Crypto Daily Report – August 20
Aug 20, 2021
body div center ul, body div center li { font-size: 22px; margin-left: 10px !important; margin-right: 0 !important; Most Important Daily Data and News for Digital Assets Crypto Daily ReportThe Most Important Daily Data for Digital Assets Daily Analysis from FSInsightAugust 20, 2021The crypto market is up 7.5% over the past 24 hours with Bitcoin and Ethereum up 5.5% and 7.5% respectively. Currently at $47,000, Bitcoin is once again above its 200-day moving average. Ethereum continues to trade well above its 200-day moving average, currently at $3,200. Avalanche, a smart contracts platform we've published extensive research on and recently held a webinar with its President John Wu - is up 19% over the past 24 hours.Brian Armstrong, CEO of Coinbase announced Thursday that the company will purchase $500M worth of crypto assets for its balance sheet. Coinbase will also begin investing 10% of its profits into crypto on a go-forward basis. Armstrong did not indicate which digital assets they will be purchasing. The company's Q2 2021 results showed $1.6B in net profits implying investments should be in the ballpark of $160M per quarter. The announcement comes at a time when crypto native companies are expressing displeasure with legacy financial institutions. The CEO of Compass Mining,