The cryptocurrency market has been seeing very positive weeks from a fundamental point of view for a while now. State Street, the second-oldest bank in the United States with over $3 trillion in assets under management, is going to offer trading crypto to its clients later this year, according to Financial Times.
Meanwhile, Hong Kong-based technology firm Meitu revealed that it had reached its target to invest $100 million in crypto assets for its treasury department.
We have just witnessed yet another very positive week for the cryptocurrency market from a fundamental point of view. On March 29th, VISA announced it would use the Ethereum blockchain to allow its customers to settle payments in cryptocurrency. For its cryptocurrency payments, VISA tested USDC — the second-largest stablecoin after USDT.
On the next day, PayPal revealed they were working on a crypto checkout service to allow their customers to pay in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin at millions of online merchants worldwide that accept PayPal.
On March 31st, Goldman Sachs announced they would begin to offer Bitcoin…
This past week the crypto market remained quite volatile and struggled to find direction. As Federal Reserve Chairman Jerome Powell highlighted on March 22nd, crypto assets are still highly volatile and speculative. However, he also underlined that Bitcoin is essentially a potential substitute for gold rather than the dollar.
Interestingly, no matter what central bankers say about cryptocurrency, institutional interest in crypto doesn’t fade; it even intensifies. According to Bloqport, at least six well-known US asset managers are applying for Bitcoin ETFs at the moment:
The expansion of institutional investors in the crypto industry continues. On March 16th, Visa CEO Alfred Kelly said the payment system was trying to “enable the purchase of Bitcoin on VISA credentials” and “working with some Bitcoin wallets to allow Bitcoin to be translated into a fiat currency.”
On March 17th, in an internal memo, Morgan Stanley told its financial advisors that it was launching access to funds that enable Bitcoin ownership for its clients with at least $2 million in assets held by the company. …
Last week, on Thursday, Bloomberg released their March 2021 report on Bitcoin. In their report, Bloomberg outlined that Bitcoin is already transitioning from a speculative risk asset to a global digital store-of-value. The financial media company highlighted that many investors had started replacing gold with Bitcoin in their portfolios. That is why Bloomberg expects the cryptocurrency’s price to reach at least $100,000 later this year.
Interestingly, the longer-term price predictions within the crypto community are even much more optimistic. …
Bitcoin’s market capitalization has surpassed $1 trillion — a decisive psychological threshold that was unimaginable just 5 or 6 years ago. One of the reasons behind the substantial price increase is the start of the institutional investors’ phase — a period when big hedge funds, banks, and investment companies start entering the market. For example, last week, Rick Rieder, BlackRock’s Managing Director, announced in an interview on CNBC that they had begun “to dabble a bit” into Bitcoin:
On February 8, Tesla announced it had invested $1.5 billion in Bitcoin, thereby converting part of its cash on the company balance into cryptocurrency. Moreover, the electric vehicle company highlighted it would start accepting Bitcoin as payment for its cars.
The crypto market reacted immediately to the positive news. The price of Bitcoin surpassed its previous local high of $42,000 and reached levels close to $50,000 later through the week.
Interestingly, this past week, Tesla was not the only big player joining the cryptocurrency world. On February 11, the Bank of New York Mellon, one of the oldest banks in…
Elon Musk, the founder of Tesla and SpaceX, who provoked an intraday pump of Dogecoin (DOGE) last week, keeps joking with the crypto community on Twitter. On Thursday, he posted an image from ‘The Lion King’ that showed himself holding up a dog symbolizing Dogecoin:
On Thursday, investing app Robinhood blocked purchases of GameStop, AMC, and BlackBerry stock as trading on the stock market surged among retail users. Many users started to complain that they could not trade GameStop and other shares, and also their functionalities in the Robinhood platform are limited.
This event attracted the attention of the crypto community immediately because it is a typical example of how centralized financial markets can punish their participants — in most cases, the small investors.
Many cryptocurrency enthusiasts saw this event as the beginning of the end of Wall Street’s dominance in the financial world. Tyler…
Last week, Bitcoin remained under pressure. On Friday, the price of digital gold even fell below the psychological level of USD 30,000.
Interestingly, this price drop coincided with the publication of a report from BitMEX Research suggesting that a critical flaw called “double spend” had occurred in the Bitcoin blockchain:
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