Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
FXCM Inc (NYSE: FXCM) shares are trading lower by $2.60 at $14.33 in Wednesday's session. The issue staged a two-day rally from Friday's close ($13.60) to end Tuesday's session at $16.93.
On Monday, the company announced a new partnership with a software developer for currency trading). That news sent the issue higher by nearly $2 and the issue had some follow through on Tuesday.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
However, the issue found resistance in a familiar area. Tuesday's rally came to an abrupt halt at $18.50. That was one penny shy of its January 6 high ($18.50) and $0.30 of its December 31 high ($18.81). It still managed to end Tuesday's session higher by $0.38 at $16.93.
Related Link: FXCM Falls 15% Following Release Of Trading Metrics
Most of the gains have been erased by the company's recent report on customer volume. Although December retail customer volume was up 9 percent year-over-year to $323 billion, institutional customer volume plunged year-over-year 51 percent to $36 billion.
The disappointing report instigated a sharply lower open. It attempted to reach the lower end of Tuesday's range ($16), but was turned back at $15.70. It has come back down and has continued to make lows for the session. At this time, $14.28 stands as the current low.
If the decline continues, there are only minor support levels until Monday's low of $12.18.
It should be noted, the issue staged a mysterious rally from its December 15 close ($6.76) to reach an intra-day high 10 sessions later at $24.77. The intra-day gains did not hold and issue fell back to close at $18.48. The same area that provided resistance in Tuesday's session.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.