After the brilliant start to the week, the Bitcoin rally is cooling down a bit. At the same time, eToro publishes its quarterly report and reveals impressive figures.
After Bitcoin’s excursion over the “50k”, the crypto reserve currency has now returned to 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 up 6.1 percent here. At press time, 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 BTC-ECHO analyst Stefan Lübeck, the current decline after the strong increase was to be expected this week and even healthy for further development. In his Bitcoin price analysis, the trading expert estimates a decrease up to the 46,000 mark as unproblematic.
Bitcoin’s discount is also causing losses in the altcoin sector. Thus, among the top ten of the largest cryptocurrencies by market capitalization, all coins had to accept price reductions. The hardest hit was Cardano (ADA). Just a few days ago the coin scratched 3 US dollars in anticipation of the smart contract upgrade “Alonzo”. The cryptocurrency lost 6.6 percent overnight and is now trading 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 released its quarterly report yesterday. In it, the multinational company states that 73 percent of the commissions received came from Bitcoin and Co. – a little over 264 million US dollars. If you compare the current figures with those from the comparative quarter of 2020, the share of cryptocurrencies in the broker’s commission has increased by a full 2,259 percent. The trading volume has also increased by almost 72 percent compared to the previous year. Thus, users executed 127 million trades in the second quarter. 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 private investors in the cryptocurrencies offered by eToro. We recorded the highest trading volumes in BTC, XRP, ETH, ADA and DOGE.
eToro in the quarterly report
It is no coincidence that the share of Bitcoin and Co. in the total commission of eToro has increased so drastically. The broker has been expanding its crypto offering since the beginning of the year. For example, Dogecoin was taken up in May, and Shiba Inu followed a little later. In addition, staking options for Ethereum, Cardano and TRON were implemented on the platform.