Bitcoin Breaks Through $61,000 as Euphoria & ‘Greed’ Brings the Money Back In

Bitcoin is on the move, and it looks like there’s isn’t much resistance from here to the $65,000 all-time high.

Today, we went on to hit almost $61,500, and Bitcoins’ market cap surpassed $1.15 trillion. Currently trading above $61k, another move, and we’ll go straight for ATH. The leading cryptocurrency is now up more than 37% in October, so far.

This latest euphoria in the market is due to the first Bitcoin ETF of the US finally coming next week.

“ETFs open up a raft of avenues for people to gain exposure, and there will be a swift move to these structures,” said Charles Hayter, CEO of data firm CryptoCompare.

“It reduces the frictions for investors to gain exposure and gives traditional funds room to use the asset for diversification purposes.”

As we reported, there are very high chances that a Bitcoin Futures ETF would officially be trading before this month is over. Even the SEC is reminding investors to be careful when investing in a fund holding Bitcoin futures.

While ProShares Bitcoin ETF’s deadline for approval, decline, or delay is coming on October 18, Valkyrie filed an 8-A on Friday. SEC has to decide on Valkyrie’s ETF on October 25.

This is “yet another step indicating they (Valkyrie) think they will be going effective. That said, I’m still waiting on ProShares’ updated prospectus to get that ‘home free’ feeling,” said Eric Balchunas, a senior ETF analyst for Bloomberg.

Earlier today, Bloomberg also reported that the SEC is set to allow the Bitcoin ETF to trade next week, citing people familiar with the matter.

“It’s one of the final frontiers for mandate access,” said Joseph Edwards, head of research at crypto broker Enigma Securities.

“Plenty of Americans in particular have strings attached to how they deploy a lot of their wealth. It allows bitcoin to get in on the sorts of windfall that keep U.S. equities as consistently strong as they are.”

The approval of the ETF would certainly print a new ATH for Bitcoin.

“The move to $1m is preordained,” says Su Zhu, CEO, and co-founder of Three Arrows Capital.

In anticipation of the move, open interest on Bitcoin futures has increased to $22.29 billion, last seen in mid-April, according to Bybt. On CME, OI has already hit a new ATH at $3.36 billion, surpassing the February 21 high of $3.26 billion. As of writing, Bitcoin futures are trading at $60,950 on CME.

Funding rates on Bitcoin perpetual contracts are also spiking. Last month, it was negative, and currently, the highest is at 0.0446% on Deribit.

Additionally, the Crypto Fear & Greed Index is showing that ‘greed’ sentiments are back in the market with a reading of 79, last seen in late August.

In tandem with Bitcoin, Ether went up to trade above $3,800 while the total cryptocurrency market cap hovers around its early May peak of $2.55 trillion.

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Author: AnTy

BTC.com Withdraws from China, AntPool Suspends IP Access, & Tencent Bans 1,000 WeChat Accounts

BTC.com Withdraws from China, AntPool Suspends IP Access, & Tencent Bans 1,000 WeChat Accounts

Bitcoin mining pool BTC.com announced on Friday that it is withdrawing from the Chinese market on October 15, 2021.

It would no longer provide its mining services to users in mainland China to “comply with the latest regulatory policy requirements of the Chinese government.”

Starting today, the registration of new users in mainland China will be suspended, and mining services will be shut down. Users from China are asked to withdraw their crypto assets and complete the migration of computation power as soon as possible.

“We will reserve the right to further dispose of your account,” said BTC.com, the subsidiary of crypto mining company BIT mining Lt. (NYSE: BTCM).

Leaving China Forever

This week, mining machine manufacturer Bitmain’s crypto miner AntPool also announced that to comply with the regulations, starting October 15th, it will suspend IP access in Mainland China (excluding Hong Kong and Taiwan).

“ANTPOOL has no plans to establish an operating entity in mainland China,” said the miner, adding it will rebuild its new business and operating team with Singapore as its headquarters.

Additionally, it will introduce a KYC verification system for the global registered users to abide by the laws and regulations of users’ locations.

The US Gains Dominance

China’s ban on cryptocurrency trading and mining has already had a severe effect on the country’s market share in Bitcoin mining. As we reported, China’s mining share has fallen to zero, from 75% in 2019.

However, China’s loss is turning out to be the US’s gain, whose market share of Bitcoin’s global hash rate has surged to 35.4% and is now dominating. Miners ousted from China have simply moved overseas to the United States, Kazakhstan, Russia, and Canada.

“As a veteran who witnessed the industry’s birth in China, I feel the situation today is lamentable,” said Mao Shihang, founder of F2Pool, in an interview.

“China is losing its share of computing power … the industry’s center of gravity is shifting to the United States.”

No Info on Crypto

This week, Tencent Holdings Ltd. also made a move and imposed a ban on more than 1,000 WeChat accounts.

A total of 1,463 WeChat accounts were banned due to illegally publishing virtual currency and mining-related information, Tencent said in a statement on its website on Thursday. While some accounts were shut permanently, others are facing a week-long restriction.

The tech giant, which has over a billion WeChat members, said that it will “continue to strengthen its corporate responsibility and increase its crackdown on illegal financial activities such as virtual currency transactions.”

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Author: AnTy

NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance, a decentralized protocol for passive portfolio management on Ethereum, got hacked for $16 million worth of assets this week.

This resulted in a drop of over 35% in the price of its native token NDX, currently trading at $2.28. The coin is now down about 92% from its early February high of $27.71.

Late on Thursday, the Index Finance team released the post-mortem of the attack noting since the project’s first deployment in December, it is the first time they have been hacked.

The hack was made possible because the way to measure the pool value could be manipulated. A new token could be added to the pool, noted by blockchain security company PeckShield Inc.

Indexed Finance is a modified version of Balancer where the swap affects the balances and the weights of the tokens.

Two of the project’s indexes, DEFI5 and CC10, were targeted in the attack. In the first one, the hacker flash swapped the pool tokens, including UNI and others, and then manipulated its weighing by adding a new token, SUSHI, to control the majority weight of it.

“The actual bug is that the extrapolated value returned by the pool is unreliable. Therefore, any logic that depended on that value is fucked. One way to fix this would have been to use different weights for pricing in the AMM from the weights used in the extrapolated pool value.”

Mudit Gupta Core Developer of SushiSwap

To prevent any future attacks, the controller smart contracts will be modified, said the team. As for compensating the victims of the attack, the core team will discuss that with the community, with a proposal for governance soon coming.

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Author: AnTy

Bullish Week: Overwhelming Bitcoin Buying Sends OI to May Level while Net Dollar Longs Surging

The bullish start of October continues this week as the price of Bitcoin went from $48,250 to as high as $56,645 on Friday. As of writing, BTC/USD is hovering around $55k.

With this latest pump in price, Bitcoin has yet again become a trillion-dollar asset class.

According to Chainalysis, ever since Bitcoin hit it’s low late in July, those holding at least 1k BTC have increased their holdings by 172k BTC. Meanwhile, institutional traders have acquired an additional 68k BTC.

Much like the leading cryptocurrency, Ether moved in tandem to start the week at $3,400 to hit $3,675 and is now trading around $ 3565. The overall crypto market cap also grew by more than 9.5% to above $2.4 trillion.

This past week, the biggest gainer in the crypto market has been SHIB which is up by 232%. Other big gainers include FTM (44%), ONE (37%), OHM (25%), BTT (21%), XRP (18%), DCR (16%), AXS 16%), and EOS (15%).

Q4 is looking primed for a significant price-performance with it being historically a bullish quarter combined with the possible upcoming approvals for BTC ETFs in the US, the stabilization of the Evergrande situation, and traditional giants like Soros Fund Management turning crypto-positive.

Institutional Demand

Despite the 14% uptrend in Bitcoin price, the funding rate is still not heavy, with the highest currently on OKEx at 0.0453%, as per Bybt.

Open Interest is also surging, having climbed to $19.15 billion, a level last seen in early May. In just over ten days, the OI has increased by about $6 billion. As reported, CME is particularly enjoying a heightened activity with OI on Bitcoin contracts sitting at $3.12 billion, the same as FTX and just behind Binance at $4.35 billion, as per Skew.

On Sept. 29, OI on the regulated platform CME was $1.47 billion. For Ether contracts, OI on CME currently at $830 mln is reaching for early Sept. ATH of $860.75 mln — but ranks at 6th place.

This significant increase in OI suggests “institutional demand has been the underlying driver of this move higher,” according to QCP Capital. Additionally, the “unusually large premium on CME indicates an overwhelming amount of outright buying.”

Premium on CME futures has been highest among the major exchanges when typically it is compressed due to the cash-and-carry spread trades that institutional players like to put on — buy spot vs. sell CME future.

This week, Senator Cynthia Lummis R-Wyo. also disclosed buying between $50,001 to $100,000 worth of BTC in mid-August, according to a filing. This, however, isn’t her first Bitcoin purchase, as she first bought it in 2013. She also disclosed buying Bitcoin worth between $100k-$250k in April this year.

Dollar Longs at 2-Year High

While crypto is euphoric, S&P 500 is merely up 2.14% this month and 17.14% YTD compared to Bitcoin’s 90% uptrend in 2021 so far. Gold is also green this month by 1.60% but still down by 7.27% year to date.

When it comes to the US dollar index, it is up 0.56% and 2.74% in this month and year, respectively.

US dollar net longs meanwhile have surged to their highest level in over two years. In the week ended Oct. 5, the value of the net long dollar position jumped to $22.89 billion, versus $16.37 billion in the previous week.

Traders are net-long on US dollar for 12 straight weeks after being short for 16 months, thanks to the Federal Reserve suggesting a possible tapering of its asset purchases starting November this year.

However, before the weekend, the dollar pushed back after data showed US non-farm payrolls increased by just 194,000 jobs last month, compared to the expected 500,000 new jobs.

“U.S. inflation data released next Wednesday may add to evidence that inflationary pressures are proving less ‘transitory’ than generally anticipated,” wrote Jonathan Petersen, markets economist at Capital Economics.

“Our view remains that this will push U.S. yields and the dollar a bit higher in the coming months.”

Bitcoin net shorts meanwhile increased to 1,518 contracts — largest since late July — from 883 the previous week.

Developing Countries Leading In Adoption

El Salvador, which continues to see growing bitcoin adoption, is now planning to invest some of the $4 million gains obtained from its Bitcoin operations to build a veterinary hospital, President Nayib Bukele said this week.

The Bitcoin Trust, which was authorized by Congress in August to facilitate BTC and USD transfers, now has a “surplus” of $4 million to its original balance of $150 million, said Bukele.

“So we decided to invest a part of that money in this: a veterinary hospital for our furry friends,” Bukele wrote on Twitter. The veterinary hospital would provide basic and emergency care services along with rehabilitation, he added.

Earlier last week, El Salvador became the world’s first nation to adopt Bitcoin as legal tender. According to BitMEX CEO Alex Hoeptner, Salvador is just the first one as he predicts at least five countries accepting the cryptocurrency as legal tender by the end of next year and all of them will be developing countries.

“Faced with an inherently unequal financial system, those who have the most to lose by continuing the status quo are acting in their self-interest to explore alternative options like Bitcoin.”

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Author: AnTy

Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted

Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted

Mad Max Amplifier On Sale For Cryptocurrencies To “Outrun The End Of Civilisation”

The repurposed military truck from Mad Max: Fury Road is now up for an auction.

Titled “High Octane Offers – Expressions of Madness Invited,” the Doof Wagon includes a 4-piece Taiko drum section and a wall of amplifiers strapped on to it. The vehicle is a MAN KAT1, usually implemented by military forces to carry missile systems.

“Blown, super-turbo charged and armed to the teeth with weaponry and War Boys, the machines that outran the end of civilisation have been unearthed in the greatest barn-find ever recorded,” reads its description.

The Doof Wagon, along with other vehicles from the movie, is going up for auction on 26 September 2021 under Lloyd’s Auctioneers And Valuers.

According to the conditions of sale, this “truly once-in-a-lifetime opportunity” to own the entire set of “survivors of the apocalypse that was the filming of FURY ROAD” explicitly mentions that it is accepting cryptocurrencies as payment.

“Payment can be accepted in any currency, including cryptocurrencies as we outrun the end of civilisation.”

Just last week, AMC Entertainment Holdings CEO Adam Aron had said that by the year-end, the theater chain would accept Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) for ticket purchases.

This week, Aron also ran a poll asking if they should also add the meme coin Dogecoin (DOGE) to the list of cryptos accepted by them. With more than 77% votes in favor, people want AMC to accept DOGE as payment too.

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Author: AnTy

Southeast Asia’s Largest Bank Sees Increasing Crypto Demand from Corporate Investors & Family Funds

Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds

DBS Group’s DBS Digital Exchange is “growing very rapidly” and is expected to double the number of clients on the members-only bourse as investors gradually explore cryptocurrencies and digital assets.

Singapore’s DBS Group is seeing robust demand from accredited individuals, corporate investors, and investment firms that manage the fortunes of wealthy families for its DBS Digital Exchange.

DBS Digital Exchange, set up in December as a members-only bourse, expects to double the number of members on its new platform for crypto trading to 1,000 by the end of December, reported Reuters. It is further expected to grow by 20-30% annually for the next three years as digital tokens gain acceptability.

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets,” said Eng-Kwok Seat Moey, head of capital markets at Southeast Asia’s largest bank by assets and the chairperson of the DBS exchange.

Eng-Kwok also said that the bank’s position as one of the biggest wealth managers in Asia and its expertise in originating deals in capital markets would help it attract more users and grow trading volume.

She added that the exchange is also hoping to list at least half a dozen security tokens by the end of next year. DBS DIgital exchange currently offers trading services between Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP against U.S., Singapore, Hong Kong dollars, and the yen.

DBS’ brokerage arm has already received in-principle approval for the new regulatory framework introduced by Singapore’s central bank that came into effect in January 2020. This license allows its crypto exchange to directly support companies and asset managers to trade in digital payment tokens through its platform.

Kwee Juan Han, DBS’ group head of strategy and planning said,

“Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”

Han expects new businesses, including the digital exchange and a carbon exchange, to bring a total revenue of S$350 million ($260 million) by 2022-end.

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Author: AnTy

VanEck Bitcoin ETF Postponed for the Last Time to Nov 14th As Futures Get the Lead Role

VanEck is one of the dozen companies awaiting an answer from the SEC on approval of physically-backed Bitcoin ETF and has also filed for a futures-backed Bitcoin ETF, which is raising Grayscale’s hackles.

The US Securities and Exchange Commission (SEC) has, yet again, extended the review process of VanEck’s physically-backed Bitcoin exchange-traded fund (ETF) for the final time.

On Wednesday, the US securities regulator posted an extension notice, saying it is designating a longer period, additional 60 days, to review the proposed rule change to list and trade shares of the VanEck Bitcoin Trust.

This puts the final deadline to get approval or disapproval on the application at November 14, 2021.

The application to list VanEck’s Bitcoin Trust was filed by Cboe BZX Exchange in March this year but continued to postpone making any decision. The commission can take up to 180 days from the filing date to announce its decision, with an additional 60 days permitted if it is deemed “appropriate.”

This time, the notice stated that the Commission finds it appropriate to allocate a longer period to issue its order on the application,

“so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith.”

VanEck is one of 13 companies awaiting an answer from the SEC on approval with other players, including Ark Invest, Valkyrie Investments, One River Asset Management, and SkyBridge Capital.

Coming Soon?

SEC Chair Gary Gensler recently said that the agency is more open to a futures-backed BItcoin ETF as it offers an additional level of security due to being governed by the CME. Also, futures requires investors to put down cash on margin to trade as collateral and, in the case of CME, a minimum of 35% of the amount. Gensler said earlier last month,

“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Since Gensler’s comments, at least seven firms, including VanEck and Invesco, have applied to launch Bitcoin futures products.

Industry experts expect a Bitcoin futures ETF to receive SEC approval by October or November.

Grayscale Gives A Warning

This is now raising the largest digital asset manager Grayscale’s hackles. As we reported, CEO Michael Sonnenshein in an interview with CNBC this week, said,

“It would be shortsighted of the SEC to allow a futures-based product into the market before a spot product.”

Grayscale, which has a closed-ended Bitcoin Trust, is also looking to convert its product into an ETF. According to Sonnenshein,

“If a futures-based ETF comes to market without the ability for GBTC to convert to an ETF, it has the potential to harm investors who hold tens of billions of dollars’ worth of GBTC today outright, as well as the investors who have exposure to GBTC inside mutual funds, retirement accounts, and other places.”

While SEC has yet to approve a single crypto ETF in the past 8 years when the first BItcoin ETF was filed by the Winklevoss brothers, Canada has already approved a number of Bitcoin and Ether ETFs.

Canada and North America’s first ETF tracking Bitcoin, Purpose Bitcoin ETF (BTCC), which has $747 million in assets, is now trailing its competitors 3iQ CoinShares Bitcoin ETF (BTCQ) that was launched two months later and has now amassed $1.2 billion (US$946 million) in assets.

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Author: AnTy

Cleansing or Reversal? Over-Leveraged Apes Get Punished and Funding Resets as OI Drops Over 21%

Now that the market has reset, participants are expecting to go higher from here, with funding turning negative and exchanges broken as people try to get their hands on the dip.

The flash crash on Tuesday wiped out more than $380 billion from the cryptocurrency market, with Bitcoin falling to about $42,000 and Ether going under $3k. After bouncing back to $47k and $3.5k, BTC and ETH are now hovering around $46k and $3,400.

According to Delphi Digital, “a negative feedback loop of liquidations seems to be the primary cause, as the market punished over-leveraged apes.”

On Sept. 7, $3.5 billion were liquidated. But with the price not yet stabilized, in the last 24 hours, 353,908 traders have been liquidated for $3.46 billion — the most since May 19.

Bybit accounted for 35.7% of these liquidations at $1.33 billion, followed by Huobi at 23%, $860 million. Binance’s share was 21.3%; however, given that they don’t report the correct numbers, liquidations on the leading cryptocurrency exchange are more than likely much higher than the Bybt recorded $792 million.

The majority of the exchanges had 85% to 99% of these liquidations coming from longs, while only Deribit and FTX had a good 48.32% and 30.37% coming from shorts.

With so much leverage wiped out of the market, open interest on the exchanges also took a hit.

Bitcoin futures contracts saw a loss of $4.18 billion in OI, going back to the early August level. As for Ether, the OI has fallen to $8.37 from the all-time high of $11.62 on Monday.

On CME, OI on Ether is at $709.5 million, a level that was seen on Sept. 1st and still much higher than the May high of $607.88 but down from $860.75 million ATH. As for Bitcoin futures, OI is $1.51 bln, down from $1.88 bln on August 29th and $3.26 bln peak from Feb 26.

As Delphi Digital noted, “High open interest can be seen as traders starting to open more futures positions, most often with some amount of leverage.”

As a result, the long-term funding trend has reset to 0.05%, much lower than the prior peaks of 0.20%. Low funding implies a balanced demand, not skewed towards longs or shorts.

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Before the crypto carnage happened on Tuesday, futures traders were eyeing further upside as seen in rising basis premiums which suggested a growing bullish sentiment among the leveraged traders.

When the $50k breakout occurred, the futures’ basis finally moved upwards last week after more than a month of no developments in the futures market. In the offshore futures market, the basis saw a sharp rise — on FTX, it went to 14% after trailing around 8-10% throughout August, while on CME, it grew far less rapidly.

But now, the liquidation has provided the market with “a meaningful leverage reset.”

Now that the market has reset, participants are expecting to go higher from here, with trader Light saying,

“32% haircut to total derivatives open interest, funding structure reset after an orgy of a long weekend. Buying versus forced sellers is almost always a good strategy. If had to guess, dip feels more like a cleansing than a reversal.”

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Author: AnTy

Canada’s Security Regulator Prohibits Regulated Crypto Exchanges from Trading in Tether (USDT)

Canada’s Security Regulator Prohibits Regulated Crypto Exchanges from Trading in Tether (USDT)

The Ontario Securities Commission (OSC) has put the dominant stablecoin Tether (USDT) in its prohibited crypto assets list while allowing cryptocurrency exchanges to trade in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

This was disclosed in the regulatory documents regarding the exemptive relief applications in multiple jurisdictions for crypto exchange Coinberry Limited – “the first pure-play crypto trading platform in Canada to be fully registered” and Wealthsimple.

These two Toronto-based cryptocurrency exchanges are the only crypto asset dealers to receive regulatory approval by the OSC to operate their platforms in all Canadian provinces and territories for two years. Evan Thomas, Head of Legal at Wealthsimple Crypto, told a local publication in a statement,

“Canadians are still waiting to see the impact of regulatory standards being consistently applied across the industry. We hope regulators will ensure other platforms bring themselves into compliance with Canadian securities laws very soon.”

Both the companies’ documents put Tether in the “Appendix C – Prohibited Crypto Assets” section. It further noted that the application filer,

“Will not trade Crypto Contracts based on crypto assets, digital or virtual currencies, and digital or virtual tokens listed in Appendix C to this Decision.”

While not allowing trading in USDT, the documents do not specify the reason behind the decision. But it does put the disclaimer that OSC’s “decision should not be viewed as precedent for other filers.”

Tether, which has a market cap of $65.7 billion, settled its lawsuit with the New York Attorney General earlier this year for $18.5 million and is required to release quarterly transparency reports. As per the settlement, the stablecoin operator is also barred from doing business in New York.

In its latest transparency report, Tether said USDT is fully backed with 75.85% of it backed by Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper.

Late last month also came the report that the US DOJ is probing the largest stablecoin and its executives for bank fraud. Tether, however, said that it “routinely has an open dialogue with law enforcement agencies…as part of our commitment to cooperation, transparency, and accountability.”

But it looks like Canada’s securities regulator is not yet comfortable with Tether’s situation and may even perceive it as high-risk.

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Author: AnTy

Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail”

Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail”

Trading platform eToro reported its second-quarter results this week that revealed commission from crypto trading to be $264.2 million, an increase of 23x compared with $11.2 million in the Q2 of the previous year.

Crypto represented 73% of total trading commissions in Q2 compared to a mere 7% in Q2 of 2020.

When it comes to particular crypto assets, XRP is the one bringing in the most commission for eToro out of all the crypto assets along with ETH and ADA, “reflecting strong interest from retail investors in crypto markets.”

Bitcoin, which accounted for the most trading volume, only contributed 7% to total crypto commissions, even less than DOGE, which was added to the platform only in May.

Last quarter, eToro added ten new crypto assets, including Shiba Inu, and launched ETH 2.0 staking offering.

“The rise in self-directed investing and eToro’s growth are underpinned by long-term secular trends in investor behavior,” said Yoni Assia, CEO, and co-founder of eToro, in a statement.

Overall, the company reported $362 million in total trading commissions, up from about $161 million in the same period last year, and a net trading income of $290 million.

Additionally, eToro processed 127 million trades in Q2 of this year, up from 74 million from the previous year.

In Q2 of 2021, the company still posted a net loss of $89 million due to a non-cash charge of $71 million in stock-based compensation for its employees. Also, eToro incurred a $36 million transaction cost for its future merger with a special purpose acquisition company (SPAC), FinTech Acquisition Corp. V.

Back in May, the firm announced its plans to go public via a SPAC that gave it a valuation of $10.4 billion and a commitment for a $650 million private placement from investors including Fidelity Management & Research Company, Third Point LLC, SoftBank Vision Fund 2, Wellington Management, and ION Investment Group.

eToro added 2.6 million new clients in the second quarter, bringing its total users to 23.2 million at the end of June. The company saw an increase of 121% from the same period last year but added 500,000 fewer users than it did in the first quarter of 2021.

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Author: AnTy