Weekly News Roundup: Bitcoin Prices Reaches $69,000 CAD, J.P. Morgan Planning BTC Purchase, GME Congress Hearing
Another wild week in the world of cryptocurrencies is coming to a close and here we are bringing you the top headlines. Progressive investors here at Netcoins continue to earn capital hand over fist as the biggest Bitcoin bull run to hit the cryptocurrency world since 2017 continues. But that’s not the only headline attracting eyeballs this week.
Bitcoin Price Blows Past $69,000 Canadian
You read right! Bitcoin is sitting at a new all-time high (at the time of this writing) with a current price tag of $69,272.54. The total market cap now sits at $1.237 trillion USD. At this point, it’s obvious that the next wave of institutional investing has the market excited and the ongoing printing of stimulus money by governments intended to get Canadians and people around the world through 2021 is obviously pushing investors to hedge against traditional currencies.
Overall, the price of Bitcoin is up +78% just this year.
Altcoin Season Rages On
Yes, Bitcoin is up +9% on the week, but it’s level of dominance over altcoins is decreasing as Ethereum and hundreds of other projects continue to gain ground on the industry leader. Binance Coin is up 116% over the last seven days, reaching a market capitalization of over $52.5 billion. The sharp move up makes it the third most valuable cryptocurrency in the world.
Why the run-up?
It’s happening because more and more developers are building decentralized finance projects on Binance Chain. Investors are looking for a way to participate in DeFi while paying lower fees. That strategy is clearly working right now. In a future Netcoins weekly news post, we might actually be talking about PolkaDot and Cardano doing the same thing.
It’s clear now that (for the first time in years) some Ethereum competitors are actually gaining traction. That’s good for the industry as a whole, but will Ethereum bulls steer clear of the temptation to become Binance, Polkadot, or Cardano converts? Only time will tell.
J.P. Morgan Planning Large Bitcoin Purchase
What a difference a big bull run can make! During the height of the 2017 bull run, J.P. Morgan CEO Jamie Dimon essentially called Bitcoin a fraud. Now he and his C-level staff know that J.P. Morgan has no choice but to get in on cryptocurrencies.
The bank now provides traditional banking services to two major cryptocurrency exchanges including Coinbase and Gemini. Rumour has it that it’s only a matter of time before the bank actually starts buying Bitcoin.
Dogecoin Finally Cools Off
We had to know this was coming right? Dogecoin is the meme coin of all meme coins. No fundamental value here.
The crypto adequately represented by the smiling face of a cute dog is down 19% in the last seven days. Celebrities haven’t been pumping it lately and retail investors are flocking to other projects.
Even the founder of Dogecoin itself admits the project is not worthy of the $10 billion Canadian market cap it’s been hovering around lately.
Don’t tell that to one anonymous crypto investor who is now worth over $2 billion USD because said investor bought low on Doge. Unbelievable!
The GameStop Congress Hearing
United States congressmen and women had the opportunity to ask questions to the founders of America’s popular trading app Robinhood, and Keith Gill, a retail investor known as [email protected]!#ingValue on Reddit. Robinhood CEO Vlad Tanev routinely took the time to thank every participant for their questions so that he could eat into their five-minute time limit and avoid providing real answers.
Redditors on r/wallstreetbets watched it the way sports fans would watch the Super Bowl. Needless to say, there were plenty of memes and strongly worded comments being posted, along with plenty of valid criticism and a sense that the retail investor will get screwed again.
This is all of course great news for crypto. It highlights the need for people to take control of their own wealth and move it to the decentralized world.
Decentralize Your Wealth with Netcoins
Register for free with Netcoins and start putting some of your wealth into Bitcoin, Ethereum and other cryptocurrencies if you haven’t been already. It’s the best way to avoid being at the mercy of hedge funds, and it’s clear that the smart money is starting to use it to hedge against the potential of a market downturn.
Crypto is for everyone and you don’t need to have billions of dollars to hang with the big boys in the decentralized world.
You’re now up-to-date on the biggest stories in crypto this week.
See you all in seven days!
Writer, content marketing at Netcoins.