One of the biggest business media and trading platforms, Yahoo Finance has introduced trading with three of the biggest cryptocurrencies by market capitalization and three of the oldest projects: Bitcoin, Ethereum and Litecoin. This will open new opportunities for casual investors to buy Bitcoin, Ethereum and Litecoin directly from their Yahoo Finance account. This was made official recently, a while after it was announced that Yahoo Japan will open a cryptocurrency exchange by 2019.
Yahoo Finance is adapting to the new trading climate
Yahoo Finance offers statistical data for most commodities, stocks and more trading options. Before the change, Yahoo Finance offered statistics for cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, EOS and more. But it looks like that Yahoo Finance wants to adapt before the competition, looking where the trading climate is going. Currently, the majority of cryptocurrencies can’t be bought directly from Yahoo Finance, but I guess everything is going to change with the introduction of buying options for Ethereum, Bitcoin and Litecoin. Yahoo Finance will see that there are a lot of money in doing so and in time more buying and trading options will be available to the casual trader.
Currently, Bitcoin is trading around 7000$ and is staying strong. Bitcoin was one of the strongest cryptocurrencies during the downtrend from the previous months. Bitcoin below 6500$ is unlikely, because it’s not profitable for miners and even if it falls below it will be for a short time. Ethereum has suffered a lot, trading for 280$ and staying at oversold territory for a while now. For traders, buying Ether for less than 300$ is a great investment, guaranteeing themselves at least 2x-3x in fiat currency. Litecoin is staying somewhat strong, but at the same time as a sleeper, trading for 60$ per LTC. The reality is that Litecoin has fallen by more than 55% for the last 3 months in fiat currency from 126$ to 60$. Also Litecoin’s Bitcoin price has fallen with around 50% as well, which means that buying Litecoin with fiat or Bitcoin will be almost equally profitable.
Many are considering this a step towards greater adoption, because Yahoo Finance will spread cryptocurrency awareness to their big user base. The founder of Morgan Creek Digital, Anthony Pompliano posted an interesting tweet, being sarcastic that the “Virus” is spreading:
You can now buy Bitcoin, Ethereum, and Litecoin on Yahoo Finance.
THE VIRUS IS SPREADING ?
— Pomp ? (@APompliano) August 29, 2018
We at Coinstaker will definitely keep our eyes on the situation with Yahoo Finance, because the potential for a bigger cryptocurrency community is real. Yahoo Finance can spread cryptocurrency availability and distribute cryptocurrencies to more and more investors, which is what the cryptocurrency economy needs on the way to stability.
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