Crypto at a glance
Never settle. Bitcoin certainly doesn’t. Not content with bashing through $50,000 like a gorilla through a birthday cake, it continues to surge and has just set a new all-time high over $52,000.
It’s now closing in on another huge psychological landmark – $1 trillion market cap. Will it hit this week?
Bitcoin’s surge comes as influential financial players continue to flood into the space. Yesterday, BlackRock’s chief investment officer of global fixed income, Rick Rieder, hinted to CNBC that the world’s largest asset manager has diversified into crypto, while private financial and investing advice company Motley Fool announced that it has bought $5 million worth of Bitcoin. If it’s doing that with its own money, what’s it advising its clients?
Will new all-time-high and a huge milestone spark even more interest in Bitcoin?
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JP Morgan hints it could join party as Bitcoin continues to flirt with $50k
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There was yet another all-time high for Bitcoin yesterday, as it came within touching distance of $50,000. Will we see $50,000 this week?
If the good news continues to flow in, it’s more than likely we will. Yesterday, we had Mayor of Miami, Francis Suarez share the progress they’re making towards paying employees in Bitcoin, as well as investing in it as a city. Miami has played a central role in cryptocurrency’s history, with the Ethereum co-founders meeting for the first time in a Miami beach house where they were staying for the North American Bitcoin Conference. Suarez is also a long-time bull, speaking at the IOHK Summit in 2019 and often leaning on the likes of Charles Hoskinson, Anthony Pompliano and the Winklevoss twins for advice. Is he making a convincing case for Miami as a home of sorts for the crypto?
MasterCard plans to follow PayPal with crypto receipts for merchants, Cardano launching Native Tokens
The markets slowed yesterday, with Bitcoin and Ethereum both seeing small retraces after hitting new all-time highs earlier in the week. The rumour mill continues to grind though, with new reports quoting a ‘source familiar matter’ that MasterCard is planning to give merchants the option to receive payments in cryptocurrency later this year. The question is, will it stop people HODLing and get them to start spending their crypto?
It was a similar story across the board yesterday, with minor losses or minor gains for the majority. The story of the moment continues to be Cardano, which is now up more than 100% in the last 10 days alone. The rise follows last week’s upgrade of the platform’s ‘native tokens’ testnet – (read today’s Crypto AM: Conversation with James Bowater) the first step towards allowing full multi-asset support and enabling the u