Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
The crypto market was hit by some big news again.
After several recent merger reports, some prominent investors announced that they would launch a new cryptocurrency exchange called "Bullish". The exchange will offer its users new automated market making as well as lending and portfolio management tools. The entire project consists of investors, e.g. Peter Thiel, Alan Howard, Mike Novogratz, and Nomura. It has $10 bn in funding.
The Elon Musk tweet about how Tesla will end accepting payments in Bitcoin (BTC) over climate concerns resulted in market turbulence. In February 2021, the market went bananas with a move of over $5'000 after Tesla said it would accept Bitcoin as payment.
The news sent almost the entire crypto market south, and Bitcoin went from $56'000 to a low of $46'000 within mere hours. The currently bearish trend against rival Ethereum (ETH) has not been broken yet, but the more ecofriendly, fast, and feeless projects have started to pick up, and are outperforming the market quite a bit.
NANO was temporarily up 50%! The project is a decentralised next generation digital currency focused on addressing the inefficiencies present in existing cryptocurrencies. The more prominent Cardano (ADA) managed to reach an all-time high of almost $2.
Additional breaking news having a negative effect on the market is that Binance, the world’s biggest crypto exchange, is under investigation by the Justice Department and IRS.
The currently stressed market situation has resulted in the implied volatilities spiking briefly, simultaneously seeing the overall trading volume rise. Acceptance and mass adoption has definitively not been broken; it continues as the CME Group successfully launched Micro Bitcoin Futures. The derivatives exchange will (along with the full-size Bitcoin futures) strengthen the ability to help a broad array of clients.
It will be interesting to follow the market over the weekend. I suggest you prepare yourself for more action to come our way!
Copyright © 2021 | Crypto Broker AG | All rights reserved.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.