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Mass Adoption Closer Then Ever

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Hi Everyone,

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.

@MatiGreenspan

eToro, Senior Market Analyst

Today’s Highlights

  • Farmer Bailout
  • EOS Buyback
  • 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.

Traditional Markets

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.

Block.one

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.

Bitcoin Consolidation

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!

Best regards,

Mati Greenspan
Senior Market Analyst

Connect with me on….

eToro: http://etoro.tw/Mati

Twitter: https://twitter.com/matigreenspan

LinkedIn: https://www.linkedin.com/in/matisyahu/

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.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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