Bitcoin price struggles to catch momentum but 'bullish rally on the horizon'
Bitcoin hit $50,000 US on Monday and reached its highest point since May. As cryptocurrencies are becoming more mainstream and gaining more popularity among companies like PayPal and MicroStrategy, prices are recovering. According to Naeem Aslam, Ava Trade’s chief market analyst: “Mega-investor interest [in Bitcoin] suggests that a bullish rally to record-high prices is on the horizon.”
Meanwhile, Mati Greenspan, founder of Quantum economics, explained: “For short-term traders, the volatility is nice, even if the volumes aren't in full swing. For swing traders, who generally take profits after a few days or weeks, and who have been riding this trend since the local market bottom, it's extremely tempting to close out positions at these levels.”
Experts believe that the price will fall again and is currently trading at $46,999.64.
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MicroStrategy has bought $177 million worth of Bitcoin
Michael Saylor, the CEO of MicroStrategy, tweeted on August 24th that his company has added 3,907 BTC to its existing Bitcoin assets. Bringing the company's total Bitcoin holdings to 108,992. Saylor has also mentioned that despite the loss recorded in Q2 of 2021, he will not be pressured to sell his company's BTC holding nor his personal holding.
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Wells Fargo has issued a new fund that indirectly exposes its clients to Bitcoin
The growing popularity of Bitcoin on Wall Street has resulted in one of the oldest banks in the U.S, Wells Fargo, to launch a new pooled investment fund that indirectly offers its wealthy clients access to Bitcoin. The fund is called: FS NYDIG BITCOIN FUND I. It’s a limited partnership with NYDIG and FS investments. The president of Wells Fargo, Darrell Cronk, stated that the digital asset space has: "hit an evolution and maturation of its development that allows it now to be a viable investable asset”.
Prior to this, the head of real asset strategy at the bank had mentioned that they have little interest in crypto. They have pivoted from that strategy since and that has now resulted in drawing in the likes of Goldman Sachs, BNY Mellon, JPMorgan Chase, and Morgan Stanley into the digital asset industry.
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Blackrock invests in Bitcoin mining with Marathon Digital Holdings & Riot Blockchain
The largest asset manager in the world has now invested in Bitcoin mining companies. Moreover, it has also filed with the SEC for cash-settled bitcoin futures as eligible investments for its funds.
Bitcoin mining has been taking off in other countries ever since China announced its ban. Non-Chinese mining companies are now looking to fill this gap. Marathon Digital Holdings stock price has gone up 754% and Riot’s has gone up 848% in the past 12 months. Blackrock making stakes at these two companies adds up to $382,962,003.08. However, they aren’t the only players. The biggest shareholder in both companies is Valley Forge, and Fidelity Group has also shown interest in mining companies.
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The President of El Salvador has announced that Bitcoin Law will be supported by 200 ATMs and 50 branches
Nayib Bukele posted on Twitter that 200 ATMs and 50in-person kiosks will be launched by September 7th to support the country’s new Bitcoin laws. He has also mentioned that the government will not collect any commission on buying and selling of BTC, but they will help with their facilitation through the Chivo App.
The app enables Salvadorans to send and receive Bitcoin or dollars to each other even if they are abroad without paying commissions on remittances. Bukele has stated that their town pays about $400 million a year in fees and this adaptation will reduce that number to zero.
Even though Bukele had announced that using Chivo is optional for citizens, there was some backlash from critics of the Bitcoin adoption law. He tweeted, “If you don't want to, you can always go to the Western Union queue and pay commission. There is no problem.” The app will be available on the app store on September 7th.