There are two factors very important to price flow of any currency. The ability to obtain it, and the places you can spend it.
In most places in the world, at present time, it is very easy to buy bitcoins online, but there really isn't anywhere to spend them outside of select internet websites.
Well, the number of places to buy bitcoin offline increased rapidly in the month of May, especially in the US and Canada, bringing the total up to 1266 machines worldwide.
You can find one near you at: https://coinatmradar.com/
A number of places you can spend them is growing as well, while more and more retail stores in Japan adapt to the new technology.
Today's Highlights
- Brexit Talks Today
- All Hail Macron
Cryptoconsolidation
Please note: All data, figures, and graphs are valid as of June 19th. All trading carries risk. Only risk capital you can afford to lose.
What's to negotiate?
Despite what was announced shortly after the elections on June 8th, there is still no deal between Theresa May's Tory party and the Northern Irish DUP.
This puts Great Britain in a very awkward spot as the formal Brexit talks begin today. Many analysts are saying that we're more likely to get a softer Brexit but in my view, this is a bit premature. In order to know what type of Brexit we'll see, first, we need to know who the Prime Minster of England is going to be.
If May doesn't break ground with Arlene Foster in the next ten days, it seems like the weary citizens of the UK will be headed for yet another election.
The pound sterling is still way down since the referendum almost exactly one year ago. So it has been able to hold up will over the last week despite the mounting bad news.
A Strong France
If anybody was saying that Emmanuel Macron's victory in the elections on May 7th was due to a weak opposition, today they have been proven wrong.
39 year old Emmanuel won 355 out of 577 available seats in the parliamentary election yesterday, receiving a resounding majority. What more could a young lawmaker ask for?
It seems that the people of France are really enjoying his vision for the future of France and the Future of Europe and they have just given him a solid mandate to go forward and enact the change.
The CAC 40 is flying this morning on the news and rapidly approaching her all time highest level (yellow circle).
Crypto Update
The entire cryptocurrency market has been in deep consolidation over the weekend. Meaning, that they are moving in a very small range as everybody gets used to the current price, which is very close to the all time highs.
A breakout in either direction could lead to massive price shifts but at the moment let's enjoy this little break.
Among the sell off and subsequent volatility, litecoin managed to emerge as a safe haven. Though it is not traded as much, Litecoin is faster and cheaper than bitcoin and over the past few weeks the price has remained quite stable.
As always, let me know if you have any questions, comments, or feedback. I'm always happy to hear them.
Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you're prepared to lose.