Ethereum arrives at BBVA’s crypto asset service. Meanwhile, almost every cryptocurrency continues to fall precipitously this morning, following in the footsteps of Bitcoin. Fear among investors grows and greater uncertainty is generated in financial markets near the end of 2021.
BBVA’s crypto asset service in Switzerland, which began operating in the middle of this year, has taken another step by becoming the first traditional bank to implement Ethereum within its investment portfolio. Thanks to this, BBVA Switzerland’s private banking clients and clients with a New Gen account will be able to manage not only Bitcoin, but also Ether, the second largest capitalization cryptocurrency in the crypto-asset market.
This will allow users to manage their digital assets together with their investments in other markets, having better diversified portfolios, as well as providing them with the ease of converting their assets to fiat money.
Meanwhile, inflation data in the United States were released last Friday, just a week after Jerome Powell, president of the Fed, declared that inflation could no longer be considered as transitory. The Consumer Price Index data reached an increase of 6.8%, higher than what had been registered in October, which speaks of a strong and constant inflationary force, at least in the short term.
However, despite the fact that cryptocurrencies have lately been considered as safe-haven assets against inflation, the crypto-asset market continues to be in the red; which apparently shows a situation of extreme fear among investors. The fear and greed index has confirmed in recent months the current situation among investors of digital assets, after several weeks of strong falls, driven by various factors such as the expansion of the Omicron variant around the world.
Bitcoin is close to $ 47,000, in an area that has functioned as support especially in recent days, which if violated we could see a fall to $ 40,700. Will this be the end of the bear market? Or will we see Bitcoin fall below $ 40,700?
