Crypto Market Analysis: 24th August 2021
August 24 2021 - 7:08AM
NEWSBTC
Bitcoin has broken out above $50,000 for the first time since May
this year as PayPal announces crypto buying and selling in the UK.
PayPal has trailed its launch of crypto buying and selling in the
UK for some time but has today announced its intention to allow
UK-based users to buy and sell crypto tokens from this week. Users
will be able to hold a basket of four cryptoassets – bitcoin,
ethereum, litecoin and bitcoin cash, but it is unclear as of yet
whether the firm will allow users to make payments in said cryptos.
The price of BTC has been on a rapid rebound since late July in
what has been a rollercoaster ride for the cryptoasset in 2021. BTC
began last week trading in the mid $46,000 range before trading
down to $44,000 by Thursday. It has since staged another late-week
surge, rising from a low of $44,177 to trading around $50,147 at
the time of writing. Ethereum had a similarly tumultuous week,
slumping from just below $3,300 to below the $3,000 level midweek.
It has since rallied however and is now trading around $3,325 – its
highest level since late May this year. Facebook poised to launch
crypto wallet Facebook’s much-trailed crypto development looks set
to jump start with the launch of its ‘Novi’ digital wallet. The
social media platform has touted its move into crypto for some time
now but the project has gone through various permutations, and
names. Its stable coin, now named ‘Diem’ is still in the works. But
the company’s chief of financial services David Marcus said the
firm was poised to launch the accompanying digital wallet, dubbed
‘Novi’. Facebook initially launched its crypto project under the
name of ‘Libra’. From the getgo, it was touted as a stable coin
project that would allow people to send money around the world
without the need for third-party oversight. The project has been
plagued by setbacks though, with privacy, regulatory and design
issues. Initially, the token was set to be backed by a portfolio of
fiat currencies, but this has since been rolled back to solely
include the US Dollar. Wells Fargo launches private bitcoin fund US
banking giant Wells Fargo has registered its own bitcoin fund with
regulators. Per CoinDesk, the firm’s new fund is a passive bitcoin
tracker, only available to high-net-worth clients. The revelation
comes in the wake of the news that JPMorgan also filed with the SEC
for a bitcoin fund on Thursday. Major institutional players are now
making clear steps into crypto. JPMorgan and Wells Fargo join
Goldman Sachs and BNY Mellon in expanding their crypto remits for
clients. The moves reflect a developing demand for crypto from a
different kind of demographic to that of more tech-savvy online
exchanges. Banks in the US were only given permission to hold
cryptoassets in July 2020. The expansion since then of crypto
operations among the big institutions seems to have begun to gather
pace. AUDIO token surges after TikTok tie-up Decentralised music
streaming protocol Audius has seen its governance token surge in
value after a tie-up with social media platform TikTok was
announced. TikTok opted for Audilus for the technology behind its
new ‘Sounds’ library, intended to simplify the app’s music
selection. The Audilus platform’s governance token AUDIO has since
surged in value, trading around $1.60 pre-announcement but reaching
over $3.50. The token has however been more highly valued this
year, seeing a 2021 high of $4.32. The AUDIO token is user-staked
to secure the Audilus platform. Holders receive a share of network
fees, governance rights and access to artists’ tokens. This is a
marketing communication and should not be taken as investment
advice, personal recommendation, or an offer of, or solicitation to
buy or sell, any financial instruments. This material has been
prepared without having regard to any particular investment
objectives or financial situation, and has not been prepared in
accordance with the legal and regulatory requirements to promote
independent research. Any references to past performance of a
financial instrument, index or a packaged investment product are
not, and should not be taken as a reliable indicator of future
results. All contents within this report are for informational
purposes only and does not constitute financial advice. eToro makes
no representation and assumes no liability as to the accuracy or
completeness of the content of this publication, which has been
prepared utilizing publicly available information. Cryptoassets are
volatile instruments that can fluctuate widely in a very short
timeframe and therefore are not appropriate for all investors.
Other than via CFDs, trading cryptoassets is unregulated and
therefore is not supervised by any EU regulatory framework. Your
capital is at risk. Image by Gerd
Altmann from Pixabay
Bitcoin Cash (COIN:BCHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bitcoin Cash (COIN:BCHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024