Here’s What Happened Over the Past Two Months
eToro announced expansion plans
eToro Founder and CEO Yoni Assia was the keynote speaker at the Consensus 2018 event in New York City, in which he announced the launch of both a cryptocurrency exchange and a mobile crypto wallet – both of which will also be available in the U.S. In addition, eToro will be introducing its online trading platform in the U.S. for the first time ever, with a selection of 10 cryptos, copy trading features and Crypto CopyFund investment strategies.
US-China trade war scare
President Trump announced new tariffs on steel imports, which sparked fears of an impending trade war, as the Chinese retaliated by announcing tariffs of their own on US imports. However, meetings between representatives from both nations in Beijing, coupled with an historic agreement between North and South Korea, eased tensions and concerns were subdued.
Oil soars above $70
The OPEC-led global oil production slowdown bore fruit, as oil crossed the $70 mark for the first time in three and a half years. In addition, President Trump’s decision to withdraw from the nuclear deal made with Iran and re-impose sanctions on the Persian Gulf country caused supply concerns, which in turn also served as a factor for rising prices.
Featured Popular Investor
Congratulations to Mindaugas from Lithuania, who recently reached the Elite level of the eToro Popular Investor program. Mindaugas has been consistently profitable over the past 2 years while maintaining a low Risk Score.
Upcoming Events in June
June 1st, 2018
The SEC will be deciding whether or not to approve the cryptocurrency fund, and submissions for final rebuttals will close at the beginning of June. A Bitcoin ETF could be a real game-changer in the cryptocurrency space and the SEC’s decision will most likely generate volatility in the crypto market, regardless of what the decision may be.
June 2nd, 2018
Hong Kong based block.one, creator of cryptocurrency EOS, will be launching its EOS.IO development platform. EOS.IO promises to be an innovative operating system for creating DApps (decentralised apps), smart contracts and other blockchain applications. As part of the launch, block.one will migrate existing EOS tokens, which currently exist on the Ethereum platform, to native EOS tokens on its own blockchain network. The launch could create great volatility in the crypto market.
No less than six central banks will be announcing rate decisions in June. The Reserve Bank of Australia will be first, on June 5th, potentially generating volatility for the AUD. Next in line will be the Fed, on June 13th, impacting the USD, followed by the European Central Bank (June 24th, EUR), Bank of Japan (June 15th, JPY), Swiss National Bank (June 21st, CHF) and the Reserve Bank of New Zealand (June 27th, NZD). Each rate decision could impact currencies and leading financial instruments in their respective countries.
The Organization of the Petroleum Exporting Countries will be holding its bi-annual meeting in Vienna, with representatives from 13 oil-rich countries. After oil hit price levels not seen since 2014, and following recent geopolitical turmoil, the meeting could have quite an impact on the black gold’s future.
This Month’s Featured CopyFund
Soon to be launched on eToro, this CopyFund investment strategy comprises investors with Risk Scores ranging from 2 to 7. It is rebalanced quarterly and comprises only investors with high sharpe ratio results and significant gains. SharpTraders has shown gains of nearly 50% over the past 12 months.