This Friday, Bitcoin price fell more than 3% and is trading at $ 48,000. This week, the cryptocurrency recovered its price after spending a month in the range of US $ 30,000 and US $ 40,000.
The “mash” with a crypto dollar that yields up to 10%: it has no limit
On August 23, the cryptocurrency reached US $ 50,000, however, it fell again and today its price ranges between US $ 46,000 and US $ 48,000.
According to market analysts, on the charts, Bitcoin shows resistance at $ 49,200 and, as they anticipated on Monday, the most popular cryptocurrency reached a level of consolidation between US $ 46,000 and US $ 47,000.
Although this price drop might be daunting, It should be noted that this year Bitcoin gave investors 65% gains.
Bitcoin: the 3 factors that affected its price this week
The first factor that took place this week and moved the price of Bitcoin was the fact that Morgan Stanley, one of the most important financial companies on a global scale, bought shares of Grayscale Investments’ Bitcoin fund.
In total, Morgan Stanley bought 928,051 shares worth US $ 27,665,000, according to a balance sheet filed with the United States Securities and Exchange Commission (SEC).
In second place, PayPal, the digital finance platform, announced that it will launch services for buying, selling and storing cryptocurrencies in the UK.
The service had already been implemented in the United States and marks a first international expansion outside the North American country. According to industry sources, PayPal could aspire to greater adoption of cryptocurrencies.
“We are committed to continuing to work closely with regulators in the UK, and around the world, to offer our support and contribute significantly to shaping the role that digital currencies will play in the future of global finance and commerce.” PayPal stated in a statement.
In third place, Coinbase, the first cryptocurrency exchange to be listed on the New York Stock Exchange, announced on its latest balance sheet that it will acquire $ 500 million in cryptocurrencies and allocate 10% of its quarterly earnings to buying digital assets.