Lazy Monday Afternoon: Let’s Check In On The Cryptocurrency Markets - Forex News by FX Leaders

Lazy Monday Afternoon: Let’s Check In On The Cryptocurrency Markets

Posted Monday, October 2, 2017 by
Shain Vernier • 2 min read

Monday’s are always a bit challenging, as is the first trading day of any month. As my colleague Skerdian discussed earlier, during these times big banks and liquidity providers are in the process of closing the books on the previous month. Price action can be choppy, and it may be a good idea to let the dust settle a bit before jumping into these markets full force.

The good thing about quiet markets is that they give us a chance to evaluate a variety of asset classes. Cryptocurrencies are just such a venue and make for a viable supplement to conventional investment vehicles.

Today’s Cryptocurrency Markets

We have covered the markets of cryptocurrencies in depth here at FX Leaders over the past month. Trading signals, analysis, and recommendations have all been furnished to readers facing these exciting markets.

MoneyCryptocurrencies Are Inherently Volatile, Creating Opportunity.

The last 24 hours in the cryptocurrency markets have brought a few opportunities and some robust pricing fluctuations:

  • Bitcoin (BTC) is up $59.00 or 1.25% to $4,375.00.

  • Ethereum (ETH) is down $5.50 or 1.88% to $294.75.

  • Litecoin (LTC) is down $0.60 or 1.16% to $53.52.

Price action for the session is a bit curious in that when BTC rallies the others typically exhibit strength. Today’s session has been a bit of an outlier, in that we are seeing a divergence in values across the markets.

Before getting started in the cryptocurrency market, be sure to select a reputable brokerage service. In addition, social trading platforms are a positive avenue by which to venture into a new market.

If you are going to engage these markets for the rest of the U.S. session, be sure to keep it safe. There will be plenty of upcoming trades for the week. Often, waiting for optimal conditions is the best course of action.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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