Because of the Coinbase IPO, many in the crypto community had unusually focused their eyes on the classic stock market the week before. This week, however, the Kyptomarket itself was clearly the center of attention again – if not for good reasons. Because the market has come under severe pressure several times since last Friday.
While some analysts blamed the failure of mining capacities in the Chinese province of Xinjiang on Sunday, it is said to have been the tax plans of US President Joe Biden on Friday that spoiled investors’ mood. In between, it also went down significantly on Tuesday. Nobody who is invested wants to see them, but still, as always, at the beginning we show …
… the course board:
- Bitcoin (BTC): ~ $ 49,954 / -19% from Friday evening the previous week
- Ethereum (ETH): ~ 2.300 Dollar / -5%
- Binance Coin (BNB): ~ 500 Dollars / -2%
- XRP: ~ $ 1.1 / -36%
- Cardano (ADA) / ~ $ 1.11 / -23%
- Dogecoin (DOGE) / ~0,32 Dollar / -31%
- Polkadot (DOT) / ~31 Dollar / -25 %
- Uniswap (UNI) / ~ 32 dollars / -11%
All data comes from Coinmarketcap and is as of Friday evening.
Bitcoin under $ 50,000
Let’s start with Bitcoin. Today, Friday, the price of the world’s largest cryptocurrency rattled below the $ 50,000 mark for the first time since the middle. After the record high in the previous week, many had hoped that the price would finally establish itself above the 60,000-dollar threshold or that reaching the high might even trigger the next price rally.
A week later we can now clearly say: Nope, that did not happen. Not at all. On the contrary. The strong sell-off on Sunday pushed the price below $ 53,000, its lowest level since the end of March. There were slight attempts at recovery on Monday and Tuesday, when the price worked its way back above the $ 55,000 mark. However, this was not permanent: On Thursday it went below $ 51,000 and at the end of the week then even below $ 50,000, 49,000 and 48,000 dollars. In the evening, the price was again a little above the low of $ 49,800. It was more than 23 percent below its record high.
Ethereum at record high, BNB robust, SOL strong
Ether held up relatively well in all the hustle and bustle. The Ethereum cryptocurrency even cracked the $ 2,600 mark for the first time in its history on Thursday. On Friday it fell back to $ 2,100, but was able to contain the losses somewhat by the evening and was most recently at $ 2,300 – a good 13 percent below the all-time high from the previous day.
The 7-day view of Binance Coin (BNB) was quite robust. On Friday it went down 12 percent. Because the price had coped well with the mixed week on the crypto market, the 7-day minus was not even 2 percent.
The week went even better for Solana: The SOL token also collapsed by 12 percent on Friday. Because it had risen so sharply before, regardless of the weak market sentiment, that still meant an increase of 35 percent over a seven-day period. You read that right, a plus. From 35 percent. In this week.
XRP 37 percent in the red over a seven-day period
Other than that, there were no bright spots among the other larger coins: XRP got off to a bad start with a minus of 37 percent. With Dogecoin (DOGE), the fun is likely to have stopped lately, the price collapsed by 31 percent over a 7-day period.
However, the meme coin didn’t really stand out: After all, Polkadot, Bitcoin Cash and Filecoin lost 25 percent, Litecoin 24 percent and ADA (Cardano) 23 percent. The Stellar course even lost 30 percent, for theta it went down by 34 percent and for Tron there was a minus of 40 percent.
Coinbase stock falls below $ 300
Tortured enough, let’s leave the crypto market behind and turn to another question: What does the Coinbase share actually do? It was now a week and a half ago that it went public – what has happened since then? The answer – hardly surprising given the weak crypto market -: It didn’t go really well here either. On Friday, Coinbase shares hit a new low of $ 282.70.
On their first day of trading, the stocks on the US crypto exchange started at $ 381 and rose to $ 429.54. Last Thursday the share fell below $ 300 for the first time, on Friday it went a little further down before it finally turned positive again. At the low, the share was almost 26 percent below the opening price on the first day of trading. Accordingly, we are also a long way from our market capitalization of $ 100 billion. The market value is currently only 58 billion dollars.
Bitpanda Stocks launched
There was also news in Austria: The “Bitpanda Stocks” program announced in March started on Wednesday. The trading platform of the Viennese trading fintech now enables investments in crypto assets and precious metals as well as in stocks and ETFs. Around 50 stocks and exactly 7 ETFs are available at the start.
You can not only invest in whole stocks, but also in partial stocks for as little as 1 euro – in fact, you don’t buy stocks at all, but derivatives – which track the value of the corresponding stocks. These are deposited with the custodian bank BNP Paribas and secured by a lien. You can trade around the clock – at night and on weekends, however, it gets a bit more expensive, as can be seen from the corresponding cost transparency document. There are no order fees either way, but Bitpanda adds a surcharge to the spread – i.e. the difference between the buying and selling price that the company receives from the trading partner.
Time Magazine accepts Bitcoin
Finally, a message from the media industry: Time Magazine will in future accept crypto currencies as a means of payment for digital subscriptions. This is done through a partnership with Crypto.com, the US magazine accepts all cryptocurrencies that the portal supports – including Bitcoin, Ether, XRP, Litecoin and even Dogecoin. For now, the option is only available to customers in the USA and Canada. However, the rest of the world should follow “in the next few months,” as the magazine announced.
On the other hand, the brutkasten does not yet offer a payment option in Bitcoin – but only because our content is accessible to our readers free of charge anyway. So you can keep your bitcoins and still read our articles on cryptocurrencies – and all other topics.
Disclaimer: Bitpanda GmbH has a 3.9849% stake in Brutkasten Media GmbH.
Disclaimer: This text as well as the notes and information do not constitute tax advice, investment advice or a recommendation to buy or sell securities. They are for personal information only and only reflect the opinion of the author. No recommendation is made for a specific investment strategy. The contents of derbrutkasten.com are aimed exclusively at natural persons.