The following article is the rework of the thoughts put forward by Mati Greenspan, the Senior Market Analyst at eToro.
Bitcoin has risen above $12500 with much ease as it tested the upper limits of the current range. Nevertheless, the network statistics point otherwise; In fact, the vital stats have been in deep decline ever since the sudden cool off two weeks ago.
The On-chain transaction volume in Bitcoin, i.e., the amount of money flowing through the main chain has dropped sharply since the recent peak. It is now estimated that the total daily amount transferred via bitcoin is below $1.4 billion again. This was the on-chain volume during the second week of June when Bitcoin hadn’t broken above $10000 yet.
The volume on top crypto Exchanges is also down more than 50% from the high during June.
Public interest in the search term ‘bitcoin’ has also fallen significantly since June 26th, as is indicated by Google Trends data.
The only two positive indicators at the moment are Bitcoin transactions per second which are still above 4 TPS and the rising peer-to-peer interest on Local Bitcoins.
Of course, if we do see a fresh high above $14,000, there’s no doubt all three of the above data points will turn into lagging indicators.
eToro Provides an Opportunity to Invest in Libra
Even though Libra was proposed as a pseudo-stablecoin, I can’t tell you how many people have approached me on social media stating their intention to invest in it. Until now, the only way to spend in Libra is by joining as a Member of the Libra Association with an amount of $10 million.
Furthermore, Libra will be introduced as a stablecoin; hence, these will hardly be any growth proposition with it. Nevertheless, the members of the Libra Association, including Facebook, stand a chance to increase their efficiency and revenue by using the platform.
MasterCard, Visa, PayPal, and most importantly, other firms like Uber, Vodafone, Spotify, eBay, and so would also benefit in a similar way to Facebook.
Even though buying Libra directly once it is launched might not be the best way to capitalize on a belief that the currency will gain mass adoption, there is still a way that you can invest in it even as early as today.
Hint: If you would have bought Apple stock for $399, instead of getting the first iPod in 2001, your investment would now be worth $60,000, even after yesterday’s plunge.
So here at eToro, we’ve put together the world’s first Libra Association CopyPortfolio. The Portfolio will automatically keep track of new members to the Libra Association and readjust the portfolio accordingly.
Do think that Bitcoin break bearish or bulls will continue to lead? Also, share your views on the new Libra Portfolio released by eToro.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.