Bitfinexhack
Tip : Don't get involved with BFX tokens72,339,809 tokens were issued and 35,712,790 are left. Probably quite a few of them have been converted into equity or RRT via Bank to the future.
0.7$ per token seems a lot to me and we are in overbought territory, but things are somehow looking good for BitFinex (which is quite weird). The Bitfinex team is very incompetent and it is a surprise to me that so many people bought these tokens or converted them into equity. Too many problems with their trading platform, plus massive hack were they lost more than 70M$.
The current valuation seems a bit high to me, but there are some factors that could explain why they are trading so high. People are still buying and want to convert these tokens into equity and have some exposure to the market. People might be buying as Chinese exchanges have stopped margin trading and have finally put fees, so people might turn to Bitfinex to use margin and low fees. These tokens, even though I find it terrible, can be used as a collateral and can also be traded with leverage.
The sentiment is that the price is going up, as most people are short these tokens, but this probably isn't a great indicator as the market is very illiquid. If something happens to Bitfinex, the price of these tokens can go down to 0, but even if you are short, how will you get your money if they are broke? There is limited upside, but a lot of room to fall.
www.bfxdata.com www.bfxdata.com
www.bitfinex.com
I think that investing in Bitcoin is much better than speculating on these tokens. Trading fee shares or exchange tokens, on an exchanges, is and will always be a bad idea.
ETHXBT: Time at mode and fundamentalsThis chart shows a potential buy setup if we break above the 0.022 handle with sufficient volume and momentum.
Right now, price is coiling below the resistance generated by the price action surrounding the DAO hack, so it will be a meaningful breakout once we go above this zone.
I'm long from a lower entry, and looking to add once we break out. Additionally, there's a weekly time at mode signal that might trigger, and the targets would be really lofty, so, try not to miss out on the move up.
Good luck,
Ivan Labrie.
