ETH Hits ATH, BTC Stumbles, Australia Makes Crypto Mainstream?

Ether, the worlds #2 most popular cryptocurrency, printed fresh all time highs yesterday as the crypto bull market continues.

Eth traded above the previous days 4,600 USD high. This was following the Fed’s announcement of tapering asset purchases, but holding their perspective that high inflation would prove “transitory”. The Fed’s complacency regarding inflation implies they will be slow to action in raising interest rates.

Ethereum has been mass adopted not only in blockchain but also as a payments currency now, as it is the dominant currency in exchanging NFT’s (non-fungible tokens).

According to CryptoCompare assets under management in digital investments in October grew to over 74.7B USD. Off that, 55.2B USD were in bitcoin products, and 15.9B USD were in Ethereum based products.

Widespread news of blockchain adoption is driving cryptocurrencies to higher prices, and just yesterday Australia’s Commonwealth Bank of Australia announced they will offer crypto trading to retail clients. The largest Australian bank made a variety of announcements to support the crypto industry, and will start the crypto trading pilot this year.

The move will help validate the $2.6 trillion crypto trading industry. Some large banks in the USA and Eurozone offer cryptocurrency trading services to institutional clients, whereas others offer access Crypto linked products and ETF’s. Australia’s Commonwealth Bank’s move into direct crypto product trading is a trend setting offering.

Despite Commonwealth Bank of Australia’s move into cryptocurrencies just two months ago (in September) the bank was criticised for refusing to do business with cryptocurrency providers and related business. The de-banking of crypto organisations has made headlines in Australia lately, and Australian Senator Bragg is pushing to stop the de-banking of crypto businesses.

All of this paints a promising future for cryptocurrency mainstream adoption!

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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