Daily Crypto Update

7/26/2021

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Bitcoin went to $40 000 and drop to $37 000

On Sunday night Bitcoin skyrocketed from $34 500 to $38 500. The price continued to grow and hit $40 500 (according to CoinMarketCap) so the crypto enthusiasts couldn’t hide the euphoria. Unfortunately, just a few hours later, the price started to plunge and on the writing is $37 800. 

Behind the scene some of the news that affected the market are:

1. Elon Musk and 2. Amazon.

During the week Elon Musk took part at “The B word” conference and said that he owns more Bitcoin than Dogecoin and Ethereum. He also announced that SpaceX invested in Bitcoin which is pretty bullish. 

Secondly Amazon posted that the company is looking for a Digital Currency and Blockchain Product Lead. There was a speculation that Amazon will support Bitcoin payments. Maybe the combination of Elon and Amazon influenced the crypto market but the miracle didn’t last long.

On Monday the price of the leading cryptocurrency started to drop after Amazon denied Bitcoin payments.

Tesla reported $23M in bitcoin-related impairments 

Q1 was one of the craziest in crypto history. There was announcement after announcement. On the top of all of them was again Musk and his company Tesla. The car developer announced that it invested $1.3B in Bitcoin. 

Yesterday the tech business announced its financial results for Q2. The company holds its Bitcoins but reported $23 million impairment on its Bitcoin holdings. Actually this seems better than a $100 million impairment some analysts expected.

Coinbase: Bitcoin ETF just a matter of time

The crypto exchange Coinbase is positive about the long-awaited Bitcoin ETF. According to a report for institutional investors Coinbase believes that the regulator’s tone is “softening” and the approval is inevitable. The company didn't provide a timeframe when the ETF will be approved but expects that this will occur this year or in 2022.