GB Market Commentary 26/10/2021
by Jonas Luethy
Bitcoin is down from yesterday’s high of $63700, currently trading at $62000. Ethereum is stagnating between $4000 and $4200. Analysts have identified $59000 as a key support level to hold for bitcoin. Layer 1 altcoins are outperforming the market, with SOL making a new all-time high yesterday. FTM is up 11% in the last 24 hours and went from $1.2 at the beginning of the month to $3.3 now.
Yesterday, Mastercard announced a partnership with crypto company Bakkt to allow consumers to buy, sell and hold cryptocurrencies. Banks will now be able to offer their own branded crypto cards which can be used to purchase bitcoin which will be held in wallets provided by Bakkt. The company of 2.8 billion users, stated that the move was to offer easier exposure to crypto for partners and clients. The announcement caused the share price of Bakkt to increase from $11 to $30 during yesterday’s trading hours.
Finally, Tesla is rumoured to start accepting bitcoin payments again after a 7 month hiatus. During the first quarter, the electric car manufacturer announced that it bought $1.5 billion in bitcoin before stopping bitcoin payments due to environmental concerns. The announcement was a major catalyst for the increase in price at the time.