Bears are back in town. PayPal is hitting the pause button. ETH also taking aim at ETFs.

August 18, 2023

Crypto Market Update 18-08-23

Happy Friday everyone!

After a week's break for a short (but good) rest, we're back! This is your weekly recap 📰😎

Last 7 Days Market Performance 

Bitcoin is down 11.2%, now at $ 26,038.91 📉

Ethereum is down 9.6%, now at $ 1,663.25 📉

Total crypto market cap: $ 1.1 Trillion

Fact for the week:

Messi mania is getting to the New York City area and we could say it’s getting in a Wall Street style. The Inter Miami team is playing the New York Red Bulls on Aug. 26 and the cheapest price for a single ticket on Ticketmaster Friday morning was $496 (!), with some listed as high as $10,000 🤯. By contrast, tickets for the Red Bulls match against DC United on Sunday were selling for as low as $10. After dazzling on European stages, the Argentine star is spreading his magic in North American football. 🔮

Onto this week’s updates 🚦

🔴 Bears are back in town 🐻

Everything had been calm for weeks, until last night when the crypto markets just took traders on a wild 24-hour ride, wiping out over $1.04 billion in positions. Bitcoin's dramatic dips and climbs mainly hit those betting on its rise. OKX saw a massive $308 million in longs vanish, while Binance wasn't far behind, erasing $189 million. Hold on to your digital wallets! 📉

🟡 PayPal is hitting the pause button ⏸️

Due to new rules in the United Kingdom, British customers can't buy digital currencies like Bitcoin or Ethereum on PayPal for now. However, if you already have some on the platform, you can keep or sell them. The exact reason for this pause isn't fully clear, but there's buzz on Twitter suggesting it might start in October. Stay tuned, British crypto enthusiasts! 🚫

🟢 ETH also taking aim at ETFs 🎯

Valkyrie Funds, known for their Bitcoin-related investments, wants to start a new project around Ethereum token, Ether. The Venture Capital Firm asked the SEC (investments regulator in the U.S.) for permission to create an ETF (like a basket of investments) that focuses on Ether's future prices. Valkyrie warns that this is a bold move: ether's value can change dramatically, and there's a chance of losing everything. But let's say they wouldn't invest if they didn't think what was going to happen was really going up  🎢 

🎬 Everything was very calm until last night with an abrupt and general drop in the prices of all tokens. August is synonymous with holidays for many, but the crypto markets never stop, so stick with us as we help you navigate this roller coaster 24/7. 🙂

Talk next week. 👋


Great job on learning something new today 🎉