Home Tech Asian Market Update – Friday: Ethereum on the move; Asian markets were...

Asian Market Update – Friday: Ethereum on the move; Asian markets were mixed in muted trade

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Main cryptocurrencies say minor losses in early trading on Friday, but quickly regained ground and turned losses into gains.

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Ethereum had a big day yesterday, surging by more than 10 percent at the most before selling off again. Ethereum ended the day up about 6 percent to $406, breaking through the resistance level at $400. As of Friday morning, ethereum has gained nearly $60 since Monday.

Ethereum has also broken out of the long-term triangle pattern we have seen on the daily chart, indicating that there may be further upside in ethereum.

Meanwhile, bitcoin added 0.83 percent to $8,098 before midday in Asia on Friday. The cryptocurrency took a dive earlier in the morning, falling from $8,185 to near the $8,000 level before surging back. Overall, it has been a steady week for bitcoin, remaining above the $8,000 line since Monday.

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Litecoin’s price gained 1.39 percent to $74.32 around midday, erasing part of a $3 loss seen early in the morning. Litecoin broke through the $70 line on Wednesday and has remained above that level since.

In the news, Uport, an ID platform on ehtereum blockchain, has opened digital ID registrationon its platform for citizens of Zug, Switzerland, which would allow access to e-services such as online voting. The move marks a significant step in the adoption of blockchain technology in government services.

Also, Dan Bilzerian, a social media celebrity and professional poker player, apparently made a ton of money after purchasing a “shitload” of bitcoin at $2,300 in May. Quote of the day:

“It’s like sweating like I made a bet on the Super Bowl or something,” – Dan Bilzerian talking about watching bitcoin prices going up.

But Bilzerian might still be in a position to gain much more, if Max Keiser, a reporter on Russia’s RT news, said bitcoin will reach $100,000 and that bitcoin cash is just a knockoff of bitcoin.

Main Market Movers – Mid-day Asian Trading Session

Indexes Value at Midday Daily Change
Japan- Nikkei 225 22,446 -0.34%
China-Shanghai Composite Index 3,346 -0.18%
Hong Kong –Hang Seng 29,877 0.57%
South Korea-KOSPI 2,537 0.02%
Australia-ASX 200 5,967 -0.31%
S&P 500 E-Mini Futures 2,596 -0.04%

 

Most major Asian equity markets were in a mixed mode on Friday morning, with small losses seen in Japan, the Chinese mainland and Australia, and minor gains in Hong Kong.

In Japan, the Nikkei 225 was down 0.34 percent to 22,446 at midday on Friday.

On the Chinese mainland, the Shanghai Composite Index was off 0.18 percent to about 3,346 before midday. In Hong Kong, the Hang Seng Index climbed 0.57 percent to around 29,877 before midday.

The Shanghai Composite saw the largest single day loss this year on Thursday, after closing 2.29 percent lower. The drop is still relatively small compared to some seen last year, but nonetheless indicates that mainland investors are getting increasingly worried about growth Chinese growth.

Stocks in Shenzhen in South China also saw big losses on Thursday. Analysts attribute the drop to a combination of things, including the tightening of regulation on the country’s burgeoning online lenders.

In South Korea, the Kospi added 0.2 percent to around 2,537 shortly before midday.

Down under, the ASX 200 was down 0.31 percent to 5,967.

The S&P 500 E-Mini Futures was down 0.04 percent to 2,596 at midday.

In other news, nuclear tensions on the Korea Peninsula are back in focus after North Korea said that the US decision to list the country on a state sponsor of terrorism was a “declaration of war.”

Currencies

The Japanese yen depreciated 0.12 percent the US dollar at midday Friday to 111.33 per dollar.

The Chinese yuan lost 0.13 percent against the US dollar at 6.5868 per dollar.

The Australian dollar lost 0.04 percent on the dollar, changing hands at 1.3116 per dollar at midday.

Commodities

WTI Oil was down 0.17 percent to $58.42 per barrel.

Brent Crude lost 0.09 percent to $63.33 per barrel.

Gold was up 0.12 percent to $1,292 an ounce.

Business News across Asia

In China, experts are urging the government to prepare for any measures from the US to target Chinese trade. Chinese authorities fear that the Trump administration could pressure China on trade by citing reasons such as insufficient protection of intellectual property rights and a non-free market.

Take away: China-US relations have been overall positive since Trump took office and further improved after meetings of the two leaders, but things remain fragile. 

In Australia, the government has published the first foreign policy white paper in a decade. The most important theme: Australia is looking to the US to take a bigger role in the Asia Pacific to counter China’s rise.

Take away: Though there is nothing new in the paper about its foreign policy, it still angers some in China. China-Australian relations are still extremely important for the Australian mining and farming industry.

Source:www.hacked.com