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Daily Bitcoin and Crypto Analysis

August 23 Daily Crypto Update: BTC crossing 50K feels momentous

August 23, 2021

Justin d'Anethan

It’s a sea of green... Wait, no, a field of green! I’m not just talking about crypto markets but also traditional markets, and they’re of course intimately linked. 

With the only red dot being the dollar, retracing back slightly, macro markets are on a strong risk-on tilt: equities were rising again end of last week, yields were rising, and even gold regained some footing.

Then, looking at the crypto space, BTC just crossed 50K. At this point, this level feels momentous. With a long and anxious period in the mid-30Ks, a lot of the ‘up only’ crowd turned fearful; you could read plenty of calls for prices at 20K or 15K. The latter is still possible of course, but with plenty of positive news over the summer, the narrative feels strong. Funds are still allocating to BTC, institutions and corporates are looking at crypto solutions or hiring blockchain experts, countries are toying with the idea of BTC as legal tender, and regulators are also setting up some kind of framework for legislation and taxation.

It’s worth noting that it’s not just BTC. The DeFi space and, more recently, the NFT space seem to be booming faster than before. You can see that in the alts performance.

While BTC rose about 2.4% in the last 24hrs, we see outperformance from coins like NANO, up almost 20%, ADA -still- gaining about 11%, LUNA and GRT gaining 4%. And then there’s a flurry of alts that are outperforming still but less ostentatiously, ETH, VET, THETA, MKR, all up about 3%+.

Among positive news that drove the total crypto market cap higher, we’re definitely looking at Friday’s announcement of BlackRock joining Fidelity and Vanguard in mining operations or mining-related investments. The message is subtle but clear: companies with massive funds are getting involved and looking to profit from continued growth.

While capital is coming in, you can see the dynamic of fewer coins on exchange continue. People are staking, withdrawing, or going for DEX’s maybe, but at least not looking to sell much. 

Speaking of capital pouring in, Coinbase just got approval from its board of directors to acquire about $500 million in cryptocurrency. They not only enable others to buy/sell crypto but also are getting exposure themselves.

Lastly, as a quick comment, another exchange that’s making changes is Binance, now requiring all users to KYC. A move that hopefully isn’t coming in too late. We’ll see.

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