Breaking News

Magic Blockchain Dust

By Mati GreenspanCryptocurrencyJul 06, 2018 08:47AM ET
Magic Blockchain Dust
By Mati Greenspan   |  Jul 06, 2018 08:47AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

This one really threw me for a loop this morning....

Blockchain News
Blockchain News

Firstly, kudos to the Australian Government for embracing and exploring opportunities in blockchain. But some people are wondering is how blockchain can improve government services.

Blockchain technology's main use is for creating immutable, open source, borderless, censorship resistant, and trustless data. These are not usually something government services need. Whatever the Australian Government is working on to improve data security and whatever else might surely be done more efficiently with a centralized database.

The more I dug into this story though, the more I found things just not adding up. Buzzwords like blockchain, artificial intelligence, and quantum computing are being thrown around and it seems like a lot of people don't really understand what they mean.

Both IBM (NYSE:IBM) and Australian politicians are claiming this as a win, even though it's not at all clear how this will affect the already murky relations between the two parties.

What is clear is that if Australia would like to meet their goal to be one of the top three digital governments in the world by 2025, they might want to start by fixing the internet, which is reportedly slower than Khasakstan.

If governments around the world want to help foster innovation with blockchain, which they should, the best place to start is by creating the right regulatory environment for companies to start disrupting business activities and sectors that are ripe for change. It’s not entirely clear that public services is the right place to start.

Today's Highlights

So it Begins

Is the Bear Coming?

Ripple in Japan and the USA

Please note: All data, figures & graphs are valid as of July 6th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The trade war has now officially begun!

This morning, the United States has imposed groundbreaking tariffs on $34 billion worth of Chinese goods. China has responded with an equal amount of counter-tariffs.

Looking at the stock markets you wouldn't necessarily notice any reaction to today's updates though.

The China 50 and Nikkei 225 are up more than 1% today and the European markets opened notably flat.


It probably makes sense though that the reaction to this specific update has been muted. After all, the markets have had adequate time to prepare for this event and so it wasn't at a surprise or shock.

The bigger question is where do we go from here?

Is this entire trade war thing just a distraction as many seem to think, or will it get worse and affect the entire global supply chains as other have claimed?

Well, unfortunately, nobody can really answer that question so it seems that most are just kind of getting picky about their investments.

A recent report from Goldman Sachs (NYSE:GS) has indicated that more than 100% of the S&P500's returns so far this year have come from just 10 stocks.

S&P 500 Stocks
S&P 500 Stocks

Also, look out for the US Jobs report today at 8:30 AM New York time. All evidence suggests that it should go smoothly. However, if there are any surprises in the data it definitely has the potential to shake things up, especially with many traders still on holiday there.

Ripple in Japan

Yesterday a new cryptocurrency exchange came online in Japan, which is backed by the powerhouse financial firm SBI Holdings (T:8473).

The new service is currently doing a gradual rollout that will only be available for 20,000 of their 4 million customers to get started and will only offer a single digital asset... XRP.

Speculations are running high on reddit as to what this might mean for the price of the tokens.

Meanwhile, in the United States, things don't seem to be going so great for Ripple.

Ripple Hit
Ripple Hit

Ripple Labs and its founders have been slapped with the thrid lawsuit from investors claiming that the XRP tokens should actually be considered as unregistered securites.

The US government has already come clean and indicated that Bitcoin and Ethereum are not considered securities. However, the jury is still out on Ripple's XRP token. We'll be watching this one very closely going forward.

Wishing you an amazing weekend!


eToro, Senior Market Analyst

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.

Magic Blockchain Dust

Related Articles

Magic Blockchain Dust

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Jadid Herrera
Jadid Herrera Jul 06, 2018 11:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Excelente article. Have a great weekend. Thank you
0 0
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email