After the brilliant start of the week, the Bitcoin rally cools down a bit. At the same time, eToro publishes its quarterly report and reveals impressive figures.
After Bitcoin’s excursion above the “50k”, the cryptocurrency is now back in its old position. In a 24-hour comparison, the digital store of value opens today’s trading day with a minus of 3 percent. However, this does not affect BTC’s good weekly performance – overall, Bitcoin is trading up 6.1 percent here. At the time of writing, BTC is trading at $46,972. Furthermore, stronger price fluctuations are to be expected for this week, as numerous Bitcoin futures expire tomorrow, Friday.
According to Yellow Rocket Agency analyst Stefan Lübeck, the current decline was to be expected after this week’s sharp rise and is even healthy for further development. In his Bitcoin price analysis, the trading expert estimates a reduction to the 46,000 mark as unproblematic.
Bitcoin’s price drop is also causing losses in the altcoin sector. Thus, among the top ten largest cryptocurrencies by market capitalization, all coins suffered price reductions. Cardano (ADA) was hit the hardest. Just a few days ago, the coin was scratching $3 in anticipation of the smart contract upgrade “Alonzo.” Overnight, the cryptocurrency saw a 6.6 percent drop to trade at $2.59.
eToro: “Strong interest from private investors in Bitcoin and Co.”
Positive news for the crypto space, on the other hand, comes from eToro. The broker published its quarterly report yesterday. In it, the multinational company states that 73 percent of commissions collected came via Bitcoin and Co – just over $264 million. Putting the current figures in perspective with those from the same quarter in 2020, cryptocurrencies accounted for a whopping 2,259 percent of the broker’s commission. The trading volume has also increased tom in the previous year by almost 72 per cent. This means that users executed 127 million trades in the second quarter. In addition, the platform also recorded growth in this area with 2.6 million new users.
Crypto assets drove total commissions in the second quarter of 2021. This reflects the strong interest of retail investors in the cryptocurrencies offered by eToro. We saw the highest trading volumes in BTC, XRP, ETH, ADA and DOGE.
eToro quarterly report
The fact that the share of Bitcoin and Co. in eToro’s total commission has increased so drastically is no coincidence. Since the beginning of the year, the broker has continued to expand its crypto offering. For example, they added Dogecoin in May, followed by Shiba Inu a little later. In addition, they also implemented staking options for Ethereum, Cardano and TRON on the platform.