Think you got the chops to be a Popular Investor on eToro? Want to first know what that even means? We can explain.
The Popular Investor Program allows crypto traders to turn their skills into bankable income through eToro’s CopyTrader platform. With CopyTrader, eToro users can replicate the moves of Popular Investors in real-time. Every time a new user copies your trades, you earn more money and move up in the ranks of the program.
To enroll in becoming a Popular Investor, make sure you’ve signed up for a verified eToro account with a photo and bio describing your trading strategy. You must live in an open state where eToro is permitted.
Once you have: invested $100 into your account, completed at least one trade, accumulated a full month of trading history, and gotten at least one person to copy your trades — congrats! You are now officially a Popular Investor.
Of course, there is so much more to the program beyond those initial thresholds. With every new copier, you earn a fixed payment and go up a rung on the Popular Investor tiers: Cadet, Rising Star, Champion, and Elite. For all the details of the program, click here.
In addition to earning money, popular investors are eligible for bonus rewards, invitations to exclusive events, and other perks of the program.
Interested in finding out more? Check out the video below.
Coming every Sunday,Hodler’s Digestwill help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Bitcoin price hits $14,000 — Exactly 12 years after white paper released
On Oct. 31, 2008, Satoshi Nakamoto released a white paper setting out his vision for Bitcoin.
Fast forward 12 years, and BTC has hit $14,000 for the first time since January 2018 — a rally fueled by institutional investors.Bitcoin’smonthly candle also closed above$13,000, indicating a technical breakout.
The question now is this: What’s going to happen next?
It seems like the likelihood of a new bull cycle is heavily increasing, as the price of Bitcoin continues to make new higher highs and higher lows.Crucial levels to watch include the current resistance zone surrounding the $14,000 threshold.
Breaking through this level would initiate further strength to the next threshold around$16,500–$17,000. “These two levels are the final hurdles before a possible new all-time high,” Cointelegraph analyst Michaël van de Poppe said, adding that current market behavior is comparable to the cycle seen in 2016.
A different kind of election prediction
Bitcoin can’t help bank the unbanked, claims Mastercard CEO
The enthusiasm surrounding the world’s biggest cryptocurrency right now is palpable.
Overall, the crypto market cap has managed to edge above $400 billion at the time of writing, and according to a survey by Grayscale Investments, 39% of U.S.consumers say they find BTC more appealingin light of the COVID-19 pandemic.
Alas, not everyone is convinced.One of them is Ajay Banga, the CEO of Mastercard.
Speaking at the Fortune Global Forum conference, he said he is deeply skeptical about cryptocurrencies and far more enthusiastic about central bank digital currencies.
Banga also warned that Bitcoin cannot help the unbanked and foster financial inclusion.
He said: “Can you imagine someone who is financially excluded, trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow?That’s not a way to get them [included]. That’s a way to make them scared of the financial system.”
Digital yuan will work with WeChat and Alipay, says bank exec
Speaking of CBDCs, we’re starting to learn more details about China’s digital yuan.
This week, a senior executive at the People’s Bank of China said its new digital asset will be compatible with major mobile payment wallets such as WeChat Pay and Alipay.
Mu Changchun also stressed that the CBDC is not designed to compete with these companies, adding:“They don’t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet.”
This appears to be a U-turn from earlier reports that suggested Beijing intends its digital currency to serve as an alternative to these hugely popular platforms.Together, WeChat Pay and Alipay have 94% of China’s market cornered.
In other developments, Huawei announced that its upcoming Mate40 smartphone series will include anintegrated hardware wallet for the digital yuan— the first smartphone to do so.The tech giant said users will be able to protect their anonymity and complete offline transactions, enabling the transfer of funds with friends and family by touching their devices together.
Uniswap vote on new five million UNI airdrop defeated
There was a buzz this week after Uniswap held its second-ever governance proposal.If approved, it would have seen 12,619 wallet addresses that interacted with Uniswap via a proxy contract receive 400 UNI tokens each.
The treasure chest of 5.05 million UNI would have been distributed among users of MyEtherWallet, Argent, Dharma, DeFi Saver and others.Dharma had put forward the proposal, claiming its users felt “left out” by the initial distribution of 150 million UNI.
Final results show that voters were overwhelmingly in favor of the measures: 37,555,068 voted for the airdrop, and just 1,280,632 voted against.Despite this, the proposal was defeated because it fell 1.1 million votes short of a quorum.The same thing happened with Uniswap’s first governance vote.
The airdrop would have been worth $908 at the time of writing, substantially less than the cash value of the first airdrop seen in September.
Indian bank to offer crypto services across its 34 branches
An Indian bank has announced plans to offer crypto banking services online and across its 34 physical branches in the country’s north.
The United Multistate Credit Cooperative Society has teamed up with Cashaa for the new service, which comes amid India’s uncertain crypto regulations.
While the Supreme Court of India took down the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies.
The new venture — called Unicas — will allow United account holders to integrate cryptocurrency wallets directly with their accounts.Customers will also be able to directly buy Bitcoin, Ether, XRP and Cashaa, and they’ll be able to take out loans against cryptocurrencies if they so wish.
Winners and Losers
At the end of the week, Bitcoin is at$13,807.80, Ether at$388.95and XRP at$0.23. The total market cap is at$402,023,178,116.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week areKusama (18.95%),Nexo(18.15%)andVelas (10.11%). The top three altcoin losers of the week areABBC Coin (-35.39%),Yearn.finance (29.85%)andBand Protocol (26.98%).
For more info on crypto prices, make sure to readCointelegraph’s market analysis.
Most Memorable Quotations
“Bitcoin has held above $10,000 for over 90 days now, currently ~30% higher than this key level. This is the longest period in its history.”
The TIE
“The majority of the investors definitely want to see a straight line toward $200,000, but that’s simply not happening.”
Michaël van de Poppe, Cointelegraph analyst
“If stocks crash, Bitcoin powered by its large adoption s-curve, swallowing ever more capital, will present perfectly good safe haven properties.”
Willy Woo, crypto statistician
Can’t hack this
“Although this guidance has been coming out over the last year and we’ve seen enforcement, the IRS really hasn’t understood crypto.”
Wendy Walker, Sovos solution principal
“Interest is on the rise: More than half of U.S. investors are interested in investing in Bitcoin.”
Grayscale
“If another country has one and we don’t, that could certainly create some problems. So we want to make sure we’re ready. Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country.”
Tiff Macklem, Bank of Canada Governor
“Bought $100 in BTC on @PayPal! Great milestone for the market!”
Jeremy Allaire, Circle CEO
“We [need] to prevent dollarization. This is one of the major designing points of the Chinese DCEP.”
Zhou Xiaochuan, former People’s Bank of China governor
“Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them [included]. That’s a way to make them scared of the financial system.”
Ajay Banga, Mastercard CEO
“On a risk-adjusted basis, BTC is an easier bet today than it has ever been. It’s being de-risked daily.”
Mike Novogratz, Galaxy Digital CEO
“We haven’t made any decision on whether or not to launch a retail CBDC. But we are exploring the pros and cons with interest.”
Tom Mutton, Bank of England fintech director
“Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.”
Jack Ma, Alibaba Group founder
“Cash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin’s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.”
Bill Barhydt, Abra CEO
Prediction of the Week
Market is proving Bitcoin is “ultimate safe haven” — Anthony Pompliano
Anthony Pompliano has claimed that Bitcoin “could not be more uncorrelated” with the stock market — and says the world’s biggest cryptocurrency is leaving macro assets behind.
The Morgan Creek Digital co-founder also rejected critics’ claims that Bitcoin is a poor store of value, writing: “So how did Bitcoin do during an economic downturn? It outperformed stocks, bonds, gold, oil, and pretty much everything else.”
As Cointelegraph reported, a consensus has been building that Bitcoin is not only abandoning its correlation with stocks. Last week, crypto statistician Willy Woo tweeted:“The decoupling is upon us.”
Unfortunately, we might not be there just yet.On Oct. 30, the price of Bitcoinabruptly droppedby 4% from the day’s peak as sell-offs on Wall Street intensified — fueled by uncertainty about the U.S. presidential election.
FUD of the Week
Crypto scammers deface Trump campaign website, one week before election
The website for Donald Trump’s re-election campaign was taken over by hackers this week.
The scammers managed to replace donaldjtrump.com’s usual campaign rhetoric with a page spoofing the FBI and declaring: “This site has been seized.”
The attackers went on to claim that they have obtained “strictly classified information” and encouraged people to make donations to two Monero wallets if they wanted this data to be released.
It was even claimed that the hackers had proof that Trump’s administration “is involved in the origin of the coronavirus.”
The communication director for the president’s campaign, Tim Murtaugh, said:“There was no exposure to sensitive data because none of it is actually stored on the site. The website has been restored.”
The Hoff has thoughts
Tax professional explains the most important thing for U.S. crypto holders
An expert has told Cointelegraph that crypto enthusiasts in the U.S. need to have greater awareness of their obligations come tax season.
Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing.
“Even if you don’t owe income taxes, you still have to report details of the transactions,” she explained.
Walker added that the IRS has some catching up to do when it comes to regulating this space, warning: “Although this guidance has been coming out over the last year, and we’ve seen enforcement, the IRS really hasn’t understood crypto.”
In other developments this week, Gemini — the exchange founded by the Winklevoss twins — said it ispartnering with a tax compliance firmto ensure its users can count their crypto taxes in real time, as well as reduce their liabilities.
Best Cointelegraph Features
Back on track: U.S. macro events unlikely to fully derail Bitcoin price gains
As the U.S. stock market enters earnings season, analysts explain how Bitcoin could perform after earnings and the presidential election.
Gotta collect ‘em all: An overview of NFT marketplaces
As NFTs gain traction, here are some of the top marketplaces for finding NFTs, as well as the future outlook of this industry.
Indian crypto industry expanding, but regulators seem reluctant to engage
As Cashaa launches crypto banking services in India, the cryptocurrency industry continues to grow despite uncertain regulations.
Bitcoin has been falling within a consolidation phase throughout the past few days and weeks, with buyers and sellers reaching an impasse as it trades around $13,800
The rest of the cryptocurrency market has been declining throughout the past few days, with the DeFi sector being hit particularly hard
This weekend has proven to be particularly positive for Bitcoin, but one analyst is cautious regarding its longevity
He points to 4 particular factors that indicate some downside could be imminent for the benchmark cryptocurrency in the days ahead
Bitcoin has been sucking the oxygen out of the crypto market over the past few weeks, rallying while most altcoins post consistent losses.
This uptrend has allowed the crypto to push against its $13,800 resistance level that has held strong throughout the past few days and weeks.
One analyst is now noting that a few signs indicate downside could be imminent for the benchmark cryptocurrency.
He believes that multiple failed attempts to break above its resistance, weakness in the stock market, and the US Dollar falling to a key support level could all spark a Bitcoin selloff this week.
Bitcoin Struggles to Break $13,800 Despite Strong Monthly Close
At the time of writing, Bitcoin is trading up marginally at its current price of $13,820. This is around the price at which it has been trading throughout the past few days.
It has yet to post any sustainable breaks above this level, and a failure to move above here in the days ahead could be a grim sign.
Earlier this week, the crypto was able to surge as high as $14,100, but it was rapidly rejected at this price level and dove down to where it is currently trading.
Analyst: These Factors Suggest Downside Could Be Imminent for BTC
While sharing his thoughts on Bitcoin, one analyst explained that he is watching 4 specific factors indicating this could be a bloody week for BTC.
If the crypto sees a strong decline in the week ahead, it could create a headwind that causes altcoins to nosedive as well.
“Short again on BTC, something about this weekend pump seems fishy. 3 drives-ish into major resistance, stocks shit the bed last week, election early next week, solid RR and DXY on support. Still bullish overall, pull backs aren’t a bad thing. Let’s see what happens.”
Image Courtesy of Mayne. Source: BTCUSD on TradingView.
The coming few days should provide some insights into the macro significance of Bitcoin’s price action over the past few days.
Featured image from Unsplash.
Charts from TradingView.
Warren Buffett has a message to young investors: dollar-cost average into major stock market indices. However, data shows that the same strategy has worked quite well for Bitcoin (BTC) too over the past decade.
The term dollar-cost averaging or DCA refers to a strategy when an investor divides up the total amount to be invested into periodic purchases of the given asset. The theory behind this investment strategy is that when an asset goes up or down, investors can benefit from both reducing the negative impact of price volatility.
Buffett has long expressed his optimism towards dollar-cost averaging into stock market indices. Specifically, the “oracle of Omaha” likes the S&P 500 index funds and dollar-cost averaging into the index.
But data indicates that the same strategy has proven efficient for Bitcoin in the past several years. For five years in the last decade, Bitcoin recorded 100% gains per annum. What’s more, 98% of Bitcoin addresses are currently in a state of profit.
Cost-dollar averaging into Bitcoin works, history shows
As an example, if an investor cost averaged $100 into Bitcoin since January 2014 and spent $35,700 in total, it would have returned 1,648% or around $589,000.
Additionally, on Aug. 6, the price of Bitcoin was at $11,744 on Binance. At the time, researchers at CoinMetrics said that if an investor dollar-cost averaged into BTC since its $20,000 high, it would have returned a 61.7% gain. They wrote:
“Despite #Bitcoin still trading 30% below ATHs, dollar cost averaging from the peak of the market in Dec 2017 would have return 61.8%, or 20.1% annually.”
Since then, the price of Bitcoin has increased from $11,744 to $13,840, by 17.9% in three months. The average return of an investor who dollar-cost averaged into BTC since the $20,000 peak is now substantially higher.
There are several reasons why investing in Bitcoin over a long period has worked regardless of price volatility. One of these includes Bitcoin being a nascent store of value that is minuscule compared to gold.
Throughout 2020, Bitcoin has seen a considerable increase in institutional demand. BTC is compelling to institutions because it is a hedge and a potential investment that could bring exponential growth simultaneously.
Dollar-cost averaging has worked for Bitcoin because BTC can have extreme corrective phases. But, during bull runs, when infrastructure and fundamentals significantly improve and an institutional craze occurs, its value can increase rapidly.
For instance, in March 2020, the price of Bitcoin abruptly dropped to as low as $3,600 across major exchanges. As of Nov. 1, BTC’s price is above $13,800, up more than three-fold since.
The daily price chart of Bitcoin in the past year. Source: TradingView.com
Most BTC addresses are already profitable
Analysts at Glassnode found that 98% of all Bitcoin addresses are profitable. They find this statistic by analyzing when BTC first enters an address and evaluates the price at which BTC was bought. They explained:
“98% of all #Bitcoin UTXOs are currently in a state of profit. A level not seen since Dec 2017, and typical in previous $BTC bull markets.”
With an asset that has the potential to see exponential growth, high-risk strategies could become difficult to manage. As such, dollar-cost averaging is typically a practical and efficient way to approach BTC.
An Indianapolis Colts betting deal with Caesars Entertainment and William Hill marks a new way for football fans to engage in sports betting this season in Indiana.
The agreement means that Caesars Rewards will sponsor a free-to-play “Pick 6 Predictor” game on the Colts Mobile App. The Pick 6 Predictor generates a series of questions and fans predict the outcome prior to games. Correct picks are rewarded with weekly prizes.
Once the game receives approval from regulators, the “Caesars Sports Book by William Hill” app will integrate it into the Colt’s media and marketing efforts, bringing exclusive offers and promos to fans through the branded sports betting app.
You can read more about this new Colts betting deal agreement at Yogo Net.
Live tournament poker has already returned to Las Vegas with several properties holding in-house events. Leading the way is the Venetian, which kicked off its latest DeepStack Extravaganza on October 26. The series will run through November 29 and offer more than $1.6 million in guarantees.
That includes a pair of premier mid-major Mid-States Poker Tour (MSPT) stops. From November 13-15, a $1,100 buy-in, $200K GTD Main Event will take place followed by a $1,600 buy-in, $400K GTD Main Event from November 19-23. The events mark the 168th and 169th Main Events respectively for the MSPT, which launched in December 2009.
Both tournaments, which will be live reported by PokerNews, are expected to be busy, meaning players will have a chance to pre-register for the tournament. All pre-registered stacks will be in play at 11:10 a.m. when the tournaments begin.
Date
Buy-In
Tournament
Guarantee
November 13-15
$1,100
MSPT Venetian
$200,000
November 19-23
$1,600
MSPT Venetian
$400,000
The $1,100 buy-in Main Event will start players with 25,000 in chips and play 40-minute levels. Day 1a will take place on Friday, November 13 with Day 1b on Saturday, November 14. Late registration will remain open until 6:25 p.m. both days. The surviving players from both flights will return at 11 a.m. on Sunday, November 15 to play down to a winner.
As for the $1,600 buy-in Main Event, that tournament will start players with 30,000 in chips and play 60-minute levels. There will also be three starting flights instead of two starting with Day 1a at 11:10 a.m. on Thursday, November 19. Days 1b and 1c will take place at the same time on Friday, November 20, and Saturday, November 21 respectively. Late registration will remain open until 1:15 p.m. on Day 2, which will play out on Sunday, November 22.
During the Venetian DeepStack Extravaganza, players must wear a mask and sanitize their hands before sitting down. Action is 8-handed at tables featuring Plexiglass dividers, which are wiped down each time a new player comes in. Additionally, dealers are required to sanitize their hands each time they enter and exit a table, and fresh decks of cards are circulated every two hours.
Click here to view the entire Venetian DeepStack Extravaganza schedule
.
MSPT Venetian
MSPT Looks to Continue Momentum
Due to the pandemic, Season 11 of the MSPT was interrupted at the beginning of March. After a six-month hiatus, the tour returned August 28-30 at Grand Falls Casino, which is situated just outside Sioux Falls, South Dakota. The stop proved to be a tremendous hit asthe $1,100 buy-in, $100K GTD Main Event attracted 518 entries, well ahead of the venue’s previous record of 238 runners from 2015.
The MSPT is slated to return to Grand Falls on December 18-20 to close out the abbreviated season.
Meanwhile, the upcoming Venetian stops actually mark the second time the tour has visited the venue this year. Back at the end of January, the MSPT hosted the annual $1,100 buy-in, $1 million GTD Poker Bowl, a tournament that attracted 1,093 entries. The night before the Kansas City Chiefs dispatched the San Francisco 49ers to win Super Bowl LIV, Bob Whalen claimed $100,682 in prize money after a five-way deal was struck.
While there is a lot of excitement surrounding the upcoming MSPT events, the tour and venue are already looking ahead to Season 12 with a tentatively-scheduled MSPT Venetian stop on January 1-3, 2021.
Get the latest NFL News and Lines at Oddschecker US
Today, multi asset investment platform eToro announces its plans to participate in the highly anticipated Spark airdrop, making it the first major exchange to lend its support to the Flare project. eToro’s global network of 16 million registered users will have access to the new smart contracts token.
Spark is the native token of the Flare network, a new blockchain protocol that enables the use of smart contracts for existing crypto tokens that do not natively have them. This will start with XRP, which could open the network up to decentralised finance applications.
Doron Rosenblum, Vice President of Business Solutions at eToro said, “We are very proud to have such a large XRP community across the eToro crypto ecosystem. Decentralised Finance is becoming increasingly popular among investors, but many struggle to find ways of tapping into this world in a safe and regulated way.
“Our mission at eToro is to open up financial markets for more people and participating in the Spark airdrop demonstrates our commitment to the continued development of the Ripple network.”
A snapshot is due to take place on December 12 2020 of people holding XRP tokens across multiple exchanges in order to decide how many spark tokens these investors are entitled to. People holding XRP on either the eToro investment platform or on eToroX – eToro’s professional crypto exchange – will be included in the snapshot and therefore eligible to receive spark tokens. Distribution of spark token is currently set for March 2021, according to Flare network.
Hugo Philion, Flare CEO commented, “We are delighted that eToro plans to support the Spark airdrop. The platform is known for having a world class set of crypto investors so its support of Flare and our native spark token is an important development in the project.”
Dr. Omri Ross, eToro chief blockchain scientist added, “We are excited to add support for Spark on behalf of eToro’s XRP community once their blockchain is released. As smart contacts provide the basis for developing decentralised applications, we think that the possibility of engaging our XRP community with such tools is an exciting development for the XRP ecosystem as a whole and eToro customers in particular.”
About eToro group
eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than 16 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
As technology has evolved, so has our business. In 2018 we launched our professional crypto exchange eToroX, together with the eToro Wallet. Together with the investment platform, eToro provides a holistic service for buying, selling and holding cryptoassets. We believe that leveraging blockchain technology will enable us to become the first truly global service provider allowing everyone to trade, invest and save.
Disclaimer:
eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, regulated by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.
eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar. Its distributed ledger technology (DLT) provider licence was granted by the Gibraltar Financial Services Commission in December 2018 (licence number FSC1333B).
