Crypto adoption is on the rise in South America, where Argentinians have opened at least two million crypto trading accounts, while Peruvian traders have broken new ground. Per Infobae, a “number of industry sources reported” that Argentines have been increasing their crypto buying in recent months. However, the media outlet noted that the experts agreed the market was in an “experimental stage” that meant that “two million accounts does not equate to two million active customers.”
Ether (ETH) price is seeing green in its Bitcoin (BTC) pair on April 21, reaching the highest levels since early February. Given the technical breakout of ETH/BTC, traders are beginning to expect a strong rally in the foreseeable future. During the first two weeks of April, ETH was outperformed by Binance Coin (BNB), the native token of Binance Smart Chain. The high transaction fees on Ethereum coupled with the high user activity on Binance Smart Chain led BNB to gain momentum against Ether. However, in the past few days, ETH price has started to rally against both Bitcoin and BNB, the first and third largest cryptocurrencies in the global market, respectively.
Bitcoin (BTC-USD) is experiencing a massive sell-off, shedding almost 15% in the last 24 hours — the biggest intraday drop since February. The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets. Data website CoinMarketCap cited a blackout in China’s Xinjiang region for the fall, which allegedly powers much of Bitcoin mining — the process by which new bitcoins are entered into circulation.
Stock-to-flow model creator PlanB has calculated Bitcoin could reach $92K by the end of April…but will it actually get there? The cryptocurrency markets experienced a monumental green wave this week. Bitcoin and Ether calmly made new all-time highs on the back of Coinbase’s direct listing and the Berlin hard fork. Meanwhile, meme-cryptocurrency Dogecoin blasted off to more than 400% gains, briefly claiming a spot as a top 5 cryptocurrency by market capitalization.
Dogecoin, a blockchain-based digital currency named for a meme about an excitable canine, has seen its price rise by a factor of five over the last week. The price spike has made it one of the world’s 10 most valuable cryptocurrencies, with a market capitalization of $45 billion. Understanding the value of cryptocurrencies is never easy, and it’s especially hard for Dogecoin, which was created as a joke. Dogecoin isn’t known for any particular technology innovations and doesn’t seem to have many practical applications.
Cryptocurrency exchange Coinbase Global finally went public Wednesday afternoon at a valuation of nearly $100 billion, as the company takes advantage of surging demand (and prices) for bitcoin, ethereum and other digital currencies. Coinbase shares began trading at $381 a share, a more than 50% jump from the reference price for its stock of $250 a share. The stock quickly surged to a high of nearly $430 before pulling back to close at about $328 — an increase of just over 30%.
DogeCoin, a cryptocurrency created to parody the insanity of crytpocurrencies, reached a milestone on Tuesday when the price soared to 11.5 cents, the first time the cryptocurrency exceeded 10 cents in value. The market cap of DogeCoin — which started as a joke and is literally classified as “a memecoin” — is currently just over $14 billion. It’s the culmination of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. Just like the Wall Street Bets Reddit community rallied around pumping the GameStop stock up to $1,000-per-share (it got up to $483, short of the goal but a dramatic spike from the 52-week low of $3.77), cryptocurrency communities became attached to the idea of “sending” DogeCoin to 10 cents.
The leading U.S. crypto exchange, Coinbase, is on the brink of a direct listing for shares in the company on NASDAQ, opening it up to scrutiny in the public equity market and demonstrating the extraordinary demand for cryptocurrency. Its staggering first-quarter results have all but guaranteed this stock-market debut will be one for the history books, with analysts estimating the company’s value in the tens to hundreds of billions. But how long can Coinbase thrive as more and more financial activity moves online natively? What happens to the original fiat-to-crypto on-ramp when people stop needing on and off ramps because all the money they earn and all the places they spend it are on the leaderless record-keeping systems known as blockchains?
HSBC has reportedly changed its policy regarding cryptocurrency. The bank now prohibits customers from buying the stock of public companies that hold bitcoin, like Microstrategy. All of the companies with bitcoin treasuries could be on the chopping block at HSBC. British bank HSBC has reportedly become more strict with its crypto policy. The bank now prohibits its customers from buying the stock of public companies that are holding bitcoin in its treasury.
No longer content trailing Bitcoin, Ethereum is now leading market rallies and setting records. In the wee hours of the morning, the coin set an all-time high of $2,197. The price of Ethereum has hardly retreated since then; Ethereum currently trades for a price of $2,171. And its market cap, the second largest in all of crypto after Bitcoin, is around $250 billion, meaning that Ethereum makes up an eighth of the total market cap of the global crypto market—now $2.07 trillion.