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Cherry on Top

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Cherry on Top

Introduction

This article was posted on Wednesday, 09:43, UTC.

Hi Everybody,

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Very glad to announce that we have a new cryptocurrency that is now available for trading on the eToro social trading network…

Please welcome the newest member of the crew… XRP!

This revolutionary new system aims to completely replace the current SWIFT system used by banks for international transfers. A bank to bank transfer these days usually takes between 2 and 5 business days. Ripple, can do it in seconds flat … and at a much cheaper rate too.

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Ripple has been one of the hottest and fastest moving cryptocurrencies since the beginning of the year with swings from 0.006 cents per token in January, up to 42 cents in mid-May, and now sitting at 17 cents per token.

This is the magic of crypto and we’re very pleased to offer it for both long term investing and short term trading on our network.

@MatiGreenspan
eToro, Senior Market Analyst

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Today’s Highlights

Apple’s Cherry

Markets Stable

Bitcoin Cash

Please note: All data, figures & graphs are valid as of August 2nd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Apple shares have placed a cherry on the top of what was already a cream filled day in the financial markets. The Dow Jones industrial average is now just a few points shy of the landmark level of 22,000 points.

Analysts were thinking that the smartphone and tablet giant was in for a terrible quarter ahead of the expected release of their next wave of new tech, which many believe is due in September. Usually, iPhone users tend to hold onto their old and broken devices just a little longer if it means upgrading to a new version.

Not only did they smash those expectations, their share price skyrocketed in after-hours trading and when the markets open today the largest company in the world will be worth an approximate $782 Billion.

Other markets, currencies, and commodities remained relatively stable yesterday as the VIX volatility index once again took a dive.

Crypto World

Everybody is buzzing about Bitcoin Cash and the hard fork that just took place. The smoke is just clearing now but the transition is far from over, or even guaranteed at this point.

So for now, let’s look at what we know. The old Bitcoin network seems to be stable. SegWit is locked in and volumes are looking quite normal. In the past 24 hours approximately $1.3 Billion worth of BTC has exchanged hands, a number which is quite average for the past few months and the market cap of bitcoin is about the same as it’s been since May at about $44.6 Billion.

The new coin, Bitcoin Cash, which some exchanges label as BCC and some as BCH, is now the third largest crypto with a market cap of $7.2 Billion as the coins currently trade at $439 a pop.

Ladies and gentlemen, this is not anything like your average stock split. When the shares in a company split, each investor gets 2 shares for every 1 he holds and the price per share is reduced by 50%.

With this split, the value of the original asset was never reduced. We simply have a new asset with a completely new market cap that seemingly came from nowhere. Meaning, that the combined value of bitcoin and bitcoin cash is now $51.8 Billion, which is well above what bitcoin ever achieved by itself.

Given the growth of this explosive market, it would not be surprising to see either one or both of these assets growing exponentially in value from here. Or to see either one surrender to the other.

We’re in the thick of it now. Have an amazing day ahead!

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

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Featured image from Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mati Greenspan

Mati Greenspan

https://www.etoro.com/

Senior Market Analyst at Etoro.com.

Comments
  • user

    AUTHOR Matt_a

    Posted on 9:51 am August 2, 2017.

    Trading on CFDs on Etoro without having the chance to use leverage makes no sense at all. You better buy the real coin directly and at least you remove the counterparty risk. Beside that..if anyone would be trading these coins using CFDs the price won’t go anywhere given that it is not affecting it in any sort…Etoro removed all the possibility to leverage so don’t waste your time with it and buy the real coin

  • user

    AUTHOR Mati Greenspan

    Posted on 11:04 am August 2, 2017.

    Hi Matt,

    Thanks for the honest feedback. It’s highly appreciated. To address the issue of CFDs. eToro is indeed backing our positions by placing an order on the underlying asset, such that the volumes in eToro do indeed impact the market just as they would on any of the exchange sites.

    In addition, trading as a CFD provides you as the customer with an additional layer of liquidity as we guarantee the same price for large orders as we do for small ones as well as instant execution at the price you see on your screen. Such that you don’t need to look for a counterparty to the trade.

    The last point is that eToro unlike many other places to buy cryptos direct is a regulated financial institution. A CFD (contract for difference) is a contract which is legally binding and has ramifications much greater than an irreversible transfer from one digital wallet to another.

    Feel free to reach me on the world’s best social investment network any time with any further questions, comments, or concerns.

    -Mati Greenspan

  • View Comments (2) ...
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