Trump’s words influence the crypto market
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Trump’s words influence the crypto market

By Federico Izzi - 2 Dec 2019

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The statements made by Trump in recent hours, in which the President of the United States announced duties to Brazil and Argentina, seem to have had an impact on the crypto market as well, as he rejects the devaluation of both the Rial and the Peso. 

Source: COIN360.com

After the tensions with China, now is the time for the South American countries and this is reflected in the stock markets with the European stock exchanges falling by -2%. The US market is also losing 1%. 

Trump thus breaks the euphoria of Cyber Monday, after the early hours of the week the stock markets had set new highs for the period for the European and US stock exchanges, with the future S&P 500 that during the night had recorded a new all-time high at a pace of 3160 points. 

Today’s losses cancel out last month’s gains for most European equity indices.

Even the crypto market sees a prevalence of red signs for 65% of the top 100. Among the first 100, only a few positive signs emerge, in particular, VeChain (VET) which, benefiting from the latest news on the partnership with Microsoft, sees a rise that in some moments of these hours pushed even more than 20%, returning again to review the highs of mid-November at 0.0081 dollars. 

VET totally cancels the decline that has characterised it at the end of November and that had involved the whole sector. 

The second positive crypto of the market is Maker (MKR), which rose by 2%, confirming the rise on a weekly basis that makes it one of the best with a leap of 20%. Maker tries to put behind itself the negative week that hit the token from the transition from single- to multi-collateral last November 18th.

All the other big ones are below par. Among the worst of the day, there is the decline of Tezos (XTZ) that drops by over 5%. The trio of Bitcoin, Ethereum and Ripple, mark three red signs with declines of 1.5%.

The best of the day is Energi (NRG), in 95th position, which rose by 25%. While among the worst there is Syntethix (SNX) which fell by 13%.

The weekend ended without any particular indication. The trend of these days brings the market cap back below 200 billion dollars. The dominance of Bitcoin remains at 66.6%. Ethereum, despite the weakness of the last 3 days, still sees the dominance over 8.1%, while Ripple continues to move below 4.8%, continuing to indicate a lack of desire to recover 5%, the threshold abandoned at the beginning of the third decade of November. 

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin, after having pushed in the day of Friday to a step from the 8.000 dollars, fails to find the purchases to support the rise and slips again in the 7.300 dollars area, level of support in the short term. 

For BTC it is necessary not to risk going back below the threshold of 7,000 dollars and not to cancel the euphoria that was the hallmark of the eve of Black Friday. Bitcoin must begin to consolidate the movement between $7,000 and $7,200. In case of violation of the 7,200 dollars, downward speculation that would lead prices to revise the lows of late November could return.

Ethereum chart by Tradingview

 

Ethereum (ETH)

Last week’s bullish movement did not follow the same intensity as that of bitcoin, highlighting a struggle to recover $155. Today Ethereum’s price moves below 150 dollars and so it becomes necessary to go beyond 155 dollars. In the absence of such a movement, the setting will continue to be bearish, highlighting a weakness that remains present since the beginning of June last year. 

A return below $140 would increase downward speculation, with the risk of updating the lows of the last 8 months. 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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