Crypto weekly update
26. August 2021  • clock 3 min •  Daniel Mitrovsky

Bitcoin price tags $50,000 for the first time since May – Crypto weekly update

This week, the total market capitalization exceeded 1.71 trillion EUR. Increase at the 7-day interval is 5.55 %. Bitcoin increased by 5.92 % during the week to a current value of over than 40 100 EUR. Bitcoin dominance is 43.8 %.

Source: Coinmarketcap

Bitcoin has crossed a psychologically important price level

Bitcoin bulls have gone on the offensive again, taking care that bitcoin again surpassed the investment and psychologically important price level of $50,000 (€44,000) on Sunday. Bitcoin reached 50 000 $ for the first time since May and signaling that the bull market was fast approaching its second leg.

BTC’s price peaked at $50,270 (€42,738) on Bitstamp, according to Cointelegraph Markets Pro. The largest cryptocurrency has a total market capitalization of $943 billion (€801.71 billion).

On-chain metrics continue to signal that the number of bitcoins on exchanges is decreasing, with long-term bitcoin holders and institutions bolstering their bitcoin holdings.

The Fear & Greed Index which is based on a multifactorial sentiment analysis, signals that the cryptocurrency market has flipped from an “extreme fear” to “extreme greed” in less than a month.

Total combined market capitalization is currently around $2.1 trillion (€1.79 trillion)up 60% from July’s capitalization of around $1.3 trillion (€1.11 trillion). Source

Iran to lift bitcoin mining ban

Iran, which has so far banned the bitcoin mining process, has decided to reconsider its stance on the crypto mining industry.

From the last week of September, Iran will again allow bitcoin and other cryptocurrency assets to be mined on its territory. This report was also confirmed by the Iranian daily newspaper Financial Tribune, referring to Tavanir, the country’s power generation organization.

Iran’s government banned Bitcoin and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months.

Indeed, Bitcoin miners have been blamed for incessant blackouts and power shortages in Iran.

Once the ban on cryptocurrency mining in Iran is lifted, miners will be able to turn-on their mining machines and engage in bitcoin mining. Back in June, the country’s trade ministry awarded 30 crypto mining licenses as authorities in Iran continue to push for regulated cryptocurrency mining operations. Source

El Salvador builds bitcoin infrastructure

Nayib Bukele, the president of El Salvador and the principal figure behind the country’s adoption of Bitcoin (BTC), said residents will have the opportunity to convert their crypto to fiat immediately after Bitcoin is recognized as legal tender.

In a Sunday post on the social network Twitter, Bukele said that up to 4.5 million adults in El Salvador will have the option to buy, hold and pay with bitcoin as soon as the law takes effect.

Bitcoin infrastructure will initially consist of 200 ATMs and 50 branches, through which residents will be able to buy and sell their bitcoins without any fees. The president also urged residents to take advantage of the opportunity to own bitcoin and exchange their cash salaries into bitcoin to own a “more liquid asset”. However, the whole bitcoin policy will operate on a voluntary basis.

The bill to recognize bitcoin as a legal tender was introduced by President Bukele back in June this year. The bill later passed the nation’s Legislative Assembly and is scheduled to be effective starting Sept. 7. Source

Microstrategy fill the bags

Michael Saylor, CEO of Microstrategy, announced yesterday via twitter that Microstrategy is once again increasing its exposure to bitcoin.

According to a Form 8-K filing with the United States Securities and Exchange Commission published on Tuesday, the business intelligence firm upped its Bitcoin holdings by 3,907 BTC between July 1 and Monday, Aug. 23.

The SEC filing also revealed that MicroStrategy spent an average of $45,294 to acquire the additional Bitcoin.

Microstrategy currently owns 108,992 bitcoins, which cost the company about $2.918 billion (€2.48 billion) to acquire at an average price of approximately $26,769 per BTC. At the current price level, the company’s Bitcoin holdings are worth over $5.3 billion (€4.51 billion)Source

Former SEC chairman enters crypto space

Former Chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton has become a new member of the Fireblocks company.

Clayton will work with Fireblocks on addressing market structure and customer needs, including support and deployment for the firm’s security technology, the company announced on Thursday. Clayton, who stepped down from his role at the SEC in December, is also on the board of Apollo Global Management and an adviser to One River Digital Asset Management.

Fireblocks provides software security solutions to custody digital assets, including multi-party computation (MPC) services. The company also provides tools to speed up or otherwise streamline digital asset transaction settlement. Source

Curiosity : Visa enters the NFT space

Payments technology company VISA announced Monday that it has bought a CryptoPunk as it enters into the world of non-fungible token (NFT) commerce.

Visa bought CryptoPunk 7610, one of 3,840 female punks, for around $150,000 (€127,500) last week.

CryptoPunks are considered the original NFTs, launched in 2017 by Larva Labs. These are a collection of 10,000 pixel art images of misfits and eccentrics. Each CryptoPunk has its own personality and unique combination of features.

When asked why Visa added a CryptoPunk to the collection, the head of VISA’s cryptocurrency department responded as follows: “Cryptopunks pioneered the NFT technology and wave of NFT commerce and VISA wanted to own a Cryptopunk“. Source

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Daniel Mitrovsky


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