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Exclusive Market Roundup: Bitcoin Stalls as eToro Goes Public Amid NFT Mania

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In Brief

  • Bitcoin continues to retreat from its latest all-time high as it hovers in the low $50,000s level.
  • Most altcoins, including Ethereum, followed the top cryptocurrency's lead, with no significant movements.
  • This is amidst "bullish" news for the industry as eToro reveals public offering plans and Gemini's holdings soar.
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As Bitcoin corrects, hovering in the low $50,000s, eToro announced plans to go public, whilst cryptocurrency exchange Gemini revealed its custodial holdings now exceed $20 billion.

Bitcoin Ranges

Bitcoin (BTC) started the day at $56,400.00, just under 10% below the the all-time high of $61,711.87 the top-cryptocurrency reached just days ago.

BTC’s price then promptly fell against the dollar, reaching a low of $53,271.34, as the momentum helped it achieve its latest all-time high. Subsequently, bitcoin began to range, trading between $56,000 and $53,000 for the remainder of the day.

Bitcoin is trading at $55,400 at press time.

Altcoins Follow

Indeed, mirroring bitcoin’s lead, the altcoin market remained timid today. There were no notable movements amongst the top 10 cryptocurrencies by market capitalization.

The market’s second-largest cryptocurrency, ethereum (ETH), started the day at just under $1,800, falling to a low of $1,711.68 (-4.94%). For the rest of the day, like bitcoin, the top-altcoin ranged, trading between the day’s low and $1,819.50 for most of the day.

Other top-altcoins such as Litecoin (LTC), Binance Coin (BNB), and Polkadot (DOT) followed a similar pattern, with all of the above trading at close to their respective daily opening prices at press time.

Of the top 10, Cardano (ADA) stood out as Coinbase Pro revealed it would begin supporting the top-cryptocurrency. Overall, ADA gained 17.1% on the day, currently trading at $1.22.

Adoption and Growth

Amidst the bitcoin slump, two of the largest exchanges in the space made headlines with major revelations.

Cryptocurrency exchange Gemini announced the value of cryptocurrency it holds on behalf of its clients surpassed $20 billion for the first time.

Moreover, eToro, a popular mainstream exchange platform with a cryptocurrency arm, announced an alliance with Fintech Acquisition Corp V. The merger will create an organization worth over $10 billion and mean eToro becomes a publicly trading company.

In other news, messaging application Signal revealed plans to accept donations in cryptocurrencies as China ban’s its use. The move collaborates with The Giving Block, a company that helps other companies to accept crypto-based donations.

The NFT Mania Continues

Unsurprisingly, the non-fungible token (NFT) space remains popular. Earlier today, data from Google revealed searches for “NFT” overtook searches for “cryptocurrency” and “blockchain” for the first time.

This comes as another world-famous auction house, Sotheby’s, announced plans to host an NFT-art sale next month. And, like clockwork, the cryptocurrency space’s most famous supporter, Elon Musk, revealed his plans to compose a song about NFTs to be sold as an NFT.

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Emmanuel Young
Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.