Crypto Market Analysis: 24th August 2021

Bitcoin has broken out above $50,000 for the first time since May this year as PayPal announces crypto buying and selling in the UK. PayPal has trailed its launch of crypto buying and selling in the UK for some time but has today announced its intention to allow UK-based users to buy and sell crypto tokens from this week. Users will be able to hold a basket of four cryptoassets – bitcoin, ethereum, litecoin and bitcoin cash, but it is unclear as of yet whether the firm will allow users to make payments in said cryptos. The price of BTC has been on a rapid rebound since late July in what has been a rollercoaster ride for the cryptoasset in 2021. BTC began last week trading in the mid $46,000 range before trading down to $44,000 by Thursday. It has since staged another late-week surge, rising from a low of $44,177 to trading around $50,147 at the time of writing. Ethereum had a similarly tumultuous week, slumping from just below $3,300 to below the $3,000 level midweek. It has since rallied however and is now trading around $3,325 – its highest level since late May this year. Facebook poised to launch crypto wallet Facebook’s much-trailed crypto development looks set to jump start with the launch of its ‘Novi’ digital wallet. The social media platform has touted its move into crypto for some time now but the project has gone through various permutations, and names. Its stable coin, now named ‘Diem’ is still in the wo...