The oldest UK cryptocurrency exchange Coinfloor announced this week that due to low market volume that they were laying off staff, following on from rumours – later denied – that Kraken in Canada were also in the middle of a round of redundancies. While there are still a wide range of active exchanges across the globe, thin volumes and low volatility will have cut into exchanges’ profitability over the last 3-6 months and further job losses may be round the corner.
The tight trading ranges seen over the past weeks, acombined with low volume, may spark a sharp break in the major cryptocurrencies, either way. While the technical set-up shows Bitcoin, Ethereum and Litecoin with neutral to negative charts, a buyer could shift the price buyer releatively easily, as witnessed by Ripple a couple of weeks ago. Tight stops are the order of the day.
We look at Bitcoin, and a variety of other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.
IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.
What’s your opinion on volatility? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at firstname.lastname@example.org.
— Written by Nick Cawley, Analyst.
Original from: www.dailyfx.com