“The announcement that much of the crypto world has been hoping for is here: Tesla has invested in bitcoin. Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money into bitcoin.
According to Tesla’s annual report, the investment policy was updated in January to provide ‘more flexibility to further diversify and maximize returns on our cash.’ Tesla also expects to begin accepting bitcoin as a form of payment for its products “in the near future.”
We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space.
Bitcoin’s price shot up more than 14% after Tesla’s disclosure to a new all-time high of $44,801.”
See Also: Will Apple be the Next Company to Adopt Bitcoin?
See Also: Rising Bitcoin futures funding rate signals traders expect $50,000 BTC
See Also: Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy
“The world’s first regulated ether futures product may draw more institutional demand for the second-largest cryptocurrency by market value, boosting the recent price rally.
The earliest traditional financial institutions that bought BTC are already looking at ETH, if not bought already. And rightfully so. The most used crypto network + future of finance + a potential deflationary monetary policy narrative make it extremely compelling.
Patrick Heusser, head of trading at the Swiss-based Crypto Finance AG, foresees ether leading the broader market higher. Wang foresees ether rallying to $5,000 and higher in the long run.”
See Also: CME ETH Futures
“The debasing of global currencies is why companies like Tesla (TSLA) and MicroStrategy (MSTR) are investing in bitcoin and that should be troubling for the rest of the world, former acting U.S. Comptroller of the Currency Brian Brooks said Monday.
The former acting comptroller noted the U.S. money supply has risen 25% since the start of the pandemic and will be up 40% compared with a year ago once the most recent round of stimulus is done in the next few days.“
“The app – to be updated this week – will let Ledger wallet users connect to decentralized apps (dapps) via an integration with open-source protocol WalletConnect.
Ledger Live mobile users will be able to use their device to manage transactions without relying on external gateways and browser-based Ethereum wallets.“
“The proposed Index will be comprised primarily of companies that derive more than 75% of their revenue from the crypto sector or that have more than 75% of their net assets held in cryptocurrency. The remainder includes large-cap companies that have a “dedicated business initiative” focused on crypto.
Notably, the proposed ETF will not invest in crypto assets directly or through derivatives.”
“A Chinese banking institution has completed the development of a hardware wallet for the country’s central bank digital currency, the digital yuan. The new hardware wallet supports dual offline payments without an internet connection.
In late 2020, local tech giant Huawei announced that its upcoming Mate40 smartphone series will feature an integrated hardware wallet for the digital yuan.”
“Cardano’s successful testnet integration of smart contract functionality and plans to enter the DeFi space back ADA’s 139% rally.
ADA rose from $0.35 on Feb. 1 to its current price of $0.71, a move which has elevated Cardano to the 4th ranked cryptocurrency by total market cap.”
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