U.S. Mid-Session Report: Today’s Cryptocurrency Trade - Forex News by FX Leaders

U.S. Mid-Session Report: Today’s Cryptocurrency Trade

Posted Wednesday, October 11, 2017 by
Shain Vernier • 2 min read

The cryptocurrency markets remain in the news, led by the industry benchmark Bitcoin (BTC). Values keep exploding for BTC. Currently, BTC is nearing all-time highs with a price approaching $5000. The coming October 25 Bitcoin “fork” is enticing investors to get long, with the hopes of realizing exponential gains through the creation of Bitcoin Gold (BTG).

Will Bitcoin Gold (BTG) Drive Classic Bitcoin (BTC) To New Heights?

Cryptocurrencies are relatively new assets. Events such as “forks” and the subsequent creations of alternate Bitcoin products are somewhat mysterious. Be sure to secure the services of a brokerage with industry-specific knowledge to enhance your venture into the cryptocurrency market.

Today’s Movers And Shakers

Amid the pending FOMC release, many traders are focussing on the cryptocurrency markets instead of the forex. Here is today’s action:

Product                            Price              24 Hour Performance

Bitcoin (BTC)                $4858.00                     -0.13%

Ethereum (ETH)            $300.00                      -1.57%

Litecoin (LTC)                  $50.75                       -0.75%

Ripple (XRP)                  $   0.26                       +1.78%

Bitcoin Cash (BTH)        $313.70                       -0.75%

Bottom Line: Bitcoin is stealing the thunder from the rest of the cryptocurrency markets. The big loser of the coming BTC “fork” appears to be Bitcoin Cash, which is down $60 over the past week. However, other “altcoins” are also struggling in comparison to BTC.

Before you jump in with both feet, check out the trading signals page at FX Leaders for innovative ways to engage these exciting markets.

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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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