Types of Cryptocurrencies CFD Available on Phillip MT5
Note: Similar to the underlying Cryptocurrencies, Cryptocurrencies CFD are also highly volatile and come with high-risk. Hence, the prices of Cryptocurrencies CFD are subject to sudden fluctuations due to market sentiments or unexpected market events. As CFDs are leveraged, market volatility and leverage may result in increased profits or significant losses depending on how the market moves. Cryptocurrencies are not legal tender are currently not subjected to any regulatory requirements or supervisory oversight by the Monetary Authority of Singapore (MAS). Hence, the safeguards afforded under MAS’ regulatory framework will not apply to consumers dealing with unregulated products, such as CFDs on Cryptocurrencies.
Customers are advised to trade Cryptocurrencies CFD only after gaining the relevant knowledge and fully understanding the risks associated with the product. To ensure that you fully understand the risks and the costs involved, please refer to the Risk Fact Sheet and Risk Disclosure Statement.
Bitcoin briefly rises above $52K in double-digit rally
📈 BTC | $50,697.8 (+2,142.9, +4.4%)
📈 ETH | $1,588.2 (+92.7, +6.2)
📈 XRP | $0.4498 (+0.0152, +3.5%)
📈 LTC | $191.02 (+11.0, +6.1%)
🧪 New York is trialing a blockchain-based health app developed with IBM, meant to hold hard-to-fake vaccination certificates and COVID test results.
🏃♂️ Ethereum is suffering from increasingly high transaction fees, causing many altcoins to increasingly “flee” to other blockchains instead, among other consequences.
😐 In an unusual move, a group of Non-Fungible Token (NFT) artists bought and burned a Banksy original, turning the $100K art piece into an entirely digital art piece listed on OpenSea.
Bitcoin consolidating below $50K, breaks barriers in banking instead
📉 BTC | $48,588.77 (-1,264.78 -2.54%)
📉 Ethereum | $1,497.44 (-85.31, -5.38%)
📉 Ripple | $0.434295 (-0.013336, -2.98%)
📈 Litecoin | $179.21 (+1.72, +0.97%)
While Bitcoin continues to trade below its recent high of $58K, institutional interest remains high. Thousands of Bitcoin were moved off of exchanges during the recent sell-off to $43K, traditionally a bullish signal (as this means that people are looking to hold instead of sell).
While $50K remains a near-term resistance level for Bitcoin, a Reuters report yesterday stated that Goldman Sachs has likely restarted its cryptocurrency desk. This marks a departure from the past where banks used to regularly heap scorn on Bitcoin as an asset class.
Goldman itself last fell in love with Bitcoin during the boom cycle of 2017-2018, before the spectacular Bitcoin bust from $20K to $3K ended that relationship. Since then, Goldman had made several high-profile statements slamming Bitcoin, calling Bitcoin “a fraud”. For their latest efforts, the bank is said to be exploring options for a Bitcoin ETF and crypto custody services, and is currently involved in non-Bitcoin blockchain work as well.
Cryptocurrencies rise in tandem with the stock market
📈 BTC | $49,816.65 (+4,540.92, +10.03%)
📈 Ethereum | $1,582.47 (+162.46, +11.46%)
📈 Ripple | $0.450018 (+0.033543, +8.07%)
📈 Litecoin | $177.93 (+12.96, +7.88%)
🔗 The correlation between cryptocurrencies and the stock market has been on full display recently, with most major cryptocurrencies rising strongly yesterday. This comes after heavy double-digit losses last week, driving Bitcoin in particular down from $58K to a low of $43K.
🛒 Cryptocurrency adoption received a boost yesterday, as e-Commerce behemoth Rakuten (over 95 million registered users) announced a move to let users transact in Bitcoin and other cryptocurrencies throughout Japan. Shoppers can use the Rakuten Pay and Rakuten Point Card, with Rakuten currently planning to integrate a crypto wallet into the Pay app in the future.
🐥 Cryptocurrency mania however, is far from over. Part of yesterday’s spike in cryptocurrency prices was also due to manic speculation that Twitter’s recent announcement of a $1.25B convertible senior notes offering was to fund Bitcoin purchases, similar to what MicroStrategy Inc. did in February.
Bitcoin losses continue as bond yields catalyse sell-offs in risk assets
📉 BTC | $46,302.91 (-109.30, -0.24%)
📉 Ethereum | $1,443.71 (-20.61, -1.41%)
📉 Ripple | $0.422632 (-0.015092, -3.45%)
📉 Litecoin | $167.29 (-4.42, -2.57%)
Bitcoin edged downwards over the weekend, continuing a weeklong slide. Riskier assets globally saw sell-offs amidst rising bond yields, with Bitcoin falling from $58K to about $43K within the week (-25.8%).
Bitcoin has exhibited high volatility recently, as opinions from figures such as Elon Musk and Janet Yellen seemingly catalyses spikes and dips in the cryptocurrency market. This is likely representative of investors gauging institutional sentiment towards cryptocurrencies, with further mainstream adoption of cryptocurrencies being a near-necessary condition for further rises in the price of Bitcoin.
While Bitcoin has retreated from its all-time high of $58K, overall cryptocurrency market capitalisation currently stands at $1.42 trillion, representing a 42% increase over the beginning of February.
Bottom is NOT in as cryptocurrencies dip again due to rising bond yields
📉 BTC | $46,552.71 (-3,880.18, -7.68%)
📉 Ethereum | $1,477.55 (-173.61, -10.53%)
📉 Ripple | $0.428525 (-0.050081, -10.48%)
📉 Litecoin | $171.26 (-12.20, -6.63%)
Investors were in a risk-off mood yesterday as bond yields rose to 1.6%, the highest since last June. Such rises typically prompt a rotation out of riskier assets, with the marquee cryptocurrency Bitcoin shedding around $6K to dip to a local low of $46K.
In the meantime, the world’s first Bitcoin ETF launched just a week ago has attracted over $590M already, showing the large scale of demand for exposure to the Bitcoin – without actually having to go through the process of buying it themselves.
Coinbase, the largest crypto exchange in the US, also reported profits for the first time on the back of surging cryptocurrency prices. Coinbase is expected to list on the Nasdaq this year, with market watchers currently estimating a market cap between $70B to $100B.
Bitcoin climbs back to $50K – is the bottom in?
📈 BTC | $50,804.17 (+2,735.90, +5.72%%)
📈 Ethereum | $1,655.55 (+105.64, +6.85%%)
📈 Ripple | $0.480743 (+0.017797, +3.83%)
📈 Litecoin | $184.01 (+12.19, +7.06%)
Sharp profit-taking amongst cryptocurrencies was stemmed yesterday, with most posting strong V-shaped recoveries following a market-wide slump earlier in the week that saw Bitcoin go to as low as $44.9K from $58K.
Part of Bitcoin’s rise yesterday came as ARK Investment’s superstar chief Cathie Wood spoke out in support of it, as well as from continued reassurance of easy monetary conditions from the Federal Reserve.
In a now-familiar pattern as well, many institutions took the recent plunge as an opportunity to add even more Bitcoin to their balance sheets, with payments company Square purchasing $170B worth, with around 5% of its cash and equivalents now in Bitcoin entirely.
Bitcoin drops to as low as 44.9K in wild 1-day sell-off
📉 BTC | $47,766.91 (-5,729.00, -10.70%%)
📉 Ethereum | $1,543.63 (-228.18, -12.87%%)
📉 Ripple | $0.467364 (-0.099135, -17.47%)
📉 Litecoin | $172.80 (-32.28, -15.79%)
Bitcoin showed it’s inability to tame its volatility even at higher prices and with record high institutional interest, as it painted what is perhaps its longest daily red candle (loss) yesterday, from 55K to around 44.9K at one point.
The large dip dragged most of the altcoin market down as well, with more major altcoins seeing double-digit losses as well. Total market capitalisation in cryptocurrencies dipped to $1.35T from $1.7T at one point yesterday, representing a wipe out of around $350B in market value.
Looking ahead, this news is unlikely to be positive for companies looking into adopting Bitcoin as Tesla has done – which is widely expected to be the fundamental driving force behind further rises in the price of Bitcoin. Tesla has been having a torrid week so far, with analysts speculating that the current tumult in its share price has to do with investor fears over its Bitcoin purchase as the price of Bitcoin plummets. Tesla plunged as low as $618 during yesterday’s session, representing a decline of around -19% in just two trading sessions (Tesla is currently trading at $698).
Bitcoin welcomes new retail traders by plummeting -18%
📉 BTC | $53,564.35 (-3,197.52, -5.64%%)
📉 Ethereum | $1,766.74 (-153.93, -8.02%%)
📈 Ripple | $0.566415 (+0.026026, +4.84%)
📉 Litecoin | $204.13 (-20.42, -9.07%)
New hands investing in Bitcoin received their first taste of cryptocurrency volatility yesterday, as Bitcoin and most of the major altcoins were deep in the red yesterday. Bitcoin dropped to as low as $47.6K at one point yesterday on some exchanges, over $10K lower than Sunday’s high of $58.3K.
Similar to the sell-off seen in technology stocks yesterday, rising bond yields have also put pressure on the price of cryptocurrencies. Bitcoin’s parabolic rise from under $40K to its recent highs was also seen as unsustainable, and overdue for a market correction.
A case could be made for further bullishness in cryptocurrencies however, as institutional interest in Bitcoin and cryptocurrencies reached new highs recently, following Tesla’s announcement of Bitcoin purchases last week. Such investors have longer investment horizons than retail traders, and price pullbacks would remain as attractive buying opportunities. This was previously seen when Bitcoin underwent a multi-week slump in January, only to find institutional buying support at around the $30K price point.
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What are CFDs
CFD is an agreement between two parties to settle the difference between the opening and closing prices of the contract. CFDs allow customers to participate in the price movement of an underlying product, such as indices, commodities and shares, without actually owning the asset.
- Trade in both the bull and the bear markets
The ability to enter a long and/or short position allow traders to take advantage of both rising and falling markets.
- Smaller barrier to entry
CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
- No expiration date or risk of delivery
Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.
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