the coin to New York residents
  • Interested in trading cryptocurrencies? Check out how other IG Clients are positioned on Bitcoin, XRP, Ether and Litecoin with Retail Sentiment Data

Bitcoin Price Rally Continues as XRP Boasts Largest Gain in 8 Months

The cryptocurrency resurgence continued Tuesday as Bitcoin rocketed through $8,000 for the first time since July 31, 2018. Year-to-date, the coin is now up 111%. By comparison, the S&P 500 is up 13.25% in the same span. The rally comes amid the Consensus conference in New York, one of the most influential blockchain and digital assets events of the year where industry professionals gather to discuss a variety of issues facing the cryptocurrency world. This year’s conference convenes from May 13 to May 15.

Read about the correlation between weakening emerging market currencies and cryptocurrency strength here.

As the conference proceeds and the benefits of cryptocurrency are touted, Bitcoin recorded its highest intraday trading volume since November 20, 2018. At the same time, the digital asset posted its third largest single-day rally in 2019 at 12.11%. Beyond that, the daily return was the fourth largest since 2018.

Bitcoin Price Chart: Daily Time Frame (May 2018 – May 2019) (Chart 1)

bitcoin price chart

Price and volume data from Coinbase exchange via TradingView

On the back of the rally, Bitcoin must now negotiate a series of psychological levels at $8,000 and $8,500 – which also marks the digital currency’s July swing high. That said, nearby support at $7,385 and a plethora of optimistic media coverage could look to bolster the outlook for BTC in the short-term. Bitcoin’s high on Tuesday – around $8,360 – marks the highest price for the coin since July 25, 2018.

XRPUSD Price Chart: Daily Time Frame (May 2018 – May 2019) (Chart 2)

XRP price chart rally

Price and volume data from Bitfinex exchange via TradingView

Although Bitcoin is in the midst of a formidable rally, XRP looks to be Tuesday’s star performer. The coin surged over 24% on news that the Coinbase cryptocurrency exchange would offer XRP trading to New York users. The move grants broader access to the coin which should serve to increase liquidity. At the time of this article’s publication, the coin is on pace for its largest single-day rally since September 21, 2018. Similarly, XRP recorded its highest volume trading day since November 25,2018 – with hours left for further exchange.

Tuesday’s rally also erased all losses for the digital asset in the year-to-date. Prior to the surge, XRP had shed roughly 15% of its value since the beginning of 2019. As the session progresses, the coin now boasts a YTD return of over 10%. The single-day swing displays the considerable volatility in the cryptocurrency market. That said, follow @PeterHanksFX on Twitter for further cryptocurrency analysis as the Consensus conference continues and the coin prices fluctuate.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: S&P 500 Outlook: ETF Flows Suggest Flight to Currency Market

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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

DISCLOSURES