Yesterday concluded one of the largest ICOs to date. An ICO is like an IPO for a new digital coin. Similar to an IPO on Wall Street, the ICO drums up new investment money but instead of offering shares, the startup will offer a new kind of coin to the investors.
The TAAS coin raised almost 6,000 Bitcoins. At a price of $1 per TAAS coin, the total ICO value came out to $7,779,090. The purpose of the new company will be to invest in cryptocurrencies.
Yesterday we saw record-breaking highs on both Bitcoin and Ethereum and the total market cap of all digital coins in circulation is now at the highest level in history, just $33.96 Billion.
Today's Highlights
- Trump 100
- Go Tech Go!
Busy Day Ahead
Please note: All data, figures & graphs below are valid as of April 28th. All trading carries risk. Only risk capital you're prepared to lose.
Happy 100!
This Sunday will mark President Donald Trump's 100th day in office. How's he doing so far?
Well, at least he seems to be doing. Certainly, he's having trouble implementing many of the policies that he campaigned on. Yet, he seems determined and despite some major delays, there is progress on many fronts.
One of the things he's been fighting for most is the wall. A proposed physical barrier between the United States and Mexico has caused a lot of controversies. During his campaign, Trump said that Mexico would be the one to pay for it but shortly after being elected, suggested that congress should put up the money and Mexico will pay US back.
Friday was the deadline for congress to pass the budget. If no budget was passed, the government essentially shuts down. Many of you will remember that this happened to president Obama in 2013 and many government workers had to take about two weeks of compulsory unpaid vacation.
So Trump says the wall should be part of the budget, congress doesn't seem to want to approve that and so we have a Mexican standoff.... literally.
The most likely solution will be a temporary extension of the deadline or a package that allows them to continue working as normal until they resolve the matter. Of course, a shutdown would look terrible in the eyes of political analysts who will be scrutinizing PDJT today.
Market Overview
It's all about the money. Profits have been strong so far especially in the banking and tech sectors.
Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Google (NASDAQ:GOOGL) all put out amazing quarterly earnings reports saving what was otherwise a pretty red day in the markets. The Nasdaq 100 has risen to another all time record high.
This is great news for many traders in eToro as the sentiment on all three stocks mentioned above is 98% buying. However, not so great for our leverage traders who are about 70% short on most global indices as they have been since Trump's election.
Oil jumped 1% yesterday after reports that OPEC is planning to extend production cuts. However, this news was largely expected by the market already and does not hamper western production. Though it's a decent intraday movement, the price failed to breach $50.
Looking at a longer term chart, there does seem to be an interesting technical pattern forming.
From December to March the price was trying desperately to break the blue line at $55 a barrel. However, the psychological resistance proved to be too much to break at that time and it did pull back.
However, the yellow line is much stronger. This represents a solid rising support that has been developing over the past year.
The pattern is called an ascending triangle and in most cases, it ends up with the psychological barrier being broken.
As always, I want to thank you for reading. I'm very happy to hear your thoughts and opinions. Most of the information I get is from conversations with you guys, so please keep it coming. :)
Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you're prepared to lose.