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Bitcoin has seen volatility in its price in the last week, refusing to settle in an established range at its new lower trading level. 

Having dropped away from over $20,000, bitcoin began last week with a fall below $15,700 before jumping back to around $17,000. Later in the week it found more stability around $16,500 but plummeted again over the weekend to trade just below $16,000 this morning. 

Ether likewise saw volatility across the week, having begun below $1,175 before jumping to just under $1,275. The cryptoasset then traded downward over the week to around $1,175 again, before plunging over the weekend to now trade just above $1,110. 
 

Time to buy bitcoin? Pantera says yes

Recent market volatility has sent the price of major cryptoassets such as bitcoin tumbling to lows not seen in around two years and well below the all-time highs of a year ago. 

For investors thinking then - is now the time to buy? - there are some things to consider. One of those is to look at what is happening with institutional investors in the space, to see how they are positioning in the current conditions. 

If we look at a major bitcoin investment vehicle such as Grayscale - the discount to NAV is now around 43%. This means the trust is heavily oversold, and anyone buying into it now is getting a 43% discount on the value of the assets it holds. 

Another major institutional bitcoin player, Pantera, has bought up more bitcoin as the price has tumbled. The fund announced over the weekend that it was buying a further $140 million of the cryptoasset - giving a signal to markets that it sees a quality entry point on the price right now. 
 

White House raises crypto regulation after G20

The G20 summit has been used for a variety of political aims this month, but one of them seems to have been coalescing an approach to crypto regulation too. 

In a statement released by the White House, Joe Biden stated that the G20 nations are committed to “robust regulation, supervision, and oversight” of crypto. The White House also says it welcomes the FSB’s proposal to establish a comprehensive international framework for crypto regulation. 

The announcement comes at a critical juncture for the sector, with calls for greater regulatory oversight growing in most major nations. While this process does seem to be underway, more coordinated efforts between major nations could soon see significant changes to the international environment. 
 

Ronaldo launches NFTs

Arguably the world’s most famous footballer, Cristiano Ronaldo, has launched a collection of NFTs on Binance. The footballer, who is set to appear in the World Cup with Portugal on Thursday, has launched a set of NFTs that are limited in number and can be bought on Binance using its native stablecoin BUSD. 

The launch comes at a controversial time for the player, who is embroiled in a spat with his club Manchester United. The launch of the NFTs though is a clear play by the star to build on his already highly-marketable and popular global image among fans.

The NFTs are limited editions with only a few thousand available. Most expensive ‘super rare’ and ‘super super rare’ NFTs will only be obtainable via online auction.

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