Published on March 4th, 2021 | by Bibhuranjan0
What Does YF Integration of Bitcoin Core, Ethereum, and Litecoin Means For Investors?
Late 2020 and early 2021 will definitely go down in history as the beginning of a stunning new bullish trend in the cryptocurrency market. The BTC rate has exceeded $50,000, which is currently an all-time high. We will analyze how large companies such as Yahoo, Tesla, PayPal, etc. are influencing its rate.
Earlier, speculative small investors used to be behind the sharp change in the Bitcoin exchange rate. Crypto fans assume that things might go by the new scenario this time. Now the adoption of digital coins is on the rise, attracting more and more attention from the world’s largest financial institutions such as Fidelity Investments and J.P. Morgan. Fidelity’s survey of 800 large institutional investors in the US and Europe found out that more than a quarter of them own bitcoins.
Fidelity manages $3.3 trillion in assets. The company announced that it is launching its own bitcoin fund in August 2020. Another sign of acceptance of the controversial digital currency is the innovations of the PayPal payment company. In October, it allowed customers to buy and sell bitcoins and other cryptocurrencies using accounts on its system. The bitcoin rate has risen by almost 70% since then.
The bitcoin rush has led to dizzying forecasts. They claim the value of one digital coin could be between $50,000 and $300,000 by the end of next year.
Let’s go back to 2018. At that time, the information resource Yahoo Finance implemented the buy and sell function of Bitcoin, Ethereum, and Litecoin on its platform. Some cryptocurrency quotes appeared on Yahoo Finance in early December 2017. After that, the crypto exchange Coinbase announced its cooperation with the platform. As part of the integration, crypto holders were able to control their balance through the Yahoo Finance mobile service for iOS and Android. However, the application did not provide an opportunity to trade digital assets before.
Cryptocurrency market experts disagree regarding token trading on Yahoo Finance. The founder of Morgan Creek Digital Anthony Pompliano considers the launch of token trading as another step towards the adoption of cryptocurrency.
Other market participants are skeptical about this news. Thus, analyst Matt Odell claims that the service is only the user side of the interface. This means it cannot function without a brokerage account. That is, users will not be able to perform litecoin to bitcoin exchange on Yahoo Finance without an account on the Coinbase or Robinhood platforms. In this regard, Odell raises the question of whether it makes sense to use a third-party interface if you can trade on the original platform.
However, the additional popularization of BTC, Ethereum, and Litecoin by such a giant as Yahoo had a positive impact on the popularization of cryptocurrencies as a whole.
Optimistic forecasts were tested on November 26. Bitcoin was already close to a new record, but in a day its rate fell by almost $3,000. Investors explained the decline to rumors of new rules for the cryptocurrency.
Earlier in March, bitcoin fell by 40% in a day due to the coronavirus pandemic. And now, after Elon Musk’s post, BTC rose by more than 20% per day.
Bitcoins are often compared to gold — a classic safe-haven asset that allows securing your savings in crisis. Unlike digital money, the precious metal, which surpassed $2,000 an ounce in August due to pandemic fears, is now falling in value.
Many experts see the decline in the value of gold as a sign of the demand for safe-haven assets declining. After all, vaccines for the coronavirus are already invented, which means that the pandemic could end in the foreseeable future. In this situation, the record growth of bitcoin means that the cryptocurrency is used not only as a protection against inflation but is also largely perceived as an investment asset.
Photo by Aleksi Räisä on Unsplash