Weekly Roundup – Cryptocurrency market reaches $2 Trillion Market Cap

As global cryptocurrency adoption continues to grow with the overall cryptocurrency market cap surpassing $2 trillion for the first time this week.

Here’s a rundown of all the major crypto stories from this week:

The total market capitalization of cryptocurrencies has surpassed $2 trillion.
The cryptocurrency market has been on a long-term uptrend that began last year. Several cryptocurrencies, like Bitcoin and Ethereum, have reached new all-time highs in the last year. The crypto market has risen due to increasing cryptocurrency prices and the entry of institutional investors. For the first time this week, the overall cryptocurrency market cap surpassed $2 trillion. This came after lengthy rallies in Ethereum (ETH), XRP, Binance Coin (BN), and other cryptocurrencies. Although Bitcoin continues to dominate the cryptocurrency market, Ethereum and other altcoins are gaining traction.

Bloomberg has a bullish view on Bitcoin.

Bloomberg, a financial news source, provided a positive forecast for the leading cryptocurrency. According to Bloomberg, the most common cryptocurrency could reach $400,000 by the end of the year. This forecast outperforms that of JPMorgan Chase, which predicts that Bitcoin would trade over $100,000 by the end of 2021. According to Bloomberg, Bitcoin is quickly displacing gold as the preferred store of value. Most indications, according to the financial media source, point to Bitcoin (BTC) gradually replacing gold as a store of value in investor portfolios. The fact that Bitcoin’s fundamental and technological underpinnings are strengthening while Gold’s are deteriorating, according to Bloomberg, indicates that Bitcoin is gaining ground.

State Street will soon begin trading cryptocurrencies.

The institutional cryptocurrency adoption continues with State Street, the second-oldest financial institution in the United States, revealing it could start trading cryptocurrencies soon. The bank’s Currenex trading technology division is collaborating with London-based Pure Digital to create a digital currency trading network for institutional investors. State Street is considering using the platform to exchange Bitcoin and a variety of other cryptocurrencies, according to a State Street executive. Leading banks such as Goldman Sachs, BNY Mellon, and Morgan Stanley have already entered the cryptocurrency space this year, and more are expected to follow suit in the coming months.

In the first quarter, Coinbase made $1.8 billion in revenue.

Coinbase’s planned public listing was also announced this week. Coinbase is projected to be one of the most profitable cryptocurrency firms on the stock market following its funding and latest valuation. The company’s current quarterly earnings didn’t disappoint, bringing in nearly $2 billion in sales. Its first-quarter sales of $1.8 billion surpassed its entire revenue forecast for 2020 ($1.3 billion). The ongoing cryptocurrency price surge, which saw Bitcoin reach a new all-time high above the $61,000 mark a few weeks ago, maybe due to Coinbase’s high earnings. With a valuation of more than $66 billion, the cryptocurrency exchange is anticipated to list directly on the NASDAQ stock exchange rather than via an initial public offering (IPO).

The Miami Heat and FTX have agreed to partner on a cryptocurrency exchange.

Earlier this week, FTX announced a partnership with the Miami Heat. For the next 19 years, FTX will have the naming rights to the Miami Heat stadium. The crypto trading venue had been trying to negotiate with Miami-Dade County over the recent months, and the deal would see FTX shell out $135 million over the 19-year period. In addition, the contract includes prominent in-arena signage, catering, a partnership with the HEAT digital content collection, promotions, competitions, and community engagements, among other things. Sam Bankman-Fried owns FTX, a cryptocurrency exchange that is quickly becoming one of the world’s most popular.

Four new billionaires have emerged from the cryptocurrency room.

Forbes just released their most recent list of new crypto billionaires, with four from the cryptocurrency room. Despite the global economic pandemic, 493 new billionaires were named to Forbes’ list this year. After accumulating $8.7 billion in the crypto space over the past year, Sam Bankman-Fried took the lead. He is the founder and CEO of Alameda, a quantitative trading company that invests $32 billion in Bitcoin, other big cryptos, and other derivatives. FTX, a cryptocurrency exchange, was created by Bankman-Fried. The Winklevoss twins are the next generation of crypto billionaires, according to Forbes. During the early days of Bitcoin, Cameron and Tyler Winklevoss (worth $3 billion each) spent the majority of their settlement with Facebook in Bitcoin. They also created Gemini, a cryptocurrency exchange that currently handles over $200 million in regular transactions. Tim Draper, a Silicon Valley scion who made $1.5 billion, comes in fourth place. He purchased $18.7 million in Bitcoin from the notorious Silk Road black market in 2014, which was later seized by US Marshals and is now worth about $1.5 billion.

Arthur Hayes finally gives up his fight.

Arthur Hayes, the CEO of Bitmex, surrendered to US authorities during this week. This comes after he was charged with violating the Bank Secrecy Act a few months ago. Hayes has been in talks with the United States government and has agreed to surrender on April 6th. His legal team recommended a settlement of $10 million. The US Department of Justice and the Commodity Futures Trading Commission listed Hayes and the other two Bitmex co-founders as defendants in twin lawsuits filed last year. BitMEX knowingly provided retail investors in the United States with access to unauthorized options and leveraged trading, according to the litigation. Furthermore, Bitmex refused to conduct proper know-your-customer checks, resulting in a violation of the Bank Secrecy Act.

According to Peter Thiel, China could use Bitcoin to weaken the United States.

Peter Thiel, the co-founder of PayPal and a venture capitalist, believed that China could use Bitcoin to overthrow the United States. Thiel also said that, while being a Bitcoin maximalist, he believes that crypto regulations in the United States should be tightened. China might back Bitcoin and use it to challenge the US dollar, according to the venture capitalist. As a result, the government must impose more stringent regulations on digital currencies.

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