It was an eventful week in the crypto ecosystem. The cryptocurrency market grabbed global attention as Bitcoin crossed it’s previous all-time-high and set a new record just shy of $67,000. This followed its exchange-traded fund (ETF) listing in the US. However, widespread euphoria was contained in the second half as BTC slipped back to the $63,000 region with investors taking some profits. The overall cryptocurrency market cap is now at $2.6 trillion as of 5pm IST. In this article, we will briefly track the crypto-related stories from this week.
Institutions are opening up to Bitcoin
The Proshares-backed Bitcoin ETF became the first one to start trading in the US this week, acting as a catalyst to boost the value of Bitcoin to its peak of $66,930.
Though institutional players previously dismissed Bitcoin in its formative years, the sentiment has shifted in recent months with the world’s leading asset managers such as Blackrock and Grayscale getting exposure to Bitcoin and cryptocurrencies. PIMCO, an asset manager with $2.2 trillion in assets under management (AUM), has planned to increase its exposure to Bitcoin.
Crypto adoption gains traction in the US
Many consumer fronting brands have also been led to serve the growing retail investor base of cryptocurrencies. Facebook is reportedly changing its name to suit its new vision of the Metaverse, a digital world that is driven by augmented reality.
Walmart has partnered with coin-cashing machine company Coinstar and crypto cash exchange CoinMe to open 8,000 Bitcoin ATMs across the US with 200 already being installed in the pilot phase. According to data from Coin ATM Radar, there are currently over 25,000 bitcoin ATMs at select grocery stores and service stations in the US.
Mobile-based brokerage app Robinhood has revealed that more than 1 million users have signed up for the firm’s crypto wallet waitlist. Robinhood had announced earlier in September that it will be rolling out a digital asset wallet for some of its US customers in October 2021.
Coinbase ups its game as FTX gains investment
NASDAQ listed Coinbase exchange is partnering with Facebook to pilot a new digital wallet named Novi, that allows users to send cryptocurrency globally. Coinbase has also landed a sponsorship of the National Basketball Association (NBA).
FTX, a Bahamas based leading crypto exchange, has raised $420 million in a new round valuing it at $25 billion. The exchange is planning to launch its full suite in the US soon if regulatory approvals come through.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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