The Daily Breakdown takes a closer look at Storj and Bancor before diving into the charts of Ondo. Bitcoin climbs to a one-month high.
Before we dive in, let’s make sure you’re set to receive The Daily Breakdown each morning. To keep getting our daily insights, all you need to do is log in to your eToro account.
Crypto Corner
We’re continuing our talk about the ins and outs of the crypto market, helping investors become more familiar with the 110+ cryptoassets offered by eToro. Today we’ll discuss Storj and Bancor.
Storj (STORJ): Trading near $0.075 with a market cap of ~$32 million
Storj is a decentralized cloud storage network launched in 2017 that encrypts, splits, and distributes data across thousands of independent nodes worldwide. The STORJ token is used to pay node operators for storage and bandwidth, linking compensation to services provided. Storj Labs develops the core software, but network capacity comes from independent participants. STORJ does not provide equity, dividends, or profit-sharing; its utility is tied to paying for and providing storage.
Bancor (BNT): Trading near $0.28 with a market cap of ~$30 million
Bancor is an Ethereum-based decentralized liquidity protocol and one of crypto’s earliest automated market makers (AMMs), which use smart contracts to price and trade tokens without a traditional order book. BNT supports trade routing, liquidity provision, staking, and DAO governance. The protocol focuses on capital efficiency and supporting less-liquid assets. BNT does not provide equity, dividends, or profit-sharing; rewards are tied to active network participation.
Check out these crypto offerings — and many more — on eToro’s Discover page and consider adding them to your watchlist. STORJ and BNT are not currently available for NY users. Learn more.
Want to receive these insights straight to your inbox?
Sign up here
The Setup — Ondo
Ondo is off to a strong start on Tuesday, trading 12% higher and reaching the 40-cent mark for the first time since early June. After consolidating between 24 and 28 cents from February through April, Ondo surged toward 50 cents in May before drifting sideways to lower as it digested those gains.
Now breaking above downtrend resistance and trading above its 50-day and 200-day moving averages, bulls are hoping the momentum can carry Ondo back toward its recent highs.
What Wall Street Is Watching
BTC
Bitcoin prices continue to trend higher, with BTC closing above $65,000 on Monday for the first time since mid-June and reaching a one-month high as the rally continues this morning. Bitcoin is now aiming for its fourth straight weekly gain after falling 20.5% in June. Check out the charts for BTC.
TSLA
Tesla is the worst-performing Magnificent 7 stock so far this year, down more than 17%. The company reports earnings after the close on Wednesday alongside Alphabet, which is up 12.5% year to date. Both stocks have struggled over the past month, and investors are hoping earnings can help set a more bullish tone. Dig into the fundamentals for TSLA.
SMH
Chip stocks continue to set the tone in tech — for better or worse. After a three-day, 7.3% pullback, the SMH ETF eked out a 0.4% gain on Monday and is up 3.5% in Tuesday’s premarket trading. Micron, Advanced Micro Devices, Western Digital, and others are helping drive the rebound. Check out the analysis on SMH.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
