Two years ago, England voted to leave the EU. Today, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union. In March, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union. The withdrawal agreement was rejected by 432 votes to 202. The 230 vote defeat is thought to be the largest in U.K. political history. Because she couldn’t get the job done, she resigned.
Now it’s newly elected leader of the Conservative party Boris Johnson takes over as the Prime Minister with the goal of executing Brexit.
Johnson, who won the race to the lead country on Tuesday, previously said the U.K. must leave the European Union by Oct. 31 “do or die, come what may.”
“Being a prime minister, things can change, and so maybe we also think about a little bit of an extension to the Brexit negotiation,” Dominic Schnider, head for commodities and Asia Pacific foreign exchange at UBS Global Wealth Management, told CNBC’s “Squawk Box.”
Should Johnson soften his perspective on Brexit, there will be consequences for the British pound, Schnider projected.
“If the market realizes that the hard Brexit probability starts to shrink, I think the pound can come back. So we’re probably going to trade north of $1.30, $1.35, somewhere there,” Schnider said.
The reason the British Pound has been beaten up the last couple of years is due to the uncertainty of Brexit and if Brexit happens, the ramifications it will have on England’s economy. However, if Brexit doesn’t happen, Dominic Schnider is right, the Pound should rise. However, in order for it to rise to his target of $1.30, $1.35, the first major test would be the major support/resistance at 1.27000.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Boris Johnson took over from Theresa May as Prime Minister and it appears markets will be wanting fresh information as to Johnson’s intended Brexit policy before pushing an already heavily-discounted currency any lower.
Indeed, a number of analysts are telling us the current recovery in Sterling is actually technical in nature, without any real substantive underpinning, we therefore wonder just how high the recovery can actually go.
“We think this is simply a short covering bounce in an otherwise pronounced downtrend,” adds Bregar. “UK politics will feature some pomp and circumstance today as Theresa May resigns to the Queen and Boris Johnson is formally asked by her majesty to form a new government. Next up for GBP traders will be Boris Johnson’s new cabinet minister selections.”
The Franc safe haven status outweighs the negative interest rates given the stability of the Swiss government and its financial system. Thus, when the global markets turn down, the Swiss franc tends to appreciate.
Monthly Chart (Curve Time Frame) – monthly supply is at 1.47000 and monthly demand is at 1.22000.
Weekly Chart (Trend Time Frame) – the trend is sideways with a downside bias.
Daily Chart (Entry Time Frame) – although price is in higher time frame demand, the chart suggests price can move lower and to short price at the daily demand at 1.23900.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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The “Amazon Effect” has forced all retailers to step up their “omnichannel” game or face extinction. The ominichannel phenomenon is the ability to compete through brick and mortar and online by redesigning distribution networks and streamline supply chain operations to best serve customers on and offline.
Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies.
“I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ”
OK, so you aren’t a retailer, but what if you are a REIT that houses retailers? An omnichannel strategy isn’t a choice. What about if you are a REIT, who is housing J.C. Penny? I would say you are no better off than the retailer.
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.
2019 has been a bad year for most mall REITs. With the number of U.S. store closures on pace to hit a record this year, investors have soured on owners of retail real estate, particularly owners of mid-tier malls.
The carnage worsened over the past week. Shares of Washington Prime Group (NYSE:WPG) and Pennsylvania Real Estate Investment Trust (NYSE:PEI) both tumbled more than 10% between last Wednesday and the end of trading on Monday. (Both REIT stocks recovered a bit on Tuesday.) The main catalyst was a report that came out on Thursday evening indicating that J.C. Penney (NYSE:JCP) had hired advisors to study options for restructuring its debt.
It wasn’t long ago that I last spoke about KuCoin. It was earlier this month in fact, in the post “ Shilling my Bags! ”. Well, here I am speaking about KuCoin again!
As my readers should know by now, KuCoin is my favourite exchange – not as big as Binance (which I also love), but just a little more friendly and nicer to use. KuCoin also continues to score extremely well compared to all other exchanges in terms of honesty and trustworthiness. So what has KuCoin been up to this time, that Bit Brain deems it necessary to write about KuCoin yet again?
Soft Staking
That’s what KuCoin has been up to.
No, it has nothing to do with serving steaks rare. (Unfortunately)
Leading the industry (once again), KuCoin. KuCoin has come up with a way for you to stake your coins/tokens; by doing nothing.
That’s right; you do absolutely nothing. All you have to do is hold your crypto on KuCoin exchange, and *Hey Pesto!*, it’s staked!
Soft-staking is a logical continuation of KuCoin development: Since 2017 KuCoin Shares (KCS) holders have been able to receive “dividends” based on the number of KCS they hold on KuCoin Exchange. Dividends are based on trading fees earned from all trading pairs on the platform (there are hundreds of them). At first those dividends were paid in all the different currencies traded, but then KuCoin simplified it and now dividends are all paid in KCS (which works better). So “soft staking” is not really new to KuCoin, but it’s never before been done with currencies other than KCS.
You see, the great thing about Soft Staking as opposed to normal staking is that your funds remain available to you even though they are staked! You can withdraw your tokens any time! To re-stake, you just deposit them again!
The following coins can now be Soft Staked merely by holding them in your wallet on KuCoin Exchange:
EOS (EOS)
Tron (TRX)
Cosmos (ATOM)
Neblio (NEBL)
TomoChain (TOMO)
DeepOnion (ONION)
NULS (NULS)
Energi (NRG)
Internet of Services (IOST)
Of course KCS will also continue to function as it always has. To my knowledge, this system is practically unique. I know that Poloniex recently started allowing Cosmos staking, but I can’t think of any other offhand examples by reputable exchanges. In his blog post “Soft Staking: High-yield and Anytime-withdrawal? Yes, You May.” (link below), Johnny Lyu – KuCoin Co-founder and VP, states that KuCoin ROI will exceed that offered by Poloniex:
…some projects in our Soft Staking Program are able to offer 6% to 12% of the annualized return rate, while Poloniex offers 3% to 10% return rate within a similar package.
Staking ROI varies depending on the coin and on the markets, so one can’t assign a fixed percentage to anticipated ROI. But from the information we have so far; NRG looks most profitable (with annual returns estimated at about 20%) and EOS least profitable (with annual returns of about 0.5%). I expect those figures to vary wildly over time. A table of available figures so far can be found in this post: https://www.kucoin.com/news/en-soft-staking-cash-back-investment-program
While I’m linking to KuCoin posts, here are some others you can use to find out more about KuCoin’s Soft Staking:
Within those links you can find more links to specific staking data about each coin (though they are all pretty much the same). Take note of some details, such as that you might not be able to withdraw all your EOS immediately. There is no detailed public explanation about how the staking system works from a technical point of view – at least not yet. Fortunately for you, you have me to guess the details for you:
I am guessing that KuCoin pool all of the deposits and then stake them as a pool, or as a series of small pools, probably of varying sizes. In addition to that, they probably keep an unstaked, liquid portion of tokens available, I’m guessing about 2% of the total deposits of each coin. To me this would make sense because it means that roughly 98% of the tokens would be staked at any one time. As additional tokens are required, they could be unstaked if required – without having to unstake the entire balance of those staked tokens. A fair amount of tokens would always be available for withdrawals in the form of the 2% reserve. Because tokens like EOS take several days to unstake, I am guessing that this is why they say that it is possible that you could sometimes have to wait a bit to withdraw all your tokens, though I doubt that this would ever even happen to the average user. Such a situation would occur if customers had made an unusually large number of withdrawals recently and had depleted the 2% currency reserve. In essence the stakes act as a cold wallets. Where exchanges normally keep about 98% of their crypto holdings offline in a cold wallet (at least the good ones do), now KuCoin is basically just staking their cold wallets. I repeat: this paragraph is entirely just my educated opinion (which is almost always 100% correct, because I am an ultra-genius).
From https://blog.kucoin.com/passive-income-with-cryptocurrency-proof-of-stake/
Depending on the sort of returns you will be getting, staking may or may not be a good idea for you. Like all centralised exchanges, KuCoin has withdrawal fees. Most cryptocurrencies also cost money to send from a wallet to an exchange (unlike NEO which is free – damn that coin is good! ). For these reasons, sending small amounts of tokens to KuCoin just to be able to stake them is probably a bad idea, you would lose more in fees than what you would gain from staking. Similarly, sending coins to KuCoin for a very short staking period is probably not economically feasible.
On the other hand, if you have a large balance of a coins such as TRX that you want staked, then KuCoin is worthy of consideration.
Of course there is a drawback: you’ll be keeping your coins on an exchange. You all know the saying: “Not your private keys, not your crypto”. As much as I trust KuCoin and I don’t see them running off with anybody’s money, exchanges do have “incidents” – much like the Binance hack in May of this year. I honestly do not know what sort of customer protection measures KuCoin has in place to defend against such events (I would be very interested to know! Perhaps I should write to them and ask…), so I can’t really comment on exactly how safe your coins are when they are staked through KuCoin.
Personally I need to go and look at my own coins to decide if this is worth doing or not. I hold EOS, TRX and NEBL, two of which are already kept on an exchange because I only hold relatively small amounts of them. My EOS is in a wallet, but I’m hardly an EOS whale either. Above a certain USD value I take my coins off an exchange and put them in a wallet, all three of my coins are well below that value (thanks in no small part to the terrible altcoin market we are in!) However, my KCS is over my USD limit, and I leave it all on KuCoin – just to earn the KCS rewards. Read into that what you will.
Conclusion
Well done to KuCoin for offering their customers another great service. This has been a fantastic month from KuCoin: Extra token burns, an OTC trading desk, a Derivatives Trading platform (KuMEX) and now Soft Staking! As I have been saying for years: KuCoin Shares is a damn good token to hold, this platform has a lot of growing to do!
I think that this is only the beginning. I foresee many other exchanges following suit – just as they copied KuCoin’s original dividend paying token idea (COSS doesn’t count because their token crashed and burned, I hate that exchange after the huge losses they cost me!). Bear in mind that if you reside in a country where “Liberty” is only a word and had no true meaning, then the tyrants who unilaterally rule your life may have deemed it illegal for you to earn such staking rewards. Fight them, flee them – or continue to suffer beneath them – your choice.
Yours in crypto
Bit Brain
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain
In Elliott Wave terms, FOAM began a wave one advance on June 26. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 7, and the red wave two (blue sub-waves a-b-c) correction ended on July 20. If this wave count is correct, FOAM should be heading next towards the July 7 peak in the red wave three.
… despite the amount of Liquid STEEM deposited at the exchanges keeps growing according to the last weekly post of @penguinpablo (you can read it here), STEEM is showing a strong resistance against sellers.
This is the weekly amount of STEEM withdrawn to the Exchanges:
This is the weekly averaged position of STEEM at The Total Market Cap:
…and this is the current 4h-Chart of STEEM:
The amount of STEEM deposited at the exchanges still is enormous but there is something that has changed since a few days ago.
Exactly 4 days ago the RSI showed us a well formed BULLISH DIVERGENCE when STEEM hit the Bottom of the year, forming as well a double bottom in the long correction.
Maybe Sellers have relaxed a little the tension but what is sure is that we have buyers here so there is a clear interest on STEEM.
And it is clearly sustaining the fall of STEEM at the Total Market Cap… of course, with the permission of BITCOIN. If BTC falls strongly STEEM will be affected as well
Hopefully we have reached an equilibrium at the market that will allow STEEM to recover not only the price but also the visibility.
If you take a look at the daily chart of litecoin things do not look great from a technical standpoint. I hold a long-term position and even added on the last bounce even though on the short term things don’t look bullish.
So I ask myself the question…
Why am I Long This Chart Right Now?
Head and shoulders patterns I feel have become less reliable than you would normally assume, but that doesn’t mean we can ignore them.
Look at the chart…..pretty clear head and shoulders top followed by a break down and then rally to the neckline around 100-105 which then failed and here we now have price floating in the middle of no man’s land.
We can easily go back down to text the recent low of 77 and possible lower if it were to fail. On the other hand bulls can step in a buy out of nowhere (as happens in crypto from time to time) and push price to test that neckline again and possible make the pattern moot.
The point is…
There is no real clear edge….and if there is one then it is biased to the downside.
The funny part it – I don’t have this trendline drawn on the chart but you can see there is an uptrend starting in April going into July that has been broken and then tested on that last little bounce only to fail.
Can you see the uptrend line I am talking about….try to draw it on the chart if not.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Four months ago, an Ethiopian Airlines crashed killing 149 passengers and eight crew members on board shortly after takeoff. The incident was the second deadly crash of the new Boeing planes in less than five months. A Lion Air Boeing 737 MAX 8 plunged into the Java Sea shortly after taking off from Jakarta in October, killing all 189 people on board.
Immediately after the Ethiopian Airline crash, Ethiopia, China and Indonesia, Caribbean carrier Cayman Airways, Comair in South Africa and Royal Air Maroc in Morocco temporarily grounded their Boeing MAX 8s as a precautionary measure. This was shortly followed by all 737MAX 8 planes around the world being grounded.
The chart suggested price would fall to the daily demand at $360.
The culprit, Maneuvering Characteristics Augmentation System (MCAS), suspected of reacting to errant sensor data, the solution, a software update. Today, all 737MAX 8 planes around the world remain grounded.
After Boeing (BA) missed second-quarter earnings expectations by wide margin Wednesday, CEO Dennis Muilenburg stood by expectations that the troubled 737 Max would return to service early in the fourth quarter.
“If any of the timeline assumptions change significantly from a start-of-the-fourth-quarter return to service, then we’ll have to evaluate alternatives,” Muilenburg said. “And those alternatives could include different production rates, they could include a temporary shutdown of the line — not something we want to do, but an alternative that we have to prepare for, I think, is a smart part of our thorough and disciplined process here to make sure we’re covering all scenarios.”
Shilling my Bags! 
). For these reasons, sending small amounts of tokens to KuCoin just to be able to stake them is probably a bad idea, you would lose more in fees than what you would gain from staking. Similarly, sending coins to KuCoin for a very short staking period is probably not economically feasible.
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