Crypto News Recap: Bitcoin Hits $50K for First Time Since May Crash

Published August 23rd, 2021 - 07:00 GMT
Crypto News Recap: Bitcoin Hits $50K for First Time Since May Crash
Bitcoin's price at time of writing $50,303. Bitcoin’s dominance at 43.86%, which makes 0.22% decrease over the day. (Shutterstock)
Highlights
All the latest crypto news in one link!

Last week the cryptoverse was on fire, as almost all cryptocurrencies were trading in the green. To put things into perspective, Bitcoin is extending its bullish race breaching $50k threshold this morning and Etheruem is conquering new highs at $3,343.

Also, Cardano (ADA) has toppled Binance coin (BNB) to become the world's third-largest cryptocurrency. Notably, Polkadot (DOT) has climbed the rank to become the 8th coin and confidently crossed the $28 level soaring almost 21.49% in one week. Moreover, Solana became recently the 10th coin by market cap setting new all-time highs briefly touching a record high of $78.63.

This new boost can be attributed to Coinbase's promising announcement and Walmart’s new vacancy that could lead the giant retailer to warm up to crypto payments. This upward trend suggests that institutional investors are back in the game and doubling down their crypto investments.

Grab a cup of coffee dear reader because we have a lot of ground to cover and a lot to catch you up with! Ready? Let’s dive in.

Bitcoin Chart

Bitcoin's price at time of writing $50,303. Bitcoin’s dominance at 43.86%, which makes 0.22% decrease over the day.

bitcoin chart

Source: coinmarketcap.com/tradingview

 Crypto Charts

The global crypto market cap is at $2.15 trillion, increasing 2.77% from yesterday.
While the overall market volume over the last 24 hours is $103.63 billion, down 0.86%.

bitcoin and crypto charts

Source: coinmarketcap.com/tradingview

Coinbase to Invest $500 Million In Crypto

US-based Crypto exchange Coinbase has announced its plans to pour $500 million in cryptocurrencies as well as allocating 10% of the exchange’s quarterly net income into various crypto assets, as CEO Brian Armstrong tweeted:

Also in even better news, the largest crypto exchange operating in the US has also revealed a new partnership with Mitsubishi to launch a crypto exchange in Japan! SAY WHAT!

Binance to Enforce KYC on All Users

As Binance’s legal troubles continue, the crypto exchange announced making KYC mandatory on all users worldwide.

Binance’s existing and new users will have to complete Intermediate Verification to access Binance's services, including cryptocurrency deposits, trades and withdrawals. The Intermediate Verification mandates the submissions of government-issued ID as well as facial verification. To make this more fun for users, Binance is giving 500 BUSD Savings Trial Fund Voucher for users who complete Intermediate Verification.

Walmart Looks to Hire a Crypto Expert

US retail giant Walmart has opened a new exciting vacancy for a crypto market expert who can create and develop a crypto-friendly strategy and to expand the virtual payment options!

According to the job description, the expert candidate should have ‘at least 10 years of experience in product/program management and tech-based product commercialization and provide a ‘track record of leading and scaling businesses’.

PayPal Officially Launches Crypto Services in the UK

Officially, PayPal users in the UK now have the ability to buy, sell, and hold four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin directly from their PayPal account via the website or the mobile app!

This courageous move marks PayPal's first international expansion of its cryptocurrency service beyond the US.

Through the app and website, users can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.

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Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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