According to decenter, Bithumb Korea, the company behind the virtual asset exchange Bithumb, has reported a significant operational loss in the second quarter of 2023. According to the electronic disclosure system operated by the Financial Supervisory Service on August 16, Bithumb Korea recorded an operational loss of KRW 3.442 billion in the second quarter. This is in stark contrast to the profit of KRW 38.42 billion that was witnessed during the same time period the previous year.
Earnings for the corporation as a whole also went down, decreasing by 60% yearly to a total of KRW 31.993 billion. The net loss for the time was KRW 8.583 billion, which is much less than the loss of KRW 43.3 billion that occurred during the previous year.
Analysts attribute Bithumb’s deteriorating performance to the decrease in virtual asset trading volume, leading to a decline in fee-based income. The first quarter saw a bullish trend in virtual asset prices, but by the second quarter, prices stagnated below the $30,000 mark, causing a dampening of investor sentiment. While there were brief rebounds due to positive news such as major US asset managers applying for Bitcoin (BTC) ETF listings and Ripple (XRP) securing legal victories, these did not translate into sustained growth.
In response to the declining trading volumes, Bithumb has initiated a no-fee event for select virtual assets in a bid to boost activity. Currently, the exchange is not charging fees for transactions involving assets like Solana (SOL), Ethereum Classic (ETC), and Sandbox (SAND) among 30 other virtual assets. Bithumb stated, “The goal is to lower the barrier of entry for investors and increase new inflows to ensure liquidity. This no-fee zone event is the beginning, and we plan to introduce more proactive and diverse services.”
Bithumb Korea, established in 2014, has become a prominent virtual asset exchange on the global stage. With its deep expertise in virtual asset trading and blockchain technology, Bithumb is poised to shape the future of digital financing platforms worldwide. As per Coinmarketcap, Bithumb currently ranks 13th in terms of spot trading volume.
American financial services giant Robinhood is rolling out the beta version of its crypto wallets program after months of anticipation.
According to a new blog post, the company will hand out crypto wallets to the 1,000 customers who were on top of the program’s waitlist for testing and safety checks.
Robinhood says that by March, the number will be increased to 10,000 before the wallets are eventually distributed to every person on the waiting list.
Participants will be responsible for testing out the core features of the wallet, including potential updates as well as its safety features. The beta version of the wallet will allow users to send and receive crypto assets from Robinhood to external crypto wallets, connecting holders of digital assets on the popular trading app to blockchain projects for the first time ever.
“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product…
Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically.”
Beta testers will have a daily limit of $2,999 in total withdrawals and will be limited to just 10 transactions per day.
Robinhood first announced the crypto wallets projects last September. Currently, the trading giant supports trading for seven digital assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).
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Eurex, a derivatives exchange owned by German stock market operator Deutsche Börse, has debuted cryptocurrency derivatives trading with ETC Group’s Bitcoin (BTC) exchange-traded note (ETN) futures product.
Eurex officially announced Monday the launch of the Bitcoin ETN Futures contract developed by London-based crypto derivatives issuer ETC Group.
“As the first step in our portfolio of crypto derivatives, the offering is the first regulated market in Bitcoin-related derivatives in Europe,” Eurex said.
Trusted path to #crypto: today, we launched #Bitcoin ETN #Futures. As the first step in our portfolio of #CryptoDerivatives, the offering is the first regulated market in Bitcoin-related #derivatives in Europe. Get all information and the factsheet here: https://t.co/bk55yqFssN pic.twitter.com/ADpzOCqTnm
— Eurex (@EurexGroup) September 13, 2021
The euro-denominated Bitcoin ETN Futures contract is based on ETC Group’s flagship product, centrally cleared Bitcoin exchange-traded product (ETP), known as BTCetc Physical Bitcoin (BTCE). The futures contract allows investors to track the price development of Bitcoin in a regulated environment and will be physically delivered in BTCE, which is 100% backed by Bitcoin and can be instantly converted by any investor into the underlying BTC.
ETC Group CEO Bradley Duke noted that the latest listing marks another major milestone in providing institutions with financial products that enable exposure to crypto on regulated exchanges. “The selection of BTCE by Eurex, Europe’s largest derivatives exchange, further establishes ETC Group’sleadership in the crypto ETPs and is recognition of the quality of our products and their world-beating liquidity,” he noted.
Related:Swiss Exchange SIX granted approval to launch crypto marketplace
The Bitcoin ETN Futures’ listing on Eurex comes more than a year after ETC Group listed its BTCE ETP product on Xetra, a major digital stock exchange operated by Deutsche Borse. The ETP is now listed on multiple European exchanges, including the SIX Swiss Exchange. In July, ETC Group announced that BTCE was going carbon neutral by offsetting the carbon footprint through hand-selected carbon credits to compensate for carbon emissions associated with BTCE Bitcoin mining.
Europe’s first-ever Bitcoin (BTC) futures will launch next month on the continent’s largest derivatives market, Eurex, an announcement confirms.
In a press release issued on Tuesday, digital asset-backed securities provider ETC Group said that its Bitcoin ETN Futures product will commence trading on Sept. 13.
Europe highlights “growing institutional demand”
ETC Group already operates the world’s first centrally cleared Bitcoin exchange-traded product (ETP), known as BTCetc Physical Bitcoin (BTCE).
Launched in June 2020 on Deutsche Boerse, there are now several crypto ETPs from the firm, three of which will also begin trading on the Wiener Boerse — Vienna’s stock exchange — in the future, Cointelegraph reported.
The moves come amid increased investor demand for institutional products tied to Bitcoin and altcoins, with Europe traditionally providing a friendlier environment than the United States, which is dragging its heels over approval of a Bitcoin exchange-traded fund (ETF).
Eurex will thus host the first European futures contract based on a crypto ETP starting next month.
“Given the growing institutional demand for secure exposure to Bitcoin, we are delighted to begin listing these Bitcoin ETN futures on our regulated trading and clearing infrastructure at Eurex,” Eurex executive board member Randolf Roth commented.
“This move will allow a greater number of market participants to trade and hedge Bitcoin, with this new future being treated in the same way as any other derivatives contract in terms of central clearing, netting, and risk management.”
Bitcoin traded at $49,700 at the time of writing, down around 1% on the day after briefly passing the $50,000 mark.
Mixed institutional sentiment lingers
As Cointelegraph noted, institutional investor sentiment is slowly returning to favor crypto portfolio exposure.
Related: Pro traders are mildly skeptical about Bitcoin’s recent return to $50K
That said, institutional instruments such as the Grayscale Bitcoin Trust (GBTC) have lagged behind surging spot prices, signaling that uptake is not yet back at bull market levels seen before Bitcoin’s all-time highs in April.
The GBTC premium — the additional cost of the Trust’s shares compared to BTC’s spot price — continues to hover in negative territory, equating to the shares trading at a discount.
XRP and Ethereum Classic both blew up 10% today, despite a 0.52% drop in the global market capitalization of cryptocurrencies.
XRP commands $59.13 billion of crypto’s $2.10 trillion global market cap, making it the seventh-largest cryptocurrency, according to data aggregator Nomics. It trades at a price of $1.27, having blown up 10.19% overnight. It peaked at $1.32 on Sunday, its highest price since May.
XRP’s rally has been building momentum over the last few days. On Friday itposted a 6% increaseand by Saturday morning it had madeovernight gains of 11.38%.
XRP progenitor Ripple Labs has been locked in a courtroom wrangle against the U.S. Securities and Exchange Commissionsince December 22. The SEC alleges that Ripple Labs has been selling XRP in unregistered securities sales. Ripple argues that XRP isn’t a security.
Ethereum Classic also grew in value by 10.41% overnight. The Ethereum fork, which was launched in 2016, currently trades at a price of $70.39.
Ethereum Classic maintains an unedited history of the original Ethereum ledger. It diverged from Ethereum after the first DAO hack.
DAO stands for ‘decentralized autonomous organization’; each DAO uses smart contracts to mimic the governance of a shareholder-run company.
In June 2016, security flaws in the original DAO were exploited by attackers in a heist thatcost the network $55 million. The Ethereum network decided to remove the offending transactions but the Ethereum Classic network kept them on the ledger.
Ethereum isn’t sharing in the fortunes of its less illustrious relative today. The second-largest cryptocurrency by market capitalization fell 2.96% in the past 24 hours to trade at $3,152.
Meanwhile little has changed for the world’s largest cryptocurrency. Bitcoin continues to trade just under $46,000. The slight market downturn only managed to shave off 1.72% of its value.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Ethereum Classic is an altcoin that has seen tremendous growth this year. It has ridden the bull along with other top coins. And it doesn’t look like the coin is stopping yet. The coin was trading for as low as $7 at the beginning of 2021. But with April came an uptrend in the price of the coin that would continue on to May.
On May 6th, Ethereum Classic hit a new all-time high. The coin was trading at a whopping $175 per coin on May 3rd. Before crashing back down into the $120 range. The previous all-time high for Ethereum Classic was a little over $48. This was during the bull market of 2017 that eventually ended in 2018.
Cheaper Version Of Ethereum
Ethereum Classic has always been known to be a cheaper option on the Ethereum play. While Ethereum might still be too high for some people, Ethereum Classic presents a perfect opportunity to get into the Ethereum network. This is one of the reasons why the price surges.
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Related Reading | Ethereum 2.0 Contract Reaches 100,000 ETH Milestone
New investors are usually looking to put their money in assets that they do not feel they have missed the boat on. And Ethereum Classic is one such asset.
Ethereum Classic is Ethereum before the hard fork. Both ETC and ETH still continue to use the proof of work mechanism. But soon, Ethereum plans to move to proof of stake, leaving ETC behind using the proof of work mechanism.
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It is still left to be seen if ETC will follow in the footsteps of ETH and switch to proof of stake.
The switch to proof of stake will mean that transactions will be faster and more efficient. Also, this gives more scalability to the Ethereum network.
There is a standing conflict that Ethereum deviated from what blockchain technology was created to do, prevent manipulations in the market by people. Although at the time, it seemed the way to save Ethereum’s reputation was to perform the hard fork. Obviously, that was the right move given current situations.
ETC supporters believe that they continue to stay true to the original notion and mission of blockchain technology.
The present growth of Ethereum Classic can also be attributed to the improvements in the ETH network. ETH 2.0 has investors excited about the new possibilities in the network. And Ethereum Classic is a part of that ecosystem.
Related Reading | Ethereum Breaks $2,000, What You Should Prepare For
The price of ETC has been on a downtrend in recent months along with other coins. The coin lost over 50% of its all-time high value in the crash. It now looks to be posting a steady recovery post-crash.
Ethereum Classic Market Indicators
Moving averages for ETC are negative over the short term but remain positive over the long term. Five-day moving averages are down 20%. But the 100-day moving average is up by a wide margin, holding at 373.10% in the long term.
The market indicators for Ethereum Classic are currently showing a buy pressure.
Coin price is up despite low trading momentum in the market. This could be attributed to upward movement in the price of Ethereum.
This price increase puts ETC firmly upwards on the highest market recoveries.
ETC surges amid market recovery | Source: ETCUSD on TradingView.com
Moving averages for the month put the asset in the strong buy pressure region. Accounting for the increase in the price of the coin recently.
Although hourly moving averages are now moving into strong sell indicators. Nothing out of the ordinary. Sell indicators are usually expected when coins post-high percentage recoveries in short periods of time.
Ethereum Classic is currently holding at a price of $58.
Featured image from The Economic Times, chart from TradingView.com
Most of the top cryptocurrencies are up in price today, with a market-wide boost of nearly 5% over the last day.
Ethereum Classic and Dfinity’s Internet Computer have observed some of the largest gains.
The widercryptocurrencymarket continued to rise for asecond straight day, withEthereum Classicsurging andDfinity’s Internet Computertoken again posting some of the largest gains.
Ethereum Classic (ETC), the cryptocurrency that split from the largerEthereumblockchain following the infamousThe DAO hackin 2016, is up more than 31% over the last 24 hours, data fromCoinGecko shows, to a current price of $57, with its seven-day price increase topping 41%.
On Monday,Ethereum Classicdevelopers announced that a forthcoming “Magneto” network update, due in late July, will implement recent Ethereum Improvement Proposal (EIP) upgrades recently made to the standardEthereumblockchain. Despite the daily rise, Ethereum Classic is still far below its Mayall-time highof $167, which it set while ridingEthereum’s own upward momentumat the time.
Ethereum (ETH) itself has also posted significant gains this week, rising from a low of just above $1,700 on Sunday to a recent high of nearly $2,237 this morning. It’s the highest price that Ethereum has posted since June 20, although the second-largest cryptocurrency by market cap is still well off of its all-time high mark of $4,357 set in May.
ICP, the native token for the “Internet Computer”blockchain, is up nearly 30% over the last 24 hours, and has climbed from a low of $28 on Sunday to a current price above $55. Internet Computer was the big winner on Monday, rising 15% and seeing its trading volume more than double after receiving recognition in a Goldman Sachs report.
Thereport, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” highlighted the “enormous change in the world of cryptocurrencies and blockchain technology” and mentioned some newer blockchain platforms. Goldman calledDfinity’sInternet Computer “innovative” but also “untested, early stage, [and] complex.”
The wider cryptocurrency market is up nearly 5% over the last 24 hours, according to CoinGecko. It’s a welcome respite for investors given the recent trend of sinking prices over the last month and a half, fueled in part by Tesla’s decision tostop accepting Bitcoin paymentsandChina’s recent crackdownonBitcoin miningand crypto bank services.
Bitcoin’s price is up nearly 5% to $36,433 as of this writing, with Ethereum’s own 24-hour climb just over 5%.Ripple’s XRPandPolkadot(DOT) are the two biggest gainers in the Top 10 coins by market cap, with 24-hour price increases of nearly 10% for each.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Digital Currency Group (DCG), the parent company of the cryptocurrency asset management company Grayscale, announced Monday it would buy Grayscale Ethereum Classic Trust shares with a total value of $50 million.
This purchase will use realizable cash on hand of DCG and comply with the provisions of Article 10b-18 of the Securities Exchange Act of 1934 (“Exchange Act”) through the decision of management whether to purchase on the open market.
At present, the digital currency group did not disclose the specific time plan of the purchased shares and specific indicators such as quantity and price. The shares purchase the authorization will depend on the current company’s realizable cash level, price, market sentiment, and other factors.
Barry Silbert founded the Digital Currency Group in 2015, a well-known investor in the blockchain field. It owns companies, for instance, Genesis (a global digital asset brokerage) Foundry (a leader in Bitcoin mining and collateral).
Ethereum Classic (ETC) is an open-source, blockchain-based distributed computing platform featuring smart contract functionality. It was officially launched in July 2016 as the hard fork of Ethereum.
Ethereum Classic has dropped by 12.49% within 24 hours as China intensified law enforcement against domestic crypto mining activities and related crypto trading.
Ethereum Classic (ETC) price hit an all-time high of $175 on May 6 before falling by approximately 77% to a low of $38.52, which is still the case today. During the intraday, ETC was trading at 39.85.
Although the return of ETC so far this year has multiplied by 602% from 5.68 to 39.88, higher than ETH’s 163% increase from 736.42 to 1943.25. Many crypto analysts regard the ETC rebound as similar to Dogecoin (DOGE) fanatic speculation, not wide investment based on the potential of blockchain technology.
DCG will buy shares in a Grayscale trust that holds Ethereum Classic.
The purchase follows a similar one earlier this year in which DGC bought Bitcoin shares.
Digital Currency Group (DCG) on Monday announced it would buy $50 million worth of ETCG—a stock owned by its subsidiary, Grayscale, that is a proxy for owning Ethereum Classic.
“DCG plans to use cash on hand to fund the purchases and will make the purchases on the open market, at management’s discretion,” said the company in a statement announcing the purchase.
Grayscale is best known for its flagship product, the Grayscale Bitcoin Trust, which owns a massive amount of Bitcoin that it has packaged into shares that trade on the public market.
The Bitcoin Trust and other Grayscale products provide a way for investors, including some large funds that are ineligible to buy crypto directly, to get exposure to various cryptocurrencies.
Grayscale first launched the Ethereum Classic product in 2017. The “Classic” currency, which came about after a group of Ethereum miners refused to participate in a 2016 fork led by Ethereum founder Vitalik Buterin, currently has a market cap of around $5 billion—a tiny fraction of Ethereum’s current market cap of roughly $225 billion.
The DCG announcement does not appear to have given Ethereum Classic a noticeable market boost. The currency dropped around 10% on Monday, a day that saw broad declines across the crypto markets.
Ethereum Classic enjoyed several price surges in the bull market earlier this year, and briefly crossed the $100 mark as traders attempted to give it a Dogecoin-style pump. On Monday afternoon, it traded around $43.
The decision by DCG to buy shares of the Ethereum Classic trust comes after the company disclosed in early May that it would spend $750 million buying shares of the Grayscale Bitcoin Trust.
That $750 million purchase has been widely viewed as a move by DCG to prop up the price of the Grayscale Bitcoin Trust, which have slumped badly amidst rumors that the SEC may approve a Bitcoin ETF—a development that would provide an inexpensive and easy way for the public to buy Bitcoin in the form of shares, and would likely hurt demand for Grayscale’s flagship product.
Under Grayscale’s business model, the company sells initial access to its crypto trust products to accredited investors, taking a 2% management fee in the process. Those investors are then able to sell the shares to the general public once a lock-up period of six or twelve months has elapsed.
In the past, shares of the Grayscale Bitcoin Trust have traded well above the price of the underlying Bitcoin held in the trust—but that has change significantly in recent months as the shares have traded at a discount.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Trading volume — the amount of an asset that changed hands over a given period — is one of the key metrics that investors use to track price trends and assess the market outlook for a specific coin in terms of liquidity and trader activity.
The ranking below zooms in on the fortunes of five coins that have had the greatest increase in average daily trade volume this month compared to the month before. Most of them — although not all — emerged as massive winners in terms of their monthly returns, but the relationship between the price and trading was not always what you’d expect.
The data from Cointelegraph Markets Pro platform sheds further light how these two indicators can influence each other.
Along with multiple other quantitative metrics, trading volume is at the heart of the VORTECS™ Score — an algorithmic comparison of historic and current market conditions derived from billions of data points gathered and analyzed by a proprietary machine learning model.
Polygon (MATIC ): +643.79%
Capitalizing on the sprawling activity in the DeFi sector and the expansion of the number of projects springing up on its platform, Polygon has had a fantastic month, conquering one all-time high (ATH) after another. The coin delivered 329% vs. USD and 456% vs. BTC alongside a 643% increase in average daily trading volume.
The trading volume dynamics faithfully followed each price uptick, reaching an impressive $11 billion on May 19. On that day, MATIC was responsible for as much as 4.5% of the crypto market’s overall trading volume.
From the look at the VORTECS™ score chart, it becomes apparent that trading volume spikes have been an essential component of each ultra high-score stretch that MATIC sported this month (red circles in the graph). These dark-green sequences, in turn, foreshadowed each new leg of the coin’s powerful rally.
Ethereum Classic (ETC): +229.23%
A legacy chain of the original Ethereum that has been abandoned by much of the community in the wake of the 2016 the DAO heist, ETC has a small but enthusiastic fanbase and a reputation of a network lacking security.
Observers are divided on what exactly triggered ETC’s 300% price run, closely followed by surging trading volume, in the first week of May. Opinions range from users suddenly seeking cheaper alternatives to the main Ethereum network to new investors mistaking the coin for its better-known cousin.
At any rate, at the height of its May 6 rally, ETC commanded a shocking 15.9% of the crypto market’s overall trading volume — not too bad for a coin that has risen from years of oblivion.
Going by the VORTECS™ chart, not only ETC’s showing was unexpected – it was historically unparalleled. The combination of market and social conditions that preceded the coin’s blast-off was not similar to those that systematically came before ETC’s price leaps in the past, as evidenced by largely neutral VORTECS™ Scores.
Telcoin (TEL): +507.8%
Telcoin, a global remittance platform whose token appreciated by 437% against USD and 600% vs. Bitcoin over the past month, owes at least some of its success to Polygon’s fiery run. The likely reason behind TEL’s surge in early May has been a layer-2 migration to the lower-fee Polygon network and the token’s subsequent listing on QuickSwap that opened attractive terms for liquidity providers.
As visible in the graph, it was the QuickSwap moment that produced the greatest increase in TEL’s trading volume rather than the even bigger price hike that followed a few days after.
It was the same surge in trading activity between May 2 and 8 that the VORTECS™ algorithm picked up and, in conjunction with other constituent metrics, deemed worthy of a series of high VORTECS™ Scores that began flashing around three days before the final leg of the price hike.
iExec RLC (RLC): +1,153.62%
RLC, the native token of cloud computing platform iExec, demonstrated the greatest month-to-month growth in average daily trading volume, adding an astounding 1,153% compared to the previous 30-day period. The coin’s price began picking up following the May 4 announcement of a Coinbase Pro listing and was boosted even more by a cascade of further exchange listings, big-name partnerships and collaborations, as well as the announcement of a developer rewards program. Over the month, RLC delivered 200% gains against USD and almost 300% against Bitcoin.
As the chart supplied by data analytics firm The TIE suggests, on May 8 and early May 9 the trading volume indicator mirrored the steeply upward price movement with a few hours’ lag. The two lines then effectively merged, indicating that further increase in trading volume was no longer driven solely by price action, but began responding to the news and heightening sentiment around the coin independently.
As visible in the graph, RLC’s VORTECS™ score had been neutral (yellow) in the days preceding the coin price’s spike, and briefly turned moderately bullish (light green) as the rally unfolded. However, when both the price and trading volume peaked, the VORTECS™ Score went from bullish back to neutral (red boxes in the graph), meaning that in the past such concerted upticks in both price and trading volume were not followed by price consistently going up or down.
In summary, RLC’s run this month did not have clear historical precedents in terms of market and social activity regularities that VORTECS™ score could capture. Rather, it has been driven by a series of bullish news announcements. This is where another element of Markets Pro functionality, NewsQuakes™, comes into play: In the same graph, it is plain to see how two listing announcements, on Coinbase Pro and Bithumb (red circle in the chart), came shortly before the rally.
OKB Token: +253.28%
The average daily trading volume of the OKEx exchange token, OKB, grew by more than 250% this month. However, this fact did not translate to a corresponding increase in the utility token’s price: Over the same 30 days, OKB lost 18.76% against USD and gained a mere 4.89% against the beleaguered Bitcoin.
A look at the token’s price vs. trading volume chart offers some explanation of this discrepancy. While trading volume largely mirrored price movement in the first half of the month, the two starkly diverged around May 19 and 20, around the time of the market-wide slump. As the price declined, the trading volume shot up.
This key to this seemingly paradoxical dynamic lies in the nature of the asset. In a bid to keep the value of the token high, every three months OKEx reduces OKB supply by buying back burning a few million coins. As the current burning period is set to expire at the end of May, some traders likely wagered on OKB staying afloat thanks to the guaranteed buyback liquidity when other digital assets were in a tailspin. Indeed, a surge in trading volume did support a brief rebound, yet it could only be sustained for a couple of days before the asset began sliding down again.
Note how the VORTECS™ algorithm remained unfazed by the May 20 increase in trading volume as the score remained neutral. A constantly learning model, it has surely seen such token burn-inspired spikes before — and apparently, in the past these spikes didn’t always spell significant price increases.
Any single metric describing an asset’s market outlook can be uninformative or even misleading on its own, yet it becomes exponentially more useful when contextualized within the recurring patterns of the VORTECS™ algorithm’s other metrics (which include price action, sentiment, and tweet volume).
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Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.Full terms and conditions.