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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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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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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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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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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Inflation Fears Send Bitcoin Below $32K – eToro Crypto Roundup

Crypto sinks with stocks on economic uncertainty.

Bitcoin’s summer slump continues, with prices falling below $32K as post-pandemic inflation fears wash over the cryptocurrency market.

The U.S. Labor Department released data last week showing that US consumer prices spiked beyond expectations in June. Major stock indices started falling shortly afterwards, and Bitcoin – already feeling jittery about the impact of GBTC shares unlocking – followed stocks down.

At the end of the week, Bitcoin was down 5%, while Ethereum had fallen 7%. Many altcoins dropped even further, with Dogecoin down 15% on the week and DeFi tokens Aave and Uniswap showing similar losses.

This week’s highlights

  • Institutions lend support to crypto
  • Inflation spike fails to buoy Bitcoin
Institutions lend support to crypto

Amidst the falling prices and downtrodden sentiment, Google searches for “Bitcoin price” have dropped to the lowest level since December. Big financial players, however, are continuing to lend support to the crypto market.

PayPal announced last week that buying limits have been lifted to allow weekly crypto purchases of up to $100K. Visa announced the issuance of a new physical Bitcoin debit card in Australia. Lastly, Bank of America, the second-largest bank in the US, is reported to have approved trading in BTC futures.

Inflation spike fails to buoy Bitcoin

Testifying before Congress last week, Federal Reserve chairman Jerome Powell admitted that US inflation levels were above what the Fed was hoping to see, and “will likely remain elevated in coming months.”

Given that US inflation is already the highest it’s been in thirteen years, one might expect Bitcoin to rise to the occasion as digital gold and fulfill its role as an inflation hedge.

However, the market appears to be pricing in the possibility of policies that limit inflation, which could potentially put an end to the exuberant crypto and stock market rallies widely thought to have been boosted by quantitative easing.

Week ahead

After two weeks of falling prices, Bitcoin is now sitting at the bottom of the range. Traders are likely to be expecting either a resurgence from here or accelerated selling as the floor gives way. In the week ahead, two events could spark a trendsetting move.

On Monday, U.S. Treasury Secretary Janet Yellen will meet with the President’s Working Group on Financial Markets to discuss stablecoins, and then on Wednesday, Elon Musk is scheduled to talk Bitcoin with Twitter founder Jack Dorsey and ARK Invest’s Cathie Wood. Depending on how the conversation progresses, the price of Bitcoin (and Dogecoin) could see major volatility.

This post originally appeared on the eToro blog.

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Smaller Cryptoassets in Demand As eToro Investors Seek Diversification

  • Cardano overtakes Bitcoin as the most held crypto on eToro in Q2
  • Dogecoin rockets in popularity, becoming the fifth most held crypto
  • Tron was the biggest mover in Q1

Retail investors are increasingly confident about the potential of cryptoassets, despite this quarter’s market correction, with new eToro data revealing increases in the numbers of crytoassets being held during the last quarter (Q2).

Perhaps surprisingly, Cardano’s ADA leapfrogged Bitcoin to become the most held crypto in the second quarter of 2021, seeing a 51% increase from the previous quarter. Bitcoin, which led the cryptoasset bull run at the start of the year, remained popular – seeing a 42% increase in demand – however, it was eclipsed by ADA and slipped from first to second place.

Simon Peters, crypto market analyst at eToro, commented,

“During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hard fork – currently in a testing phase. If successful, it will bring smart contract functionality by allowing the writing and deployment of smart contracts for the first time on the Cardano blockchain. This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real ‘competitor’ of the likes of Ethereum. The price of ADA climbed over the last quarter, suggesting investor optimism around the Alonzo hard fork and Cardano’s ability to challenge Ethereum long term.”

Ethereum, which has seen a big price rise this year, also gained in popularity, experiencing a 79% increase in investors holding the asset. This is ahead of the hotly anticipated London hard fork, slated for July, which will see increased functionality added to the network and preparation for the Serenity (ETH 2.0) upgrade slated for 2022. It will also include the EIP-1559 update which will change how gas fees are paid on Ethereum 1.0 going forward. This will see base fees adjusted to market rates, with the option of speeding up transactions by tipping miners.

Simon Peters said,

“Cryptoassets have had an exciting year, with big milestones achieved in terms of price movements and increased institutional investment signaling more adoption by the traditional financial services ecosystem.

No matter the headlines, we urge retail investors to be mindful of the risks when investing in crypto and to do their research before investing.”

Most held cryptoassets among eToro clients globally in Q2 2021














Rank Cryptoasset Q1 2021 rank Q2 2020
1 Cardano (ADA) 2 6
2 Bitcoin (BTC) 1 2
3 Ethereum (ETH) 4 3
4 XRP (XRP) 3 1
5 Dogecoin (DOGE) N/A N/A
6 TRON (TRX) 6 13
7 Stellar (XLM) 5 5
8 IOTA (MIOTA) 8 11
9 Litecoin (LTC) 7 4
10 Ethereum Classic (ETC) 12 9
Source: eToro. Data accurate as of 01.07.2021.

The data in this table represents the top ten cryptoassets held by global investors on the eToro platform in the second quarter of 2021. It does not include positions held as CFDs.

Investors diversify in the search for the ‘next Bitcoin’

Despite attention focusing mainly on the cryptoassets with the largest market caps, the biggest moves in Q2 came from smaller cryptoassets, with Tron (TRX) and Ethereum Classic (ETC) leading the charge. Tron (TRX), in particular, saw impressive gains, with a 163% increase in global users holding the asset in Q2 as compared to Q1 of this year, and Ethereum Classic saw a 151% rise quarter on quarter, alongside a 247% year-on-year increase.

Simon Peters continued,

“Rather than focus solely on Bitcoin and Ether, where many investors can only own a fraction of a coin, we are seeing increasing demand for lower priced coins. With owning one Bitcoin out of reach for most retail investors, many are looking for cheaper alternatives like ADA, MIOTA and TRX, all of which are priced around $1. With staking rewards available on eToro for Tron and Cardano, investors are now able to reap rewards for holding these assets long term, which is helping to drive demand.

The emergence and increasing popularity of altcoins means the crypto ecosystem is becoming stronger, with greater diversity and more and more use cases. It’s great to see investors looking beyond the store of value, and opening up their portfolios to assets they believe will not only help hedge against growing issues such as inflation but provide solutions other assets might be encountering.”

This post originally appeared on the eToro blog.

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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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Volatility Drops in Directionless Digital Asset Market – eToro Crypto Roundup

Will sideways trading give way to volatility as Grayscale shares unlock?

A summer lull has descended on the digital asset market, as Bitcoin struggles to find clear direction amidst an ample supply of both bullish and bearish headlines.

Visa said on Wednesday that more than $1 billion worth of crypto has been spent using their crypto cards in the first six months of the year, Bank of America revealed the creation of a new team dedicated to crypto, and two new crypto companies  Circle and Bullish announced plans to go public.

Nevertheless, this positivity was countered by news of the anti-crypto campaign in China, where the government has ordered the shutdown of a Beijing software maker suspected of crypto trading.

Even Elon Musk couldn’t move the market. The self-proclaimed ‘Dogefather’ tweeted about his favorite memecoin on Friday, but the market reaction was short-lived and Dogecoin was left behind by EOS and BNB which added 13% and 9% respectively.

This week’s highlights

  • Crypto hits Wall Street in double SPAC attack
  • Bank of America creates crypto team
Crypto hits Wall Street in double SPAC attack

A pair of crypto companies have hit headlines this week for planning to join Wall Street via special-purpose acquisition companies (‘SPACs’).

Stablecoin firm Circle and exchange venture Bullish are both merging with publicly traded companies at valuations of $4.5 billion and $9 billion respectively.

The deals represent yet another marker of maturity for the growing crypto industry, which has seen several crypto companies take the SPAC route to market in the wake of Bitcoin’s rapid growth and increased institutional presence.

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Bank of America creates crypto team

America’s second-largest bank has created a team dedicated to researching cryptoassets.

In a memo, the bank claimed that “cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems” and that Bank of America is “uniquely positioned to provide thought leadership” for the industry.

Bank of America joins JP Morgan, Goldman Sachs, Morgan Stanley and other Wall Street behemoths who recently changed their tune on crypto as the market has grown large enough to become a big business opportunity.

Week ahead

The unusual stability of the crypto market suggests this summer lull could be just a brief period of calm before the inevitable storm, and winds of change may already be blowing on the horizon.

Following El Salvador’s Bitcoin bill, Paraguay’s deputy of the nation Carlitos Rejala plans to present his own bill on Wednesday to help the country “advance hand-in-hand with the new generation.”

Then on Sunday, around $1.5 billion worth of shares in the Grayscale Bitcoin Trust (GBTC) are due to hit the market. JPMorgan has named this as a downside risk for Bitcoin, but other researchers have predicted a positive or neutral impact.

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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DeFi Boosts Market As Bitcoin Taps on $35K – eToro Crypto Roundup

Compound jumps 40% while Aave and Uniswap enjoy 20% gains.

As Ethereum has pushed almost 10% higher this week, Bitcoin has drifted sideways on mixed headlines.

The Chinese clampdown on mining continues to drive uncertainty in the market, along with the ramp up of regulatory discussion in the US. Yet this is matched by equal amounts of positive news, with Michael Saylor’s Bitcoin Mining Council finding the cryptoasset to be more sustainable than often thought, and institutional giants Soros Fund Management and Point72 entering the fray.

Despite the uncertainty capping gains for top cryptoassets, tokens in the DeFi sector are moving up a gear. Compound has made a convincing resurgence with 40% gains, and Aave and Uniswap are outpacing Ethereum with double-digit wins.

This week’s highlights

  • DeFi swings higher on institutional hopes
  • Bitcoin goes green on sustainable mining statistics
DeFi swings higher on institutional hopes

The biggest winner of the week is the DeFi sector, with new projects aimed at institutions catalyzing higher prices for leading tokens.

Comp, the governance token of Compound, added 40% after the launch of Compound Treasury. This new product aims to act as a savings account, allowing big investors to deploy stablecoins for guaranteed returns of 4%.

With lower gains of 20%, competing lending protocol Aave also surged after news emerged that it will be delivering DeFi yields to institutions with Aave Pro.

Bitcoin goes green on sustainable mining statistics

Ever since Elon Musk tweeted that Tesla won’t be accepting transactions until Bitcoin uses 50% clean energy, environmental concerns have cast a shadow over the crypto market.

Last week, however, Bitcoin’s true environmental credentials were brought to light as the Bitcoin Mining Council announced that in the second quarter of 2021, mining relied on an electricity mix that was 56% sustainable.

Whether Musk will accept these new mining statistics could be revealed on July 21, 2021, when the self-proclaimed Technoking is set to discuss Bitcoin with Twitter founder Jack Dorsey.

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Week ahead

As Americans step away from their desks to celebrate the Independence Day holiday, we may see quiet markets early in the week.

However, some traders are expecting fireworks from the selling of GBTC shares. This event could catalyze volatility as Grayscale Bitcoin Trust investors cash out, but analysts are divided over whether the impact will be bullish or bearish.

Elsewhere, we could see volatility spill over from the stock market on Wednesday afternoon as the Fed releases minutes from its last meeting. These could contain key details about future monetary policy.

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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Bitcoin (BTC) $ 26,570.12 0.12%
Ethereum (ETH) $ 1,592.30 0.22%
Litecoin (LTC) $ 64.93 0.38%
Bitcoin Cash (BCH) $ 208.57 0.02%