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How cryptocurrencies are progressing around the world | USD/CAD Update

By 11/06/2017 No Comments

How cryptocurrencies are progressing around the world:  More countries are jumping big on the cryptocurrency train. Singapore is now home to several cryptocurrency start-ups such as CoinGecko. Indonesia could be the next BitCoin hub according to experts.

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Indonesia possesses the unique conditions that make it well-poised for bitcoin adoption. it’s the world’s fourth most populous country, and up to 80% of its population remains unbanked. Because one of the inherent advantages of digital currency is that it doesn’t necessitate having a bank account, Bitcoin could have a great potential to offer an alternative form of traditional banking.

 

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Other factors—the absence of a national credit lending system, coupled with increasing smartphone penetration, also make Indonesia a hotbed for cryptocurrency disruption. On the other hand, in the US, the SEC has warned about ICO’s and potentially unlawful celebrity promotion. The U.S. Securities & Exchange Commission issued a statement in relation to “celebrities and others” using social media networks to encourage the public to purchase stocks and other investments.

Regardless of this, Bitcoin’s value surpassed $7,000 on Friday, reaching the record level of $7,629 by the end of last week’s trading sessions, although it pulled back a bit during today’s early trading session.

If we’ve learned anything from Bitcoin’s volatile past, we could be expecting a further potential pullback in the coming weeks.

USD/CAD pair extended its losses

The USD/CAD pair extended its losses earlier today after it reached our bullish profit target of 1.29 last week. The US Dollar might, however, find a way back up on the prospects of passing tax cut legislation that markets think might lead to a steeper Fed rate hike cycle in 2018. While Donald Trump is visiting Japan, Bank of Japan Governor Kuroda Will Give A Speech during today’s Asian session after they release their Nikkei PMI Services (OCT). During the London session, The Swiss Consumer Price Index (OCT) will be out expected to remain unchanged at 0.7% on a YoY basis.

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We are expecting a rather quiet economic calendar during the New York session, so traders may take cues from the geopolitical tensions, Robert Mueller’s investigation into Trump’s campaign, and the GOP’s tax plan. During the next day’s Asian session, Australia’s AiG Performance of Construction Index (OCT) will be out at 10:30 PM GMT.

 

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