Cryptocurrency News Update 18.05.2021
Cryptocurrency which are known to be digital tokens have exploded both in price as well as the interest they have been seeing of late amid the pandemic. As per reports, some of them have seen an interest even more than India's most sought out investments such as Nifty, Sensex and mutual funds for that matter.
Ethereum (ETH): Ethereum cryptocurrency over the weekend witnessed rout following Elon Musk's tweet saying bitcoin cannot be used for purchasing its Tesla electric vehicles. On the Coindesk, ETH is last seen trading at $3463, a positive change of 2 percent in the last 24 hours. Also referred to as ‘dwarf Bitcoin, the Ethereum cryptocurrency has the potential to double from here and this seems to be the consensus. Long term outlook for ETH is bullish. Ethereum which was priced close to $250 not so long ago spiked to an all time high of $4362 in early May.
Bitcoin (BTC): The mind-boggling rally in bitcoin which took everybody by storm has of late come to a halt and this together with diversion of funds into other cryptos such as Ethereum, Dogecoin etc. has resulted in record outflows last week. As per the CoinShares digital currency manager the outflows totalled at 98 million, or 0.2% of total assets under management. In mid-April this year, BTC hit a record high of just below $65,000 and last was trading at $45,005 as per Coindesk site, a fall of a tremendous 30 percent.
This crypto is gaining big today even as there is marginal gains seen on the bitcoin of just over 1 percent. Also, there are rising concerns on the inflationary front in the US that continue to persist. When writing this report, Ripple was priced at $1.54, with a daily gain of over 8 percent but soon shed its gain to just over 4 percent to $1.51. Germany: Bitcoin is legal in this European nation. Bitcoin ETP or Exchange Traded product was listed by a Germany-based investment product provider Iconic funds on Deutsche Boerse's Xetra market on May 12. Singapore: Asia's largest DBS Bank Singapore is offering its HNI clientele (private banking customers) to invest in cryptocurrencies namely Bitcoin, Ether, Bitcoin Cash, and XRP. US: After having invested $200 or $A257 into shiba inu coin (SHIB) cryptocurrency, New York based siblings turned into millionaires. Shiba inu coin is a spin-off of Dogecoin and both of these digital assets were initially launched as jokes.