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Crypto-Friendly Retail Trading Platform eToro Files for IPO on US Stock Market: Report

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Israel-based retail trading firm eToro is reportedly spurning the London Stock Exchange in hopes of chasing a US initial public offering (IPO).

According to a new report by The Financial Times, people familiar with the matter say that the crypto-friendly trading platform has made confidential filings with the U.S. Securities and Exchange Commission (SEC) even though its largest market is the United Kingdom.

Confidential filings allow firms to pursue their plans without revealing them to the public until they are ready.

The report also says that eToro is seeking a $5 billion evaluation and could be live in the New York markets as soon as Q2 of this year.

Last year, eToro chief executive and founder Yoni Assia told The Financial Times that being listed in the US instead of in the UK could give the company access to more investors.

“Very few of our global clients would trade UK shares. Something in the US market creates a pool of both deep liquidity and deep awareness for those assets that are trading in the US.”

eToro, which launched in 2007, had tried to go public in 2021 through a $10.4 billion deal with a Special Purpose Acquisition Company (SPAC) but eventually canceled the plans after the implosion of SPACs.

In 2023, eToro was valued at $3.5 billion after a funding round where the firm raised $250 million from investors such as the Tokyo-based asset management firm SoftBank and market data company Ion Group.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Trader Predicts Crypto Rallies Amid Expectations of Fed Monetary Policy Shift – But There’s a Catch

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A widely followed crypto analyst is predicting higher prices for crypto assets as he expects the Federal Reserve to end its anti-inflation monetary policies.

In a new thread, the pseudonymous crypto analyst Pentoshi tells his 861,300 followers on the social media platform X that we are close to seeing the end of quantitative tightening (QT), which are policies that reduce the Fed’s balance sheet and lowers the supply of money in circulation.

The trader cites data from the decentralized prediction platform Polymarket, which shows that 100% of users believe that the Fed will end QT by May of this year.

The cessation of QT is typically seen as bullish for risk assets like Bitcoin (BTC) and altcoins as the move signals the end of tight monetary conditions.

However, Pentoshi warns investors to be “cautiously optimistic” as both the S&P 500 and top crypto assets have seen growth over the last few years that appears unsustainable.

“I think we are getting close to [the] end of QT with Polymarket now pricing in odds as a sure thing whereas before they were much lower odds. As previously stated, it does seem Trump would end up forcing it. I don’t think QT automatically means it’s easy mode.

I think that mode is clearly gone overall in the way people think about it (2017/2021). While prices are much lower, I think it’s best to be cautiously optimistic. Many things are down significantly and there hopefully will be some decent mean reversion. Markets in general have rallied hard. And assets were likely a bit overvalued before.

SPX going 25% back to back years was going to have low growth or negative this year as it wasn’t a sustainable pace. BTC went from $16,000 to $108,000, SOL [from] $8 to $300. Cautiously optimistic. [Be] patient for any time capitulation, as often, following big trends, we eventually get longer sideways periods and less volatility as the market finds balance.”

While Pentoshi is flipping tactically bullish on stocks and crypto, he warns investors that any rally will likely be short-lived.

“I think any up currently will be a lower high. People underestimate the time aspect.”

At time of writing, Bitcoin is trading for $83,248.

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Stock Market To Witness Rallies in Next One to Two Weeks, Predicts Wall Street’s Cantor Fitzgerald – Here’s Why

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The financial services giant Cantor Fitzgerald is predicting the stock market will see rallies in the next one to two weeks.

In a new interview on CNBC Television, Eric Johnston, a macro strategist at Cantor Fitzgerald, says that he expects a short-term bounce in the stock market during the next couple of weeks even though he says the equity environment looks “fairly poor.”

“You have an economy that is clearly slowing. Uncertainty is quite high…

But within that view, we think we’re going to get a tactical rally here, probably somewhere in the range of 3% to 5% in the next couple of weeks. We think things line up very well from a technical perspective.”

Johnston uses many technical indicators, such as the Relative Strength Index (RSI) – a momentum indicator used to indicate overbought or oversold levels – to support his stance that a tactical rally is in sight.

“The RSI has gone below 32. We’ve backtested that [and it] backtests very consistent, very strong. The VIX curve (volatility index) has gone inverted. That is showing fear. That is also backtested very well. Seasonality is turning. Systematic funds have likely already sold what they needed to sell.

And hedge funds have also brought down their net exposure. So you add that to the Fed next week, which is where we think they’re going to be dovish. And we think this sets up for a nice rally over the course of the next one to two weeks into month-end.”

Recently, it was reported that the US stock market lost a staggering $5 trillion in value during the last three weeks.

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Altcoin

XRP $15 Breakout? Not A Far-Fetched Idea—Analysis

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After dropping to less than $2 last March 11th, Ripple’s XRP springs back to life and it’s currently trading between $2.30 and $2.40. And with the US Securities and Exchange Commission vs Ripple case nearing its resolution, the market can expect more price volatility for this digital asset.

Within this context, market analyst Ali Martinez boldly claims that Ripple’s native coin still have the legs to hit a two-digit figure this cycle, using an extensive symmetrical triangle formation as a solid basis. 

Martinez’s view runs opposite the bearish statements from other commentators. XRP has been on a slide lately, affected by the broader crypto fall, dipping by around 25% from its $3.40 high achieved mid-January.

XRP Gradually Builds Its Symmetrical Triangle

Like most cryptos, XRP continues to have a highly volatile market performance. The token attempted a recovery early this month but met resistance, leading to a steep decline on March 11th. Interestingly, a few commentators remain bullish on the altcoin, including Martinez, who sees the token on track to reach $15.

In his latest commentary, shared via a Twitter/X posting, Martinez highlighted the seven-year symmetrical triangle formed by this asset, which dates back to January 2018, when it dropped from its $3.80 high.

Even before Martinez shared this observation, several commentators reported the triangle’s formation, suggesting that a breakout could lead to a price run.

XRP market cap currently at $137 billion. Chart: TradingView.com

The Ascending Trendline

According to Martinez, XRP formed its lower highs in January 2018, extending the descending trendline on top. As the crypto witnessed higher lows during this time frame, it extended its ascending trendline below, creating a symmetrical triangle.

Interestingly, XRP exited the symmetrical triangle structure following the November US elections. Ripple’s native token surged by 280% for the month, marking the biggest 30-day increase for the asset in seven years.

XRP price up in the last seven days. Source: Coingecko

Along with surprising traders, this breakout inspired fresh hope among XRP enthusiasts. While some experts noted that past breakouts do not automatically ensure continuous rallies, many saw this spike as evidence of possible long-term strength.

Still, the dramatic price fluctuation sparked conversations on XRP’s future, particularly in light of further government changes and more general market movements.

Ripple’s XRP is currently trading at $2.37, which is 2% up in the last seven days. 

XRP Currently Retesting A Breakout

After two months of upside, Ripple’s XRP is on a downturn, reflecting the broader crypto market sentiment. According to Martinez, XRP’s price is currently retesting the triangle chart breakout. He also suggested that even if XRP slips below $2, it’s still on track for a breakout, as long as it stays above $1. Armed with the charts, Martinez believes that XRP hitting $15 is not a far-out idea. 

Featured image from StormGain, chart from TradingView





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