Crypto Market Analysis: August 24, 20,21

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Bitcoin has crossed $50,000 for the first-time since May this year. This is because PayPal announced the purchase and sale of crypto in the UK.

PayPal delayed the launch of buying and trading crypto in the UK for some while, but today announced plans that UK-based users will be able to buy and trade crypto tokens starting this week. The company will allow users to store a selection of four cryptoassets: bitcoin, ethereum and litecoin. However, it is not known if they will allow them to make payments in these cryptos.

BTC has seen a rapid recovery since late July. This is a rollercoaster ride for the cryptoasset.

BTC traded in the mid-range of $ 46,000 last week before falling to $ 44,000 on Wednesday. Since then, the price has risen again, from $ 44.177 to $ 50.147 at the time this article was written.

Ethereum went through a turbulent week. It dropped from $ 3,300 to $ 3,000 in the middle of the week. It has since recovered and is currently trading at $ 3,325 – its highest point since May 2012.

Facebook to launch crypto wallet

Facebook’s highly prized crypto development is expected to kick off with the launch of its “Novi” digital wallet.

Although the social media platform has been promoting its switch to cryptocurrency for some time, it has gone through various names and permutations.

His stable piece, now called “Diem”, is still in development. David Marcus, the chief financial officer of the company, stated that the company was ready to launch the digital wallet “Novi” with the company.

Facebook initially launched its crypto project under the name “Libra”. It was touted as a stable coin project that would allow people around the globe to send money without any third-party supervision.

However, the project faced setbacks in privacy, regulatory and design matters. Initial plans were for the token to be backed with a fiat currency wallet. However, this has since been canceled and now only includes the US dollar.

Wells Fargo launches private bitcoin fund

Wells Fargo, the US banking giant, has registered its own Bitcoin fund with regulators.

Through CoinDeskThe company’s new fund, a passive tracker for bitcoin, is only available to clients with high net worth. This revelation follows the announcement that JPMorgan filed a bitcoin fund with SEC on Thursday.

The main institutional players have made clear progress in crypto. JPMorgan and Wells Fargo teams up with Goldman Sachs & BNY Mellon to expand crypto missions for clients.

These moves reflect a growing demand to buy crypto from a different type of customer than the more tech-savvy online exchanges. In July 2020, crypto assets were not allowed to be held by banks in the United States. Since July 2020, large institutions have seen an increase in crypto operations.

After pairing TikTok, AUDIO tokens increase

After the announcement of a merger between social media platform TikTok and decentralized music streaming protocol Audius, its governance token saw its value rise in value.

TikTok chose Audilus to be the technology behind its “Sounds” library. This library is intended to simplify music selection.

Since then, the value of the Audilus AUDIO platform governance token increased from $ 1.60 to $ 3.50 before the announcement. The token’s value has risen this year, but it is expected to reach $ 4.32 in 2021.

To secure the Audilus platform, the user stakes the AUDIO token. Holders get a share in network fees, governance rights and access to artist tokens.

This communication is for marketing purposes only and should not be considered investment advice, personal recommendation, or an offer or solicitation for financial instruments to be bought or sold. This document was prepared without considering any particular investment objectives, financial situation, and it has not been prepared in accordance to legal and regulatory requirements intended for independent research. Any reference to the past performance or package investment product of a financial instrument, index, or packaged product should not be regarded as a reliable indicator for future results.

This report contains information only and is not intended to be used as financial advice. eToro makes no representations regarding the accuracy or completeness, and does not assume responsibility for it. This publication was prepared from publicly available information.

Cryptoassets, which are volatile instruments, can fluctuate a lot in a very short time. They are not suitable to all investors. Trading in crypto assets is not regulated and therefore is not subject to any EU regulatory framework. Your capital is in danger.

Image by Gerd Altmann from Pixabay


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