Israeli trading platform eToro has gained a lot of traction in the past few years. Established itself as a social trading platform, where novice traders can copy the trading strategies of experts, it has expanded its services in many areas now.
The company revealed to Finance Magnates that it ended 2020 with gross revenue of $600 million. Trading volume also roofed to over $1.5 trillion, 400 percent higher than 2019.
eToro additionally witnessed a massive influx of traders in recent years and gained tremendously last year. It has recently revealed that the number of users on the trading platform touched 17 million at the end of 2020. For comparison, it had 13 million traders after the first quarter of last year, meaning there was a surge of 30 percent in its client base.
Mentioning the scaling of the business, the co-founder and CEO, Yoni Assia, explained how the company focused on “a broad range of expertise, as eToro is a tech company, a multi-regulated broker, and has very strong online marketing capabilities.”
“The last few years have seen a rapid growth in eToro’s headcount reflecting both our global expansion and the growth of our product offering and client base.”
Assia is optimistic about this growing retail trading and believes that “the rise of the retail investor is a trend that is here to stay. Retail investors are increasingly engaging with, and taking greater responsibility for, their investments as their percentage of the market volume are increasing. They are investing in the products and services that they know.”
A Trading Industry Disrupter
Explaining the birth of eToro, Assia said that instead of creating another trading platform, eToro was created as a “social network – a community for traders and investors, where they can execute trades, but also see what others are doing and talk to each other.”
“This social element remains at the core of our offering,” Assia added. “Our copy functionality is what differentiates eToro from other platforms.”
But eToro did not confine itself with its copy trading functionality. It aggressively expanded its offerings from forex to stocks and from commodities to cryptocurrencies. And the expansion followed with the company’s extensive marketing campaign.
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The brokerage told Finance Magnates that the top three active stocks last year on the platform were Nio, Tesla, and Apple, followed by Amazon, Palantir Technologies, Microsoft, Alibaba, Facebook, Alphabet (Google), and NVIDIA Corporation.
Cryptocurrency, however, seems to be the next major asset class. As Assia highlighted, “2020 was a big year for stocks [but] 2021 to date has been dominated by crypto headlines.”
“So far this year, we have seen crypto trading volumes of more than 25X the same period of time last year,” he added.
Following the Industry Trend
The trading industry has evolved in the past few years, primarily with the disruption by Robinhood. The so-called ‘gamification’ of trading and commission-free has attracted a ton of rookie traders.
eToro also jumped on this commission-free wagon in 2019 first for its clients in the United Kingdom and Europe and then extended the service across the Atlantic to the US the next year.
Assia further pointed out that “eToro was the first company to offer commission-free, fractional shares globally.”
“eToro was the first regulated broker in Europe to offer crypto and we believe in crypto as an asset class and that we will see the transfer of wealth onto the blockchain,” he added. “eToro continues to innovate in the blockchain space. Staking is a way to oﬀer our crypto investors passive monthly proﬁt, irrespective of crypto price volatility in the market.”
Despite the aggressive growth of the Israeli brokerage over the past few years, it still has many plans for improving its services, especially its product line. “At present, our focus is on adding more stocks and ETFs to our range,” Assia revealed.
Apart from its core trading business, eToro is also seemed to be diversifying its business as it has a debit card lined up for launch that will provide “instant cash-out and cash-in functionality.”
“2020 was an amazingly successful year for eToro,” Assia said. “We have entered 2021 with great excitement not least because we will be launching zero commission stocks in the US. In 2020, US regulator FINRA granted eToro’s membership application to launch stock trading in the US. eToro will expand its current US offering from crypto trading to become a multi-asset trading platform enabling individuals to manage a portfolio of traditional assets and crypto assets side-by-side in a single, easy to use mobile app or desktop interface.”
Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front
- Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
- Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
- The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.
Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.
Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.
The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.
Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.
BTC/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.
On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.
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Bitcoin and Ether Whales Prepare for Market Rally as Altcoins Outperform Top Cryptos
Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future. According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time […]
Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future.
According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time – now hold 42.56% of the flagship cryptocurrency’s total supply, after dropping from 43.29% on February 8. Their large supply helped fueled bitcoin’s move to a new all-time high to $58,000.
Per the firm, if whales control over 43% of bitcoin’s total supply, it will be an “indication whales are looking to fuel another rally.”
Large holders taking over a larger portion of the cryptocurrency’s supply may help reduce selling pressure and even lead to a supply squeeze, as demand from other buyers remains while available supply drops significantly.
Santiment, as Daily Hodl reports, also revealed that Ethereum’s 10 largest addresses that are not controlled by cryptocurrency trading platforms are holdings the “most combined supply of ETH tokens (16.86M) since July 2016.”
Earlier this month, over 1 million ETH ($1.57 billion) was added to these addresses, showing they’re gearing up for a move upward.
In separate tweets, Santiment pointed out that while whales prepare for a BTC and ETH rally, smaller cryptocurrencies have been outperforming these blue-chip cryptos, likely because of demand coming in from retail investors.
Altcoins outperforming both BTC and ETH include Polygon (MATIC), Enjin (ENJ), Theta blockchain’s governance token Theta Fuel (TFUEL), and XinFin (XDC). These are outperforming bitcoin at a time in which the cryptocurrency struggles to remain above the $50,000 mark.
Other metrics point to an upcoming cryptocurrency rally. The amount of bitocin held on cryptocurrency exchanges has been steadily dropping over the last few weeks, to the point that over the last 30 days an estimated 46,900 BTC, worth over $2.3 billion, is believed to have left trading platforms.
The bitcoin balance on cryptocurrency trading platforms is often used by analysts to gain insights into what BTC investors are thinking. A large amount of bitcoin leaving trading platforms shows investors are looking to self-custody their funds, presumably because they plan to hold onto them for some time. This reduces selling pressure on the cryptocurrency.
Featured image via Unsplash.
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TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K
Bitcoin price failed to stay above $50,000 and $49,000 against the US Dollar. BTC is now below the 100 hourly SMA and it is likely to continue lower towards $45,000
- Bitcoin started a fresh decline below the $50,000 and $49,000 support levels.
- The price is now trading well below $50,000 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline towards $45,000 as long as it is below $50,000.
Bitcoin Price Turns Red
After forming a short-term top near the $52,600 level, bitcoin started a fresh decline. BTC traded below the $51,200 and $50,000 support levels to move back into a negative zone.
There was also a break below a major bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair. The pair even broke the $48,000 support level. There was a clear break below the 50% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.
It is now trading well below $50,000 and the 100 hourly simple moving average. It seems like the bulls are trying to protect the 61.8% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.
Source: BTCUSD on TradingView.com
If they fail and the price trades below $46,500, there are chances of more losses. The next key support is near the $45,000 level, below which the bears might aim a test of the $43,000 support zone.
Fresh Increase in BTC?
If bitcoin stays above $46,500, it could correct higher. An initial resistance on the upside is near the $48,000 level. The first major resistance is near the $49,000 level and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance near $49,000 on the same chart. To move into a positive zone, the price must clear the trend line resistance and then gain pace above the $50,000 barrier.
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $46,500, followed by $45,000.
Major Resistance Levels – $48,000, $49,000 and $50,000.
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