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The Truth is Out

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Hi Everyone,

How are you at spending and saving money?

Turns out, the answer may vary depending on your sex.

In our effort to uncover what drives people to make good investments, we recently ran a survey in the UK with some intriguing results.

Women are simply better at keeping a household budget than men. They’re less likely to make impulse purchases but for some reason, they’re more likely to view themselves as having poor spending habits.

Finally, the truth is out.

eToro, Senior Market Analyst

Today’s Highlights

  • Sustained Apathy
  • King Dollar
  • Russia Bitcoin Reserves
Please note: All data, figures & graphs are valid as of May 23rd. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Trade wars continue and the stock markets are still seeing in modest declines. This does not look like a bear market but rather a modest pullback at this point.

Volatility remains subdued and many stock indexes are just a few percentage points away from their all-time highs.

Minutes from the Federal Reserves last meeting released last night confirmed that the Fed is currently listening intently to the financial markets and ready to fulfill their needs. So they’re doing everything they can to support the stocks.

This morning, I received an alert saying that the German DAX index is falling, and indeed it is down 1.6%. Yet, when looking at the long term chart, we can see that the upward trendline is holding at the moment.

King Dollar

Meanwhile, the US Dollar is making some unexpected headway. Given that the Fed has changed its stance from trying to raise rates to now being more neutral, you’d expect the US Dollar to weaken a bit.

At the moment, as we can see in the bottom graph, the US Dollar Index is testing new highs.

True to their expected correlations, gold and crude oil have been softening in the last few weeks due to the stronger Dollar.

The question here is if we’ll see a breakout. Markets tend to move slowly at first and then all at once. So if we do see any sort of market panic buying the US Dollar it could lead to some pretty drastic market movements. Especially with the current trade war narrative rining throughout the media.

Bitcoin Reserves

The crypto pullback continues today. This movement was certainly expected and this relaxation is quite welcome. After running up 127% from January 1st to May 16th, bitcoin could certainly use a breather.

Volumes have cooled down over the last few days but are still quite high by historical standards. The ‘real 10‘ volume on bitcoin over the last 24 hours is still firmly over $1 billion. The CME bitcoin futures saw about $0.5 billion worth of action yesterday and on-chain bitcoin transactions are averaging at 4.23 per second.

One headline that particularly excited me yesterday comes from the Central Bank of Russia. The link above is in Russian, so I had to use google to translate it for this screenshot.

In short, the First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, has stated that the law is sufficiently ready to be adopted this Spring.

Well, it’s spring now. We’re currently nearing the end of spring in most geographic regions, including Russia. In the crypto markets, we’re now seeing a crypto spring after coming off a prolonged winter.

Olga’s comments seem to be in response to a remark from Anatoly Aksakov, who said that the law was currently stuck. As we know, President Putin wants to get full regulation in place by July and Putin usually gets what he wants in Russia.

In any case, we’ve discussed before the possibility of the Russian Central Bank considering to add bitcoin as a reserve currency and from everything it seems, they’re doing their best to pave the way now.

Let’s have an amazing day!

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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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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