Mass adoption of cryptoassets now seems closer than ever. Yesterday, the crypto community was rocked by this news…
The funny thing is, now that we have the option to pay our bills with bitcoin, I’m not so sure that I want to. There will only ever be 21 million BTC in the world, so many hodlers out there will be quite hesitant to part with their holdings over something as trivial as a phone bill.
Still, this, along with the recent announcement from Flexa, that bitcoin payments will soon be available at thousands of retail stores across the States, makes the dream of living only off crypto now quite plausible.
Easier to spend means a greater use case and a greater level of adoption. The tipping point is likely very close now.
eToro, Senior Market Analyst
Bitcoin Consolidating Gains
Please note: All data, figures & graphs are valid as of May 24th. All trading carries risk. Only risk capital you can afford to lose.
Just as I’m writing to you, it seems the Pound Sterling is reacting to this…
The initial reaction was a surge up, but very soon we saw a reversal as the market tries to price in the likelihood of Johnson as leader, as he is considered by some as the most likely to shoot for a no-deal Brexit. Watch the GBP over the next few hours as it remains volatile.
Across the pond in the United States, there’s some political controversy over this…
As we know, Trump’s trade war with China has been having an adverse effect on his base. If he does want to win in 2020, he will need to keep the farmers happy. In this case, keeping the farmers happy is clearly coming at the cost of making many others upset.
Financial markets are still keeping their cool for now but many analysts are now on high alert.
As the crypto markets consolidate their gains, some crypto companies are doing the same. Block.one, the maker of EOS, has recently offered its shareholders a very handsome share buyback.
Basically, they want to buy back 10% of the shares in the company from the original investors. In 2017 they managed to sell shares to private investors worth $40 million. Today those shares are worth a total of $2.3 billion.
One of Wall Street’s biggest crypto advocates, Mike Novogratz, has recently cashed in on his Block.one investment, earning his firm a cool $71 million. As Novogratz put it.
Much to the chagrin of the average cryptotrader, anybody holding EOS tokens from the time that they launched their main net last June (purple circle), is currently at a loss.
The ascending triangle formation that we’ve been watching is playing out beautifully at the moment. $8,000 per coin is presenting some excellent resistance. The ultimate psychological resistance remains at the recent highs around $8,350.
In this interview with BlockTV, I’ve laid out two possible bullish scenarios, a conservative one and an aggressive one. Here’s a chart that shows them both.
The bullish ascending triangle bullish is further confirmed by the declining volumes. Messari’s real 10 number is reading less than $1 billion for the first time in a while. Volumes on the CME and on the bitcoin blockchain have also pulled back slightly but remain elevated.
The last thing I have for you today is a short video that I found interesting from the crypto friendly investor Mark Yusko. I just found it fascinating how much his views and portfolio reflect my own. Hope you enjoy!
Have a fantastic weekend!
Senior Market Analyst
Your Social Investment Network – www.eToro.com
eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission. eToro AUS Capital Pty Ltd. is regulated by the Australian Securities and Investments Commission, ABN 66 612 791 803, AFSL 491139.
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. 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.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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.