In some way or another, Bitcoin always manages to be the center of attention of the entire crypto market, be it due to renewed volatility or, in this case, a reaffirmation of the potential of the crypto in the future.
This week has been particularly happened for the crypto market and as from CryptoTendencia our mission is to facilitate access to information, today we bring you the most outstanding news of this week’s crypto market.
Tesla reiterates its strategy: Hodl Bitcoin!
One of the most happening news of this week and where, without a doubt, Bitcoin was the center of attention of the world was announced in the middle of the week when Tesla announced the acceptance of Bitcoin as a means of payment.
Tesla CEO Elon Musk ad On Twitter that electric vehicle maker Tesla has started accepting payments for its range of electric cars in Bitcoin. However, while the news excited the crypto market, it was not the most exciting part.
In addition to accepting Bitcoin as a means of payment, Tesla assured that it will keep any Bitcoin paid, that is, it will not convert it into fiat currency. With this, Tesla reaffirmed its strategy to hodl the leading crypto.
Obviously, after the news, Bitcoin became the center of attention of the world and, in the crypto market began to debate which will be the next company is to apply a similar strategy.
Crypto concerns are unleashed as Bitcoin recedes
The past 7 days for Bitcoin have been particularly volatile. Last Sunday the leading crypto was trading above $ 57,000, however, throughout the week, volatility took hold and led Bitcoin to trade around $ 51,000.
As usually happens when Bitcoin pulls back, the rest of the crypto market was also stained red.
Evidently, the crypto community began to wonder if Bitcoin’s bull run might be about to end. Nonetheless, renowned Twitter analyst PlanB addressed the crypto community on Twitter in an attempt to allay concerns.
In this sense, the analyst assured that the bullish race of Bitcoin is just beginning and is not near the end. It is worth remembering that PlanB is the analyst behind the S2F model that predicts a price of the leading crypto of $ 100,000 to $ 288,000 before December 2021.
Price projections for the leading crypto
If there is something that cannot be missing a week in the crypto market, it is the projections of the price of Bitcoin, once again monopolizing the center of attention of the world.
In this case there are two very relevant price projections. In the first place we have Peter Brandt, a renowned analyst, where he asserted that the price of the leading crypto can be positioned above USD 200,000.
Nonetheless, Bloomberg analyst Mike McGlone offered a projection that made Brandt’s appear too conservative.
McGlone wrote on Twitter in the middle of the week that 2021 has been a watershed year for the crypto market. In particular, the Bloomberg analyst believes that Bitcoin is becoming a “risk-free” option for investors. Consequently, he points out that the leading crypto will be able to hit $ 400,000.
Grayscale Bitcoin Trust Premium
As many will know, the Grayscale Bitcoin Trust (GBTC) crypto is generally traded at a ‘premium’. Basically the premium is a reference to the difference between the value of the trust’s shares compared to the market price of the shares.
We previously reported on CryptoTrend that the Grayscale trust had been trading at a discount. However, during this week, the premium of Grayscale Bitcoin Trust (GBTC) plummeted 14.21%.
Bear in mind that GBTC has historically traded at an average premium of 15%. So what has been affecting you? Well the competition. Grayscale’s appeal has been diminished as cheaper and more accurate financial products are created.
In fact, this week we reported on CryptoTrend that the NYDIG issued a press release where it reported that, with immediate effect, it would be abruptly cutting prices for investors who wish to gain exposure to the leading crypto. The fee was reduced to 0.3%!
Without a doubt, this was a serious blow to the GBTC considering that they have administration fees of 2%.
NYDIG says governments are interested in acquiring Bitcoin
Once again, Bitcoin became the center of attention of the crypto market after Robert Gutmann, CEO of NYDIG, assured that different sovereign wealth funds have shown interest in investing in crypto, especially BTC.
Also, Raoul Pal said that Singapore’s sovereign wealth fund Temasek was in fact a Bitcoin investor.
In a few lines …
- The data reflects that the easily settled supply of Bitcoin (BTC) has reached a 3-year low.
- Lee Ju-yeol believes that central bank digital currencies (CBDC) will reduce the demand for Bitcoin payments.
- In a seminar, Shark Tank host Kevin O’Leary said that corporations don’t want to own cryptocurrencies mined in China.
- This week the crypto technical specifications that will allow the merger between Ethereum 1.0 and 2.0 were published.