The price of Bitcoin exceeded USD 40,000 and Telsa shows the possibility of accepting BTC as a means of payment
The price of Bitcoin exceeded USD 40,000, currently the price of the market’s leading cryptocurrency is trading at USD 40,125 registering an increasing variation of + 8.97% in the last 24 hours. According to our internal crypto online tool.
Buyers weighed in on Sunday after Musk tweeted that Tesla will allow bitcoin transactions again “when there is confirmation of reasonable use of clean energy (50%) by miners with a positive future trend.” Effect that is linked to the fact that the price of bitcoin exceeded 40K.
Tesla announced Bitcoin as a payment option in February, only to suspend it in early May over environmental concerns.
While the market mood has improved in the last 24 hours, caution ahead of the US Federal Reserve’s rate decision, scheduled for Wednesday, may keep gains in check.
In addition to the price of Bitcoin surpassing this mark, the bullish sentiment for the rest of the market has also been felt. Showing an improvement for the other cryptocurrencies.
Remittance companies hesitate to offer support for Bitcoin despite legal tender law in El Salvador
Despite the law that was recently approved in El Salvador that mandates the use of Bitcoin as legal tender. Apparently local remittance companies are reluctant to adopt BTC.
Speaking to Reuters, Autonomous Research fintech analyst Kenneth Suchoski argued that remittance companies are unlikely to launch support for Bitcoin and other crypto assets. Until they are driven to do so by customer demand, which is likely to create stagnation for the local payments industry.
Global payments company MoneyGram International also emphasized the challenge of navigating undeveloped infrastructure. That allows bridges between crypto assets and local fiat currencies in emerging economies.
Coinbase wants to establish an office in New York
The largest cryptocurrency exchange in the United States, Coinbase, is opening its first office in New York. The Nasdaq-listed cryptocurrency exchange has reportedly subleased 30,000 square feet to Steven Cohen’s investment firm Point72 at 55 Hudson Yards in New York. As reported by the New York Post on Sunday.
Citing sources at a real estate company, the report notes that Coinbase’s upcoming New York office makes up a small portion of Point72’s total 339,000 square feet in the tower. The report also notes that the Hudson Yards area is known primarily to corporate, media and law tenants, but not to tech companies.
“It’s a new user brand not just for Related’s Hudson Yards, but for the entire far West Side area as well.” Said a market observer.
Coinbase, the largest cryptocurrency exchange in the United States, has become one of the most discussed this year after going public on the Nasdaq in April. The firm is known for its no-headquarters stance, officially announced by CEO and co-founder Brian Armstrong in February 2021. Last month, Coinbase was planning to close its San Francisco office in 2022 as part of the company’s commitment to ‘ be remote first.
Armstrong highlighted that the closure of Coinbase’s headquarters in the city of Golden Gate will be an important step in ensuring that no office becomes an unofficial headquarters. “Instead, we will offer a network of smaller offices for our employees to work from if they choose,” he said.
Netherlands should regulate cryptocurrencies rather than ban them, says finance minister
A cryptocurrency ban is not the right solution for the Netherlands. As stated by the country’s finance minister after a local official called for a total ban on cryptocurrencies.
The Netherlands should regulate the cryptocurrency market rather than prohibit its citizens from using crypto entirely. This was stated by the Dutch finance minister, Wopke Hoekstra, according to a report published on Friday by the local news agency NU.nl.
The official admitted certain risks associated with the cryptocurrency market. And he said he understood the concerns raised by the director of the Dutch Office for Economic Analysis, Pieter Hasekamp. The minister stressed that it is crucial to ensure adequate standards for virtual asset service providers. In order to mitigate risks around issues such as money laundering.