Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

eToro Market Update: Government-Backed Cryptos, De-dollarization, and Euro Market Woes

by Daily Hodl Staff
September 23, 2019
in Explore
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

eToro Market Update: Government-Backed Cryptos, De-dollarization, and Euro Market Woes

Hi Everyone,

It’s perhaps no surprise that virtually all of the countries seriously looking at implementing their own government-backed cryptocurrency are the biggest proponents of de-dollarization.

We’ve discussed this desire stemming from countries who, either due to sanctions against them or international trade interests, would like to move the world off of the US Dollar standard.

Venezuela was the first to introduce its own crypto known as the Petro. By now Iran, Russia, and China are all looking to follow its lead. There’s no doubt in my mind that once Christine Lagarde is running the ECB in November, she will also push to introduce some sort of Crypto-Euro.

Now, even Kim Jong Un is looking to get in on the action.

Of course, just like the corporate capitalist version of these cryptos, the Libra, it’s clear that not all cryptos are created equal. Each one of the examples mentioned above will have distinct algos and specs that will make them vastly different from each other.

We know that bitcoin is borderless, open-source, censorship-resistant, immutable, and permissionless. In short, it’s designed to bring equal access to all users, something that a central bank digital currency is not necessarily very good at.

I think that the Governor of Chile’s Central Bank said it best when he argued that when you’re dealing with a central bank “trust is a given” and that transactional transparency is not.

In other words, bankers, corporations, and governments are going to take what they can from the crypto world in order to try and improve their own operations but no matter what they do, it won’t be anything like bitcoin.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

  • EU Manufacturing (or lack thereof)
  • Risk Off Markets
  • Bakkt is Open for Business
ADVERTISEMENT

Please note: All data, figures & graphs are valid as of September 23rd. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Some terrible data out of Europe is weighing heavy on the markets this morning.

The good news is, that the Fed’s cash injections seem to have calmed the repo markets for now but it’s gonna be difficult to start a rally with the situation in Europe being this bad.

Both the German and French numbers were dismal but the overall Eurozone is just putting out some terrible PMI numbers. Both manufacturing and services are in the toilet.

Here we can see manufacturing in the EU has been slowing down steadily since the beginning of last year but is now reaching levels last seen during the EU crisis of 2012.

Risk-Off Markets

Needless to say, investors have moved to a defensive stance. Stock indices are down across the board. Gold is giving an upward push, and even the Japanese yen (a traditional safe-haven currency) is gaining strength today.

ECB President Mario Draghi is scheduled to appear live from in Brussels at 3:00 PM local time. Let’s see if he can salvage the market mood. Later this evening we’ll also hear from several members of the US Fed, followed by a speech from Haruhiko Kuroda of the Bank of Japan early tomorrow morning.

Bakkt Is Live

After much fanfare and nearly a year of regulatory-driven delays the entire crypto community can breathe a sigh of relief now that the Bakkt futures contracts are finally live.

Those of us who like watching bitcoin’s volumes closely will now have a new tab to keep open on the browser. Here we can see the total volume in BTC that’s been traded so far on these contracts.

As we can see, as of this writing only 28 bitcoins have exchanged hands through the new service, which at today’s prices is approximately $275,000.

This might seem a bit low, but it’s important to note that volumes are down across the crypto market today. Putting this number into perspective, we can see that Messari is reporting bitcoin volumes across the top 10 exchanges at just $362 million. This kind of makes sense given the low volatility of the day. In times when bitcoin sees big moves, this number easily reaches the low billions.

On the bitcoin blockchain itself however, we’re seeing an entirely different picture. At the moment, the average daily volumes are at $1.369 billion.

So those who might be a bit underwhelmed by Bakkt’s first few hours of trading should probably consider this famous quote…

Only once we see real movement in the price of bitcoin, will we be able to understand the true impact of Bakkt.

Let’s have an amazing week ahead!

Best regards,

Mati Greenspan
Senior Market Analyst


Connect with me on
eToro
Twitter
LinkedIn
Telegram

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. 75% 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.

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.




Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 

Submit a Press Release

Crypto Livewire – Press Releases

  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
  • Here’s How Traders Are Staking Crypto Assets Without the Hassle
    February 18, 2021
  • 99Bitcoins Takes Over the Dead Coins Project to Become the Cryptocurrency Undertaker
    February 17, 2021
  • Coinsbee Makes Spending Bitcoin Easy
    February 17, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$51,052.00
$51,052.00
2.48%
Ethereum
$1,634.70
$1,634.70
1.9%
Binance Coin
$257.93
$257.93
0.79%
Polkadot
$34.60
$34.60
0.13%
Cardano
$1.16
$1.16
10.74%
XRP
$0.475218
$0.475218
0.22%
ADVERTISEMENT

Spotlight

  • Max Keiser Unveils Massive Bitcoin Price Prediction, Says US Dollar in Hyperinflationary Collapse Against BTC
    February 18, 2021
  • ‘Big Short’ Investor Michael Burry Issues Warning on Future of Bitcoin and Gold
    February 22, 2021
  • Here’s Why Financial Advisory Giant The Motley Fool Is Investing $5,000,000 in Bitcoin
    February 19, 2021
  • SpaceX Is Exploring Benefits of Placing Bitcoin on Its Balance Sheet, According to MicroStrategy’s Michael Saylor
    February 23, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.