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Despite the fact that Bitcoin, the world's largest cryptocurrency by market capitalization, is facing significant headwinds from regulatory agencies around the world, the cryptocurrency is advancing. This is demonstrated by Comdirect, Germany's third-largest bank, announcing the availability of 11 crypto ETPs.
Bitcoin was valued at $64,234 on April 14, 2021, according to CoinMarketCap. However, Bitcoin began to decline in mid-May after Tesla eliminated Bitcoin as a payment option from its platform, citing environmental concerns. The king currency suffered another setback when Chinese officials began cracking down on Bitcoin mining activities, causing the price to fall below $35,000. Bitcoin's price has been stuck around $32K for the last seven days, and market sentiment is not encouraging. Despite this turbulent market environment, Bitcoin is gaining popularity, with an increasing number of banks and financial organisations adopting it.
Cryptocurrencies have entered the near mainstream this year, with crypto-backed bank cards and investment products. Both large and small traders have gotten in on the activity, and the trend is gathering momentum.
The following news highlights is how the Bitcoin ecosystem is progressing.
Germany's Third-Largest Bank Adopts Bitcoin
Comdirect Bank Aktiengesellschaft, Germany's third-largest direct bank with over three million customers, has announced the addition of 11 cryptocurrency exchange-traded products (ETPs) from 21shares AG. The ETPs allow investors to invest in a variety of cryptocurrencies, including Bitcoin, Ethereum, XRP, Bitcoin cash, Polkadot, Stellar, Cardano, and Solana.
Bitcoin in Emerging Markets
According to reports, crypto use is accelerating in the developing countries, particularly in Latin America and Africa. El Salvador's recent vote to legalise bitcoin demonstrates how underdeveloped countries are embracing crypto. In 2021, trading volumes in Brazil increased by 2,247 percent year on year. Venezuelan cryptocurrency trading volumes have increased 833 percent in the last year.
The cryptocurrency sector is also booming across the African continent. According to reports, more people in Nigeria utilise Bitcoin than in the United States. Additional African countries such as Ghana, Kenya, South Africa, Botswana, and Zimbabwe contribute as well. By 2025, Experts Predict $318,417.
Finder, a comparison website, did a study to ascertain bitcoin's future prospects as its popularity develops. Bitcoin was forecasted by Finder's panel of 42 cryptocurrency experts to conclude 2021 at $66,284 per BTC and reach $318,417 by 2025, spurred by the second halving and increased usage. According to one expert, Bitcoin would have displaced gold as the world's reserve asset by 2030.
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