Crypto Insights 28/04/2021

by Harry Smyth

What a great start to the week for Bitcoin, having left the $48,800 area, price has shot up all the way to reach $55,800 in the early hours of today which is about a 14% increase. Ethereum also had the bullish push, price has taken off from the $2,300 area to reach an all time high at $2,720 early this morning. - Yesterday, the fifth largest bank in America called “U.S Bank” announced that it will be offering a new cryptocurrency custody product in partnership with an unnamed sub-custodian, the bank has been working on blockchain tech since 2015. This news just adds to the big moves currently happening in the institutional crypto world such as JPMorgan, Morgan Stanley & Goldman Sachs all offering a bitcoin fund to certain clients. - Talking about JPMorgan, the Wall Street banking giant has joined hands with Singapore’s Temasek Holdings and DBS Group to launch a new company named “Partior”. This is a Blockchain-based payments platform with an aim in reducing friction & latency for cross-border payments, trade & currency settlements. The Partior platform will initially focus on testing payments among Singapore based banks, facilitating two currencies USD & SGD. They plan to expand the service to other markets in the future. - South Korean-Japanese game maker Nexon have announced their $100 Million investment in Bitcoin marking the first large public company in Japan & Korea to buy cryptocurrency as part of its treasury. - Grayscale Investments, a subsidiary of “Digital Currency Group” led by Barry Silbert has announced that they’ve purchased $2.5 Billion in digital currencies in one single day, raking up a total investment of $45.5 Billion worth of Crypto. Their large purchase was popular AltCoins such as XLM, LINK, BAT, MANA, LPT & FIL. - Elon Musk has been teasing DogeCoin fans about his appearance on “Saturday Night Live” that will take place on May 8th, hinting that DogeCoin will be part of his “SNL hosting debut”. - Ripple CEO Brad Garlinghouse feels “really good” about the legal fight with the U.S Securities and Exchange Commission, scoring a few minor legal wins & expressing that XRP is an “open source technology, no different to Bitcoin & Ethereum”. - Finally, with the collapse of leading Crypto exchanges Thodex & Vebitcoin in Turkey leading to thousands of investors unable to access funds worth millions of dollars, a senior official has announced that the Turkish government is planning to develop a central custodian bank to eliminate counter-party risk.

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