Here’s why retail investors will return to crypto, despite Fed rate hikes, says eToro chief executive – CNET – ApparelGeek

Good morning! Welcome to Distributed Ledger, our weekly crypto newsletter that hits your inbox every Thursday. I’m Frances Yue, crypto reporter at CNET, and I’m going to bring you the latest and greatest digital assets from this week so far.

Find me on Twitter at @FrancesYue_ to send feedback or tell us what you think we should cover.

Crypto at a Glance

BitcoinBTC USD,
-3.35%
has lost 5% in the past seven days, recently trading at around $39,930, according to data from CoinDesk. Ether ETHUSD,
-3.14%
was down 3.1% over the seven-day period to around $3,013. Dogecoin DOGEUSD Meme Token,
+1.11%
saw a loss of 1.5% while another dog-themed token, Shiba Inu SHIBUSD,
-3.40,
was trading up 8.7% from seven days ago.

Cryptographic metrics
The biggest winners

Price % return over 7 days

Chain

$0.0996

14.3%

ApeCoin

$12.15

14%

shiba inus

$0.000026

6.3%

NEAR Protocol

$16.2

6.3%

Cash

$22.91

6.1%

Source: CoinGecko at April 14
The biggest declines Price % return over 7 days

Humans.ai

$0.03

-32.1%

Waves

$21.61

-24.3%

Mina Protocol

$2.32

-24%

Earth

$82.21

-23.5%

Osmosis

$6.03

-17.6%

Source: coinGecko from January 20
Return of retail traders?

Bitcoin trading volume has been sluggish in recent weeks, especially with retail traders, as the Federal Reserve tightens its accommodative monetary policy by raising interest rates and seeking to shrink its balance sheet.

Bitcoin’s 7-day average trading volume was $2.8 billion on Tuesday, the lowest level since December 2020, according to Arcane Research.

However, the market will see a return of interest from retailers, especially millennials, according to Lule Demmissie, managing director of social trading platform eToro. While Fed tightening may “slow things down” in the meantime, “you just need another new disruption for people to realize, you know, capital markets are the best game and it’s the best game in town,” Demmissie told Distributed Ledger in an interview last week.

“I think the only thing I would worry about is if we had persistent levels of inflation in the 1970s and then we had stagflation because that might make some investors a little nervous,” Demmissie said. .

“But I think the memory of 2008 is etched in the minds of every millennial,” Demmissie said. “What happened was they sort of saw the end of the world, according to all the news channels, and then the next year the markets came back with 37% returns.”

“Dorsey’s first tweet” NFT

A crypto entrepreneur, who bought Twitter’s non-fungible token, or NFT, TWTR,
-1.68%
co-founder Jack Dorsey’s first tweet for $2.9 million, hoped to resell it for $48 million. But when the initial deadline he had set expired on Wednesday, the highest bid stood at less than $300.

Sina Estavi, managing director of Malaysian crypto project Bridge Oracle, relisted the NFT, which he bought in March 2021, on the OpenSea marketplace for around $48 million last week. In the 2006 tweet, Dorsey wrote “just setting up my twittr”.

However, on Wednesday, the deadline originally set by Estavi, he only received seven offers in total ranging from 0.09 ETH, or $274, to 0.0019 ETH, or $5.80, according to a CoinDesk report.

Estavi doesn’t seem discouraged. “The deadline I set was over, but if I get a good offer I might take it, I might never sell it,” he told CoinDesk. More offers have arrived since Wednesday, with the highest offering 3.3 ETH, or roughly $10,048.

Read more: The buyer of Jack Dorsey’s “first tweet”, NFT, wants to sell it for $48 million, but only saw a high bid of $270. He appealed to Elon Musk

Crypto consumer products?

Many digital asset companies are looking to launch more consumer-facing products as demand grows, according to Stan Miroshnik, co-founder and partner at crypto-focused private equity firm 10T Holdings. “There’s been a lot of focus on how we’re taking the yield available in the space and delivering it to consumers in a simple way,” Miroshnik recently told GameSpot in an interview.

Miroshnik mentioned examples where some crypto companies allow users to lend, borrow crypto, or use crypto as collateral to raise mortgages, which “now becomes a thing because some people have these digital assets , they don’t want to sell them and pay taxes, or they just believe they’ll be worth more over time, but there are real problems,” Miroshnik said.

Yet regulation remains a problem. In September, Coinbase scrapped plans to launch a program that would have allowed users to earn interest by depositing cryptocurrency, after the crypto exchange earlier said it had received a lawsuit threat from from the Securities and Exchange Commission.

Robinhood lists Shiba Inu

Robinhood HOOD Brokerage App,
-4.29%
listed the popular Shiba Inu meme token, months after its supporters called for the move, as well as tokens from decentralized lending platform Compound, Polygon blockchains MATICUSD,
-3.84%
and Solana SOLUSD,
-4.93%.

It adds to Robinhood’s existing lists of seven cryptocurrencies, including bitcoin, bitcoin cash BCHUSD,
-2.68%,
bitcoin SV BTCSVC,
-3.28%,
dogecoin DOGEUSD,
+1.11%,
ether ETHUSD,
-3.14%,
classic ethereum ETCUSD,
-3.29%,
and Litecoin.

Lily: Shiba Inu leaps over 20%, as Robinhood lists meme token

Crypto companies, funds

Shares of Coinbase Global Inc.. PIECE OF MONEY,
-4.85%
was trading down 4% at $148.62 on Thursday. It has fallen 10.6% over the past five trading sessions. by Michael Saylor MicroStrategy Inc.
MSTR,
-3.10%
fell 2.3% on Thursday to $452.86, after being down 2.3% in the past five days.

mining company Riot Blockchain Inc.
RIOT,
-6.50%
shares fell 5.6% to $15.12 and 13.2% in the past five days. Shares of Marathon Digital Holdings Inc.
MARA,
-4.80%
fell 5.2% to $21.13, with an 11% loss over the past five days. Another miner Ebang International Holdings Inc.. EBON,
-4.55%,
gained 0.5% to $1.11, with a loss of 6.4% over the past five days.

Overstock.com Inc.
OSTK,
-5.00%it is
shares were down 5.8% at $38.07. Shares were down 6.6% over the five-session period.

Shares of Block Inc.
SQ,
-3.76%,
formerly known as Square, fell 3.2% to $122.07, with a loss of 3.1% for the week. Tesla Inc.. TSLA,
-3.66%it is
shares fell 3.4% to $987.24 while its shares lost 6.6% over the past five sessions.

PayPal Holdings Inc.
PYPL,
-2.72%
fell 1.6% to $103.46, after being down 8.5% in the five-session period. Nvidia Corp.
NVDA,
-4.26%
fell 2.8% to $215.80, when it was looking at a loss of 10.85% over the past five trading days.

Advanced Micro Devices Inc.
AMD,
-4.79%
fell 3% to $94.78 on Thursday, while it was down 8.7% from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF
BITO,
-3.08%
fell 2.8% to $24.94 on Thursday, while Valkyrie Bitcoin Strategy ETF
BTF,
-3.14%
was down 2.8% at $15.47. VanEck Bitcoin Strategy ETF
XBTF,
-3.08%
fell 2.8% to $39.10.

Grayscale Bitcoin Trust
GBTC,
-2.36%
was trading down 2.9% at $28.35.

Required readings



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Here’s why retail investors will return to crypto, despite Fed rate hikes, says eToro chief executive – CNET – ApparelGeek


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