TRILLION $$$: #Crypto trading volume doubles // SCARCE: #Ethereum breaks $1,600 ATH // TARGET: Bitcoin “worth $500k” // VISA: Card giant working on #Bitcoin trading // INDIA: No plan to ban Bitcoin
cryptoexchange volume doubles to nearly $1trn a month [1 feb 2021]
January 2021 saw the largest increase in cryptocurrency trading volume on exchanges in history by some considerable margin. Volume more than doubled compared to the previous record month (December 2020) soaring to $906bn, according to research by The Block. Binance accounted for 60%, Coinbase took a 12% share, and institutional exchange LMAX Digital and Kraken represented around 6% of total trades each. Read more here.
ethereum hits $1600 ATH as DeFi crashes supply [3 feb 2021]
Ethereum has breached its previous $1600 all time high, dragging DeFi and altcoins upwards with it. The world’s second largest cryptocurrency has been on a 10-month bull run, adding 1,000% to its price since April 2020. Data shows withdrawal of the cryptocurrency from exchanges is accelerating, and Ethereum is increasingly being locked away on DeFi platforms as investors stake it for yield, further reducing the available supply. Read more here.
bitcoin should be worth $500k, says asset manager [28 jan 2021]
Massive institutional investment in Bitcoin continues in 2021, and one bullish asset manager has set a fresh price target of $500,000 per coin. One River Asset Management CEO Eric Peters told Bloomberg price volatility would fall as prices stabilise at higher levels and that Bitcoin would eventually overtake gold. This mega-bull price target follows similar predictions from Citibank ($300k) and JP Morgan ($146k) as the world’s richest use cryptocurrency to hedge against economic crisis and unfettered quantitative easing. Read more here.
VISA to allow bank clients to buy and sell cryptocurrency [3 feb 2021]
Credit card giant VISA is working with recently-regulated cryptoasset bank Anchorage to allow its banking clients to buy and sell digital assets. Visa envisions a product set that extends to cryptocurrencies and stablecoins as well as other crypto services such as trading, Visa crypto lead Cuy Sheffield told CoinDesk in an interview. This news that one of the world’s richest companies is to follow in the footsteps of Paypal is another intensely bullish sign for greater adoption. Read more here.
India has no plans to ban Bitcoin [3 feb 2021]
India’s long-running saga over the legal status of Bitcoin and cryptocurrencies took a positive turn this week as the Ministry of Finance clarified to Parliament that it had no plans to ban Bitcoin. The country is one of the world’s fastest-growing markets for cryptocurrency and yet the legality of trading or even owning Bitcoin has been a major grey area for years, with the government, central banks and Supreme Court batting regulation decisions back and forth. This announcement gives some hope to the 7 million+ cryptocurrency holders in the country. Read more here.