top of page

Market in Recovery as Bitcoin Stagnates

Updated: Oct 29, 2021

GB Market Commentary 10/09/2021

by Jonas Luethy


Bitcoin is currently trading just above $46000 and is in a consolidation phase following the market correction earlier this week. Analysts suggest that the key support level is at $44000, while a breakthrough of $47000 would be needed for the next leg upwards. Most altcoins have followed bitcoins relatively uninteresting price action as volume stays low. ETH has been changing hands at just over $3300, a substantial decrease from the weekly open of $3950. Ethereum rival Solana has been relatively unaffected by the recent market correction, still trading at $184. The total crypto market cap is 2.13 trillion and bitcoin dominance in the market at 40.8.

Bitcoin / TetherUS 10th Sept

Early this morning a number of XRP trading pairs showed up on the Coinbase exchange, despite Coinbase having removed XRP since January this year. This triggered a nearly 10% increase in the price in just a few hours. Coinbase was quick to respond however, citing a technical error. With no apparent plans for Coinbase to re-list XRP, the token has now fallen back to original levels of just over $1. Some members of the XRP community and of the crypto community more broadly have criticised Coinbase for not taking a tougher stance against the SEC, stating that the crypto community should stand united against heavy handed regulation. Billionaire Mark Cuban has advised Coinbase CEO Brian Armstrong to go on the offensive against the SEC, in light of recent announcements that Coinbase would be investigated for its new lending product.


Mastercard has announced that it has acquired blockchain analytics firm CipherTrace for an undisclosed amount. CipherTrace creates tools that help companies or governments find illegal transactions on the blockchain. Mastercard stated that acquiring CipherTrace will help deal with concerns of anonymity as well as ensuring compliance with regulators. Mastercard has said that this acquisition was an important part of their strategy to give customers more choices in how they use digital assets. This is excellent news for the crypto community as larger institutional adoption provides more stability and more credibility to those on the fence.


A recent YouGov poll has found that 27% of US residents support recognising bitcoin as legal tender. Democrats are more likely to support bitcoin than republicans, while baby boomers most strongly oppose the idea, with only 11% of those polled supporting the proposition. As expected, younger generations are more likely to be supportive of bitcoin as legal tender, with respondents aged between 25-34 being 44% in favour of bitcoin adoption.


Finally, the Sotheby’s auction of 101 Bored Ape Yacht Club NFT’s estimated to fetch between 12-18 million has been sold for 24.3 million. Sotheby’s accepted crypto payments for this transaction.

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 Holdings., a company registered in England and Wales with registration number 15929099 . 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 Holdings Ltd., a company registered in England and Wales with registration number 15929099,  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