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

Institutions Drop Gold for Bitcoin As Traders Prepare for Launch of Ethereum 2.0 – eToro Crypto Roundup

by Powered by eToro
November 9, 2020
in Explore
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

As results seesawed for days during the US election, Bitcoin emerged as a clear winner. The leading cryptocurrency hit highs above $15K, before pulling back slightly as media networks announced that Joe Biden will be entering the White House.

The crypto rally was accompanied by a weakening dollar, which fell on expectations that president-elect Biden will push through more coronavirus stimulus measures. This boosted the S&P 500 to deliver its best week since April with 7% gains, but Bitcoin stole the show with a 13% surge.

Elsewhere, the rally was supported by more bullish news. Demand has surged for PayPal’s crypto products, and central banks around the world – including in Canada, Thailand and Brazil – are pushing ahead with plans for digital currencies.

This week’s highlights
  • Ethereum staking launches
  • Institutions drop gold for Bitcoin
Ethereum staking launches

This week marked a monumental milestone for Ethereum, which moved one step closer towards the launch of Ethereum 2.0.

In a blog post on Wednesday, the Ethereum Foundation announced that Ethereum 2.0 will finally go live on December 1st, and that the staking contract is now available. Since then, almost 50,000 ETH has been deposited by budding stakers looking to help support the network.

Ethereum staking is planned to be supported on eToro, alongside existing support for Cardano and Tron.

Institutions drop gold for Bitcoin

Bitcoin is eating away at institutional demand for gold, according to a report from JPMorgan.

Data from the investment bank shows that funds have been flowing out of gold ETFs as demand has grown for Grayscale’s Bitcoin Trust, suggesting family offices and asset managers increasingly see Bitcoin as a better alternative than the yellow metal.

In similar news, veteran investor Bill Miller told CNBC on Friday that Bitcoin’s staying power gets “better every day” and that “every major bank” will eventually have exposure to Bitcoin or a similar asset.

The week ahead

After making big gains for five consecutive weeks, Bitcoin is almost approaching the all-time high. Yet as the price pushes upwards, the crypto sentiment indicator is lurching into extreme greed, suggesting a pullback could be in store.

Nevertheless, with the pandemic still escalating and the dollar weakening on loose monetary policy, traders are likely to continue seeking alternative stores of value like Bitcoin.

If the rally continues, then the next level of resistance lies at $16K. Beyond this, Bitcoin faces the final test at the 2017 high of just under $20K.

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

  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$49,872.00
$49,872.00
0.81%
Ethereum
$1,566.14
$1,566.14
0.4%
Binance Coin
$243.89
$243.89
1.51%
Polkadot
$37.06
$37.06
0.96%
Cardano
$1.21
$1.21
2.48%
XRP
$0.447196
$0.447196
0.53%
ADVERTISEMENT

Spotlight

  • ARK Invest’s Cathie Wood Warns ‘Valuation Reset’ Coming, Says Firm Plans To Capitalize on Wave of Fear
    February 24, 2021
  • Dubai-Based Crypto Fund Selling $750,000,000 in Bitcoin To Buy Two Altcoins
    February 28, 2021
  • One of the Largest Banks in Switzerland Rolls Out Cryptocurrency Trading Services
    February 25, 2021
  • Max Keiser Says Bitcoin Could Rise 300x, Top Crypto Targeting US Dollar Dominance
    March 1, 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.