Even though this week was technically boring in terms of price movements, the crypto market experienced a huge flow of information from new investors to preachers of the end of the hegemony of the dollar thanks to Bitcoin.
TOP Crypto News
Today we bring you a summary of the most important news that took place during the week with the aim of starting a new Monday with the most information available. We tell you what happened with Bitcoin and the crypto market!
Could Bitcoin be a dangerous tool if it falls into the wrong hands?
Last Thursday we reported from CryptoTrend that, during the Big Tech and China virtual, Peter Thiel, co-founder of PayPal warned that the Chinese government may be relying on Bitcoin as a means to undermine the foreign and monetary policy of the United States.
The troubled relationship between China and the United States is no mystery to anyone. In fact, the development of a digital currency by China has been considered by many experts as a threat especially to the US dollar.
However, Thiel believes that China’s CBDC will not actually have a real impact on the United States; beyond being “some kind of totalitarian measuring device.” Instead, the PayPal co-founder established that China could use Bitcoin as an erosion tool for the hegemony of the dollar.
“Even though I am a pro-crypto, pro-Bitcoin maximalist person, I wonder if at this point Bitcoin should also be seen in part as a Chinese financial weapon against the US, where it threatens fiat money, but especially threatens the US dollar», He explained.
For his part, Anthony Pompliano assured that Thiel tried to warn that the United States has the opportunity to be the leader. But, if you don’t realize it, Bitcoin can certainly work as a financial weapon against the US dollar.
We want to know your opinion! Do you think that Bitcoin could serve as a financial weapon? Will the United States do anything to profit from potential crypto?
Support and bets big on the leading crypto
The previous news does not eliminate the potential and attractiveness of Bitcoin as a tool to safeguard against inflation. In this regard, the optimistic projections on the leading crypto continued to a large extent during this week.
On April 7, we told you from CryptoTrend that large firms, such as JP Morgan and Ark Invest, expect an increase in the price of Bitcoin that could reach between 130,000 and 470.00 dollars.
In fact, Welt analyst Holger Zschaepitz assured what “JP Morgan sets a target of 130K for Bitcoin, but the long-term risk-adjusted fair value of Bitcoin of $ 130,000 would fall to between $ 24,000 and $ 30,000 based on current volatility ratios.».
Additionally, Michael Saylor, CEO of MicroStrategy, remembered to the crypto community on Twitter that their «loyalty to Bitcoin is forever». This happened as concerns spread across the social network that institutional investors would abandon the leading crypto.
And, in addition, another great celebrity asserted in the media his support for the crypto leader. On Monday, Paris Hilton assured CNBC that she is a Bitcoin hodler, investing in crypto for the long term.
Crypto market movements
In this section we will summarize some of the most relevant price movements that took place during the last week:
- The price of Bitcoin surpassed USD 61,000 yesterday, being its highest point during the last 7 days. Nonetheless, the leading crypto fell back and is currently slightly below $ 60,000.
- During this week Messari recognized Binance Coin (BNB) as the crypto with the best performance in the first quarter of 2021, this after 709% in profits. In fact, over the last 24 hours, crypto has risen 3.36%.
- The price of VeChain, labeled VET, managed to hit a new high of about $ 0.15. However, it has since fallen back to $ 0.13.
- Enjin coin price hit a new high of almost $ 4 on April 9. It is currently trading at $ 3.18.
Regulating the Crypto Market: Its Death or Its Catalyst?
Once again during this week the crypto market debated what would be the impact of regulating the crypto market and, of course, if it really is necessary.
On April 6, Ron Paul basically asserted that “the government is the threat against Bitcoin” during an interview with Michelle Makori of Kitco News. In this regard, Paul believes that the United States government can undertake sanctioning measures against Bitcoin through strong taxes or regulations.
However, on the other hand, on April 7 Jamie Dimon asks regulators to achieve a level playing field between banks, the crypto industry and Fintech.
It is worth noting that Dimon’s request does not contemplate the impact on the leading crypto at all. On the contrary, Dimon believes that the playing field between banks, the crypto market and fintechs is not level. Therefore, it requests action to change that.
In a few lines …
- Crypto exchange Coinbase has investors baffled as they see it as a more stable crypto bet.
- BlackRock, through its Global Allocation Fund, had 37 crypto Bitcoin futures contracts worth $ 6.15 million.
- Grayscale plan launch your own Bitcoin ETF.
- From agreement With Todd Rosenbluth, it will be a year or two before the United States approves a Bitcoin crypto ETF.