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Bitcoin in Upward Trajectory as eToroX Ranks 2 Stablecoins to Precious Metals

Published on: 05/17/19 9:06 AM

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Category: Newsletter

The third week of May 2019 depicts an FX market that is steadily embracing cryptocurrencies, and now pegging them to precious commodities. Forex Broker comparison service FXBrokerFeed provides you a sneak preview of some updated news, and trends in the FX broker market, featuring eToroX budding crypto-platform, and a resurgent Bitcoin

eToroX Adds, and Ranks 2 Stablecoins to Precious Metals

Launched a month ago by retail trading platform eToro as a crypto division, eToroX has added 4 more stablecoins to its trading platform, and 2 of them secured to gold and silver. eToroX has also obtained a crypto asset exchange license from crypto-liberal Gibraltar, which enables the platform to offer a record 10 fiat-pegged digital currencies. It is clear that tokenizing assets is gaining momentum with emergence of commodity-backed stablecoins. Additionally, eToroX has added 17 more trading pairs to its already existing 43 trading pairs that are stablecoin-to-stablecoin pairs. With such trailblazing innovativeness by eToroX, clients are now empowered to trade, hedge, and close exposure whenever they want, trading on the dynamic platform.

Bitcoin in Upward Trajectory

Bitcoin is has continued to rally during the week under review, shrugging off potential volatility instigated mainly by surging oil prices and US/China trade wars. Some FX market watchers speculate that decline of the Yuan by 2% versus the dollar in the past two weeks could be forcing Chinese investors to exchange huge amounts of the Yuan for stable coins, including Bitcoin. The deliberate Yuan devaluation, arguably to keep Chinese goods price-competitive for U.S. buyers to circumvent Trump’s tariffs, may seem to have impacted the surging Bitcoin. The bullish crypto has risen by over 40% in the past two weeks to peak at $8300, and is still on an upward trajectory. Today’s traders need a dependable way to navigate through the ever-changing world of Forex trading. FXBrokerFeed brings to you relevant information about FX Brokers and currency pairs 24/7, and is an essential tool that will help improve your trading performance. Start your 30-day free trial today! Start your 30-day free trial today!