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FX Scorecard: Winners and Losers of COVID-19 | FXTM Global

The first quarter of 2020 will be remembered as one of the most volatile periods across financial markets since 2008 as chaos surrounding the coronavirus outbreak fostered panic, gloom and doom. In the FX space there were many casualties of the virus pandemic but some currencies were able to shine through the market mayhem.

The first quarter of 2020 will be remembered as one of the most volatile periods across financial markets since 2008 as chaos surrounding the coronavirus outbreak fostered panic, gloom and doom.

In the FX space there were many casualties of the virus pandemic but some currencies were able to shine through the market mayhem.

The biggest winner was the mighty Dollar which appreciated against every single G10 currency excluding the Swiss Franc and Japanese Yen. Investors from all four corners of the world rushed for a sweet piece of the Dollar as global recession fears became a key theme.

As we head into the second quarter of 2020, the Dollar Index (DXY) could push higher if global sentiment fails to improve. Looking at the technical picture, a solid daily close above 99.90 could open a path toward 101.00 and 102.00, respectively.

Japanese Yen eyes Dollar’s throne

Another champion in the FX arena was the Japanese Yen.

In times of uncertainty, investors tend to rush to safety with the Yen acting as one of the hotspots of safety over the past few months.

The USDJPY remains a battleground for the Dollar and Yen as risk aversion supports appetite for both currencies. A breakdown below 107.00 could trigger a decline towards 106.60 and 106.00. Alternatively, a breakout above 109.00 should open the doors towards 111.60.

Euro posts a mixed performance but volatile against USD

The Euro has displayed explosively levels of volatility against the Dollar since the start of 2020. At one point the EURUSD tumbled over 850 pips before rebounding 500+ pips as the coronavirus swept through markets.

Unprecedented measures have been enforced by the European Central Bank to cushion the painful blows inflicted by the coronavirus outbreak. The question is whether this will boost attraction towards the Euro in the second quarter of 2020.

Sustained weakness below 1.1000 could trigger a decline towards 1.0780 and 1.0650. Should 1.1000 act as a reliable support, prices could test 1.1220.

EURGBP tumbles below 0.8900

A tug of war is taking place on the EURGBP as investors grapple with weakness in both the Euro and Pound.

A solid daily close below 0.8800 could open a clean path towards 0.8600. If prices break above 0.8900, the EURGBP could rebound towards 0.9100.

South African Rand tumbles to all-time low

The South African Rand is sulking near all-time lows as investors digest Moody’s latest decision to downgrade the country’s last investment-grade rating.

The local currency has weakened against every single G10 currency year-to-date and shed almost 30% against the Dollar. With investors adopting a cautious stance amid the coronavirus outbreak and global recession fears draining confidence, emerging market currencies like the Rand are positioned to weaken further.

One key question is how much further can the Rand depreciate as we enter the second quarter of 2020? Should the Dollar appreciate on risk aversion, this could compound to the Rand’s woes. Technical traders will continue to observe how the USDZAR behaves above 18.00.

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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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