The crypto market has been weary of the recursive corrections in the industry. The digital assets in the directory have been fading in the supercycle. The market cap of the industry is currently hovering at about $2.33 Trillion with a positive change of 3.7%. The volume of trades for 24-hours are at $115,598,196,238.
The kingpin of the industry has always been prone to fluctuations in the market. Bitcoin price now falls short of its ATH by 29.5%. Enthusiasts are now expressing concerns of another dump, in the midst of a meeting by the Federal Reserve. On the other hand, a positive update comes from a renowned German savings bank, of its plans to allow Bitcoin purchases.
Is The Crypto Market Heading Towards Another FUD?
FUD has been prevailing amongst the folks in the crypto industry, over assumptions revolving around the Federal Reserve accelerating the tapering process. Which CoinPedia had reported earlier. Currently, the Federal Reserve has been buying $120 Billion worth of assets a month. They have already cut that down by about 30 billion.
The FED is expected to announce that they are going to double from the existing 15 Billion a month to 30 billion a month. Which would essentially be no different from the previous stance. A hike in interest rates can be possible, as a measure to combat inflation. That has been rising at a nerve-wracking rate. However, the implications of the amendment might not affect the market in an instant.
50 Million New Customers To The Rescue?
The German savings bank Sparkasse from the 18th century, with about 370 branches and over 50 million customers. Is planning to enable its customers to get access to purchasing cryptocurrencies directly from checking accounts. The initiative would be through a pilot program to launch an in-house cryptocurrency wallet and exchange for next year.
The project commencement is subject to approval by the Sparkasse committee early by next year. The German IT service provider S-Payments is exploring ways to provide an option to securely store digital assets in a wallet for select customers.
Collectively, the initiative with 50 million customers with 1.2 trillion euros in assets between them would bring significant impetus to Bitcoin. Sparkasse Bank had earlier blocked all Bitcoin-related bank transfers back in early 2015. The bank’s recent move has accompanied praises for how far the industry has come.