Cryptos in Action

2 min read | November 04, 2021 08:21 PM AEDT | By Daniel Paul Johns

Cryptos in Action — Image source: © Grafvision | Megapixl.com

CBA Breaks New Ground

The Commonwealth Bank will become the first bank to offer crypto services. Australia’s largest bank announced yesterday that they would be providing 10 cryptocurrencies on their CommBank app that is available to customers in the coming weeks.

Commonwealth Bank is in stark contrast to their position on crypto just a couple of months ago, where they had incurred criticism for banning other businesses involved in the crypto space.

The practice, known as “debanking” is done by most banks in Australia and is done, as the banks have said in the past, to prevent criminal activity, including money laundering and even terrorism.

The Commonwealth Bank said in a statement yesterday that while they had been receiving criticism in September, they’d been researching the crypto space. Due to heavy market demand, they decided that it was time to offer crypto services to their customer base. Currently, there are around 6.4 million users of the CommBank app.

Ether Going Strong

Moving on. Ether, the world's second-largest cryptocurrency, hit an all-time high on Wednesday, catching up with bitcoin's rally and riding on the news of wider blockchain adoption.

The ether token, which powers the ethereum blockchain network, is currently priced at US$4,596.

El Salvador and Bitcoin

The El Salvadoran government is beginning its next Bitcoin-related project which involves using profits the nation has made on the asset to build schools.

El Salvadoran President Nayib Bukele said profits from the nation’s Bitcoin Trust account will be channeled into the construction of twenty schools.

El Salvador adopted Bitcoin as its currency, alongside the US dollar earlier this year, becoming the first country to do so.

Altcoin Season

Another strong day for altcoins has prompted some to wonder whether the market is in the crypto season. Crypto season is an extended period where Altcoins outperform Bitcoin consistently for a month.

Winners and Losers

top winners and losers in cryptocurrency

Source: coinmarketcap.com

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