Tag: Explore

Bitcoin Eyes $35K After Volatile Week – eToro Crypto Roundup

by Dailyhodl

Headwinds from China collide with optimism in Latin America.

Bitcoin is bouncing towards $35K, after a storm of volatility sent the crypto asset down to its lowest point in nearly five months.

While enforcement in China and a Bitcoin heist in South Africa have added to the uncertainty, pushing prices lower, the market is being supported by tailwinds from the West – El Salvador president Nayib Bukele has revealed plans for a Bitcoin airdrop, and Mexican billionaire Ricardo Salinas Pliego has said his bank is working to be the first in Mexico to accept Bitcoin.

On this mixed news, Ethereum has risen back to almost $2K, TRON and Cardano are celebrating double-digit gains and Dogecoin has surged 40% as Elon Musk and Jack Dorsey make plans to discuss Bitcoin.

This week’s highlights

  • eToro lists Algorand, Polygon and Basic Attention Token

  • El Salvador plans airdrop

  • a16z launches world’s largest crypto fund

eToro lists Algorand, Polygon and Basic Attention Token

eToro is listing Algorand (ALGO), Polygon (MATIC) and Basic Attention Token (BAT), taking the total number of cryptoassets available to 26 (24 in the US).

Algorand is the world’s first pure proof-of-stake crypto and was founded by Turing award winner Silvio Micali. Polygon is a leading layer-2 network for Ethereum, and Basic Attention Token is used to incentivize users of the Brave web browser.

El Salvador plans airdrop

Bitcoin was given a midweek boost by news from El Salvador, when President Nayib Bukele announced that crypto will become legal tender on September 7, 2021. He also promised citizens $30 in Bitcoin for signing up to the local ‘Chivo’ wallet.

With a population of around 6.4 million, the sudden influx of El Salvadoran Bitcoin users could increase the user base by 2.5%, according to analyst Willy Woo. Furthermore, it could potentially add more than $100 million in buying pressure as El Salvador’s government purchases the Bitcoin needed for distribution.

a16z launches world’s largest crypto fund

Despite price volatility, the cryptoasset market continues to attract investment from big players.

Renowned Silicon Valley venture capital firm Andreessen Horowitz announced last week that it has raised $2.2 billion to create the largest crypto fund ever. This will invest in both seed-stage projects and later-stage networks.

“We believe that the next wave of computing innovation will be driven by crypto,” wrote the firm in a blog post, claiming they are “more excited today about what comes next than ever before.”

The week ahead

After several weeks of consolidation, traders are likely to be expecting more sideways action. Though this could be disrupted by a break above $35K showing bullish momentum or a bearish drop through the recent low just above $28K.

For Ethereum, volatility could be catalyzed by an upcoming upgrade. The highly-anticipated EIP 1559 proposal went live this week on Ropsten testnet – an alternative blockchain for testing – and a date for the upgrade to hit mainnet is expected to be set soon.

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 Falls 15% on Inflation Bombshell – eToro Crypto Roundup

by Dailyhodl

Crypto sinks with stocks as the Fed acknowledges inflation.

Bitcoin has fallen 15% over the last week as the market weighs the impact of big shifts in the crypto ecosystem and broader macro environment.

On Wednesday, Fed chairman Jerome Powell acknowledged rising inflation, and responded by bringing forward the timing of the next interest rate hike to 2023. This spooked stocks and crypto, with the S&P 500 and Bitcoin tumbling together for the remainder of the week.

Adding to the uncertainty, crypto mining firms are exiting China, and billionaire investor Mark Cuban has fallen victim to a collapsing DeFi protocol. Prices across the market reflect this poor sentiment, and major altcoins, including XRP and Ethereum, are showing double-digit weekly losses.

This week’s highlights

  • Panama and Paraguay look to follow El Salvador

  • China steps up mining crackdown

Panama and Paraguay look to follow El Salvador

As Latin American leaders reflect on Bitcoin adoption in El Salvador, politicians in Panama and Paraguay are already proposing to make cryptocurrency legal tender in their own countries.

In Panama, opposition politician Gabriel Silva wants to make the country “a true hub of technology and entrepreneurship” by adopting Bitcoin with a bill set to be unveiled in July.

Paraguayan congressman Carlitos Rejala plans to present a similar Bitcoin bill, and local companies are already supporting the initiative. The country’s largest entertainment firm Grupo Cinco said last week it will start accepting cryptocurrencies in July.

China steps up mining crackdown

In what is being dubbed “the great mining migration”, more than half of China’s Bitcoin miners are fleeing the country as officials order mining operations to shut down.

The rise in miners leaving the country comes as recent enforcement efforts extend to Sichuan province, which is thought to be the largest mining hub in China, thanks to an abundant supply of hydroelectricity.

Though the crackdown is creating uncertainty as hashrate falls, many miners are now looking to settle in Western jurisdictions. This is likely to be positive for the network in the long term as it makes mining more decentralized – disarming critics who have pointed towards the centralization of mining in China.

The week ahead

After four weeks of sideways price action since the crash of mid-May, traders are now eagerly awaiting a breakout to indicate the direction of future momentum.

While mining uncertainty and macroeconomic woes could continue to hold prices down this week, MicroStrategy CEO Michael Saylor might be adding buying pressure. He filed to issue $1 billion worth of shares last Monday to raise funds for more Bitcoin.

On Friday, volatility could come to a head as a record number of Ethereum options contracts are set to expire.

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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Four Cryptos To Consider Besides Bitcoin (BTC) – eToro

by Dailyhodl

Want to dabble in digital currency, but don’t know where to start? Get familiar with some of the top performing altcoins.

It’s far from over, but 2021 is feeling like the year where avoiding cryptocurrency is nearly impossible. It’s everywhere in the news, from all-time price highs being set (and reset), to billionaire entrepreneurs touting their favorite coin, to the rise of NFTs (non-fungible tokens) and more.

While Bitcoin (BTC) reigns supreme and is a worthwhile asset – thanks to its large market cap and institutional investment (there are several Fortune 500 companies with BTC on their balance sheet) – there are many who want to know which crypto is ‘the next big thing.’

That’s where altcoins come in. What is an altcoin? Well, it’s pretty simple – any crypto asset other than Bitcoin. With over 5,000 online, that leaves a lot to consider. We’re here to help with that, with four altcoins (all in the top 20 in market cap) worthy of your attention.

Ethereum (ETH)

The second biggest cryptocurrency after Bitcoin, ETH has seen its price grow by over 300% so far this year, nearly double the rate of BTC. While Ether is the name of the cryptocurrency, the greater Ethereum network is more than the value of one token. It’s the most popular blockchain for building crypto projects, including Ethereum-based altcoins, NFTs and decentralized finance (DeFi) applications.

Cardano (ADA)

While not as buzzy a name as Ethereum, Cardano has clear potential. Firmly in the top ten in market cap, ADA has made some major headway in 2021 in a similar fashion to ETH – on the strength of its blockchain platform. Cardano was, in fact, created by one of Ethereum’s co-founders with the intent of building a better blockchain that addressed past faults (namely scalability, interoperability and compliance). And with the rollout of its latest upgrade, Alonzo, Cardano will be able to support smart contracts.

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Chainlink (CHAIN)

Let’s talk smart contracts. Smart contracts are essentially agreements between two parties that exist on a blockchain, whether it’s a transaction, real estate deal or anything else that requires a contract. Chainlink is an Ethereum-based platform that connects (hence the name) smart contracts on any blockchain to different parties (data providers, enterprise systems, cloud services, etc.) – while LINK tokens are the digital assets used to pay for services on the Chainlink network.

Uniswap (UNI)

Some crypto novices may have heard of swapping, whether it’s UNI, SUSHI or another platform, but may be in the dark about what that actually means. In the case of Uniswap, a decentralized crypto exchange (DEX), users are able to swap various Ethereum-based tokens (paired with the UNI token) through liquidity pools, which allow them to earn interest through trading fees. If that all sounds a little too advanced, investors fascinated by Uniswap can simply purchase UNI tokens to HODL (i.e., hold) and not swap.

This post originally appeared on the eToro blog.

eToro USA LLC

This is not investment advice; investments are subject to market risk, including the possible loss of principal.

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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Four Cryptos To Consider Besides Bitcoin (BTC) – eToro

by Dailyhodl

Want to dabble in digital currency, but don’t know where to start? Get familiar with some of the top performing altcoins.

It’s far from over, but 2021 is feeling like the year where avoiding cryptocurrency is nearly impossible. It’s everywhere in the news, from all-time price highs being set (and reset), to billionaire entrepreneurs touting their favorite coin, to the rise of NFTs (non-fungible tokens) and more.

While Bitcoin (BTC) reigns supreme and is a worthwhile asset – thanks to its large market cap and institutional investment (there are several Fortune 500 companies with BTC on their balance sheet) – there are many who want to know which crypto is ‘the next big thing.’

That’s where altcoins come in. What is an altcoin? Well, it’s pretty simple – any crypto asset other than Bitcoin. With over 5,000 online, that leaves a lot to consider. We’re here to help with that, with four altcoins (all in the top 20 in market cap) worthy of your attention.

Ethereum (ETH)

The second biggest cryptocurrency after Bitcoin, ETH has seen its price grow by over 300% so far this year, nearly double the rate of BTC. While Ether is the name of the cryptocurrency, the greater Ethereum network is more than the value of one token. It’s the most popular blockchain for building crypto projects, including Ethereum-based altcoins, NFTs and decentralized finance (DeFi) applications.

Cardano (ADA)

While not as buzzy a name as Ethereum, Cardano has clear potential. Firmly in the top ten in market cap, ADA has made some major headway in 2021 in a similar fashion to ETH – on the strength of its blockchain platform. Cardano was, in fact, created by one of Ethereum’s co-founders with the intent of building a better blockchain that addressed past faults (namely scalability, interoperability and compliance). And with the rollout of its latest upgrade, Alonzo, Cardano will be able to support smart contracts.

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Chainlink (CHAIN)

Let’s talk smart contracts. Smart contracts are essentially agreements between two parties that exist on a blockchain, whether it’s a transaction, real estate deal or anything else that requires a contract. Chainlink is an Ethereum-based platform that connects (hence the name) smart contracts on any blockchain to different parties (data providers, enterprise systems, cloud services, etc.) – while LINK tokens are the digital assets used to pay for services on the Chainlink network.

Uniswap (UNI)

Some crypto novices may have heard of swapping, whether it’s UNI, SUSHI or another platform, but may be in the dark about what that actually means. In the case of Uniswap, a decentralized crypto exchange (DEX), users are able to swap various Ethereum-based tokens (paired with the UNI token) through liquidity pools, which allow them to earn interest through trading fees. If that all sounds a little too advanced, investors fascinated by Uniswap can simply purchase UNI tokens to HODL (i.e., hold) and not swap.

This post originally appeared on the eToro blog.

eToro USA LLC

This is not investment advice; investments are subject to market risk, including the possible loss of principal.

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 Bounces As Elon Adds to El Salvador Optimism – eToro Crypto Roundup

by Dailyhodl

While altcoins bleed, Bitcoin moves in on $40K.

Bitcoin is bouncing back. The crypto king has reclaimed its throne and is closing in on $40K as the altcoin market stagnates.

El Salvador’s approval of Bitcoin as legal tender on Thursday could be credited with the turnaround, boosting market sentiment and sparking a wave of interest from politicians across Latin America. Then on Sunday, Twitter trickster Elon Musk aided the recovery, claiming once again that “Tesla only sold around 10% of holdings to test liquidity,” and that the car company will allow Bitcoin transactions again when miners have improved their green credentials.

Trailing behind, little brother Litecoin is one of the only altcoin winners of the week with 5% gains. Ethereum is down 3%, and DeFi tokens Chainlink and Uniswap are making a slow recovery with 4% weekly losses.

This week’s highlights

  • Latin American leaders get laser eyes

  • Global banking regulator calls for new crypto rules

Latin American leaders get laser eyes

El Salvador’s announcement that it will make Bitcoin legal tender seems to have started a trend.

A handful of politicians in neighboring countries – from Panama to Paraguay – have added laser eyes to their Twitter profiles to show support for Bitcoin initiatives that could help their nations attract technology startups.

In the US, Texas Governor Greg Abbott signed a law this week that gives state-chartered banks the green light to custody crypto assets. This rising acceptance runs against comments from Senator Elizabeth Warren, who recently lambasted Bitcoin for the supposed environmental cost.

Global banking regulator calls for new crypto rules

Bitcoin prices were bolstered mid-week by an announcement from the Basel Committee of the Bank for International Settlements.

The global regulator, which sets international banking standards, proposed the first-ever set of rules for banks to hold crypto – suggesting strict capital requirements to accommodate the risks of volatility.

Bitcoin jumped $2K on the news, reflecting excitement about the broader acceptance of cryptoassets in the traditional financial ecosystem.

The week ahead

The sudden upswing could indicate that Bitcoin is ready to cast off the shackles of the recent sideways trend.

Yet the market sentiment indicator is still flashing fear, and some American bookmakers are now putting the odds for Bitcoin dropping to $10K this year at almost 60%.

This week, MicroStrategy CEO Michael Saylor is expected to be hitting the Bitcoin buy button after raising another $500 milliion in convertible notes.

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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Crypto Market Drifts Sideways on Announcement at Bitcoin Miami 2021 – eToro Crypto Roundup

by Dailyhodl

Will Bitcoin become legal tender in El Salvador?

Bitcoin has drifted sideways this week – caught between waves of volatility as bad news from China and tweets from Elon Musk rock the market back and forth.

Prices approached $40K on Friday, before Musk tweeted a broken heart emoji with the Bitcoin logo, triggering a 7% drop. Fears over his influence on the market were then calmed as he changed his profile picture to a laser-eyed Bitcoin anime figure, but the recovery was blocked by news that Chinese social media platform Weibo had suspended crypto influencer accounts.

In the end, Bitcoin finished the week flat, while Ethereum fared slightly better, with 3% gains. Dogecoin ran ahead adding 16%, matched by IOTA which has released an update of the network’s ‘Tangle’ protocol.

This week’s highlights

  • El Salvador to make Bitcoin legal tender

  • China purges crypto social media

El Salvador to make Bitcoin legal tender

In what could be a giant leap forward for Bitcoin, El Salvador President Nayib Bukele has said he plans to introduce legislation that will make the country the first to adopt the cryptoasset as legal tender.

Bukele announced his intentions at the Bitcoin 2021 conference in Miami, claiming the measure will make it easier for Salvadorans living overseas to send money home. He also said that he has assembled a team of Bitcoin experts to help build a new financial ecosystem around the cryptoasset.

Despite the potentially monumental news, it didn’t move the market. This suggests traders could be waiting for further details to assess the impact.

China purges crypto influencers

After being battered and bruised by Elon’s tweets, Bitcoin’s attempted recovery was blocked by signs of a further crackdown on crypto in China.

Prices of all major cryptocurrencies fell on Saturday as it emerged that China’s Twitter equivalent Weibo had blocked several influencers and media outlets in a cleansing of crypto industry accounts.

With concerns about China weighing heavily on the market after the recent ban, the social media purge has only confirmed the government’s intentions – dealing another damaging blow to crypto market sentiment.

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The week ahead

As prices of the major cryptocurrencies have now drifted sideways since the drop of mid-May, expectations are growing for a breakout that will signal the future trend.

Such a move could be catalyzed this week by the bill to make Bitcoin legal tender in El Salvador. This piece of legislation is expected to pass in the next few days but could attract criticism from the global community.

Elsewhere, global markets will be waiting with bated breath for US inflation data. Set to be released on Thursday, this could indicate how permanent rising prices are likely to be and trigger volatility across crypto and stock markets.

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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Crypto Market Finds Footing on Institutional Support – eToro Crypto Roundup

by Dailyhodl

Bitcoin falls another 10% as DeFi coins show resilience.

Bitcoin is searching for firm footing around $35K after another week of volatility has washed over the market.

The leading cryptoasset hit lows above $33K on Sunday before bouncing, with bullish momentum supported by some of the loudest voices in institutional investing. Ray Dalio admitted to owning Bitcoin at Consensus last week, saying he’d prefer holding it over bonds in the event of inflation. Meanwhile, famed investor Stanley Druckenmiller said that he thinks “Bitcoin has won the store of value game.”

Although the entire market has shrunk in the latest sell-off, DeFi coins represent a growing slice of the pie. Chainlink and Uniswap have shown resilience by staying relatively flat over the last week, and smart contract platform EOS has risen 3%.

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This week’s highlights

  • Ray Dalio prefers Bitcoin to bonds

  • Apple job ad sparks adoption speculation

  • eToro lists DeFi tokens

Ray Dalio prefers Bitcoin to bonds

Speaking at the Consensus conference last week, hedge fund legend Ray Dalio said that the US dollar is on the verge of devaluation, and the gold-like properties of Bitcoin make it increasingly attractive as a store of value.

“Personally, I’d rather have Bitcoin than a bond” in an inflationary scenario, said Dalio, who admitted to owning an undisclosed amount of the cryptoasset.

Joining Dalio in voicing support for Bitcoin was billionaire businessman Carl Icahn, who said in an interview with Bloomberg that he is contemplating a $1.5 billion investment in crypto.

Apple job ad sparks adoption speculation

Rumors are flying that Apple could be adopting crypto, after the world’s biggest tech firm posted a job for a business development manager with experience working on alternative payment systems such as crypto.

The backing of such a big brand would be a mega endorsement for the crypto market and could potentially bring millions of new users into the ecosystem through Apple Pay.

In another possible scenario, Apple could be following the lead of Samsung, creating a digital wallet for users to securely hold crypto on their iPhone.

eToro lists DeFi tokens

As DeFi continues to gain traction and shows resilience in the recent sell-off, eToro is listing four new ERC-20 tokens from top projects.

Aave (AAVE), Compound (COMP), Yearn.Finance (YFI) and Decentraland (MANA) are now available on eToro, making a total of 23 cryptoassets for investors to diversify their portfolios.

The week ahead

Unless Bitcoin makes a rapid recovery, the month of May will close with around 36% losses – marking the worst monthly performance since September 2011. Such a deep drop needs time to heal, and traders will now be looking for a period of consolidation to see if Bitcoin can hold above the local bottom at $30K.

Later in the week, the Bitcoin 2021 Conference in Miami is likely to boost awareness and could help support prices by driving more mainstream adoption.

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 Falls to $35K on Warning of China Crackdown – eToro Crypto Roundup

by Dailyhodl

Altcoins suffer double-digit losses in marketwide meltdown.

Anxiety has washed over the crypto market, while cascades of selling push prices down to the same levels as before Tesla announced its Bitcoin treasury allocation.

Tweets from Tesla CEO Elon Musk have been widely blamed for giving the market jitters, which turned to full-blown fear as China called for a crackdown on Bitcoin mining and trading. The leading cryptoasset dropped to hit nearly $30K on the news, before bouncing back to over $35K.

Pulling Bitcoin down further, the U.S. Treasury called for stricter rules for crypto, and multiple exchanges suffered outages amidst the volatility. This caused carnage that swept over the entire market, with most altcoins flashing double-digit losses, and BNB and XRP falling around 50% over the last seven days.

This week’s highlights

  • China warns of crypto crackdown

  • U.S. Treasury seeks to toughen tax rules

China warns of crypto crackdown

Bad news from China will be a familiar theme to veteran traders, as announcements from Beijing sparked similar sell-offs in 2013 and 2017.

Nevertheless, news of China’s intentions to “crack down on Bitcoin mining and trading” hit the market like a ton of bricks. Rumors quickly spread that miners were preparing to leave the country, and selling both mining equipment and large amounts of Bitcoin.

At the same time, several market commentators were quick to point out the potential upside of the situation. MicroStrategy CEO and Bitcoin bull Michael Saylor tweeted that “a crackdown on miners in China would radically reduce the carbon footprint of Bitcoin mining” and would support progress towards sustainable solutions.

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U.S. Treasury seeks to toughen tax rules

To match the news from China, the U.S. Treasury Department has called for stricter compliance to prevent the possibility of tax evasion. Specifically, the Treasury said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

Joining the chorus of critics, U.S. Federal Reserve chief Jerome Powell said in a video message that crypto poses risks to financial stability and that “greater regulation may be warranted.”

The week ahead

The weakened market sentiment is quantified by the Crypto Fear & Greed Index, which is now showing levels of panic not seen since the pandemic-induced crash of March 2020.

Some analysts see this fear as a buying opportunity, and Mike McGlone of Bloomberg Intelligence has even gone so far as to call the downturn a discounted bull market.

Yet at over 50% down from all-time highs, many traders are now likely to be cautiously watching for further developments in China before making the next move.

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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Seven Straight Days of Bitcoin Tumbling, Plus EOS, eBay and Facebook Updates – eToro Market Analysis

by Dailyhodl

The price of Bitcoin has tumbled over 25% in seven days, hitting a low of $42,025 over the weekend, as investors took profits en masse. (It is now trading at $38,163 after further declines.)

Bitcoin, as well as peers such as Ethereum which have also slumped by similar amounts in the last week, has sold off after a staggering year-to-date run that saw it double since the start of 2021.

Amid a wave of profit-taking last week, much of the reason for the sell-off is being placed on Elon Musk, the Tesla CEO, after he issued a series of tweets about Bitcoin, its energy usage and the company’s position in the crypto asset.

Musk tweeted,

‘We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

“Cryptocurrency is a good idea on many levels, and we believe it has a promising future but this cannot come at a great cost to the environment.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Nonetheless, Musk himself seemed to counter many rumors on Tuesday after clarifying that Tesla had not sold any of its Bitcoin recently.

Facebook to launch US stable coin 

The group behind Facebook’s Libra project plans to launch a US dollar stablecoin after scaling back its global ambitions amid resistance to its plans in Switzerland.

In a statement, the Diem Association, which was formerly known as Facebook’s Libra project and is made up of 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States.

It has said it will now run a blockchain-based payment system that allows real-time transfer of Diem stablecoins, with plans to register as a money services business with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.

Stablecoins, digital currencies pegged to a fiat currency, are being used increasingly via numerous networks. California-based Silvergate Bank will issue the Diem USD stablecoin and manage the Diem USD reserve, with a pilot expected before a full rollout.

The Diem Association said,

“We are committed to a payment system that is safe for consumers and businesses and makes payments faster and cheaper.”

EOS doubles after raising $10 billion to launch exchange

EOS coin saw its price double in a day last week after the company behind the coin said it had raised $10 billion to build a next-generation cryptocurrency exchange.

Block.one, the company behind the EOSIO software, said it was launching a subsidiary to create the crypto exchange, with billionaire backers including Peter Thiel among the investors in the project.

The platform, called Bullish Global, will be a blockchain-based exchange and is set to be released this year.

Thiel was quoted saying,

“Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey.”

EOS’ price soared in response, jumping to a peak above $14 last week, before retreating back to trade around the $10.50 mark. It started May priced at just $6 (and is now trading around that same level.)

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eBay to allow NFTs on the platform

eBay has said it will allow the sales of NFTs on its platform in the future amid a recent frenzy for the tokenized collectibles.

The e-commerce company is expected to slowly build up sales of digital collectibles on the platform, starting with a smaller group of verified sellers.

eBay executive Jordan Sweetnam told Reuters,

“In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform.”

eBay has already invested heavily in infrastructure for physical collectibles like trading cards, as well as items like sneakers and watches, which they help verify for buyers.

The NFT market shows little sign of slowing, with British auction house Christie’s selling nine CryptoPunk NFTs for nearly $17 million last week, according to a tweet posted on May 12.

Ethereum founder Vitalik donates $1.2 billion to India relief fund

Ethereum creator Vitalik Buterin has pledged $1.2 billion to India’s Covid-19 relief fund.

The 27-year-old programmer, who created Ethereum in 2013, transferred new Dogecoin copycat Shiba Inu tokens which had been gifted into his Etherscan public wallet – at a combined worth of more than $1 billion dollars – to the India Covid Relief Fund.

Buterin handed the assets over to a relief project established by Polygon chief Sandeep Nailwal, who created the fund last month in response to the Covid-19 crisis in India.

Buterin had already personally gifted $600,000 to help kick off the fund previously.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular 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 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.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

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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Cardano Sidesteps Rampant Fear in Crypto Markets – eToro Crypto Roundup

by Dailyhodl

Fear is gripping the crypto market after comments from Tesla billionaire Elon Musk sparked a 20% sell-off for Bitcoin.

Prices fell to a low of $42K on Monday as the billionaire voiced concerns about the environmental impact of Bitcoin mining, before hinting at a sale of Tesla’s treasury allocation. Then, as irate Bitcoiners publicly canceled their Cybertruck orders in protest, he clarified that “Tesla has not sold any Bitcoin” – triggering a bounce back towards $45K.

Cardano was among the few coins that managed to escape the downturn. The proof-of-stake crypto asset hit new highs above $2 as Musk’s mischief spooked a market that was already reeling from US inflation figures and a US investigation into crypto exchange Binance.

This week’s highlights

  • Tesla U-turn sparks Bitcoin sell-off

  • Cardano defies downturn to hit all-time highs

Tesla U-turn sparks Bitcoin sell-off

The self-proclaimed technoking triggered the market sell-off with an announcement that Tesla will suspend the acceptance of Bitcoin for purchases on environmental grounds – though, the car company plans to keep the crypto asset on its corporate balance sheet.

Elon Musk’s recent comments sent Bitcoin below $45K for the first time since February.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”

Yet while prices were quick to react, the debate over Bitcoin’s environmental impact appears to have just begun. Norwegian oil billionaire Kjell Inge Rokke told Bloomberg that Musk’s latest comments “haven’t changed anything” for his company Aker, which added Bitcoin as a treasury asset in March and is now considering accepting the crypto asset as a means of payment.

Cardano defies downturn to hit all-time highs

As Musk’s comments sparked fierce debate over Bitcoin’s carbon footprint, Cardano stayed remarkably buoyant.

The smart contract platform, which boasts green credentials with an energy efficient proof-of-stake consensus mechanism, reached all-time highs above $2 early on Sunday. Other blockchains promising a greener crypto economy, however, were not so lucky – Tezos and Ethereum both dropped around 20% over the week.

Growing interest in Cardano could be due to billionaire entrepreneur Mark Cuban, who challenged founder Charles Hoskinson to demonstrate the crypto asset’s value in a heated Twitter discussion on Sunday.

The week ahead

Following Bitcoin’s retreat from the all-time high around $65K, the crypto sentiment index is flashing ‘extreme fear’ after months of ‘greed.’

Yet, while this market correction is the biggest pullback of the year so far, the 35% drop is consistent with 2017 bull market corrections of between 30-40%.

Looking ahead, traders will now be waiting to see if the pullback has recharged Bitcoin’s batteries for a robust rally back toward all-time highs, or if the dip has seriously damaged market momentum.

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) $ 41,291.06 5.88%
Ethereum (ETH) $ 2,210.30 6.54%
Litecoin (LTC) $ 71.94 7.06%
Bitcoin Cash (BCH) $ 230.04 8.64%