Bitcoin came close to hitting $19.000 this weekend, and while it didn't break the mark, it did manage to briefly surpass JPMorgan's market capitalization by more than $XNUMX billion. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
📍 During the weekend, the bull market in Bitcoin (BTC) led to this cryptocurrency to overtake the world's largest public bank, JPMorgan, in market capitalization. As shown by the company ranking platform, Companies Market Cap, Bitcoin briefly surpassed JPMorgan by more than 1 billion dollars, with Bitcoin's capitalization being 350,8 billion dollars when its price reached $18.940 USD. per unit.
Bitcoin is currently positioned near $18.700 USD, and has a capitalization of 345 one billion dollars, surpassing its all-time high of 2017.
📍 Given the expectations that Bitcoin is causing, the director of the investment management company BlackRock, Rick Rieder, assured that BTC may eventually surpass the current market cap of gold, which is far above that of Bitcoin at over $10 trillion.
Rieder assures that Bitcoin is here to stay, and that the receptivity of Millennials, towards technology and cryptocurrencies, will make Bitcoin consolidate itself as a better reserve asset than gold; Furthermore, he stated that the cryptocurrency is much more functional than a gold bar, which undoubtedly increases its value exponentially.
📍 On the other hand, as Bitcoin maintains an upward trend and appreciates, other altcoins enjoy and benefit from this trend, as in the case of Ripple (XRP), Ethereum (ETH), Litecoin (LTC), EOS (EOS), Tezos (XTZ), among others. All of these cryptocurrencies show green numbers thanks to the rise of Bitcoin, the reference cryptocurrency and leader of the digital market.
Thus, at the time of this publication, Ripple is the one who so far leads the group of altcoins that benefit from the rise of BTC, showing a growth of more than 43% in the last 24 hours, going from a value of $ 0,33 USD to $0,48 USD. The second most performing cryptocurrency after Ripple is EOS, with a growth of 15,2%, then Tezos with 12%, Ethereum with 8,2% and Litecoin with 4%.
📍 To date, decentralized finance ecosystems (DeFi) also show great growth, exceeding $14 billion in Total Value Locked (TVL). As shown by the data platform DeFiPulse, DeFi ecosystems have a total of 14,4 billion in user deposits, and the most dominant platform continues to be Maker DAO with 18%.
Uniswap, for its part, fell to 5th place, with total liquidity of $1,3 billion after the closure of the rewards program on the protocol. Other DeFi platforms that have gained position are Compound and Aave, which are currently in 3rd and 4th place, respectively.
(I.e. MicroStrategy, a business intelligence company based in the United States, which debuted this year as a new institutional investor in Bitcoin with more than 425 million In this cryptocurrency, you are looking for advice to build a Bitcoin data services platform.
The CEO of the company, Michael saylor, said that MicroStrategy is forming a team to explore new data and analytics products for Bitcoin, to become a provider of trading products with great potential and utility in the markets. Saylor revealed that he has nothing concrete to trade so far, but that he will explore the entire explosive universe of intelligence opportunities wrapped around Bitcoin and blockchain to offer innovative products.
📍 In your report monthly, Pantera Capital revealed that Paypal bought about 70% of all the bitcoins that were mined during the last month, and also assured that "PayPal and Cash App are already buying more than 100% of all the newly issued bitcoins" in recent weeks .
Likewise, Pantera Capital assured that the current bullish rally experienced by the cryptocurrency is more sustainable than the one experienced in 2017, due to the political and economic tension experienced in the United States, a product of the recent elections and the pressure that exists on the Federal Reserve for printing more fiat money, which will undoubtedly continue to inflate the price of the cryptocurrency, and other assets that cannot be reduced, such as gold and stocks.
📍 Brian brooks, the current interim controller of the currency and former chief legal officer of Coinbase, was nominated to serve a new 5-year term at the helm of the Office of the Comptroller of the Currency of the United States. Books is well-known in the crypto space for his positive and pro-crypto attitude, and he filed a proposal recent that seeks to prohibit banks from including legal businesses and companies on blacklists. The crypto community hopes that this proposal will apply to legally constituted cryptocurrency companies, although the document does not mention them at the moment.
📍 For his part, Jay Clayton, chairman of the United States Securities and Exchange Commission (SEC), confirmed the culmination of his mandate at the regulatory body by the end of this year. Although Clayton believes that regulations must evolve to adapt to digital assets, he did not declare Bitcoin as a security, but rather as a means of payment and a store of value.
The crypto community hopes that Clayton's departure will renew the possibility that the SEC considers Bitcoin as a security, in order to issue an ETF for Bitcoin (traded investment fund), one of the most acclaimed financial products for years in the market. crypto space.
Continue reading: What is behind the recent rise in Bitcoin price?
