Bitcoin is making headway despite the price of the largest cryptocurrency by market capitalization facing severe headwinds from regulators around the world. This shows the news that the third largest German bank Comdirect now offers 11 crypto ETPs.
Bitcoin was trading at $ 64,234 on April 14, 2021, according to CoinMarketCap. But in mid-May, Bitcoin entered a downtrend after Tesla removed Bitcoin as a payment option on its platform, citing environmental concerns. The king coin was hit by another blow when Chinese authorities began cracking down on the Bitcoin mining operation, which pushed the price below $ 35,000.
Bitcoin price has hovered around $ 32,000 for the past 7 days and market sentiment is not showing good signs. But despite this tense market situation, Bitcoin is becoming increasingly popular, with more and more banks and financial institutions taking over Bitcoin.
Cryptocurrencies have almost made it into the mainstream this year, with crypto-powered bank cards, investment products and merchants both large and small have joined the action and this trend is picking up pace.
Below is some news that shows how the Bitcoin ecosystem is evolving.
Third largest German bank to introduce Bitcoin
Comdirect Bank Aktiengesellschaft, the third largest German direct bank with around three million members, is now offering 11 exchange-traded cryptocurrency products (ETPs) from 21shares AG. The ETPs offer investments in Bitcoin, Ethereum, XRP, Bitcoin Cash, Polkadot, Stellar, Cardano, Solana and more.
Bitcoin in developing countries
According to reports, crypto adoption is growing at a breakneck pace in developing countries, particularly Latin America and Africa. El Salvador’s recent decision to make Bitcoin legal tender is an example of how developing countries are using crypto. The volume of trade in Brazil increased by 2,247% in 2021 compared to the previous year. In Venezuela, crypto trading volume has increased 833% in the past 12 months.
The crypto industry is also experiencing enormous growth on the African continent. More people are reported to be using Bitcoin in Nigeria than in the United States. Other African countries such as Ghana, Kenya, South Africa, Botswana and Zimbabwe are also making their contribution.
More people use #Bitcoin 🇳🇬 in Nigeria than in the US.
– Documentation of Bitcoin 📄 (@DocumentingBTC) July 18, 2021
Experts predict $ 318,417 by 2025
Finder, a comparison website, did a study to find out the future prospects of Bitcoin as it grew in popularity. The Finder panel of 42 cryptocurrency experts predicted that Bitcoin would end at $ 66,284 per BTC in 2021 and reach $ 318,417 by 2025, fueled by the next halving and increasing adoption. One expert said Bitcoin would have replaced gold as a global reserve asset by 2030.
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