Cryptocurrency / blockchain concept with coin on the motherboard.
BITCOIN BREAKS OUT AND DOGE RECOVERS
Bitcoin has further built on the momentum from Tesla CEO Elon Musk, who tacitly endorsed cryptocurrency from last week Adding the leading cryptocurrency to his Twitter profile. Bitcoin currently costs more than $ 38,000 and is now trading at levels not seen since mid-January. Part of this sustained surge is likely due to Musk offers his first in-depth comments on the asset. In a recent clubhouse chat, he said: “I am a bitcoin believer. I’m late for the party but a supporter. I think Bitcoin is about to be widely adopted by conventional finance professionals. “
It is also noteworthy that Dogecoin has regained momentum after a brief fall earlier this week. Specifically, It rose again on Thursday when Elon Musk ended his break from Twitter with a lot of posts about it. Currently the price is at $ 0.045 which is a 704% increase for the year.
A DIFFERENT ATH FOR ETH, DEFI ASSETS RISE
While Reddit favorites like GameStop, AMC and Blackberry have returned to Earth after their retail fluctuations last week, the price hikes that Ethereum and several DeFi (Decentral Finance) tokens are seeing seem to be just beginning. Ethereum set several new records this weekGrown 25% in the past five days and 135% year to date to hit a new high above $ 1,721.
But that’s not all this week Several key DeFi tokens used to power decentralized exchanges and credit protocols have risen. Compound, Uniswap, AAVE, Kyber and Ox in particular have all reached the latest highs.While some of this trading activity relies on Bitcoin investors converting some products into alternative assets that outperforms the leading cryptocurrency this year, Much of this renewed focus is ideological. Redditors, frustrated by the trading restrictions Robinhood and other brokers imposed over the past week, are taking a closer look at censorship-resistant trading platforms.
Current price of the top 5 coins (by market capitalization)
Source: Messari. Prices from 4 p.m. on February 5, 2021.
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BLOCKCHAIN WINS OVER LARGE BUSINESS
This week Forbes released the 2021 Blockchain 50, A list of the largest companies in the world that are making good use of blockchain in their businesses to drive new growth, reduce costs, and improve efficiency. Household names featured on the list this year include Boeing, Honeywell, IBM, JPMorgan, Microsoft, and the National Basketball Association. A total of, This year’s list has 21 newcomersincluding five from Asia, one from Australia and one from Africa. Notably absent from this year’s list: Google, which hasn’t gone far beyond a limited blockchain search engine, and Facebook, who announced an ambitious sign called Diem in the summer of 2019, only to face widespread backlash. Perhaps due to the fact that this year’s list is the first to be released during a Crypto Bull market, A record of nine companies was included due to their specific stake in Bitcoin.
VISA’s BITCOIN AMBITION is growing
After partnering with 35 different bitcoin and cryptocurrency platforms over the past few years Visa has announced plans to help banks introduce buying and trading services for bitcoin and cryptocurrency with a crypto software program from Visa to be launched later this year. A key partner will be the Visa portfolio company and crypto custodian Anchorage, which last month became the first national US digital asset bank after receiving approval from the US office of the Comptroller of the Currency (OCC) for received a national trust charter. First Boulevard, a Kansas-based, black-focused digital bank, will be the first to drive the service.
Crypto Exchange Coinbase has selected Nasdaq as its direct listing location [The Block]
Crypto Startup Metal Pay Files for the National Bank Charter [CoinDesk]
Here’s how much Elon Musk’s tweets are affecting Bitcoin and Dogecoin prices [Decrypt]