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Regulatory clarity still dull while crypto frenzy persists

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Association with the dark web, high volatility, and even decentralized nature did not stop the crypto-verse from soaring. However, while some flock into the industry, hoping to veer away from the traditional centralized financial systems, a few others have been sitting on the fence considering the lack of regulations surrounding the crypto market.

Just as the crypto industry began to develop in popularity and value, governments worldwide started to take a more comprehensive look into it. Yet, this does not mean that the market was regulated now. Instead, governments are still probing the pros and cons of letting the digital asset world persist. Some countries have been vocal about how they did not want anything to do with virtual assets.

eToro’s CEO, Yoni Assia, was against this as he believed that governments were required to study the market and understand cryptocurrencies before blatantly banning them. Speaking with Financial Times, Assia pointed out that cryptocurrencies were here to stay, and regulators had to come to terms with that.

Noting the importance of regulations surrounding the industry, he told Financial Times,

“We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets.”

Crypto regulations to make headway in France?

While the UK has been witnessing the departure of several digital asset platforms, the Bank of France’s governor Francois Villeroy de Galhau suggested that the government had to speed up its regulatory process.

With the industry’s exponential growth, the governor asserted that the European Union had just one or two years to regulate the digital asset space. If it failed to do so, then the EU would be risking an “erosion of our monetary sovereignty.”

The governor added,

“I must stress here the urgency: we do not have much time left, one or two years. On both [digital] currencies and payments, we in Europe need to move as quickly as possible.”

Every country seems to be seeking regulations on the fast-paced crypto industry. However, the market isn’t very small or easy to understand. Deep learning and dissecting the industry’s potentials could give lawmakers and the public feasible regulations.

Comparing Bityard and eToro in 2021

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When it comes to crypto trading, choosing the right trading platform is just as profound as discovering a successful trading strategy. However, with so many trading platforms available on the market, deciding which platform to choose can seem like a nightmare. This article will compare two trading platforms, namely Bityard and eToro. The platforms will be compared on the basis of the most important metrics that users use to decide on which platform to use.

bityard v etoro 1

What is eToro?
Etoro was founded in 2007 as a forex trading platform. It has evolved over the years to include stocks, derivatives, CFDs, and cryptocurrencies. It has a global reach, servicing over 17 million users in 140 countries. It is a multi-national licensed company, with licenses in countries such as Israel, UK, USA, Australia, among others.

eToro web interface

etoro interface

What is Bityard?
Bityard is a contract trading platform with crypto assets and derivatives. It was founded in 2019. So far, it boasts of over 100,000 registered users in over 150 countries across the globe, making it one of the fastest crypto trading platforms in the world. It is headquartered in Singapore, and has multi-national licenses from Estonia, Singapore, USA and Australia.

Bityard web interface

bityard interface
  1. Layout and user interface

The Bityard website is easy to navigate, staying true to Bityard’s mantra of designing a platform that simplifies complex trading. Which makes it user-friendly, regardless of the experience level of the trader. Traders have the option of trading via the website or the app version available for both Android and iOS. The website and the app provides similar features. There are many similarities between the eToro and Bityard platforms.

However, the Bityard website has more charts, technical analysis tools and a customizable viewing panel. Similarly, the Bityard app is easier to navigate as most features are easier to find. The eToro platform is loaded with more features such as newsfeeds and market research, which are harder to find for a newbie. A little tutorial might be necessary for a new user to find their way around the eToro platform.

2. Opening an account

Both EToro and Bityard require one to be registered in order to be able to trade on the platform. It takes just a few seconds to open an account. Bityard has the option of opening an account using either an email or phone number, while eToro gives the option of email, Facebook or Google. You will receive a confirmation code that you will use to complete the registration.

Once that is done, your account is ready to use. However, there are limited functionalities for
accounts that have not verified their identity. For both platforms, users who have not completed top tier levels of KYC have limited access to the platform’s features. EToro goes further as to make some features available only to users who have made their first deposit to their account. A minimum deposit of $200 is required on eToro. Bityard offers commission on referrals. On Bityard, a user can earn up to 60% of commissions on trading fees from referrals.

  1. Trading experience
    As already mentioned, Bityard seeks to simplify trading. “Complex contracts simple trade”
    appears on the first page of their website. True to that slogan, the trading experience on Bityard is seamless. There are 33 crypto assets with 19 trading pairs, and many derivatives ranging from stock market indices to precious metals. Although Etoro has only 16 crypto assets, it has hundreds of stocks, ETFs, indices and currency pairs.

Funding a Bityard account can be done through cryptocurrency and fiat. Unfortunately, fiat deposits for Bityard are only available in certain regions at the moment (Vietnam, Indonesia, and China). There are plans to extend the service to more countries. On the other hand, eToro only accepts funding via credit/debit card.

Bityard and eToro both have a demo account which allows a user to try out real trades with fake money. Both platforms also have the CopyTrade feauture which allows users to copy the positions of more experienced users on the platform.

  1. Fees
    Bityard has lower maker/taker fees, charging 0.05% of the transaction. For withdrawing, 2
    USDT is the charge on Bityard. Etoro’s trading fees vary by asset; it ranges from 0.75% – 5%. The minimum deposit that can be done is $200, while the minimum trade amount is $25. Etoro charges trading fees through spreads, which can rise and fall depending on market conditions. The withdrawal fee on eToro is $5.
  2. Security
    Both platforms have put up measures to enhance the security features on the platform. Every new login is authenticated by 2FA. Both platforms have PIN authentication for withdrawals. Bityard stores the crypto assets in cold storage, which protects them from hackers. The Bityard websites also has full SSL encryption, making all connections secure.

Conclusion
In this article, Bityard and eToro have been compared on different aspects. In terms of size, eToro has shown to have a bigger user base and wider selection of non-crypto assets than Bityard. However, Bityard has more crypto assets to trade. Ease of registration is somewhat similar on both platforms, even though it is much easier to register on Bityard because a new user can enjoy the full features of the platform without first making a minimum deposit.

Furthermore, the layout and user interface on Bityard has shown to have more superior features, hence giving a better trading experience. The welcome bonus and higher referral rewards on Bityard also make it a more attractive platform. Bityard’s trading fees are also comparatively lower than eToro’s. When it comes to security, both platforms have demonstrated their high regard for enhanced security, which is amazing.

Kraken Becomes Latest Crypto Venue To Halt XRP

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Troubled times for XRP continued as San Francisco-based cryptocurrency exchange Kraken becomes the latest to announce its plan to halt the trading of the crypto-asset for U.S. residents by the 29th of January 2021 at 5 pm PT. This comes after the US Securities and Exchange Commission [SEC] brought its lawsuit against blockchain company Ripple last month, which alleged that the sales of XRP qualified as an unregistered securities offering.

Kraken is not the only prominent exchange to have made plans to suspend trading of the token whose value dropped by nearly 50% since the regulator filed the suit. Notably, well-known crypto platforms such as OKCoin, Coinbase, Bittrex, Genesis, Binance.US, and eToro has also suspended XRP trading in recent weeks.

What Does Kraken’s Move Mean For Customers?

The platform notified that it will be implementing the process any time of the said data and the US-based customers will have just two weeks to continue trading the crypto-asset. It also urged its customers to resolve their positions prior to the 29th of January. Despite this, the clients residing in the country will still be able to deposit, hold, and withdraw XRP with Kraken.

According to the official blog post released by the platform, those residing elsewhere will not be affected in any way.

Kraken further noted that the US residents with spot positions on margin must satisfy any outstanding margin obligations latest by the 28th of January or face liquidation. Its post read:

We intend to cancel open XRP orders and liquidate open XRP positions for U.S. resident We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.

Should the position regarding holding, depositing, and withdrawal of XRP happen to change in the future, the exchange would make a public announcement accordingly.

XRP Collapses

XRP did not take the news well as it registered a fall of more than 16% over the past 24-hours driving the price to $0.279 at the time of writing. Soon after which DeFi token Polkadot [DOT] blasted past XRP to become the fourth largest cryptocurrency

Crypto proponents claim Bitcoin whales has a huge role to play in price movements

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The effect of massive whale traders in the cryptocurrency market has always been a talking point with debates raging on whether it was fair that a few traders could amass enough power to change the fate of a cryptocurrency’s price. This fear was again brought to light recently when a study conducted by two professors in Texas claimed that a single whale trader actually caused the famous Bitcoin bull run in 2017.

On the back of that research, several other examinations have also been conducted to study the nature of these whales and if they still impose such a tremendous amount of power in the crypto world. According to several luminaries in the field, whales still boast significant control of the crypto market despite more and more users joining the decentralized world.

That was evidenced by a new report published by SFOX, a cryptocurrency platform that also took into account the statements made by Popular crypto proponents such as Frank Weert and Mati Greenspan.

Weert, the co-founder of cryptocurrency data aggregator Whale Alert, had stated that:

“Bitcoin started with a few people. So, the biggest chunk of coins is going to be in the hands of people who started it. Eventually, the distribution of BTC is going to hopefully level out a bit more and there’s going to be, hopefully, fewer whales.”

The Whale Alert official also pointed to the famous Bitcoin address that held 80,000 BTC, a holding of a whopping $735 million. Some analysts predict that if the assets in that address were ever to be sold, it would “crush the cryptocurrency market.”

The data aggregator has also spotted that in-between October 21st and October 22nd of this year, a significant number of high value transactions correlated to Bitcoin’s price slump of almost 20 percent. Mati Greenspan, the Chief Market Analyst at eToro, did not agree with the claims that a single whale was controlling the market by saying:

“I think that [the Bloomberg report] is emphatically false. We had so many new clients that we went into emergency reactive mode.”

The original report was created by Professor John Griffin and Professor Amin Shams, who claimed that the majority of the transactions relied on Tether, the world’s largest stablecoin. They were confident in stating that instead of thousands of investors moving the price of Bitcoin in 2017, it was just one large trader. John Griffin added:

“Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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eToro aims to expand services with the latest tracker application acquisition

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The cryptocurrency market has been abuzz with activities throughout the past few weeks, and the latest announcement from eToro is an added confirmation of that fact. The multi-asset investment platform revealed that it had acquired Delta, a popular cryptocurrency portfolio tracker application.

Yoni Assia, the co-founder and Chief Executive Officer of eToro, had said:

“We are excited to announce that Delta will become part of the eToro Group. This is our second acquisition this year and reflects our commitment to continued growth and innovation. When we started eToro our goal was to disrupt the world of trading.”

Although all details have not been divulged yet, some sources state that the deal was struck at $5 million. Delta became famous for supporting more than 6000 cryptocurrencies from more than 180 exchanges while providing investors with a range of tools to track and analyze their crypto portfolios. Assia added:

“We wanted to change the way people think about trading and investing, ultimately reducing dependency on traditional financial institutions and make trading and investing more transparent and fun. This mission remains our guiding light and we will continue to evolve both organically and by acquisition in order to bring our customers the very best experience.”

eToro has confirmed that the acquisition will enable in creating a streamlined atmosphere for users to track all their investments in one place, starting with cryptocurrencies. The organization also has plans to move into multi-asset trading later. eToro officials have stated that customers can trade directly, invest in a portfolio, or copy another trader to conduct any sort of transactions on the platform.

eToro’s Chief Market Analyst Mati Greenspan has also been in the news multiple times for is predictions about the cryptocurrency market as well as his engagements with other proponents in the field. The latest acquisition fits into the mold projected by the company as Delta claims that it has over 1.5 million downloads with hundreds of thousands of active monthly users.

Post the merger, Nicolas Van Hoorde, the CEO of Delta, commented:

“This acquisition makes sense for Delta, eToro and most importantly our respective users. There are strong synergies between the two companies and we have many shared values, in particular the focus on community and continuous innovation.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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eToro CEO comments on highly ‘passionate’ Ripple XRP supporters and their agenda

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Ripple and its native cryptocurrency XRP have created waves in the world of digital assets with promises of a better cross border transaction system and a more seamless financial world. The supporters of XRP have also gained a name for themselves in the social media sphere and are known as the ‘XRP army.’

The far-reaching popularity of the XRP army was evidenced recently when eToro Chief Executive Officer [CEO] Yoni Assi spoke about them. Assi had stated:

“The opinion that I have about the XRP supporters might not be shared by many in the cryptocurrency market. According to me, the XRP community is one of the best because of the way they promote the cryptocurrency. Surprisingly there are a lot of people who don’t like it but it is still interesting to watch.”

The XRP army is known to be a group of people who collectively act together to promote the cryptocurrency vehemently or to defend it from its haters. The eToro official continued:

“This is the community that is always active on social media platforms and are extremely passionate about what they support. While they may not be Bitcoin maximalists or smart geeky developers of Ethereum, they are definitely a noisy group of people who are very passionate and I respect that.”

XRP was also in the news recently when its price climbed to $0.28 after a prolonged slump. The spike came after Ripple announced new partnerships that would make use of XRP’s cross border transaction characteristic. One of the significant XRO tie-ups was with Finestra, a London based financial services firm. The two companies have stated that they will work to develop a cross border payments system designed for institutional players.

Despite the recent price spike, XRP was still far away from its earlier highs. At the time of writing, the cryptocurrency was trading for $0.27, with a total market cap of $11.75 billion. XRP also accumulated a 24-hour market volume of $1.4 billion after continuous increases in moderate amounts over the past couple of days.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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eToro CEO to join Tron CEO Justin Sun for Buffet dinner in San Francisco

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Tron’s and BitTorrent’s CEO and Tron’s founder, Justin Sun won the right to have lunch with the legendary investor, and crypto skeptic, Warren Buffet. The meeting will happen in three days, and it’s created a lot of buzz inside and out the crypto-verse because Mr. Sun, young as he is, has managed to become a personality in the business world as well as in the blockchain world.

And Mr. Sun is inviting a few good friends to join him at the event with Mr. Buffet. He per usual announced his plans using his Twitter account. Tron CEO said that he’s inviting Yoni Assia, CEO, and Founder of eToro platform to join him. In his own words:

Mr. Assia answered Mr. Sun’s tweet almost immediately expressing his gratefulness and high expectations about the upcoming meeting. He tweeted:

Jeremy Altaire, who serves as Circle’s CEO, will also join the party, courtesy of Justin Sun.

The event

Mr. Sun paid USD 4.57 million as a donation for the Gilde Foundation to earn the chance to have a meal with Mr. Buffet and to bring along some friends. Mr. Sun’s interest is in bringing the cryptocurrency world into Mr. Buffet’s attention, especially the Tron blockchain project, which is Mr. Sun’s own. Mr. Warren Buffet, who is one of the most successful investors in the world, is not precisely a believer in cryptocurrencies and blockchain technology.

In fact, he’s one of the most mediatic detractors for crypto, and Mr. Sun thinks he can present him with a fresh view on the subject so that maybe he can change his mind. Justin Sun said on Medium,

“I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy.”

Tron’s golden boy will meet the Oracle of Omaha in San Francisco to break some bread. eToro is a trading and exchange platform for all kinds of markets. The platform is extensive, and it includes a fully-fledged cryptocurrency exchange called eToroX.

Since last April, Mr. Assia is supporting GoodDollar, an organization that aims at “establishing an economic framework designed to reduce global wealth inequality via UBI-based models.”

The conversation between these four financial experts from different worlds will be fascinating without a doubt. And as Mr. Sun announces other invitations, the chances are that the meeting will only become even more exciting.

While Mr. Buffet is no crypto fan, he’s also gone on the record expressing interest of his own on meeting Mr. Sun.

The Tron founder has a track record as a successful businessman outside the blockchain world, and he’s known to be very persuasive and charismatic, so if anybody can change Mr. Buffet’s mind on crypto, then Justin Sun could very well be the man to do it.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Tron gets a step closer to mass adoption as eToro officially lists TRX

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Down but not out. The 10th position might have been taken already, but it seems like it will not be long enough before the previous owner reclaims it.

eToro Lists Tron

The United Kingdom-headquartered and leading social trading platform, eToro has announced support for Tron (TRX). By being listed on eToro, it means that now Tron (TRX) will become available for trading to more than 10 million users who are present on the platform. Previously, the platform had announced that it would provide crypto trading services to users across 32 states in the US.

Besides, the addition of Tron to the company’s platform means that now eToro has a total of 15 crypto assets available for trading. The other assets include bitcoin, bitcoin cash, Ethereum, XRP, Ethereum classic, Litecoin, Stellar, Dash, Cardano, NEO, EOS, BNB, IOTA, and ZCASH.

So now, the users will be able to sell and buy TRX easily with fiat through the likes of PayPal, VISA, UnionPay, MasterCard, Yandex Wallet, and Webmoney among other significant payment platforms available.

Moreover, there’ll be an addendum for TRX as it will be added to eToro’s Crypto Portfolio which then will enable the investors to diversify crypto holdings across other available crypto assets in the platform.

The Ambitious Tron

Apparently, the reason for adding Tron to their trading platform is because the team behind eToro believes that Tron is an ambitious multi-faceted project which is striving to ensure a decentralized internet.

According to the CEO of eToro, Yoni Assia, Tron has already an evident success behind and that it’s making rapid progress towards lofty ambitions as well as already garnered the crypto community’s attention.

The Salient Reason to Reclaim Its Position

Over the past months, Tron has not failed to hit the headlines with a development. Rightly, there have been many partnerships flowing in. However, the asset also witnessed a setback in its ranking. Tron was outstripped 10th position by Cardano (ADA).

Interestingly, the contest seems not to be over yet.

Tron CEO Justin Sun knows well like everyone that gibbering more moves is the only way of getting back their position or even moving further up. At the moment, the contest is close as Tron has a market cap of $1.537 billion while Cardano is at $1.54 billion. Currently, Tron trades at $0.023 which is up by 1.3% over the last seven days. Things are within reach of Tron.

The listing by eToro means Tron is open to new users who are over 10 million on the platform and given that Cardano had been enjoying that advantage, Tron matching it as well gives it an extra push for mass adoption.

Furthermore, Tron planning to add 1 billion BitTorrent users to its network is a massive potential boost that will plainly see it overtake Cardano soon (again). Tron Founder and CEO, Justin Sun is not concerned about the drop in ranking as he points that trading on eToro platform gives investors a reason to Hodl TRX and hence help in its growth as well as expansion.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.