Tezos Pops As Bitcoin Pushes Against $50K – eToro Crypto Roundup

NFT mania drives 35% gains for smart contract platform.

After briefly crossing $50K, Bitcoin traded sideways last week as the crypto market fell into a late summer lull.

Smart contract platforms, which are benefiting from the booming trade of collectible avatars in the NFT market, were the biggest gainers. Though Ethereum stayed flat, Cardano hit an all-time high of almost three dollars before retreating, and Tezos spiked over 35% on the launch of a new non-fungible token (NFT) platform.

Meanwhile, institutional buyers have been accumulating Bitcoin. MicroStrategy added another 3,907 BTC to their stash of over 100,000 last week, while data from Chainalysis shows that Bitcoin’s biggest investors have been steadily buying more since the end of June.

This week’s highlights

  • Tezos spikes 35% on NFT play
  • Visa buys CryptoPunk amidst NFT mania
Tezos spikes 35% on NFT play

Old-timer proof-of-stake network Tezos surged last week after taking a big step into the booming NFT market.

Launched in partnership with French football team FC Nantes, Golden Goals is a new marketplace for football enthusiasts to trade certified Tezos-based NFTs, which represent items from player portraits to autographed jerseys.

In August so far, Tezos has risen a total of 85% on a steady stream of positive headlines. Just last week, three Swiss crypto firms joined forces to offer tokenized assets on the Tezos blockchain, adding to an already positive sentiment from a successful network upgrade earlier in the month.

Visa buys CryptoPunk amid NFT mania

While most of the crypto market experienced a brief lull last week, NFT trading was in full swing. This was sent into overdrive on Monday by Visa announcing the purchase of a $150,000 CryptoPunk.

Punk no. 7610, a pixelated image of a girl with green eyeshadow and a mohawk, will now be added to Visa’s “collection of artifacts that can chart and celebrate the past, present and future of commerce,” according to Visa crypto head Cuy Sheffield.

The price of Ethereum, which hosts the CryptoPunks collection, drifted slightly lower last week, but Visa’s purchase paints a positive picture of the long-term future – showing both the depth of institutional involvement in blockchain and the broad cultural reach of NFTs.

The week ahead

On Friday, Bitcoin’s long-term outlook was bolstered by Jerome Powell, who said the central bank won’t be in a hurry to begin raising interest rates.

Adding to the positive sentiment, Bloomberg analyst Eric Balchunas predicted that a long-awaited Bitcoin ETF could be launched as soon as October.

In the short-term, $50K remains the key hurdle for Bitcoin to clear. The reaction at this psychological level could determine market direction for the next few weeks.

This post originally appeared on the eToro blog.

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Corporations Get Behind Crypto As Bitcoin Reclaims $50K – eToro Crypto Roundup

Cardano and Algorand lead another week of gains for digital assets.

Bitcoin has once again passed the key milestone of $50K after a week that saw some of the biggest global corporations make moves on the digital asset market.

Retail giant Walmart posted a job for a crypto expert to investigate virtual payment options, Facebook announced that their crypto wallet is approaching its launch date, and Microsoft said it is considering using Ethereum to counter piracy. Meanwhile, the second-largest US mortgage lender revealed plans to accept cryptoasset payments for home loans.

This headline-grabbing news helped the market shrug off an exchange hack in Japan, and prices moved up across the board. Top performing assets include Cardano, which rose to an all-time high ahead of the upcoming Alonzo upgrade, and Algorand, which added 25% on the launch of a tokenized real estate marketplace.

This week’s highlights

  • Cardano becomes third-biggest crypto ahead of Alonzo upgrade
  • Facebook’s crypto wallet prepares for launch
Cardano becomes third-biggest crypto ahead of Alonzo upgrade

Cardano has risen rapidly through the ranks this past week, toppling Tether and BNB to become the third-largest cryptoasset by market cap.

The Ethereum rival ADA added 40% to reach new all-time highs, making a total increase of over 100% in August so far. This comes ahead of the highly-anticipated Alonzo upgrade, which is expected to deploy long-awaited smart contract functionality to Cardano on September 12, 2021.

According to data from CoinShares, some of Cardano’s price rally could be driven by institutional investors. The cryptoasset management firm’s latest report shows that Cardano has attracted institutional inflows of $39 million, year-to-date.

Facebook’s crypto wallet prepares for launch

Facebook’s Novi wallet, designed for its Blockchain-based stablecoin Diem, is “ready to come to market” according to co-founder David Marcus.

The project, formerly known as Calibra, aims to challenge traditional payment solutions with “an interoperable digital wallet that will enable people, and eventually small businesses, to move money [via the cryptoasset Diem] around domestically and internationally in a quick and affordable way.”

Given Facebook’s dominance in the social media sphere, traders will be watching closely to see whether the project can bring some of Facebook’s enormous global user base into the cryptoasset ecosystem.

The week ahead

Excitement is building after Bitcoin blasted through $50K. Beyond this key psychological threshold, all-time highs at $65K are almost within reach.

In the coming week however, Fed officials will meet for their annual symposium to discuss potentially tapering the monetary stimulus that is widely thought to have powered stocks to record highs.

Any suggestion of changes in policy could catalyze volatility in Bitcoin, which according to research from Santiment has correlated “quite strongly” with the S&P 500 over the last month.

This post originally appeared on the eToro blog.

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Buying Bitcoin – What You Need To Know

With Bitcoin investing now available on the eToro platform for clients in the Netherlands, we would like to take this opportunity to cover some of the basics of buying Bitcoin for beginners. So, if you don’t know your Bitcoin from your blockchain, this article is here to help.

Is there a Bitcoin barrier to entry? For many curious investors who have yet to dip their toes in the proverbial waters, the biggest thing holding them back may be summed up in one word – knowledge.

The more you try to wrap your brain around the technology behind Bitcoin, the more confused you may be about its actual investment value. How exactly is Bitcoin mined? What is a hard fork? And proof-of-stake versus proof of concept? Head-scratchers abound.

If we haven’t lost you yet – good. While you may never master the concepts of blockchain and how cryptocurrency is created, in reality, you don’t need to when it comes to investing. All you really need to know is why cryptocurrency has value, how that value compares to traditional currencies, and what investing means in the long run.

On platforms like eToro, users can deposit as little as $50 to fund an account where they can buy, sell and hold Bitcoin, along with over a dozen other cryptocurrencies.

So, what makes crypto different from investing in traditional currency, like the Euro or the US dollar? Here are a few key distinctions:

Finite supply

One of the big issues with investing in the US dollar is inflation, which has been made increasingly evident during the Covid-19 pandemic. As the US dollar weakens at a more rapid rate, with trillions printed by the Federal Reserve, it is no surprise that investors will look for unique ways to diversify their money.

How does inflation affect Bitcoin? In the current context, it doesn’t. That is because Bitcoin has a finite amount of 21 million coins, so while the value can increase, the maximum amount in circulation cannot. Currently, there are 18.7 billion Bitcoin in circulation, meaning there are still some left to be mined. As a result, many investors look to Bitcoin as a hedge against the damaging effects of inflation.

Store of value

Bitcoin’s finite supply lends to its store of value over time. While gold was the original intrinsic asset, its cumbersome nature led to it being replaced by fiat (i.e., paper) money. A store of value, meanwhile, is an asset that maintains its worth and can be exchanged in the future with no deteriorating value, which cannot be safely said for current physical currency.

Bitcoin, meanwhile, checks all of the major boxes as a strong store of value over time. It has a steady level of scarcity – thanks to its finite supply, it is easily divisible (up to eight decimal points), it has growing use as a utility (i.e., form of currency) in transactions, it is easily transportable through digital wallets, it is durable as a non-physical currency and lastly it is nearly impossible to counterfeit – thanks to blockchain encryption technology.

Institutional investment

The problem with Bitcoin’s value in the past was that it was mostly driven by retail investment, which ebbed and flowed based on how consumer investors felt about the crypto’s future. In recent months especially, however, major players in tech and financial sectors have either plunked money into Bitcoin or adopted the currency on their platforms.

Companies like MicroStrategy, Square and Tesla have invested huge chunks of capital in Bitcoin, while both traditional (Visa and MasterCard) and modern (PayPal) financial institutions are starting to integrate crypto as a feasible form of currency. The more Bitcoin becomes mainstream, the more legitimate it becomes as a long-term investment.

This post originally appeared on the eToro blog.

Disclaimer

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.

eToro USA LLC – investments are subject to market risk, including the possible loss of principal.

eToro AUS Capital Pty Ltd, AFSL 491139. eToro AUS Capital Pty Ltd offers CFDs over cryptoassets. Trading CFDs does not result in ownership of the underlying assets. CFDs are leveraged and risky financial products and may not be suitable for all investors. You may lose substantially more than your initial investment. This information is general advice only.  It has been prepared without taking into account your objectives, financial situations or needs, and you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should consider our PDS before making any decision about whether to trade CFDs.

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

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This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Altcoin Boom Pushes Crypto Market Beyond $2 Trillion – eToro Crypto Roundup

Cardano, Dogecoin and XRP celebrate high double-digit gains as confidence returns to the market.

The total value of the crypto market has once again risen above $2 trillion, as altcoins including Cardano and XRP race to reclaim all-time highs.

This bullish price action comes in defiance of negative headlines. The Senate passed the infrastructure bill on Tuesday without changing the requirements for crypto tax reporting, and on the same day $611 million was stolen in the largest DeFi hack in history (though the culprit has since returned the funds). Nevertheless, traders were not concerned, and multiple altcoins are now flashing high double-digit weekly gains.

Beating the 3% increases of Bitcoin and Ethereum, XRP jumped almost 60% after forming a new partnership, closely followed by Cardano and Ethereum Classic with almost 50% gains, and Dogecoin, which leaped 33% as Mark Cuban tweeted support for the memecoin.

This week’s highlights

  • Cardano climbs 45% ahead of major upgrade
  • US infrastructure bill passes Senate
Cardano climbs 45% ahead of major upgrade

Ethereum competitor Cardano topped $2 last week as the developers scheduled a highly anticipated upgrade.

Cardano project lead Nigel Hemsley announced a September 12, 2021, release date for the planned ‘Alonzo’ upgrade. This would disarm critics by bringing long-awaited smart contract functionality to the network, potentially allowing Cardano to claim its own slice of the DeFi pie and capitalize on the NFT mania currently sweeping over the crypto market.

Elsewhere in the proof-of-stake ecosystem, rival network Polygon (formerly Matic Network) jumped 30% after acquiring Ethereum scaling solution Hermez Network.

US infrastructure bill passes senate

While the battle may have been lost as US senators failed to amend onerous tax reporting rules in the infrastructure bill, the market appears to be expecting that crypto will eventually win the war.

Prices continued to rise this week, despite the bill passing the Senate on Tuesday. Commentators suggest this could be because the event is being seen as a coming-of-age moment for the crypto industry, which is long-term bullish.

In his recap of the infrastructure bill, Compound lawyer Jake Chervinsky said,

“Ultimately we will look back on this as one of the most positive events, holistically speaking, that we’ve had so far in terms of the industry’s interactions with the government.”

Week ahead

As buyers push prices upwards, all-time highs are appearing on the short-term horizon for several of the top cryptoassets.

In the week ahead, Bitcoin faces resistance at $48K. How the leading cryptoasset reacts at this level could determine if the rally of recent weeks is just a temporary ‘dead cat bounce,’ or continuation of the bull market.

According to data from Glassnode, Bitcoin is flowing out of exchanges at similar levels to the beginning of the year, suggesting traders could be accumulating funds in anticipation of another rally higher.

This post originally appeared on the eToro blog.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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eToro Launches ETH Staking


eToro, the global multi-asset investment platform, announced today that it will be expanding its crypto staking service to include the Ethereum 2.0 blockchain.

eToro will offer its users the option of staking their ether tokens via the eToro Money crypto wallet ahead of the network’s upgrade to Ethereum 2.0.

Having launched its staking service in October 2020 for Cardano (ADA) and TRON (TRX), 
ETH 2.0 is the latest addition to its crypto staking offering. The ETH staking service was made available to eToro users in Belgium, Denmark and the Czech Republic over the last couple of weeks, and has officially launched today for UK users, with a gradual rollout to follow in other regions. Users who choose to stake their ETH cryptoassets will receive staking rewards on a monthly basis with no action required on their part.

Doron Rosenblum, VP of business solutions at eToro, said,

“eToro’s vision is to open up the global markets so that everyone can trade and invest in a simple and transparent way. This includes crypto. We have been creating new ways for our large and active community to take advantage of crypto for nearly a decade. Our holistic approach gives people a choice of how to access the asset class.

eToro believes that we will see the largest transfer of wealth ever onto the blockchain, and our expanded crypto staking service is a commitment to this belief. We are very proud to offer this innovative staking service for ETH. By offering staking through the eToro Money crypto wallet, people can come to us directly to stake their ETH.”

Ethereum 2.0 staking on eToro will be executed via the eToro Money wallet. Existing eToro users can buy ETH on eToro and transfer it to the wallet to stake. Alternatively, those who hold ETH in an external wallet can transfer it to eToro to start benefiting from our staking program. All users will be able to see both their staked ETH and their rewards within their eToro wallet at all times. The minimum amount that can be staked is one ETH. There is no maximum.

Staking is a process that allows users who own and hold supported cryptoassets to earn rewards, with these rewards being more of the same cryptoassets. Staked ETH will be locked away until the Ethereum network fully launches the upgraded ETH 2.0 blockchain.

Disclaimer

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.

eToro USA LLC – investments are subject to market risk, including the possible loss of principal.

eToro AUS Capital Pty Ltd, AFSL 491139. eToro AUS Capital Pty Ltd offers CFDs over cryptoassets. Trading CFDs does not result in ownership of the underlying assets. CFDs are leveraged and risky financial products and may not be suitable for all investors. You may lose substantially more than your initial investment. This information is general advice only.  It has been prepared without taking into account your objectives, financial situations or needs, and you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should consider our PDS before making any decision about whether to trade CFDs.

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

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This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Bitcoin Breaks $45K As Community Rallies Against Infrastructure Bill – eToro Crypto Roundup

Market shrugs off regulatory onslaught to reach prices not seen since May.

Cryptoasset prices are accelerating higher as US regulators put Bitcoin in the spotlight and Ethereum celebrates a successful network upgrade.

Crypto has become the most hotly debated aspect of Biden’s $1 trillion infrastructure bill, and prices across the market are lapping up the publicity. Bitcoin touched $45K on Sunday as the community rallied against contentious tax reporting proposals, while Ethereum surpassed $3K on successful completion of the London hard fork.

Ethereum’s upgrade appears to have reinvigorated the DeFi market. Token prices for decentralized protocols are surging, and Compound and Uniswap have both made double-digit gains over the last week, rivaling Dogecoin and Shiba Inu, which are racing neck and neck, both rising 15%.

This week’s highlights

  • Buyers scoop up Ethereum on London hard fork
  • Bitcoin climbs higher as regulators close in
Buyers scoop up Ethereum on London hard fork

Ethereum is proving more appealing than ever after this week’s upgrade, with buyers greedily scooping up the cryptoasset and pushing prices above $3K for the first time since May.

The London hard fork went off without a hitch on Thursday, introducing a new fee burning mechanism that makes Ethereum more deflationary by removing coins from circulation each time a transaction is made. This marks a new and exciting chapter for the second-largest cryptoasset, and brings the network one step closer to launching Ethereum 2.0.

Bitcoin climbs higher as regulators close in

Since US regulators introduced sweeping new rules for digital assets to the $1 trillion infrastructure bill last week, disputes over the proposed legislation have dominated headlines.

Senators worked through the weekend to negotiate disagreements, while #Don’tKillCrypto trended on Twitter, and the crypto community was galvanized in opposition to the proposals that could prove disastrous for the US cryptoasset market.

Nevertheless, Bitcoin pushed higher. Prices of the digital gold touched $45K as the debate intensified, reflecting growing recognition in the highest levels of society about the importance of appropriate cryptoasset regulation.

Week ahead

Infrastructure bill developments are likely to remain the primary focus for the crypto market in the coming days. The final vote in the Senate is likely to happen on Tuesday, before the bill moves into the House.

Elsewhere, US inflation data is due to be released on Wednesday and Thursday. This could trigger volatility across global markets by showing how permanent rising prices are, and indicating the future direction of Federal Reserve policy.

This post originally appeared on the eToro blog.

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This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Bitcoin Taps $40K To Finish July on Bullish Note – eToro Crypto Roundup

Infrastructure bill fails to dent crypto market rally.

Bitcoin has jumped 7% over the past week, finishing July with a bullish flourish that could signal the end of a multi-month decline.

Across the market, cryptoassets are flashing double-digit weekly returns. Ethereum has doubled Bitcoin’s gains by adding 14% ahead of the EIP-1559 upgrade en route to Ethereum 2.0, XRP has risen 15% on freshly signed partnerships and the release of a new roadmap has helped so-called ‘Ethereum killer’ NEO soar 36%.

The marketwide resurgence comes despite increased regulatory uncertainty, with developments in Washington D.C. threatening to put a damper on market sentiment by introducing burdensome tax reporting rules.

This week’s highlights

  • Ethereum rides higher on wave of NFT interest
  • Regulators put crypto in the crosshairs
  • Maker, Enjin and Shiba Inu listed on eToro
Ethereum rides higher on wave of NFT interest

In addition to the upcoming EIP-1559 upgrade, Ethereum’s leap higher could be driven by increased trading activity in non-fungible tokens (NFTs).

These unique certificates of authenticity minted on the blockchain have sparked a craze for collectible avatars and artwork. The most coveted collections include Stoner Cats, crafted by the American actress Mila Kunis, and CryptoPunks, of which one example was placed for sale last week at over $90 million.

Ethereum scaling solution Polygon is also benefiting from the NFT boom. Matic, the token powering the network, has jumped 4% this past week – adding to a meteoric rise of over 60% since the launch of NFT-focused Polygon Studio in late July.

Regulators put crypto in the crosshairs

Rising prices appear to have reinvigorated regulators, and last week marked a dramatic turn for lawmakers in Washington D.C.

On Tuesday, the U.S. Senate Banking Committee took the crypto industry to task in a hearing titled, “Cryptocurrencies – What are they good for?” Senator Elizabeth Warren was the most fervent crypto critic, and unwittingly created a new meme by suggesting the market is controlled by “shadowy super-coders.”

Then on Thursday, it was revealed that a last-minute amendment had been made to the $550 billion infrastructure bill. This added new tax reporting obligations for cryptoassets, which some analysts suggest could stall industry growth.

Maker, Enjin and Shiba Inu listed on eToro

In response to overwhelming demand, eToro has listed Maker (MKR), Enjin (ENJ) and Shiba Inu (SHIBxM).

Lending protocol MakerDAO is one of the most popular DeFi applications, Enjin is a blockchain development platform focused on NFTs and Shiba Inu is an Ethereum-based rival to Dogecoin.

Shiba Inu is represented on eToro as Shiba (in millions), with one Shiba (in millions) unit on eToro being equivalent to one million Shiba Inu tokens.

Week ahead

The looming infrastructure bill will be top of mind for traders this week, as according to Senate Democratic leader Chuck Schumer it could be presented to the House of Representatives and the U.S. Senate “in a matter of days.”

On Wednesday, Ethereum’s London hard fork is expected to go live and could spark volatility for the leading smart contact platform or fire up smaller proof-of-stake competitors in the event of delays or mishaps.

This post originally appeared on the eToro blog.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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eToro Adds Shiba Inu


eToro, the multi asset investment platform, today announced the addition of Shiba Inu, following strong customer demand.

Shiba Inu was created as an Ethereum-based alternative to popular memecoin Dogecoin (DOGE). The Shiba Inu ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Shiba Inu is represented on the eToro platform as ‘Shiba (in millions),’ which is a ‘lot’ of one million Shiba Inu units. By providing Shiba Inu as Shiba (in millions), eToro offers users a clearer understanding of the pricing in a regular, two-decimal-point format. Just as with any other cryptoasset on eToro, users can invest in the amount of their choosing – at or above the minimum required for an investment.

Disclaimer

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.

eToro USA LLC – investments are subject to market risk, including the possible loss of principal.

eToro AUS Capital Pty Ltd, AFSL 491139. eToro AUS Capital Pty Ltd offers CFDs over cryptoassets. Trading CFDs does not result in ownership of the underlying assets. CFDs are leveraged and risky financial products and may not be suitable for all investors. You may lose substantially more than your initial investment. This information is general advice only.  It has been prepared without taking into account your objectives, financial situations or needs, and you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should consider our PDS before making any decision about whether to trade CFDs.

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Sentiment Turns Bullish As Bitcoin Rockets Past $38K – eToro Crypto Roundup

In an explosive market recovery, Bitcoin has blasted past $38K to make over 25% weekly gains.

The bearish mood began to shift on Wednesday, when Elon Musk appeared at the “The B Word” conference and made clear that he has not lost his affection for Bitcoin. Then on Friday, news that Amazon is hiring a blockchain expert helped push prices even higher.

In the face of such bullish strength, concerns about impending regulation were shrugged off, and rising prices were seen across the crypto market. Layer 2 solution Polygon led the way with 45% gains, Stellar surged 30% on rumors that the Stellar Foundation is acquiring MoneyGram, and Ethereum celebrated equally large gains.

This week’s highlights

  • Elon Musk boosts market recovery
  • Amazon makes move on digital currency
Elon Musk boosts market recovery

On Wednesday, three of the biggest names in crypto – Elon Musk, Cathie Wood and Jack Dorsey – sat down for a roundtable discussion that helped shift market sentiment in favor of the bulls.

Most significantly, Musk acknowledged that Bitcoin mining is moving toward renewable energy, and said Tesla will “most likely” accept the cryptoasset as payment again in the future. Furthermore, the self-proclaimed technoking revealed that both SpaceX and Tesla hold Bitcoin, and that he personally owns Bitcoin, Dogecoin and Ethereum.

Not to be outdone, Twitter CEO Jack Dorsey said that Bitcoin will be a “big part” of his own company’s future, helping to drive gains across the crypto market.

Week ahead

After such an explosive reversal, traders will be watching closely to see if the move could mark a turning point away from the falling prices of recent weeks.

Helping the bullish case, Ethereum’s London hard fork, which will usher in the highly-anticipated Ethereum Improvement Proposal (EIP) 1559 upgrade, is scheduled for August 4, 2021.

On Wednesday, however, we could see more bearish news as the Senate Banking Committee’s subcommittee on economic policy is expected to respond to US senator Elizabeth Warren to address her concerns about the risks of investing in cryptoassets.

This post originally appeared on the eToro blog.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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New Cryptoassets Available on eToro – July 2021

As part of its ongoing commitment to offer all its users a broad variety of cryptoassets, eToro is happy to announce that it is launching a number of new tokens.

Now available on the eToro investment platform are the following cryptoassets.

Maker (MKR)

One of the earliest projects on the decentralized finance (DeFi) scene, Maker is a special governance token that cannot be mined. It’s a support for the DAI token and is capped at a hard one million tokens. MKR holders are able to govern and respond to the demand of DAI and are part of a decentralized autonomous organization, much like shareholders in a large corporation.

ENJIN (ENJ)

Gaming and NFTs are finding common ground with Enjin. Through the Enjin blockchain, gamers are able to invest in NFTs from their favorite games and transfer those benefits to future titles. With the ENJ token, an NFT’s value is delegated by the popularity of items and the hottest titles in the gaming world.

The launch of MKR and ENJ brings the total number of cryptoassets available on eToro to 27.

Traders now have access to MKR and ENJ, together with BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, COMP, AAVE, YFI, MANA, ALGO, MATIC, BAT and MIOTA.

Disclaimer

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.

eToro USA LLC – investments are subject to market risk, including the possible loss of principal.

eToro AUS Capital Pty Ltd, AFSL 491139. eToro AUS Capital Pty Ltd offers CFDs over cryptoassets. Trading CFDs does not result in ownership of the underlying assets. CFDs are leveraged and risky financial products and may not be suitable for all investors. You may lose substantially more than your initial investment. This information is general advice only.  It has been prepared without taking into account your objectives, financial situations or needs, and you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should consider our PDS before making any decision about whether to trade CFDs.

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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