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Bitcoin, thanks to Coinbase and PayPal, for the first time since May again over 50,000 dollars – 23.08.21

Bitcoin, Ether and Co are still on the upswing. In addition to the recent announcement of further commitments by the US crypto trading platform Coinbase, it is the payment service PayPal that is generating new price fantasies among investors at the beginning of the week. However, investors are still fighting for the third largest crypto currency Cardano (ADA). From Timo Emden

PayPal plans and Coinbase inspire Bitcoin, Ether and Co

The cryptocurrency Bitcoin has climbed above the psychological mark of $ 50,000 for the first time since mid-May. An announcement by the payment service provider PayPal is obviously providing the necessary boost. According to the announcement, the United Kingdom wants to make it possible to buy, hold and sell a total of four cryptocurrencies. This is the first offering outside of the United States where said service is already available.

The announcement marks a historic step in the history of cryptocurrencies. Bitcoin and Co have thus come a bit closer to the mainstream. For investors, the transatlantic expansion of the product range is also a clear sign of increasing demand. The United States may have acted as a guinea pig for the service at first. It is quite possible that other European countries and beyond will follow shortly.

Coinbase wants to further increase crypto stocks

The latest plans by the US crypto trading platform Coinbase also keep investors optimistic. CEO Brian Armstrong announced last week via the short message service Twitter that a total of additional crypto currencies in the amount of 500 million dollars would be added to the balance sheet. At the same time, they plan to automatically invest 10 percent of profits in crypto stocks in the future. For the investors this is grist to the mill and obviously entirely to their own taste.

Cardano (ADA) is heading towards the three-dollar mark

Cardano (ADA), the third most important currency in terms of market capitalization, continued to soar over the weekend. Within a week, the price climbs by up to 30 percent to a new all-time high of over $ 2.87. Investors are now targeting the next $ 3 psychological mark. The background to this is the implementation of a technical improvement on September 12th. From then on, so-called “intelligent contracts” or in technical jargon also “smart contracts” are to be activated on the underlying blockchain. Especially in the booming “DeFi” (decentralized finance) sector, investors are hoping for more tailwinds. “DeFi” refers to financial applications based on blockchain technology. These can range from credit transactions to other banking services. The industry leader is currently Ethereum technology, which recently lost its lead in the face of a paralyzing network and overpriced network fees.

Bitcoin, Cardano and Co: Outlook

The tailwind from Coinbase and PayPal has electrified investors around the world again. While the plans of the US trading platform Coinbase could serve as a model for other companies, a nationwide expansion of the PayPal service in Europe and beyond will obviously only be a matter of time. The related regaining of the 200-day average has also confirmed the latest upward trend. Long-term investors in particular are guided by the aforementioned indicator line. From a technical chart perspective, the hurdle of $ 52,000 remains to be overcome. Then the way would be paved to $ 60,000. At the same time there should be no bad news. Above all, the debates about stricter regulation in the USA are to be cited as a potential negative factor.

Cardano (ADA): Investors should warm up for upgrade on September 12th

The Cardano course (ADA) could, however, approach the three-dollar mark in the coming days.

It is quite possible that stockbrokers will more or less warm up with a view to September 12th. A conquest of the mental mark of three dollars cannot be ruled out, even if the risk of sharper setbacks has increased in view of the current bull market. Last but not least, a generally positive market environment should further accelerate the rally. Due to the developments around Coinbase in addition to PayPal, currencies from the second and third rows such as Cardano can also increasingly benefit.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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