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Bitcoin climbs for third straight session as $6,400 gives in

Economies.com
2018-09-14 07:38AM UTC

Bitcoin rose on Friday for the third straight session to week highs, after managing to pierce $6,400 and sustain a recovery effort from recent three-week lows, with prices heading for weekly profits as well. 

 

At Bitstamp, Bitcoin rose $98, or 1.5% to $6,580, with an intraday high at $6,587, and a low at $6,451. 

 

Bitcoin rose 2.5% on Thursday, the second profit in a row away from three-week lows at $6,094. 

 

Market value of cryptocurrencies rose $5 billion on Friday to $204 billion away from $186 billion plumbed on Wednesday, the lowest since November 2017. 

 

And as more secondary cryptocurrencies take the lead, Bitcoin's market share receded from multi-month highs at 58% to 55.6%. 

 

Bitcoin is also up 5.5% so far this week, heading for weekly gains as a recent selloff wave takes a hiatus.

 

Otherwise, New York regulators approved of the Winklevoss Twins' cryptocurrency, the stablecoin Gemini dollar. 

 

The new cryptocurrency is backed by the dollar, with investment bank State Street taking custody of the fiat dollars they're held to. 

 

From Japan, Houbi acquired a majority stake in the BitTrade platform, one of the few licensed by the Financial Services Agency (FSA).  

 

Houbi, the world's third largest crypto exchange, continues its plan of expanding its trading base to gain more global recognition. 

 

Back to the US, the Washington Post reported that a group of crypto and blockchain companies banded to form a US-based lobby group for the industry in Washington. 

 

Otherwise, both the US Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) cracked down on several scams in the crypto business, such as a hedge fund under the name Crypto Asset Management for selling securities under the false assumption of approval by the SEC. 

Dollar backs off six-week high against yen

Economies.com
2018-09-14 05:50AM UTC

Dollar tilted lower against yen while still on track for the first weekly profit in three, following earlier industrial data from Japan and ahead of US retail sales, consumer sentiment data. 

 

As of 05:50 GMT, USD/JPY inched down 0.05% to 111.86, with an intraday low at 111.79, and a six-week high at 112.08. 

 

Earlier Japanese data industrial production fell 0.2% m/m in July, compared to a 0.1% slip in June, while rising only 2.2% y/y, down from 2.3%. 

 

Now markets await US retail sales data, expected with a 0.4% increase in August, down from 0.5%. 

 

Import prices are estimated with a 0.2% monthly dip, and a 4.1% yearly increase, as industrial production is expected with a 0.3% increase in August, up from 0.1% in July. 

 

The University of Michigan's survey on consumer sentiment is estimated at 96.7 in September, up from 96.2 in August. 

Litecoin rebounds from year lows on limited short-covering

Economies.com
2018-09-14 05:36AM UTC

Litecoin rose over one percent, or $1 on Friday in Asian trade, heading for weekly gains and moving away from September 2017 lows on timid short-covering amid a violent selloff wave that continues to sporadically engulf cryptocurrencies this year. 

 

As of 05:12 GMT, Litecoin rose 1.50% to $55.214, with an intraday high at $55.819, and a low at $53.905. 

 

Both the US Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) cracked down on several scams in the crypto business, such as a hedge fund under the name Crypto Asset Management for selling securities under the false assumption of approval by the SEC. 

 

Otherwise, Litecoin Core recently released the new 0.16.2 update for Litecoin for the public after months of development and testing, with the new edition offering fixes to bugs and improvements in performance and some updates to translations, in turn buoying Litecoin modestly on Sunday. 

 

Additionally, Founder of Litecoin Charlie Lee spoke recently about the state of the market for both Bitcoin and Litecoin, expressing beliefs that the current bearish trend would prompt bargain hunters to become active because of how cheap crypto assets have become. 

 

He stated “I think it’s it’s always good to buy on the way down… That’s what I would recommend people to do… As long as you don’t spend money that you can’t afford to lose, I think that’s fine. I think it’s really bad for people who like mortgage their house, put all their money into a coin and then watch it drop like 80% but as long as you can afford to, I’d say spend some money buy some crypto it’s perfectly fine.”

 

The Path of Litecoin 

 

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, then moving on to $49.144 in mid-August.

Silver gains ground, dollar moves little in Asia

Economies.com
2018-09-14 05:05AM UTC

Silver futures tilted higher in Asian trade as the dollar index hovered in place, following earlier data from China, the world's largest metals consumer, and ahead of US retail sales, consumer sentiment data. 

 

As of 05:03 GMT, silver futures due in December rose 0.18% to $14.27 an ounce, while the dollar index barely inched down to 94.50 against a basket of major currencies. 

 

Earlier Chinese data showed the unemployment rate down to 5.0% from 5.1%, while retail sales rallied 9% y/y, slowing down from 8.8% in July. 

 

China's industrial output rose 6.1% y/y in August, up slightly from 6.0%, while fixed-income investments rose 5.3%, slowing down from 5.5%. 

 

Now markets await US retail sales data, expected with a 0.4% increase in August, down from 0.5%. 

 

Import prices are estimated with a 0.2% monthly dip, and a 4.1% yearly increase, as industrial production is expected with a 0.3% increase in August, up from 0.1% in July. 

 

The University of Michigan's survey on consumer sentiment is estimated at 96.7 in September, up from 96.2 in August.