Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.
Crypto market update
Bitcoin reacted to the drop to $44,000 from yesterday and added $3,000 of value in hours. Thus Bitcoin gains strength as Friday’s $600M BTC options expiry approached. Some altcoins have outperformed their leader again, including Cardano. ADA exploded by about 20% earlier and reached a new all-time high above $2.5. The cryptocurrency market cap has increased by more than $100 billion since yesterday’s low and has reclaimed $2 trillion as of now.
Bitcoin (BTC) Bitcoin is now trading at 47,115 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 3,223 USD
PlatonCoin (PLTC) is now at 0,544 USD
Total marketcap is currently at 2.107 trillion USD
Daily news update
Bitcoin volume: Bitcoin on-chain volume has touched a five-year low in bitcoin terms, currently at 329,226 BTC per day over the last seven days. Low on-chain volume has been a short term bearish indicator, as it demonstrates low demand to use the network. There are a few reasons for this development, one of which is the explosive growth of the Lighting Network, coupled with the secular trend over the last decade of an increasing BTC/USD exchange rate.
Global crypto adoption: Global adoption of bitcoin and cryptocurrency has skyrocketed in one year, up over 880%, new Chainalysis data found. The company’s Global Crypto Adoption Index was released yesterday with data from July 2020 to June 2021 to show how active countries worldwide are in Bitcoin.
Bloomberg and Galaxy Digital: Mike Novogratz’s Galaxy Digital joined forces with financial news giant Bloomberg to launch a new crypto index tied to decentralized finance. According to the August 19 announcement, Galaxy Digital’s fund platform, Galaxy Fund Management, is now offering the Galaxy DeFi Index Fund, a passively managed fund tracking the performance of the sector. The new index will track nine DeFi tokens, to begin with, serving as the basis for Galaxy’s new passively-managed fund.
Wells Fargo offering crypto: Wells Fargo, one of the oldest banks in the United States, is now offering cryptocurrencies too. The American banking giant is in the news today after it registered a private Bitcoin fund targeting its wealthy clients.
Coinbase: Leading U.S. exchange by trade volume, Coinbase, has revealed plans to add half a billion dollars worth of crypto to its balance sheet. Coinbase CEO, Brian Armstrong, announced that the company’s board had approved the crypto spending spree in an August 20 tweet, adding that Coinbase also plans to invest 10% of all profits generated into digital assets moving forward. Armstrong also indicated the company hopes to increase the percentage of profit it allocates to cryptocurrency purchases over time.
Binance and mandatory KYC: Binance has said it’s now requiring all users to complete Intermediate Verification amid mounting compliance pressure from worldwide regulators. The world’s largest exchange said in an announcement on Friday that effective immediately, all new users now must complete Intermediate Verification to access Binance’s services, including cryptocurrency deposits, trades and withdrawals.
Binance facing class action: Hundreds of Binance users are seeking damages for money they lost during major service outages. The group has taken the next step in its quest for compensation by securing financial backing to fight the exchange in court.
Russia and crypto: Russian President Vladimir Putin has ordered a new system that compels citizens to reveal their cryptocurrency holdings. After notifying the Ministry of Labor and the Central Bank, the President intends to gather all the facts via a joint report chaired by the Russian Finance Ministry, according to INC-News.