If I had to describe the last week in the crypto market in one word it would be: Adoption. And it is that, during the second week of February, many dreams of the crypto community came true, especially for Bitcoin. We tell you the most important!
Once again in CryptoTrend we recognize how difficult it can be to keep up with all the information that flows in the market. But, don’t worry, today we bring you the details that you cannot lose sight of.
Tesla starting a wave of crypto adoption?
The upheaval in the crypto market began on Monday, February 8, when Tesla ad allocating 7.7% of its cash to Bitcoin, which translates into an investment of $ 1.5 billion.
Unsurprisingly, this set off a bull run that pushed the crypto leader above $ 46,000.
However, the news triggered a series of events. First of all, we must be aware that not everyone was satisfied with Tesla’s decision. In particular, those shareholders who, from that moment on, became indirect Bitcoin investors.
Also, secondly, the news caused multiple crypto exchanges to experience service outages as Bitcoin soared to new highs. The reason? A high demand from the leading crypto for which exchanges weren’t prepared.
And thirdly, the news sparked a new debate in the crypto market: Will Elon Musk unleash a wave of crypto adoption?
Has the adoption started and is it unstoppable?
As we mentioned previously, Tesla started a very important conversation in the crypto market.
In fact, on Tuesday, Jim Cramer, host of “Mad Money,” showed up on CNBC’s Squawk Box show where he insisted that it is a serious mistake not to buy BTC.
I think it is almost irresponsible not to include it. Every treasurer should go to their boards of directors and say: Should we put a small part of our cash in Bitcoin? It seems to be an interesting way to protect yourself »he explained.
Also, Michael Sonnenshein, CEO of Grayscale, explained to CNBC that after the incorporation of giants like Elon Musk, Michael Saylor and Jack Dorsey, surely more technology leaders and institutional investors will join.
In fact, the crypto market has already begun to speculate who will be the next giant to join the crypto market. As we reported in CryptoTrend, Max Keizer He said that Larry Ellison, founder of Oracle, could be next.
In the same vein, Twitter revealed that it was studying the possibility of buying Bitcoin and even regarding how to use crypto to pay employees and suppliers.
However, not everyone thinks the same. For their part, JP Morgan strategists were blunt in pointing out that Tesla’s investment will not necessarily trigger a wave of crypto adoption.
It’s worth mentioning that Daniel Pinto, JP Morgan co-chairman and chief operating officer, later explained to CNBC this week that only under increased crypto adoption would he think of investing in Bitcoin.
CME now offers Ethereum futures
This week the CME Group opened the doors to Ethereum (ETH) futures. Announced in mid-December, ETH futures trading went live on February 8.
It’s worth mentioning that ETH crypto futures are settled in cash and based on the exchange’s benchmark rate.
Miami Mayor Wants To Accelerate His Crypto Adoption
This week, specifically on Tuesday, the Mayor of Miami, Francis Suarez assured which was working hard to add Bitcoin within the city’s holdings.
Just a few days later, the Miami governing commission approved the resolution that will analyze the possibility of investing government funds in the leading crypto.
India plans to ban the crypto market
This week Bloomberg reported that India plans to pass the bill to completely ban crypto transactions in the country.
Likewise, the Bloomberg informant belonging to the Indian Ministry of Finance pointed out that they plan to give the country’s crypto users between three to six months to abandon their operations.
Canada approves a Bitcoin ETF!
As we mentioned at the beginning, throughout the second week of February many long-standing dreams came true for the crypto community.
For many years the crypto community has struggled for the approval of a Bitcoin ETF and for a long time too, many negatives were received that made the market tremble.
This week Canada reported the approval of a Bitcoin ETF to be listed on the Toronto Stock Exchange. And, of course, the news was celebrated by the crypto community.