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$5 Billion Day

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$5 Billion Day


This article was posted on Friday, 16:49, UTC.

Are you sick of hearing about fake news? How about reading it?

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It seems that a new startup in Poland was so tired worrying about this that they came up with a solution. Why not put all the news on the blockchain??

The program called Userfeeds will be built on top of the Ethereum network and will incentivise users to rank content based on its accuracy and not by shock value, as most social networks currently do.

This is just one example of how the over the next few years we will likely see a massive migration from regular Internet to blockchain based technology.

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Market Overview

Some reassuring results are now coming out of the UK. Yesterday they held local elections across the region, which is said to give us an insight about how people will be voting in the general elections on June 8th.

So far, it’s Theresa May with a strong hand. The votes are still being counted but early indications are very good for the conservative party. Yet to be counted are the Scottish votes, which are arguably the most dangerous ones for May.

Going into election weekend, everything looks quiet in France, too quiet…

According to a recent poll from Goldman Sachs, 15% of participants feel that Marin Le Pen’s chances of victory are 50-50. Most betting sites are currently putting her odds at about 1:10, which is still not unthinkable.

The markets are currently putting her odds far less than that. Gold has been falling for the past two weeks and the USDJPY has been climbing. These are the two biggest indications of a ‘risk on’ market. Though we have seen a bit of a reversal in the past few hours, the European Indices just opened with full confidence.

Warning: Depending on the result of the French elections, there is a possibility of some extremely wide gaps over the weekend.

Huge Moves in Crypto-land

Some wild action going on in the cryptocurrency markets right now.

Yesterday saw bitcoin $1623 a coin before a massive pullback. The retracement lasted about two hours and from peak to trough we’re looking at a movement of $179.

About 30% of the volume in eToro was closed at Stop Loss. The good news is that most of the Stop Losses were set in profits. 🙂

For now, many are on the fence waiting for a good spot to get back in.

Ethereum passed an important milestone this morning, passing $100 a coin on some exchanges. Ethereum’s market cap now stands at a total of $9 Billion, doubling its value in the span of just two weeks.

The overall market cap of all digital coins that we spoke about in yesterday’s update has indeed accelerated growing approximately $5 Billion in the last 24 hours!!!!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.

Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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Feedback or Requests?

Mati Greenspan

Mati Greenspan


Senior Market Analyst at Etoro.com.

  • user

    AUTHOR Ershad

    Posted on 9:57 pm May 5, 2017.

    Hi Mati,

    Thanks for article, I wanted to get back into the bitcoin market but prices are so high at the moment, should there be a pullback can you recommend a good price to catch the fall?

    Kind regards

    • user

      AUTHOR Mati Greenspan

      Posted on 1:51 pm May 9, 2017.

      Hi Ershad,

      Short term trading is so tricky. Indeed by the time I’ve replied to you here the price has already moved leaps and bounds.

      Feel free to check the bitcoin wall on eToro. There are always people there discussing every move.

      Best regards,
      Mati Greenspan

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