14th April 2023 - Retail adoption.

tl;dr

The recent growth in retail adoption of cryptos is about to be turbo-charged by Twitter.

Market Snap

Market Wrap

ETH continues its upward trend as on-exchange volume drops and staking volumes increase following the successful implementation of Shanghai, but regular readers already knew that was going to happen. Lark Davis noted on Twitter (https://twitter.com/TheCryptoLark/status/1646299333715959808) that:

“Ethereum on exchanges 18.05 million

Ethereum staking 18.15 million

Currently, 16% of ETH is staked, a low number compared to others like SOL or ADA. If ETH staking doubles to 32% it will require the purchase of EVERY SINGLE ETH on exchanges.

B U L L I S H ! ! !”

Which makes me wonder why 68% of ETH is sitting in cold storage simply biding its time. If that cohort includes you, spark up your Ledger Nano and Ledger Live and get staking. Do it today. If you are unsure of the process, the CCC research team is here ready to help guide you through each step.

Curious Cryptos’ Commentary – Shrimps

Shrimps (those who hold less than 1 BTC) have been furiously adding in the last month. These are likely retail buyers, and likely relatively new to the crypto world, perhaps indicating that the pace of crypto adoption is picking up.

Curious Cryptos’ Commentary – Elon Musk

Fresh from his skewering of a BBC presenter who was armed with little more than preconceptions and certainly no facts, Elon Musk has announced a partnership between Twitter and eToro. This partnership will allow Twitter users to invest in both stocks and cryptos directly from the app. Execution and custody will be provided by eToro paving the way for Twitter’s 458 million active monthly users to join the crypto revolution as from next week.

eToro is licensed and regulated to provide crypto services and other investment opportunities in the US, Europe, UK, and Australia. It also offers leveraged trading via CFDs (contracts for differences) but you already know you should never use such products, especially not with cryptos. Indeed, the website itself says “77% of retail investor accounts lose money when trading CFDs with this provider” and there is a very good reason for that – your information flow is minimal compared to some of the others.

Providing easy execution and, crucially, a simple custodial solution can only encourage greater retail adoption.