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Wealthfront Lures Millenials With Crypto Memes and Tactics

Brokerage firm Wealthfront is targeting millennials with an Instagramming cat mascot (pronouns she/her) and airdrops. I, Like, Want a Computer to Do It Like many brokers in an economic crisis, Wealthfront is looking to bring in more capital while sending out soothing e-mails, reminding clients not to panic sell. More specifically, they are trying to […]

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-Brokerage firm Wealthfront wants more users to open cash accounts

-The firm targets millennials with robo-investing, and now takes aim with a hip cat mascot

-This marketing move is likely fueled by Dogecoin-style memes and other crypto success

Brokerage firm Wealthfront is targeting millennials with an Instagramming cat mascot (pronouns she/her) and airdrops.

I, Like, Want a Computer to Do It

Like many brokers in an economic crisis, Wealthfront is looking to bring in more capital while sending out soothing e-mails, reminding clients not to panic sell. More specifically, they are trying to calm those snobby millennials.

The Redwood City, CA-based firm has been courting millennials with robo-investing since 2018. Just like adulting, millennials appear to want the computer to do everything for them.

Other brokers like Betterment have also popped up to target the market with a one-size-fits-all investing. These firms aim to be what Wikipedia is for information and Mapquest Google Maps is for directions, (but for retirement accounts).

Wealthfront has been attempting to lure customers to its checking accounts with an underwhelming 0.35% APR for months. It turns out they need to take a page from cryptocurrency to achieve it. And so a kitty-cat mascot and free money schemes were born.

Enter Cash Cat

Meet Wealthfront’s new mascot, a cat named Cash Cat. This feline has got all the hip things millennials love, like Instagram… and pronouns. But this cat money meme is an intellectual and her page invites you to follow her to her library.

Once there, she reads the epic novel Infinite Jest and begs you to open a checking account. She’s even taken over Wealthfront’s Twitter.

cash cat profilecash cat profile
Wealthfront’s Cash Cat Social Media Profile | Source: Wealthfront

Oh, and she also promises you free money, aptly called drops (actually it’s a sweepstake). This whole marketing campaign certainly seems to be inspired by crypto. After all, Bitcoin is immensely popular with millennials.

Drops sound pretty reminiscent of airdrops. And perhaps Wealthfront believes Cash Cat will take off, kind of like Dogecoin. A coincidence? Probably not.

Cash cat herself is more than a little patronizing too, but that’s probably another way to reach the youth of today:

“Yes, yes, I know what you’re thinking. Yet another financial institution with yet another talking cat, and yet another ‘Drops Program’ giving away cash to loyal clients. Classic.”

When most cats “drop” something, it isn’t money. But then again, this cat can talk, so we are going to have to suspend disbelief.

Wealthfront is doing well, with Assets Under Management (AUM) growing every year since the company’s inception. Now, with tighter belts, they hope that Cash Cat will be the company’s checking account golden goose.

The Opposite of Blockfolio

For what it’s worth, this marketing gimmick made me want to open an account. But as opposed to Blockfolio-addicting notifications, Wealthfront encourages users not to check their balance. In the stock market, research shows, this actually leads to better profits in the long run.

While the retirement account of the future will probably be a set-it-and-forget-it model, it could be fueled by Dogecoin-esque memes and airdrops. It sounds crazy, but it just might work.

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Here’s what traders expect after Bitcoin price rallied to $13,217

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On Oct. 21 Bitcoin (BTC) price overtook the $13K mark to reach $13,217 after traders took out key resistance levels at $11,900, $12,000, and $12,500 in the last 48-hours. While there are various technical reasons behind the abrupt upsurge, there are three key factors buoying the rally.

The three catalysts are a favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin’s rising dominance rate.

PayPal’s crypto announcement adds to BTC’s momentum

Earlier today, PayPal officially announced that it is allowing users to buy and sell cryptocurrencies, including Bitcoin.

Throughout the past year, speculations on PayPal’s potential cryptocurrency integration continuously intensified after various reports claimed the company was working on it.

In an official statement, Dan Schulman, the president and CEO of PayPal, confirmed the cryptocurrency integration. He wrote:

“We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

Following PayPal’s statement, the price of Bitcoin immediately rose from around $12,300 to as high as $12,900.

Sui Chung, the CEO of CF Benchmarks, a subsidiary of Kraken exchange, told Cointelegraph that bullish sentiment is likely returning to the crypto market. According to Chung:

“Bitcoin passing $13,000 today, a 16-month high, demonstrates that this trend is only picking up pace. That PayPal, a household name, has received a conditional BitLicense is likely propelling bullish sentiment. Today is significant as a signpost for further price appreciation in the future… the point by which mainstream media and ‘mom and pop’ retail investors may soon start to show interest in the asset, as they did in late 2017.”

Bitcoin dominance is rising

In the past week, Bitcoin has outperformed alternative cryptocurrencies, decentralized finance (DeFi) tokens, and Ethereum.

The dominance of Bitcoin. Source: Josh Olszewicz

Josh Olszewicz, a cryptocurrency technical analyst, said the dominance of BTC is above a key moving average. Technically, this suggests that Bitcoin could continue to outperform altcoins in the near term. Olszewicz said:

“BTC dominance back above the 200-day moving average for the first time since May, king corn is back.”

BTC shows a bullish high time frame structure

Throughout October, traders have pinpointed the favorable technical structure of Bitcoin on the higher time frames.

Bitcoin’s weekly chart, in particular, has shown a breakout and surpassed the previous local top achieved in August.

BTC/USD weekly chart. Source: TradingView.com

Two months ago, BTC topped out at $12,468 on Binance and proceeded to fall below $10,000. As mentioned earlier, today’s high volume surge took the price to a new 2020 high at $13,217, which is well above the previous local top.

In the short-term, traders anticipate that the market will cool down after such a strong rally. Flood, a pseudonymous crypto futures trader, said:

“I think we are quite overextended on $BTC for now. I’d imagine seeing a bit of a retrace where we try to find support in the 12.2-12k range. Not saying we can’t run further, but hedged a bit here.”

Source: https://cointelegraph.com/news/here-s-what-traders-expect-after-bitcoin-price-rallied-to-13-217

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Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)

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Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.

Apart from building optimism within the community that a new 2020 high of above $12,500 is coming, BTC’s impressive performance raised questions about the nature of the funds going into Bitcoin.

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New Capital Enters

Popular cryptocurrency commentator Alex Saunders published a graphic on the matter called “Crypto Market Cycle Capital Flows.”

Crypto Market Cycle Capital Flows. Source: Twitter
Crypto Market Cycle Capital Flows. Source: Twitter

Saunders specified that the blue represented the entire cryptocurrency market cap, the black – BTC’s market cap, and the orange was the cumulative market cap of all alternative coins.

He outlined several periods when Bitcoin’s performance contrasted altcoins. This implies that when BTC was heading up, investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.

However, the latest price increase for the primary cryptocurrency doesn’t fall under the same category. Saunders concluded that the data he collected “suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.”

Alternative Coins Stay Still

By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.

On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.

The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.

Altcoin Market Cap. Source: CoinMarketCap
Altcoin Market Cap. Source: CoinMarketCap
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Source: https://cryptopotato.com/analysis-current-bitcoin-rise-due-to-new-money-entering-crypto-and-not-altcoins-sell-off/

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Bitcoin Price Moons to New 2020 Highs on PayPal News

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Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.

Bitcoin Price Breaks 2020 Highs on PayPal News

Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.

All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.

The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.

Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.

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btcusd_Chart
BTC/USD. Source: TradingView

The Rest of the Market Stalls Against BTC

Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.

BTC_dominance_chart-min
Bitcoin Dominance. Source: CoinMarketCap

As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.

Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.

On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.

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Source: https://cryptopotato.com/bitcoin-price-skyrockets-to-new-2020-highs-on-paypal-news/

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