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Founded in 2016, Ethereum (ETH) is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency- Ether which runs smart contracts. Since its establishment, the platform has introduced other features like DeFi (decentralized finance), NFTs (non-fungible tokens), and yield farming. It is currently the second-largest blockchain project by market capitalization after Bitcoin. 

On the other hand, Dogecoin (DOGE) was created as a meme-currency in 2013 by IBM engineers Billy Markus and Jackson Palmer. Even though the company has not provided enough innovations in the crypto industry, it has gained immense popularity. It has been the talk of the town since last year, mainly because of billionaire Elon Musk. But When it comes to Dogecoin’s supply, there is no upper limit to it. After all, Dogecoin was nothing but a meme coin.

So it is obviously natural for everyone to expect an average person to be more familiar with Ethereum than with Dogecoin. But according to the results of a survey conducted by Harris Poll, in coordination with CouponCabin, an online coupon resource company that provides printable, freebie, local, and grocery coupons for thousands of merchants, more people in the United States know Dogecoin than Ethereum. The Harris Poll is a market research and analytics company. They are a reputable pollster and provide public opinion polling services to media, policymakers, among others. 

The Research

More than 2,000 adults in the United States were polled and asked to provide their thoughts on cryptocurrencies. Interestingly, 29% of Americans surveyed said they were familiar with Dogecoin, while just 21% said they were familiar with Ethereum. 

When queried on if they have at least heard of cryptocurrency, of the total 2,063 respondents, 89% of survey respondents admitted they had at least heard of cryptocurrency. Among all cryptocurrencies, Bitcoin was known to a majority (71%) of respondents. Dogecoin was next on the list as it was the second most well-known cryptocurrency. It is considerably shocking for crypto enthusiasts as Ethereum is among the top-most cryptocurrencies with real-world use cases. On the other hand, Dogecoin prices are rising because of speculation, party fueled by Elon Musk’s tweets on Dogecoin. 

Apart from Bitcoin, Dogecoin, and Ethereum, other digital currencies that U.S. adults admitted to being familiar with included the stablecoin launched by Coinbase and Circle, USD Coin (USDC), of which 21% of people said they are familiar with the coin. About 18% of survey respondents admitted they were familiar with Litecoin (LTC), and 10% said Stellar (XLM) was known to them.

Additionally, the survey respondents were asked whether they believed cryptocurrencies would become the future of money. In response, 31% of them responded positively. Another 30% replied that they thought of crypto as “innovative.” Moreover, 23% of the survey respondents said they regarded cryptocurrency as a get-quick-rich scheme, while 19% of respondents characterized the technology as shady or wicked. Among the respondents, about 44 percent of them admitted they’d be open to receiving cryptocurrency as part of an online cashback rewards program.

Elon Musk & Dogecoin 

Over the last year, Musk has sparked a wave of interest in Dogecoin- the meme cryptocurrency, after he sent a series of tweets about it as a joke. Since then, this digital coin has gained immense popularity and witnessed a dramatic increase in its value. 

Musk, who more often talks and tweets about Dogecoin, said earlier in May that he was also working with developers to improve the cryptocurrency. He has also said its value was largely speculative at this point.

However, many investors including Musk himself, have said that the investors must be cautious about their investments while buying cryptocurrencies. When it comes to Dogecoin, the risks are even higher as it is among the most speculated cryptocurrency today. Many leading investors have cautioned about investing in Dogecoin, arguing that extreme interest in the digital asset could lead to a bubble in the cryptocurrency market. 

Some investors also feel that Dogecoin’s rise is a classic example of greater fool theory at play. It means that though everyone is buying Dogecoin now, the bubble will eventually burst one day. At that time, investors may be left short-changed if they don’t get out in time. But, given the current scenario, it is almost impossible to predict when that will happen.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Chart Art: Support and Resistance Points on USD/JPY and AUD/USD

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Ready for the weekend?

I know y’all aren’t done trading for the week because USD/JPY and AUD/USD’s setups are still waiting to be taken!

Check them out!

USD/JPY 1-Hour Forex Chart
USD/JPY 1-Hour Forex Chart

I don’t know if you’ve noticed but the dollar bulls are putting up a good fight at the 109.50 range support that’s been around since the start of the month.

The oscillator isn’t helping the bulls’ case for now but MarketMilk did indicate that USD/JPY is a “buy” in the short-term.

Buying at current levels would set you up for a decent win if USD/JPY stays inside its month-long range.

The 110.00 mid-range resistance is a good target if you’re in it for short-term profits but you can also aim for the 110.60 range resistance zone if you’re confident in the dollar making more pips against the yen.

But what if USD/JPY extends its downswing? Watch out for a clear break below the support to see if the dollar would head for its June lows next.

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

Comdoll warriors gather ’round!

AUD/USD looks ready to bail from the .7400 major psychological handle, which is right smack at the 38.2% Fib retracement of July’s downswing as well as a trend line resistance that’s been keeping the bulls in check since mid-June.

Will AUD/USD extend its losses in the next trading sessions? Aussie bears can short at current levels and gain decent risk ratios from placing stops just above the trend line resistance.

Meanwhile, comdoll bulls who believe that AUD/USD is due for a reversal can watch out for a break above the trend line resistance that we’re watching and target previous areas of interest like .7485 or .7600.

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Fx Analysis

5 Main Reasons Why Forex Traders Lose Trades

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It is often said that the odds of being consistently profitable and succeeding in the forex market are very slim, as more than 90% of traders are bound to face failure.

Here are five common reasons why this usually happens:

They don’t understand key indicators, key numbers, ideal times to trade, and how the market works.

Would you enter a battle without knowing how to use weapons or who your opponent is? When you place a trade, you literally go toe-to-toe against some of the biggest nerds in the industry.

Many professional traders are not only super smart and Ivy League educated, they’re also rich. That doesn’t mean that you, the small guy or gal, can’t win.

It just means that you simply must educate yourself and be prepared to do battle. David can beat Goliath, but only if he’s prepared. Some people might think the cost of a trading education is too high. But the cost of ignorance is way more expensive.

They don’t have a tried-and-tested trading methodology

Trader loserWith no proven trading method or strategy, you are doomed to fail. You will end up quitting the game after a string of losses. But there is hope.

With the right education, a workable method, psychological balance and persistence, it can be done.

Start by experimenting on different currency pairs, trading sessions, time frames, and indicators and pinpoint which ones work for you.

Work on creating your own trading system and back and forward test if it’s profitable. Focus on the numbers and fine-tune your method to maximize profitability. This may take time, but using a trading method that you trust can go a long way at reducing stress while trading.

They risk too much per trade.

A wannabe trader risks 10% or more of her trading account on a single trade. This is problematic because when you’re worried about making money, you won’t focus on your trading process. You’ll end up focusing on your profits/losses.

Consistently profitable traders understand the trade’s risks and manage them first BEFORE thinking about profits. They know how to calculate their position size. They don’t take trades if it forces them to risk too much.

This gives them the staying power to keep their heads and make rational decisions even if they end up with multiple losing trades in a row.

They’re not mentally prepared.

Trading psychology is a huge part of trading and most people are not mentally prepared. When money is on the line, fear, greed, and other emotions make trading very hard.

Make sure you understand the emotional aspects of trading and be prepared to control them before you risk your hard-earned money.

They’re having a bad day.

Sometimes, there are just factors outside of your control. You could spend bajillions of hours preparing for a trade and a surprise currency intervention, flash crash, glitch in your platform, or a natural disaster could turn the tides against your favor.

It’s okay. It’s all part of the business. If you’ve managed your risk, you can chalk up the losses to a bad day and start again tomorrow.

That’s it for today’s list! Did I miss anything? What’s the usual reason for you losing your trades?

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Fx Analysis

Precious Metals Rise Significantly With Rate Fears Soothed

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  • Gold and Silver Strongly Positive Today
  • Other Precious Metals Follow Closely
  • US GDP Miss Likely to be Focus of Day

Commodities news has had a relatively quiet week by comparison with the other markets as equities endure an earnings season rollercoaster and the torrid week looks to end on a positive note for US-listed China stocks. The Dollar has also continued to strengthen in the forex market following the Fed policy announcement though more on the back of the US miss on GDP numbers released today. This is also likely to have an impact on metals and other commodities but for now, gold, silver, platinum, and palladium have all moved meaningfully higher during the early US trading. 

Price Jump for Gold and Silver

Both of these precious metals have largely managed to stay out of the limelight recently. With the environment being quite tumultuous, there were minor movements in both, the general feeling though has been one of traders holding on to see how things developed. This strategy has paid off today with a healthy boost to both. Gold has peaked above a weekly high of $1825 while silver closes in on $26. 

This represents a move of more than 2% at the time of writing for gold, and more than 3% for silver. The main reason behind these moves at this point in the week certainly seems to be the Fed policy announcement and the fact they are standing behind their low interest rate with no short-term plans to change. 

Other Precious Metals Also Rising 

Alongside gold and silver, it has been a positive start to the day for platinum and palladium. Both are up over 1% on the day so far and are also likely beneficiaries of the Federal Reserve position to continue support for low interest rates. Although the Dollar has risen again on news of the US GDP figures, both seem to be holding their positive position. 

Although a weaker US Dollar would be helpful for the most part for these two as well as gold and silver, other factors need to be weighed. The interest rate is a key issue that can make investing in precious metals much more attractive when it stays low. Add in the industrial uses boom that can accompany such market conditions, and it is typically a winning formula.

US GDP Miss Surprises Analysts

Market analysts had predicted a rise of 8.4% for the previous quarter from April to June. This number has actually come out at 6.5% before any revisions. It is quite a wide economic miss and traders will have to weigh up these figures as the day progresses.  

So far, however, there has been very little sign of the market taking this miss as harshly as many would usually expect. The US Dollar has strengthened, but this has not taken anything major away from commodities, or more specifically precious metals in gold and silver. Wall Street is also expected to open higher despite the news.

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