top of page

Cardano Rockets

GB Market Commentary 13/08/2021

by William Morris


Overnight Bitcoin came close to pushing over $47,000, a key resistance level. Bitcoin fell to this price a few weeks after reaching an all-time high in April this year, if this level is broken this could be a sign for a significant price pump. Bitcoin is now trading at around $45,500. Some are predicting Bitcoin’s 50-day moving average crossing above the 200-day moving average in the next 3 days, which would be a very Bullish sign for Bitcoin. While the crypto market is showing strength, gold and silver have seen continued depression in price, entering 4- and 8-month lows respectively.


Bitcoin / U.S. Dollar - 13th Aug


Following recent market momentum, assets under management of all institutional crypto products have surpassed $50bn, the highest level since May this year. Despite there being net outflows for five consecutive weeks. Ethereum has been on a charge since July 20th, this has been accelerated by the London hard fork implementation earlier this week. 21,000 ETH have been burnt so far, according to Ultrasound.money. Kevin O’Leary said “If Bitcoin is sound money because of the 21 million supply ceiling, Ethereum is ultrasound money.” Ethereum now represents 26% of all digital investment products compared with just 11% at the beginning of the year, a huge move in a market nearing $2trn.


Ripple is looking to bring NFTs to the XRP ledger as it seeks to gain market share in the rapidly expanding sector. David Schwartz noted XRP’s low cost and high speed make it very desirable for NFT application. Ripple are also forging ahead with On-Demand Liquidity, customers such as Azimo are using the XRP ledger to bridge two currencies in as little as three seconds, 24/7.


The US senate reached a last-minute agreement to amend the definition of who counts as a digital asset ‘broker’, a change that makes sure cryptocurrency miners / stakers and engineers are exempt from the proposed regulations. Brokers will have to collect personal information of the payers and payees involved in the financial settlement. The final vote on the rest of the bill is scheduled to happen today, there will be opportunities to further amend these provisions before it is written into law.


Circle, the payment company which issues USDC has announced plans to become a full-reserve national digital bank currency in the US. CEO Jeremy Allaire said the company was prepared to operate under the supervision and requirements of the US Federal Reserve, the US Treasury and other government agencies, stating: “Establishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy”.


Unocoin, an Indian cryptocurrency exchange is set to allow users to purchase gift vouchers from major brands using Bitcoin. Vouchers can be purchased from between £1 - £50. Demand for cryptocurrencies and digital assets in India has surged in recent months, with nearly $6.6bn market cap, up until May this year compared to $923m until April 2020. AMC has also announced plans to start taking bitcoin, Adam Aron CEO, citing investor community enthusiasm for cryptocurrency payment option.


VeChain has entered the Chinese pet food market utilising its industry leading blockchain technology to record the entire product lifecycle. Assuring consumers that they know precisely what they are buying in a market which is said to be littered with counterfeits and low-quality products. This process will involve proof of origin, proof of ingredients and traceability throughout the whole supply chain. The pet market in China has boomed in recent years, with pet food alone being valued at over $1bn in 2020. VeChain is up 6% in the past 24 hours.


Comments


GB_CC_May_Digital Asset Trading_Whiteout
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Ltd., a company registered in England and Wales with registration number 09450626. GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

.
GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Ltd., a company registered in England and Wales with registration number 09450626,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
Investors should be aware that cryptocurrencies are volatile investment instruments that carry a high degree of risk to the capital investment. The information in this website is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments or participate in any specific investment (or other) strategy. The products and services outlined on this website may not be suitable for all types of investors. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of GlobalBlock Europe, UAB based on the legal requirements in your country of residence. The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.


 Client fiat is held with GlobalBlock in accounts with BCB Limited,and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by any compensation scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to GlobalBlock or, BCB.

Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

bottom of page