Crypto Insights 05/05/2021

by Harry Smyth

On Monday morning, Bitcoin tested the $59,000 level twice before starting a pullback which reached just under the $53,000 mark in the early hours of this morning. Since then price has spiked back up nearly 5%. On another hand, Ethereum has been flying since the start of the week with the bullish momentum taking price from $2,940 up to an all time high of $3,530. Price is currently $3,340 and appears to be sitting in the middle of a range. - A survey conducted by credit card giant Mastercard shows that four in ten people plan to use cryptocurrency payments within the next year and stated that “The pandemic has changed the way people think with regards to digital payments, it continued, adding that findings show 93% of people will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year”. - Sotheby’s has become the latest establishment name in art to dive into NFTs through its collaboration with anonymous digital artist named Pak and NFT marketplace Nifty Gateway. The auction house sold the fungible collection called “novel collection of digital art redefining our understanding of value” for more than $17Million. They have also announced that Bitcoin and Ethereum will be accepted in the upcoming Banksy art sale. - Major investment bank JPMorgan have given Ethereum the nod by expressing their belief that it is going to keep outperforming the world’s number one crypto and it has also been reported that they are also going to offer an actively managed Bitcoin fund to their private wealth clients by this summer. - The underdog in the Cryptocurrency market, Dogecoin is in the top trending on twitter with fans hoping price to hit $1 on May 8th during Elon Musks anticipated live appearance. The coin has reached an all time high of $0,69 bringing its market cap to $87.3 Billion according to Coindesk. However, some people are saying that Doge may experience an XRP type crash on the same day, time will tell. - Huge online marketplace eBay will be pursuing crypto payment options for its customers along with exploring ways to introduce non-fungible tokens on the platform, according to the CEO Jamie Iannone. - Finally, an ambitious Spanish man named Nacho is offering his parking space for Bitcoin stating that he will only part with it if he receives a bid of 1 Bitcoin for it and justifies his price due to the excellent security available! Very ambitious indeed.

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