Crypto News RoundUp: Cardano and Stellar are Hitting the Stock Market, and the Doge Frenzy Strikes Again, But Not How You Think
It’s been another great week for cryptocurrency as the values of the top coins continue to rise and Ethereum once again steals the show. But the Netcoins crypto news roundup is not always about the overall price action of the market as you know.
This week’s news has investors excited as Cardano and Stellar are about to become the next cryptocurrencies to merge with the traditional financial world. Both are soon going to be available for trading on a German stock exchange. That’s another big step for the cryptocurrency industry overall as institutional investors continue to recognize the value of going deeper down the rabbit hole.
In other news, we talk about everyone’s favourite meme coin again, Dogecoin. But this time, there is a competitor that is actually leaving many bag holders behind.
All of that and more in this week’s edition of the crypto news roundup.
Cardano and Stellar Coming to German Stock Exchange
Börse Stuttgart is the second largest stock exchange in Germany and the ninth largest stock exchange in all of Europe. It is also now going to be home to exchange traded notes that allow investors to pour capital into Cardano and Stellar.
The two exchange traded notes will track the price of both cryptocurrencies relative to the value of the Euro. There are now a total of 22 different exchange traded notes connected to cryptocurrency available to investors in Germany.
Four of the exchange traded notes that are connected to cryptos are in the top 30 of Börse Stuttgart’s offerings in terms of order book turnover. That means these kinds of notes are in demand.
The news is not only good for broader cryptocurrency adoption. It’s also good for traders who want to trade for extended periods of time throughout the day. Exchange traded notes on Börse Stuttgart trade from 8 AM to 10 PM, meaning traders who are inclined to take advantage of volatility throughout the day have a greater opportunity to do so.
Couple this news with the fact that a large American institutional investor like Greyscale Investments is planning to provide institutional access to projects like Chainlink and Tezos, and it looks like profiting from institutional interest won’t just be limited to holders of Bitcoin and Ethereum.
Investors Lose More Than $56 Million on Dogecoin Rival Futures Investment
Shiba Inu is a meme coin that launched as a Dogecoin competitor last year. It took off on social media thanks to TikTok. The viral insanity was created thanks in large part to the fact that founders of the project sent $8 billion worth of SHIB tokens to Ethereum founder Vitalik Buterin’s wallet.
So where did the $56 million loss come in?
SHIB has gone up in value more Than 36,000% in the past month, 2248% in the past two weeks and over 1720% in the last several days.
As they say, what goes up must come down, and in the crypto world that whole process happens really quickly.
Liquidation data from a tool called Bybt shows that millions upon millions of dollars worth of trades were liquidated on exchanges when traders were overextended. It all happened quickly and in total cost investors tens of millions of dollars as noted above.
Goldman Sachs Director Quits His Job Thanks to Dogecoin
For every yin, there is a yang. Bag holders are bound to lose money on Dogecoin, but of course, most of the stories you’ll hear about Dogecoin investments are going to be about the people who became multimillionaires because of it.
Dogecoin is up more than 10,000% just this calendar year. As it turns out, the head of emerging-market sales for Goldman Sachs, Aziz McMahon, has resigned from the company noting that he has made himself a handsome profit from the viral investing sensation.
There’s no word on exactly how much money he’s banking as a result, but McMahon is starting his own hedge fund with the proceeds.
Use Netcoins As Your Canadian Crypto Exchange
Remember that it’s free to register for an account at Netcoins and you can get access to Bitcoin and Ethereum. Ethereum is up 30% just this week and it’s clear that the current bull run still hasn’t ended yet.
You’re now up-to-date on the top stories for this week in crypto.
Writer, content marketing at Netcoins.