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 dances around $40K – likely forming bullish pattern on charts
📈 BTC | $40,003 (+719, +1.8%)
📈 ETH | $2,296 (+9, +0.4%)
📈 XRP | $0.72 (+0.01, +13.3%)
📈 LTC | $139 (+6, +4.1%)
Bitcoin is forming a traditionally bullish ascending triangle pattern on the charts, forming a series of higher lows, while constantly re-testing the $40K resistance.
Highly successful crypto DeFi protocol AAVE is close to launching a “de-centralised social media” platform, hinting that the programme would be akin to “Twitter on Ethereum”.
Robinhood recently announced several new crypto products for launch with its upcoming IPO. Crypto wallets, lending, debit cards, and staking are all in the works, potentially allowing millions of Robinhood’s often young users access to the unregulated world of de-centralised finance.
Bitcoin inches higher as all eyes watching for another test of $40K resistance
📈 BTC | $39,325 (+1,920, +5.1%)
📈 ETH | $2,295 (+63, +2.8%)
📈 XRP | $0.64 (+0.01, +2.2%)
📈 LTC | $134 (+3, +2.2%)
Bitcoin dominance has now spiked from lows of 40% in June to around 48% now. This uptrend typically signals periods of higher Bitcoin volatility as compared to altcoins (i.e. Bitcoin rises faster and falls harder).
The US Senate took turns bashing cryptocurrencies yesterday, in a hearing titled “Cryptocurrencies: What are they good for?”. US lawmakers held two other hearings on CBDCs and surges in ransomware attacks yesterday as well, clearly signaling how cryptocurrency regulation is becoming a more urgent issue for the authorities.
The largest stablecoin – Tether, has declared an official audit, with the results due in a few months. This is an important development, as a loss of confidence in Tether would see the largest source of liquidity in crypto markets collapse. An official accounting has never been done before, and is likely a reaction to the heightening regulatory scrutiny as mentioned above.
No, Bitcoin has not reclaimed key levels yet
📈 BTC | $37,186 (+1,893, +5.4%)
📈 ETH | $2,225 (+46, +2.1%)
📈 XRP | $0.62 (+0.02, +2.9%)
📈 LTC | $131 (+4, +2.9%)
Bitcoin punished overly eager bulls by plummeting from $40K to $37K early this morning. Bitcoin has been trading in between $30K and $40K for the past three months, and a clear break above the $40K-$42K trading band is likely needed to confirm a resumption of an uptrend.
Amazon put an end to rampant speculation yesterday that they were planning to accept Bitcoin payments, with news of the denial sending Bitcoin tumbling by nearly -10% in a matter of hours.
Key takeaways from yesterday’s rally:
- $120M in Bitcoin shorts were confirmed to have been liquidated yesterday in a one-off event, helping to cause the spike in Bitcoin’s price.
- Bitcoin on-chain metrics show that network activity remains low – and hardly justifies a bullish outlook on the network for now.
- Our takeaway: Look for Bitcoin to remain in the $30K – $40K trading band for now, unless it cleanly breaks above $42K.
Bitcoin rises about 50-day moving average, rallies above $35K in early-morning surge
📈 BTC | $35,689 (+1,166, +3.4%)
📈 ETH | $2,221 (+22, +1.0%)
📉 XRP | $0.61 (-0.003, -0.5%)
📈 LTC | $129 (+3, +2.2%)
Bitcoin has staged a multi-day recovery, rising from $29K on the 21st, to trade at over $35K this morning. This marks the first time that Bitcoin is trading above its 50-day Moving Average since the 12th of May.
A Bitcoin short squeeze may be playing out currently, with Bitcoin leverage ratios having spiked to multi-month highs heading into the weekend, with funding rates for Bitcoin perpetual swaps in negative territory (generally signalling higher short interest).
Binance CEO Changpeng Zhao announced plans that they are seeking an IPO, while looking for a new CEO. The last time a crypto exchange IPO-ed (Coinbase in April), Bitcoin was sent into a multi-month bear market from all-time highs.
Bitcoin rallied $5K in just two hours this morning, likely due to an ongoing-short squeeze forcing short sellers to buy the token. While this seems to be good news for cryptocurrencies, Bitcoin notably faced strong resistance at $40K. Furthermore, Bitcoin still appears to be “trapped” between the $30K and $40K trading range, a pattern it has been trading in since mid-May.
Bitcoin holding steady at $32K – a lower high
📈 BTC | $32,349 (+10, +0.0%)
📈 ETH | $2,029 (+11, +0.5%)
📈 XRP | $0.59 (+0.02, +2.9%)
📈 LTC | $120 (+2, +1.6%)
Bitcoin has kept its head above $30K, but continues making lower lows and lower highs, making the current downtrend likely still intact. A meaningful break above the resistance at $34K and $40K is likely needed to reverse said downtrend.
On-chain data shows that the Market Value to Realised Value (MVRV) has continued to trend lower, led by short-term holders closing their positions. Most short-term holders are currently significantly underwater.
Crypto demand may just be waiting for the right opportunity to get back on track – Goldman Sachs reported that almost half of family office clients surveyed wanted some exposure to crypto, while 15% already had positions in it. Main motivations cited include low interest rates, and worries over high inflation.
Crypto market rises with a vengeance thanks to Elon Musk – but regulatory questions remain unsolved
📈 BTC | $32,196(+2,202, +7.7%)
📈 ETH | $2,009 (+213, +11.9%)
📈 XRP | $0.57 (+0.04, +8.0%)
📈 LTC | $118 (+10, +9.7%)
Bitcoin popped back up to $32.8k for a time, as the risk-on squad of Elon Musk, Jack Dorsey, and Cathie Wood sat down for “The B Word” conference yesterday. Elon Musk declared that Tesla would most likely resume accepting Bitcoin for purchases eventually, and that “I might pump, but don’t dump”.
At the same time, SEC Chairman Gary Gensler issued a warning yesterday on synthetic stock tokens powered by blockchain technology, taking aim at the crypto market’s Decentralised Finance (DeFi) space and its most recent innovations.
More critically, Mr Gensler also hinted that stablecoin regulation may be in the works, pointing out that stablecoins “must work within our securities regime”.
Explained: Stablecoins are critical components of the cryptocurrency ecosystem for providing a liquid way to trade cryptocurrencies. Stablecoins are also reputedly backed 1-to-1 by an actual, equivalent amount of dollars. To date, the largest stablecoins (USDT, USDC, and BUSD) are worth around $100B, but have never actually undergone a proper audit of their reserves.
Bitcoin closes below $30K, breaking long-held support
📉 BTC | $29,807 (-1,118, -3.3%)
📉 ETH | $1,791 (-41, -2.2%)
📉 XRP | $0.53 (-0.04, -6.3%)
📉 LTC | $107 (-8, -6.6%)
Stablecoin Tether has not “printed” new USDT in over 3 weeks, which has served as a major cause of Bitcoin price rallies in the past. USDT was said to be experiencing less demand thanks to the evisceration of cryptocurrencies in China, where USDT was the dominant method for Chinese traders to access crypto markets.
Texas is emerging as a relatively Bitcoin-friendly location, with some calling it the new “Bitcoin Mining Capital”. Governor Greg Abbott is a known supporter of cryptocurrencies, and is planning to release a master plan for a new “blockchain industry” in the state.
The Grayscale Bitcoin Trust continues to trade at a heavy discount of over -11% to spot prices, which has tended to draw capital away from the spot BTC market in the past.
Bitcoin consolidates lower as regulatory blows to sentiment continue
📉 BTC | $31,710 (-21, -0.1%)
📉 ETH | $1,894 (-31, -1.6%)
📈 XRP | $0.58 (+0.0, +0.0%)
📉 LTC | $119 (-2, -1.5%)
News on Binance continued coming in over the weekend, with the company stopping their much vaunted stock token products (customers could buy crypto tokens of stocks) after Hong Kong regulators explicitly banned the token.
A US Federal Reserve study has shown that the $1,200 stimulus checks last year only contributed to around a +3.8% rise in trading volume and +0.7% increase in price for Bitcoin. This was much less than expected for many, with the figure coming in less than Bitcoin’s daily ‘standard deviation of 4.6%
XRP appears to be approaching its own Death Cross, a few weeks after Bitcoin made its own. XRP’s previous death crosses have hardly guaranteed bearish impetus however, with XRP rallying particularly amidst oversold conditions. Investors should monitor buying momentum indicators such as the RSI in the coming days.
Get Started on CFD Trading
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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