Bitcoin (BTC) ended a run record run last week, closing out above $65,000 (£48,381) for the first time ever. The cryptocurrency stalwart endured rejection Friday 12 November by the US Securities and Exchange Commission of an application to list a spot price bitcoin-indexed exchange-traded fund.
The highly-anticipated Taproot upgrade went live on Sunday with no unpleasant surprises. Cyrpotcurrencies started off the new week strong.
The fourteenth largest cryptocurrency by market capitalisation litecoin (LTC) continues its rally, trading up 27.94% week-on-week, and is attacking spot 13. Its market capitalisation is now $18.6bn, while total market value of the 13th biggest coin, avalanche (AVAX), is $21.4bn. But litecoin is, unlike, avalanche, on an upward trajectory, and had $3.4bn trading volume over the last 24 hours – compared to avalanche’s $1.2bn.
Other crypto news:
- The Monetary Authority of Singapore ruled that disclosure requirements that apply to regulated firms also apply to influencers who offer financial advice on social media – or finfluencers. Failure to comply would mean these finfluencers can end up on investor alert list
Deputy Governor of the Bank of England for Financial Stability, Sir Jon Cunliffe, speaking on BBC’s Radio 4
“The point at which they [cryptoassets] pose a risk is getting closer. I think regulators and legislators need to think hard about that.”
Round-up of coins by market capitalisation
As of 14:15 GMT:
- Bitcoin (BTC) added 1.22% to $63,097.36
- Ether (ETH) climbed 2.06% to $4,695.93
- Binance coin (BNB) was down 2.34%, and trading at $642.06
Winners and losers
- Dogecoin (DOGE) lost 7.64% week-on-week
- Polkadot (DOT), was down 11.11% over the past seven days of trading
Ready to get started?
The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.