Signs of resilience observed on Bitcoin

simon peters is a market analyst at eToro

Bitcoin continues to hold above $ 20,000, after briefly peaking at $ 22,000 last week for the first time since mid-June, and continues to show signs of resilience.

Source: Adobe

The cryptocurrency has been moving in this zone for over a month now, ending the steep declines at the beginning of the year. BTC is currently trading around $ 20,200 on the eToro platform.
Similarly, Ether has moved between $ 1,000 and over $ 1,200 since the sharp fall of April-June, and is currently trading just over $ 1,100 on the eToro platform.

All eyes are on Ether right now as the meltdown of the Ethereum network approaches. Big tests have gone smoothly and all indications are that it will take place soon. While it is impossible to know what effect the transition to a proof-of-stake network will have on the price of cryptocurrencies, it is theoretically deflationary as it encourages holders to bet instead of selling their tokens.

Although market price levels for cryptocurrencies are well below the highs reached last year, performance is normalizing and the majority of tokens on eToro have shown greater stability over the last few weeks.

The message to investors right now is to sit still and watch the market. We see stable institutional movements and continued growth in the industry as a key indicator that the game is not over. However, it is important to remember that diversification within the sector, as with any asset class, is the key to diversifying risk.

Venture capitalists looking for opportunities in cryptocurrencies

Venture capital firm Konvoy has launched a $ 150 million fund to seek out blockchain-based gaming opportunities. The launch of the fund is a good example of the underlying interest in the blockchain and crypto asset markets, despite ongoing market adversity.

Konvoy caters to a fairly specific segment of the cryptosphere in gaming and blockchain, but both are part of a growing industry with no shortage of exciting innovations. Gaming is a huge industry and blockchain-based projects are a growing part of it.

In recent weeks and months, we have seen examples of venture capital and other fixed-income capital flowing into the financing of crypto projects. While this is neither a drop in the bucket nor a proposal for market creation, it is clear evidence to investors that despite depressed market assessments, there are still opportunities for future investment in the sector.

Fund managers are pushing for access to blockchain funds

Fund managers are asking for access to blockchain technology to help use ledger technology in fund trading. The comments from the Investment Association (IA) are a call for action at a time when blockchain and crypto are more broadly facing a number of challenges.

The IA says it would like the UK to adopt a new category of “blockchain-traded funds” that use distributed ledger technology to execute and record transactions. In many ways, this grouping is the representative of the old fund management industry, so it is very encouraging to see them pushing for blockchain solutions.

What is clear here is that a major representative of the TradFi industry sees the value of blockchain technology and simply wants to use it. In the current circumstances, this is a very positive signal for the crypto-asset sector, which seeks to provide this type of infrastructure solution.

Reddit launches NFTs
Popular digital discussion forum Reddit has launched NFT avatars and a marketplace to get them. Although neither the first nor the last will enter the space, Reddit has a significant user base and will likely see building on it as a starting point for more crypto technologies for its platform.

It is not leading in this regard, but it is a positive indicator that the market is still there. NFTs have had an uneven ride since gaining real fame among the public. There is a great deal of debate about the direction of the industry and the quality of certain offerings, but it is ultimately no different from the early days of the crypto era, which is now much more developed and sophisticated in terms of ideas and ideas.

With all new markets, there will be childhood diseases, but the ideas and innovations remain relevant, and organizations like Reddit take the opportunity to get involved often, leaving room to grow organically in the long run.

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