The crypto market is currently reacting to new economic data published in the United States. Ethereum, like many other cryptocurrencies, has been following trends and giving back its profit from this past week as it moves along with Bitcoin and other large digital currencies.
Ethereum
Ethereum trades at $1,300 with a 2% loss and sideways movement in the last week. Other cryptocurrencies in the top 10 by market capitalization record similar price action with the exception of XRP. This token is showing strength against the trend and continues to knock on profits over the same period.
The recent price activity has elicited a favorable response from the Ethereum price, with bid (buy) liquidity entering the market at today's low. As a result, the price of ETH has received support, allowing it to rebound to the vicinity of approximately $1,340.
Despite the selling pressure, there has been a reduction in selling activity over the past few hours. Significant players with bid orders amounting up to $100,000 have entered the Ethereum market, purchasing the cryptocurrency for over $800 million within a short period.
This significant buying activity could potentially provide support to the price of ETH in the near term. However, ETH's price may face a risk as the market approaches the weekend.
For Ethereum and Bitcoin, $1,200 and $18,500 are key levels to prevent a fresh leg down into the yearly lows. According to a pseudonym trader, as long as these levels hold, the cryptocurrency will hold the line with more days of sideways movement.
The popular forex and CFD trading platform, MetaTrader (MT4, MT5), developed by MetaQuotes, has been removed by Apple from its App Store without any prior announcement.
MetaTrader
As a result of this removal, iPhone and iPad users will no longer be able to download these platforms. However, those who have already installed them can continue to use them. Nonetheless, they will not have access to any updates, upgrades, and fixes. Traders can still access the MetaTrader web platform through their browsers.
The reasons behind Apple's decision to remove MetaTrader from the App Store remain unclear. Nevertheless, it is believed that recent accusations against MetaTrader may have prompted the move. Allegedly, fake brokers have been using the platform to perpetrate cryptocurrency scams, such as pig butchering. The scammers create long-lasting relationships with victims, gradually persuading them to deposit additional digital assets into fake crypto wallets or websites operated by the scammers.
The sudden removal of the Cypriot-based MetaQuotes has caused considerable turmoil in the forex and contract for differences (CFD) markets. Apple's decision was unexpected, and it affects not only MetaQuotes but also dozens of brokers who use the platform. As of Q2 2022, collectively, MT4 and MT5 held 83.4% of the total market share.
The market has responded strongly to the news of the removal, given the dominant position of MetaQuotes in the forex and CFD trading industry.
MetaQuotes has been a giant in the forex and CFD trading provider space since its inception. The software provider has been around for decades and is still one of the most popular online retail forex trading platforms. For more information, visit the official website of MetaQuotes.
INFINOX has announced the launch of a proprietary trading platform IX Exchange platform, giving clients access to over 20,000 investments – including equities, ETFs and bonds on all major global exchanges – from one account.
INFINOX launches new platform
The platform allows investors to diversify their portfolios and hedge them against the market's fluctuations, making both long-term investments as well as quick trades.
IX Exchange runs alongside INFINOX’s existing MetaTrader-powered platform and offers desktop, mobile, and web platforms designed by traders, for traders. This comes in good timing as the MetaTrader platforms are increasingly under fire within the industry, having recently been suspended from the Apple Store.
INFINOX clients can switch between IX Exchange and MetaTrader
IX Exchange targets both new and existing UK investors by providing access to a huge array of exchange-traded investments, from equities and bonds to options and funds, and is interchangeable with the MetaTrader platform.
INFINOX clients can switch seamlessly between the two platforms, giving them the opportunity to diversify their portfolio. Users can buy and hold on-exchange assets as long-term investments, while also making lightning-quick, real-time speculative trades in derivatives.
The platform can be used by IFAs, hedge funds, proprietary desks and other financial institutions to manage and monitor their clients’ investments. Clients can transfer their portfolios from other brokers and use IX Exchange to invest tax efficiently by holding their assets in a SIPP or SSAS pension.
Robert Berkeley, CEO of INFINOX Capital Limited, said: “In the last few years INFINOX has embraced significant changes, from Brexit and the creation of the UK MiFID framework to the volatility of a global economy in the grip of the Covid pandemic. But two things have not changed; our values as a business and our commitment to offering all investors, whether they’re seasoned professionals or just starting out, the tools and support they need to get trading faster and better.
“That’s why we’re broadening our product range to meet the evolving needs of the marketplace. The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential. Our integrated offering works together seamlessly, enabling both new and existing clients to use their INFINOX account to build a diverse and balanced portfolio – all with the world-class trading power and one-to-one support they expect from INFINOX.”
About INFINOX
INFINOX Capital Ltd provides a safe and simple way to trade worldwide by providing access to all major markets. The London-based platform has been approved for funding from the Financial Conduct Authority making them fully compliant with regulatory standards across Europe as well as internationally. The broker offers auto trader features where users can automate their trades using computer algorithms without ever having anyone there monitoring what they're doing.
