The cryptocurrency market can be a very unpredictable place. The volatility of prices and the speed at which drastic changes can take place make investing in crypto assets exciting and at the same time very stressful.
Wells Fargo is set to become the latest among the growing group of large financial institutions to provide Bitcoin and digital currency exposure to its wealthy clientele, according to Bussiness Insider.
Shared in the letter to shareholders yesterday, Square disclosed its earnings figures for the second quarter of 2021. Compared to last year, the company’s total gross profit rose by an impressive 91%, to $1.1 billion. Bitcoin revenue increased more than 200% year-over-year (YoY).
After a slow couple of weeks, which saw mostly sideways trading movements among the bigger cryptocurrencies and only smaller altcoins recording double-digit gains, the crypto market has exploded in the last 24 hours. Following the news that e-commerce behemoth, Amazon, might start accepting Bitcoin by the end of 2021, the prices of most coins in the marketplace increased drastically.
It all started with a simple job advert in which the e-commerce giant Amazon made apparent that it was looking for a blockchain technology expert to supposedly lead its new digital currency department. What followed was a crazy market rally, which saw the total crypto market cap record an 8% gain and Bitcoin reach its highest price in over a month.
Institutional involvement in the cryptocurrency industry has been one of the main storylines this year. Now, JPMorgan has instructed its financial advisors via an internal memo to start collecting trade orders from their wealth clients interested in investing in crypto funds.
At Wednesday’s live-streamed session hosted at The B Word Conference, Tesla’s self-declared ‘Technoking’ Elon Musk, Twitter’s co-founder Jack Dorsey and ARK Invest’s CEO Cathie Wood appeared as guests. The trio of CEOs was asked poignant questions regarding the cryptocurrency industry.
“Trade wars are good, and easy to win,” famously tweeted former U.S. President Donald Trump early in 2018. Fourth year into the trade dispute and many billions lost across each state’s economy as well as up to 245,000 jobs lost on behalf of the U.S. in the meantime, the trade war with China, doesn’t seem like such a good idea anymore.
As a part of its latest effort to counter financial crime, the EU commission overhauls anti-money laundering and preventing the financing of terrorism activities rules. Bitcoin falls within the scope of the new proposal. According to BBC, the new EU law would force businesses to acquire recipient’s and sender’s details when transfers of crypto assets are made.