Bitcoin (BTC) News
Opinion & Analysis

Bitcoin Reconciles to Trade Above $35k; Bearishness Coexists

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Bitcoin price pulls back by over 15% from the recent and new ATH that the coin had hit in the first week of the ongoing month at $42k, while currently corrects downsides and trades at $35.1k. Bitcoin is an ultimatum in the world of traditional finances, and currently, it trades anywhere below $35k at present is not an acceptable dump.

 

With the slightest of approximately 15% correction since the past ten days, we cannot consider this to be an end of bullish sentiment. However, the bearish sentiment is taking over due to a clear intraday sluggish movement against the US Dollar. On the cumulative long-term chart, the Bitcoin price trend is still a wonderful sight to gaze at.

 

Bitcoin was and will be the power in the digital assets market as a major store of value. With an increasing price followed by graded trading volume, we know that crypto has attracted a massive adoption. Back in the day when Bitcoin was nothing but a state of a gamble, the lowest trading price was the best entry point for the current edging trade zone.

 

Bitcoin Price Analysis:

Bitcoin News

At the time of penning down this analysis, Bitcoin was seen trading at the major support around $35k after drawing a downtrend against the US Dollar. As per the BTC price prediction, in the first week of the ongoing month, the currency has started strengthening from the support area of $30k to hit the highest at $42k, and within a week, the largest cryptocurrency by market capitalization corrected yet again to reclaim $30k.

 

Over the past six days, with downward correcting traction, the bearish sentiment is clearly prevailing, and therefore, Bitcoin lacks medium-term and long-term, i.e., 50-day and 200-day MA support at $36.9k and $35.6k.

 

The MACD indicator shows a slight bullish crossover on the 2-hourly chart, but the bearishness still prevails as the downtrend extends. The RSI of BTC has marginally raised from the oversold region after the intraday gain above $35k and lies at 44.21.

Dogecoin (DOGE) News
Opinion & Analysis

Dogecoin Pulls Back by Over 35% From Fresh Yearly Highs

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Dogecoin leaps the previous year’s rank and is now one of the top 35 cryptos of the global market after hitting a yearly high at $0.0138 in the last week against the greenback. But with the loss of traction in the market and nosediving of the largest cryptocurrency, Bitcoin is also seen testing immediate support at $35k. Dogecoin that is believed to have a concurrent motion with that of BTC, is now opting for a bearish crossover due to a clear correction below $0.0100 and currently trades at $0.00858.

 

As per the Dogecoin Prediction, the previous year’s price trend was nothing but a flat line against the US Dollar with intermittent dips and rises except the current year’s bullish candle that led to strengthening from $0.00455 to above $0.0100.

 

Dogecoin, after a clear rise, has leaped from trading amongst the top 50 cryptos of the market to trading amongst the top 35 due to a massive gain in momentum and active supports. With escalating momentum and price, there is a stupefying gain in the addresses of Dogecoin for over the past five months now.

 

 

Dogecoin Price Analysis

Dogecoin News

Dogecoin’s price was seen drawing bearish candles at the time of writing, and the price nosedived below $0.0100 to currently trade at $0.00858. Even though Dogecoin price plunged due to lack of traction but is still holding support from 50-day and 200-day daily MA at $0.00512 and $0.00350, respectively.

 

However, just when DOGE/USD breached the three-yearly high and fresh 1-year price at $0.0137, the price trend was clearly hitting above the upper band. However, with downward correction, it pulled back and fell into the range of 20-day BB on the daily chart. With a long bearish candle, the price pulled back below $0.0070 but is still away from testing daily supports from medium and long-term MA.

 

With DOGE having weakened by over 35% from the fresh yearly high, the MACD chart shows that the MACD line moves towards the signal line for bearish divergence, and the RSI also pulls back from the overbought region slightly lies at 60.43.

Landmark Year For Bitcoin Countries
News

2020 Landmark Year for Bitcoin Countries Where Legalized and Banned

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Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto; however, his real identity has never been revealed; it can be a person or an organization. Unlike fiat currencies like dollars or Euro, Bitcoin is not a tangible item and exists only in the virtual world, i.e., the Internet. Blockchain ledgers keep track of Bitcoins, which can be received or sent by anyone anonymously through Bitcoin address and peer-to-peer transactions.

There are several similarities with traditional currencies. Bitcoin is traded on various crypto trading exchanges worldwide, and this supply and demand help determine its price. But the price of this cryptocurrency can be very volatile when it comes to the exchange rate with government-issued currencies. There are two reasons for this. One, the volume of available Bitcoin is limited as mining the digital coin requires the skilled technicians’ expertise and the installation of very advanced computers. Few people can afford it. Two, speculation mainly powers Bitcoin prices, and here the sky is the limit.

Statutory and Legal Issues with Bitcoin

Bitcoin can be issued and mined by anybody with the necessary infrastructure, and the marketplace for the coin is not regulated. Without a centralized issuing authority, countries do not have any control over trading or transactions in Bitcoins. The address that a Bitcoin is linked to does not have any identification marks like Social Security Numbers or bank accounts details. Hence Bitcoins are untraceable and thus prone to be used in illegal activities.

When Bitcoin was first introduced, it became a standard form of currency for drug peddlers and traffickers. The famous Silk Road market in the USA is testimony to it. It consisted of the dark web where all dealings were hidden, and users paid in Bitcoins to procure drugs. Eventually, the FBI latched on to this network and shut it down in October 2013.

However, those seeking anonymity for illegal activities are now moving away from Bitcoin to other cryptocurrencies like Monero and Zeash that offer more enhanced privacy protection than Bitcoin. In Bitcoin, a permanent public record is created on the Blockchain, an immutable part of the coin’s digital structure. Whenever a person is linked to a Bitcoin address, he/she is automatically linked to that address for all transactions.

The fact that the type of transactions and its purpose can be hidden from the public domain has resulted in several countries banning Bitcoin, while in many others, this virtual coin is legit.

Countries where Bitcoin is Banned

Several countries have banned the Bitcoin’s use mainly because of the decentralized nature and the threat it poses to the official mainstream financial system. Some countries have banned the crypto coin until a regulatory framework is framed.

Countries that have banned Bitcoins are Afghanistan, Albania, Bolivia, Bangladesh, Pakistan, Qatar, Saudi Arabia, The Republic of Macedonia, Vanuatu, and Vietnam.

There are others where Bitcoin has not been fully banned, but severe government restrictions have been placed on usage and cannot be used for payments or trading. Financial service providers and banks have been prohibited from transacting with companies dealing in crypto. These countries are China, Ecuador, India, Indonesia, Morocco, Nepal, Egypt, Zambia, and American Samoa.

Countries where Bitcoin is Legal

It is heartening to note that there are 111 countries globally where Bitcoins are recognized by law and legitimate. Most crypto-friendly countries, while legalizing Bitcoins, have implemented strict anti-money laundering laws to ensure that transactions are above board and legal. Crypto exchanges operating in these countries scrupulously follow the statutory norms as required.

Among the most Bitcoin-friendly countries are Japan, the U.K, the USA, Germany, Singapore, Switzerland, Hong Kong, Bermuda, Estonia, Slovenia, and the Netherlands.

Even though Bitcoin is legit in these countries, it is not treated as legal tender and, for tax calculations, considered property instead of currency. Hence, holders of Bitcoins are liable to pay taxes.

The 2020 Landmark Bitcoin Case in India

After the Indian Prime Minister banned almost 80% of the country’s fiat currency and brought in new denominations, there was a sudden rise in crypto transactions and a string of frauds in 2018, months after the ban was implemented. This led to Bitcoin and other crypto being prohibited from trading or for any transactions. But the crypto exchanges fought back and filed a lawsuit for lifting the ban in the Supreme Court in the country.

In a landmark judgment in March 2020, the Court decided to reverse the Government decisions, which saw a nearly 450% surge in crypto transactions, including Bitcoin.

However, stung by the reverse, the Government is introducing a bill in Parliament, which will encourage Blockchain technology on which Bitcoin is founded but will prohibit trading in the cryptocurrency. If you want to trade or invest in Bitcoin then you must choose the best trading platform that can lead you to earn good money. Bitcoin robot is one of the innovative & unique platforms that can lead you to earn a good chunk of profit from Bitcoin trading. Check out the list of Best Bitcoin Robot and choose from them to maximize your profit.

Ethereum (ETH) News
Opinion & Analysis

Ethereum (ETH) Stretches Above $1200 with Spiking Demand

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Ethereum hits the target of $1000 and trades even higher at $1256, at the time of writing with a straight bullish candle stretched right from $713 to $1294 on the 7-day chart. However, ETH’s ATH back in 2017 was above $1400 at $1425, and the coin is yet to break the same price area. But with Bitcoin trading at its All-Time High Price marks, the largest altcoin by market capitalization is also luring massive momentum.

As per the recent Ethereum price prediction, the coin gained a spiking momentum right from September 2020 and is holding until the time of writing. The All-Time High price of ETH is definitely in reach, and with the same traction, the coin can trade even higher, just like Bitcoin flagging 100% above its previous ATH of 2017.

Ethereum Price Analysis

Ethereum News

At the press time, Ethereum price was spotted above $1250 and crossing the upper Bollinger Band on the 7-day chart. As the Bollinger Bands widen, there is a greater possibility of widening bullish volatility in the near-term. In this regard, the ETH coin retains support from 50-day and 200-day weekly MA at $370 and $322.

Following the traction of Bitcoin, Ethereum is not trading any lesser than the former and holds strong technical bullish divergence. The MACD draws a clear bullish crossover as the MACD line crosses above the signal line and the RSI stretches above 70 to lie at 88.30 due to the amplified demand of the crypto.

 

Stellar (XLM) News
Opinion & Analysis

Stellar Gains Massively Marking Huge Trading Volume in Intraday

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Stellar trades amongst the top 10 cryptos of the global crypto market as the currency breached over 3-year resistance against the US Dollar. Stellar marks a breakthrough amongst the top 10 and leaves behind Chainlink, Binance Coin, Bitcoin SV with its staggering momentum. The XLM price trades at $0.339 after crossing above $0.400 with a long candlewick breach in the wee hours of the trading session today.

 

Stellar Lumens is more than a cryptocurrency, and the platform is just proving XLM’s investment worthy. In this respect, it was just at the onset of the week when Ukraine Government chose Stellar Organization to help develop an infrastructure for a Central Bank digital currency.

 

 

Therefore, as mentioned in XLM Price Prediction is a cryptocurrency and a lucrative platform that is expanding its horizons. Stellar is definitely making the most of it in terms of the huge network base lured by the growing price.

 

XLM Price Analysis

Stellar News

At the time of writing, Stellar has already exploded and breached the upper BB on the daily chart with a massive price pump but was trading below $0.35 after having formed a bearish reversal candle. With the massive gain in price, XLM is almost breaching a three and a half year high against the greenback and has enticed the investors. The volume is hitting skies as Stellar breaks through the stagnant growth, and therefore, the market cap is over $7 billion.

 

The intraday movement has been commendable as it was just yesterday when XLM had a breakthrough. The technical of the currency draws an overwhelmed bullish sentiment with massive trading volume. The MACD is completely bullish with the fact that there has been a massive gain in the price of the XLM coin. The RSI is already crossing the overbought zone due to the massive demand for security and lies at 79.61.

Zcash (ZEC) News
Opinion & Analysis

Zcash Draws an Extended Downtrend; Trades Below $70

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Zcash, one of the top 35 cryptocurrencies of the global market, is seen trading with a negative sentiment after a bearish candlewick stretched from the trading price of $75 to as low as $66, while currently trades $68.3. Moreover, ZEC price has pulled back to trade below $80 since the beginning of the month after hitting the lower high at $90 in the previous month.

 

Alongside as per Zcash price prediction and technical analysis from experts, ZEC coin had tested support around $50 and $51 thrice in 3 months starting from September until the time of writing. Moreover, the ZEC coin gained notably after the major market crash in March when it corrected as low as $18.06 to hit a YTD high at $102.28 and has strengthened by over 400%.

 

The degree by which Zcash gained is bewildering compared to other major altcoins and the largest cryptocurrency, Bitcoin. The latter is seen trading with a pullback over the past 24 hours, and after a 3-week consolidation, Bitcoin price nosedived below $19k and currently trades at $18.2k.

 

Summarizing Zcash’s price movement over the past two weeks, we see that ZEC/USD’s price trend is drawing a clear lower high pattern followed by three descending price ranges, i.e., $90, $82, and $76.

 

Zcash Price Analysis

Zcash News

 

Today, Zcash was seen trading at $68.30 and has intraday retrieved from the daily lows at $66, wherein it was close to testing 50-day MA daily support at $65.91 followed by $64.24. With the bearish candlewick extended, ZEC/USD breached the lower Bollinger Band after a volatile movement recorded in the past three months.

 

The price movement of Zcash since September 2020 reflects a clear rejection at $75 before the lower high hit in the previous month at $90. The intraday price slash led to drawing a bearish crossover on the daily chart after a downtrend over the past two weeks. The RSI is seen inclining towards the oversold region, with a marginal decrease in the price of Zcash, leading to a slash in demand, currently lying at 47.22.

Ripple's Lawsuit Against YouTube and Its Implications
Company News

Ripple’s Lawsuit Against YouTube and Its Implications

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The world of business is highly dynamic and in a state of flux, especially in the digital age, with digital currencies playing a major role. However, ‘trust and transparency’ still remain the basic pillars of any business organization, large or small, and some enterprises attach great importance to these principles. Ripple is one such organization that values these foundational principles from the sharing of XRP market reports to seeking regulatory clarity across the industry. The company has recently come in the news owing to the lawsuit it has filed against video giant YouTube for alleged scams. The need to maintain the security of customers and sensitive data from perilous online scams and false impersonifications across social media platforms like Facebook, Twitter and YouTube have prompted strict action. 

Ripple believes that taking prompt legal action would set an exemplary standard for industry-wide regulations, behavioral changes, and improved expectations of accountability. This would also send across a warning against such scamsters spread across various platforms as ‘giveaway scams‘ is on the rise.

Giveaway scam is an industry term that relates to attempts to defraud money from unassuming consumers via social media impersonation, by convincing people that if they send money, they will receive more funds in return—typically through airdrop.

A typical characteristic of these scams is the impersonification of individuals or companies through the creation of fake profiles on social media platforms. It is already being anticipated that the world economy has been entering into a deep crisis, where people are worried about losing their livelihoods along with a dire need to protect their health. Such scams add to the anxiety and inconvenience of users and Ripple is making sincere efforts to create awareness by coming up with a guide to identify and spot such giveaway scams and ensure user safety.

The lawsuit has demanded that YouTube has to take a more aggressive stand to spot such scams before they are posted on any public platform. The crisis owing to COVID-19 has given rise to new kinds of scams and the Federal Trade Commission has recently brought out the very many COVID-19 scams in a report. A loss amounting to almost $13 million has been pointed out by consumers due to frauds related to COVID-19 and the number is growing every day. Lack of information is far less harmful than misinformation, which can have serious adverse effects or short term positive effects, whose bubble would soon burst. The Blockchain and Crypto industry are particularly susceptible to misleading information as information plays a decisive role in an innovation-based sector. Such giveaways not only affect a single organization but creates obstacles for the industry as a whole. Thus Ripple has decided to take strong steps to prevent such impediments in the future, and the lawsuit is a necessary step in that direction. 

The company has hired external cybersecurity and digital intelligence vendor to deal with scams specific to Ripple through reporting and taking down. Besides, XRP has come up with its own submission form to help the members of the community to report any unusual activity. However, in the lawsuit against the video platform, Ripple and Garlinghouse have blamed the former for denigrating the company’s image and reputation. They demanded a specific amount of financial compensation and that YouTube should be prohibited from making further profits from the scams and immediately take them down. In such scams the fraudsters ask for small amounts from their targets in return of enormous returns, and later escape with the amount made. To do so, they use the image of important business leaders like Bill Gates and offer “giveaways,” and buy keywords like Ripple and Brad Garlinghouse so that people searching for these can be made easy targets.

Although many search results with such terms have yielded correct information, there are a number of videos that have used Garlinghouse’s image to entrap victims.

In this case, the complaint cites numerous instances where hackers took over the channels of legitimate creators and replaced their videos with ones advertising Ripple-related scams. The scammy Ripple videos often show media interviews with Garlinghouse lifted from reputable sources and overlaid with invitations to participate in “giveaways” of the cryptocurrency XRP.

The complaint also accuses YouTube of allowing such videos to spread and gaining profits from their promotions instead of restricting them. YouTube has responded by saying,

We take abuse of our platform seriously, and take action quickly when we detect violations of our policies, such as scams or impersonation.

The crypto community has come in support of Ripple in increasing numbers, including young entrepreneurs like Nischal Shetty, founder of WazirXIndia, and Crowdfire. Many have condemned social media platforms for accommodating such scams even if they compromise with user safety, as it increases “engagement on their platform.”  Financial Analyst and YouTuber Tone Vays has also tweeted about the scam and asked YouTube to take down all such “scammy” videos. The crypto community is hopeful that this step would serve as a good example, increasing caution among users and social media platforms who are expected to be careful with their content and its purpose.

Realise Yourself into a Brand with Gladio Affiliates
Press Release

Realise Yourself into a Brand with Gladio Affiliates

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With cutthroat competition in the market where survival is a task, companies need to enter and stand in the market as a Brand for their survival. With the help of this new concept of ‘Affiliate Marketing’, companies can, to an extent, achieve the make their stand and create a brand in the market.

Affiliate Marketing

Affiliate Marketing is a term or notion for an organized and deliberate plan or strategy. It is a newly evolved and adopted strategy from the need of the companies globally for surviving in the market competition and increasing their sales/revenue. An Affiliate Marketer efficiently does the marketing and advertising work of the products or services on behalf of and for a brand or organization and is entitled to fixed fees or charges if the marketing campaign leads to successful sales and revenue for the same.

Affiliate Marketer is also known as Publisher, who may be a company or a consultant or a company. This arrangement is advantageous for both the affiliate marketers as well as for brands or organizations. There are basically three parties involved in this whole arrangement: a brand/producer, an affiliate marketer, and a consumer.

Crypto Affiliate Marketing

Crypto affiliate marketing is new and highly lucrative as well as an earning oriented concept. Crypto Affiliate Marketing is nothing but the product of a combination of cryptocurrency market/blockchain technology and the Affiliate Marketing Theory. It is somewhat distinct and somewhat more complicated than the traditional cash/fiat-based affiliate marketing industry. The Crypto Affiliate Marketing concept is just a broader perspective of affiliate marketing and the basic Crypto market, considering the digital currency ecosystem’s increasing fame to affiliate marketing.

Mechanism and Choosing of Crypto Affiliate Programs

The crypto affiliate marketing program is simple and easy to understand. The fundamental process, structure, and functioning theory of cryptocurrency affiliate marketing are almost similar to traditional affiliate marketing. The Crypto platforms hire or associate with affiliate marketers to promote their crypto platform. As the client is brought on board on the crypto forum, the publisher will get a commission to complete crypto marketing campaigns successfully.

The only main difference between the cryptocurrency affiliate program and the affiliate marketer is the payment approach adopted by them, i.e., the publishers are paid fees or charges accordingly either in cryptocurrencies or by crediting the account of their affiliates with fiat currencies. There are two types of crypto affiliate programs. The first type is where the marketer manages cryptocurrency payments from the customers or users acquisitions but makes their affiliate payments in standard currency. Then in the second type, the marketer provides others to offer products or services (which usually are mostly associated with cryptocurrencies) and pay their affiliates in cryptocurrency as well.

Further, while choosing a cryptocurrency affiliate network or marketer, the trader wants to work with a securer choice to avoid losses. Therefore, while joining or signing up with a publisher, the trader must first evaluate the appropriate scheme, i.e., must not ignore the actuality that it is challenging to find crypto schemes, so they must not lose an opportunity for a robust or apt deal. The trader should gain access to the referral links for better prospects and then take necessary action, which is commensurate with the commission that is being paid to the affiliate.

About Gladio.com and it’s Benefits

Gladio.com provides a single point of solution to all types of brands or organizations for obtaining high Cost-Per-Action from sales or revenue-boosting campaigns. It primarily promotes CPA campaigns that are beneficial from the advertiser’s perspective, i.e., Advertisers want a higher lead conversion from numerous marketing tactics. Gladio.com offers various services to its patrons, including the areas right from legal assistance, funding, and many others.

Gladio has distinctive features and benefits, such as:

  • It has a global presence and outreach, and it gives 24/7 assistance every day to its publishers.
  • It retains 100% secrecy of its publisher’s data and information.
  • It is a real-time platform with an authentic tracking system of the market trends.
  • It has competitive and compliant payment terms.
  • It provides devoted account managers to publishers for support, irrespective of their size or vertical and source.
  • They offer real-time notifications to their publishers via their allocated account managers.
  • It has and only works with a team of experts for providing Concierge Services to its clients.

Gladio assures to provide a 100% credible outcome as a result of its strategic marketing activities. Gladio’s crux is the team of expert professionals who assess both publishers’ and advertisers’ requirements for making them realistic and successful.

Coinitix: Purchase Bitcoins Differently
Press Release

Coinitix: Purchase Bitcoins Differently

By 13160 0

We all are familiar with the concept of a stock exchange. It is a platform where you can sell or buy shares of different organizations to make a profit. Similar to the stock exchange, we have the concept of a cryptocurrency exchange in the field of digital coins. The logic of buying and selling cryptocurrencies applies in cryptocurrency exchange, and investors make a profit in terms of buying digital coins at a low price and selling them at a high price. 

Given that cryptocurrency is a relatively new field of evolution, there are many constraints that are impeding its adoption among the general public. People are unaware of the digital coins, and also, technical issues related to digital currencies are matters of concern for many.  

However, the critical issue holding back the Bitcoin adoption is the lack of a mechanism that allows the masses to buy cryptocurrency using conventional methods and processes. This is handicapping the industry’s growth potential, but thankfully now, prospective buyers have got the support of Coinitix. 

Coinitix Platform 

Coinitix is a revolutionary platform that offers users the facility to buy Bitcoin using their credit cards. The feature is as easy and convenient as doing shopping online. There is no fuss in the buying process, and all you have to do is to open an account with Coinitix and then use your credit card to buy Bitcoin.

How to create an account? 

Fully recognizing that different buyers have a different level of competence when it comes to using technology, Coinitix has kept things extremely simple and convenient for all categories of prospective customers. To open an account, one needs to enter some basic information and accept the terms and conditions of its official website. This will create the account and make the person eligible to start with the buying process. 

Distinctive Features

  • Fast Verification

The verification process offered by the Coinitix is fast and secure. The primary focus of all mechanisms developed by the Coinitix is to make sure that verification gets completed swiftly without any unnecessary technical or administrative lag. This will help investors to get the verification done on a real-time basis and provides them an opportunity to stay ahead of the investment curve.

  • Swift Payouts 

Similar alacrity and swiftness can be witnessed in the process of cryptocurrency payouts by Coinitix. This is important as fast payouts hold a prominent place in the desirable characteristics sought by investors. The capability is beneficial in providing investors better chances to invest in the Bitcoin and other cryptocurrencies. 

  • Competitive Fee Structure 

Customers are usually worried about the high fee structure of different platforms as the commission charged by these mediums is relatively high. Fortunately, this is not the case with the Coinitix which offers the most competitive commissioning fees across the industry. You will be paying a very nominal amount as transaction charges, leading to higher savings and better profit. To further sweeten the deal, there is no hidden fee involved in the process at any stage of the transactional procedure. 

  • Responsive Customer Care 

It is common in the cryptocurrency domain that prospective buyers and investors have several queries regarding a range of technical aspects and other parameters. Keeping this in mind, Coinitix has developed a very considerate and responsive customer care mechanism, which is operational for 24 hours a day, 7 days a week. 

This round-the-clock facility is beneficial, especially for the buyers taking the plunge into the cryptocurrency industry for the first time. The company’s customer care executives have been carefully chosen and trained fully to handle concerns related to Bitcoin buying using credit cards. 

  • Regulatory Nature

Another major benefit of buying Bitcoin through Coinitix is that the currency exchange has been fully regulated and got a license from the Government of Estonia. This means that it complies with the statutory requirements, and as an investor, you get the surety that your funds to be in safe hands. Unlike many deregulated exchanges, the regulatory nature of Coinitix is reassuring. 

Conclusion 

Coinitix helps the Bitcoin adoption expand by making its buying process simple, safe, and effective. The exchange has come as a blessing for many investors longing for a seamless Bitcoin buying experience. Further, the highly competitive commissioning rate, responsive customer care, and regulated nature of the Coinitix make it a preferred platform for buying Bitcoin using your credit card.

Dollar Steady as Traders Await New Economic Data
Forex News

Dollar Steady as Traders Await New Economic Data

By 30782 0

The week has kicked off on a high. Global stocks are on an upswing on the back of traders awaiting new economic data and announcements from the Federal Reserve economic symposium at the Jackson Hole summit this week. Traders have chosen to put the pessimism of the COVID-19 pandemic behind them and instead focus on the optimism of the development of a vaccine.

The Trump administration has added a silver lining to this trend. It has decided to bypass Federal regulatory constraints and fast track an experimental vaccine on the anvil at the Oxford University, UK. Traders are thus looking beyond the increasing COVID-19 cases in Europe and choosing to put their money on Forex.

The net result is that the dollar after major fluctuations last week has now steadied against the major currencies. Added to it is the positive sentiment of new data on business activity and home sales. But all is not hunky-dory as there are concerns that more easing of monetary policy to fuel economic growth may not be happening soon.

The Trump administration is not helping the cause of the money markets either as the simmering U.S-Sino ties continue to be on the front burner, making traders nervous and jittery. However, on Sunday, he has hinted at the possibility that the U.S economy will be delinked from China in major areas of global trade and technology.

However, the dollar has performed reasonably well and held its own against the major currencies. It is $1.3095 against the British pound, $1.1803 against the Euro, fetching 0.9121 Swiss francs, and transacting at 105.76 yen. In all cases, the dollar has either gained over Friday or held on to last week’s gains.

Junichi Ishikawa, a senior foreign-exchange strategist at IG Securities, feels that the dollar is stable in the short-term only. He said,

Junichi Ishikawa said

All eyes are now on the Jackson Hole Symposium beginning next Thursday, where Federal Reserve Chairman will delve further on the contours of the monetary policy of the future. The summit is sponsored by the Federal Reserve Bank of Kansas City and is held at Jackson Hole, Wyo. Every year, top financial analysts, central bankers, and finance ministers take part. This year because of the pandemic, it will be a video conference symposium. Much is at stake for the dollar on what transpires at Jackson Hole.