Crypto Market Analysis: October 11, 2021
October 12 2021 - 7:36AM
NEWSBTC
Cryptoassets staged a significant rebound last week with Bitcoin
closing back in on its all-time highs. The world’s largest
cryptoasset, bitcoin rose across the week. Having started trading
below $48,000 it surged on Thursday to over $54,000 and has staged
further gains in early trading today. The cryptoasset is currently
trading around $56,500 its highest level since May this year, and
crucially is back within the range that saw it reach an all-time
high of $63,569 on 14 April. Ether meanwhile has had a more mixed
week with significant volatility, but is still well above its
end-of-September levels. ETH started last week trading around
$3,350 and saw its price hit $3,665 on Friday. Amid an overall
trend of gains last week the cryptoasset has been dogged by
volatility – plunging on 6 October after starting the day above
$3,500, collapsing to $3,362, then surging back to above $3,600.
ETH saw wild swings late on Sunday too but the cryptoasset is
currently trading around $3,500. White House mulls crypto order US
President Joe Biden and his team are considering the publication of
an executive order on crypto that could have far-ranging
consequences for the asset class. Per Bloomberg, the order is
designed to coordinate responsibilities of different federal
agencies on the treatment of crypto, and also mandate those
agencies to study and offer recommendations for its regulation.
With Biden’s financial regulators increasingly aggressive stance on
cryptoassets, any executive order would look to shed more light on
the industry and attempt to place controls upon it. According to
Bloomberg, no decision has been made on releasing the order yet,
but the framework would bring together the work of agencies such as
the Treasury Department, Commerce Department, National Science
Foundation, financial regulators and security agencies. The
administration is also looking to appoint a crypto ‘czar’ to
oversee action within the President’s remit. Bitcoin miner looks to
list in London Bitcoin mining firm Bitfury is considering a $1
billion float on the London Stock Exchange. The firm is looking to
list in the next 12 months, in what would be the largest ever
European cryptoasset float, according to The Telegraph. Bitfury is
headquartered in the Netherlands but its legal base is in the UK.
Filings show the firm is currently valued around $1 billion per its
last funding round. The firm, which was founded in 2011 by a
Latvian entrepreneur called Valery Vavilov, mines bitcoin with
operations in Canada, Norway, Iceland and Central Asia. The company
also supplies miniature data centres encased in shipping containers
to customers looking to deploy their own mining operations. Brazil
to adopt bitcoin as legal tender Brazil could soon be adopting
Bitcoin as legal tender, following in the footsteps of El Salvador.
South America’s most populous nation currently has a bill passing
through its chamber of deputies (equivalent of the House of Commons
in the UK) which would create a legal regulatory environment for
cryptoassets. The Federal Deputy sponsoring the bill, Aureo Ribeiro
says he wants to create regulatory certainty for consumers with
this bill, which would allow for the transparent transaction of a
basket of cryptoassets. “We want to separate the wheat from the
chaff, create regulations so that you can trade, know where you’re
buying and know who you’re dealing with. “With this asset you will
be able to buy a house, a car, go to McDonald’s to buy a hamburger
– it will be a currency in the country as it happened in other
countries. This will allow transactions of this asset in our
country, which will be regulated by a government agency. “We
already made an agreement with both, Central Bank and the
Securities and Exchange Commission of Brazil (CVM), over
opportunities of this asset and its recognition within, for
example, real estate value or currency of daily use.” This is a
marketing communication and should not be taken as investment
advice, personal recommendation, or an offer of, or solicitation to
buy or sell, any financial instruments. This material has been
prepared without having regard to any particular investment
objectives or financial situation, and has not been prepared in
accordance with the legal and regulatory requirements to promote
independent research. Any references to past performance of a
financial instrument, index or a packaged investment product are
not, and should not be taken as a reliable indicator of future
results. All contents within this report are for informational
purposes only and does not constitute financial advice. eToro makes
no representation and assumes no liability as to the accuracy or
completeness of the content of this publication, which has been
prepared utilizing publicly-available information. Cryptoassets are
volatile instruments which can fluctuate widely in a very short
timeframe and therefore are not appropriate for all investors.
Other than via CFDs, trading cryptoassets is unregulated and
therefore is not supervised by any EU regulatory framework. Your
capital is at risk. Image
by YOONHEECHO from Pixabay
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