“I think we’ve reached a tipping point. I think you’ve had the accumulated experience of now roughly 12 years of the Bitcoin blockchain being operative since the genesis block in early 2009. And the pandemic, quite frankly, was a catalyst for institutional adoption, and specifically Bitcoin and the narrative, or use-case, around digital gold.” — Tom Jessop
Weekly Headline News
1. Bloomberg Foresees Bitcoin Rallying to $400K This Year
2. Caruso Properties to Accept Bitcoin for Rent, Allocates 1% of Treasury to Asset
3. BOJ Wants to Set ‘Common Rules’ on CBDCs With Major Central Banks: Report
4. Bitcoin bulls return after BTC bounces at a key support level
5. 5 key reasons why Bitcoin will likely see new all-time highs soon
6. New milestone reached as 100 cryptocurrencies reach a $1B market cap
7. Meitu now holds $100 million in BTC and Ether after latest Bitcoin purchase
8. Fidelity’s Tom Jessop says crypto has hit a ‘tipping point’
9. NYDIG raises $100 million and launches ‘Bitcoin-powered’ insurance initiative
10. Paris Hilton drops surprisingly well-informed article about NFTs
11. 3X as many crypto figures make it onto Forbes 2021 billionaires list as last year
12. Upbit investor stock price surges three-fold amid bullish crypto trading in South Korea
13. CEO of biggest crypto exchange has ‘close to 100%’ of net worth in crypto
● Analysts at Bloomberg Crypto argue the largest cryptocurrency might be due for a run analogous with the steep rallies of 2017 and 2013, following prior “halvings” on the blockchain network. The price could climb as high as $400,000 this year, from about $56,000 now.
● In a partnership with Gemini Exchange, Caruso will now let tenants of its retail and commercial properties pay their rent in bitcoin. This makes Caruso the largest real estate manager in the United States to accept the digital asset as a form of payment. Additionally, Caruso has allocated roughly 1% of its treasury into bitcoin, according to the LA Times.
● A Bank of Japan (BOJ) official said on Thursday there is scope to lay out “common rules” around central bank digital currencies (CBDCs) with the world’s seven major central banks. The BOJ official said CBDCs play differing roles for advanced nations with a robust banking system and emerging economies that can use digital currencies to make up for shortfalls in their financial infrastructure.
● Bitcoin price appears to be gaining bullish momentum after BTC bounced off the lower Bollinger Band. A wave of selling took command of the cryptocurrency market on Wednesday after Bitcoin’s (BTC) price dropped below $56,000. The market-wide sell-off led to $1.4 billion in liquidations, and some analysts suggested that this could be the final sweep out of overleveraged long traders before Bitcoin can make a run higher to the $70,000 level.
● The price of BTC has been under severe selling pressure by whales for the past two months, on-chain data reveals. However, five key indicators suggest that major sellers are about to turn into holders or even accumulators of Bitcoin again, while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.
1. Whales stopped selling
2. Long-term holders selling Bitcoin are slowing down
3. Miners have turned into Bitcoin accumulators again
4. Institutional demand remains high
5. Weekly ascending triangle close to a break
● In the last two months, the number of cryptocurrencies with a $1 billion market cap has doubled. As things currently stand, there are 100 projects that have reached a $1 billion market capitalization. Here’s an update on some of the top crypto unicorn projects, as well as an introduction to some of the newest arrivals to the billion-dollar club.
1. Nonfungible tokens steal the spotlight
2. The DeFi ecosystem expands
3. Cross-chain bridges and interoperability protocols soar
4. Stablecoins and storage platforms grow in strength
5. Real-world use cases and partnerships drive altcoins higher
● Hong Kong tech company Meitu has taken the total value of its cryptocurrency holdings to approximately $100 million after the firm disclosed the purchase of an additional $10 million worth of Bitcoin on Thursday. Following Thursday’s latest acquisition, the firm has now purchased $49.5 million worth of BTC and $50.5 million worth of ETH.
● Speaking to MarketWatch on April 8, Tom Jessop who heads the investment firm’s crypto division said that he believes crypto has opened a new chapter in traditional finance circles and things have reached a tipping point for the industry. Rock bottom interest rates and fiscal stimulus has driven momentum in the crypto sector and cryptocurrency market momentum will continue for the foreseeable future.
● New York Digital Investment Group announced the completion of a growth capital funding round as well as the launch of a business initiative relating to Bitcoin. The New York Digital Investment Group said it had secured $100 million in funding from major insurance providers including Starr Insurance, Liberty Mutual Insurance, and others in addition to its existing strategic partners, New York Life and MassMutual.
● The 40-year-old has a Twitter following of 16.9 million and operates 19 different product lines, with her perfume line alone generating more than $2.5 billion to date. Paris Hilton is bullish on nonfungible tokens and thinks the pandemic “illuminated the importance of digital worlds — and NFTs.”
● Forbes released their annual billionaire's list on April 6, and twelve crypto billionaires have made the Forbes list for 2021. The “digital gold rush” has seen nine new crypto billionaires join the Forbes list, pushing the total up to 12 (depending on whether you count the Winklevoss twins as one or two entries.) That’s up from just four in last year’s Forbes World’s Billionaires list.
● A minority investor in a major South Korean crypto exchange is currently the best performing stock in the country. Hanwha Investment & Securities Co. has seen its stock price almost tripled since the start of the year. Hanwha Investment is trading at 6,550 Korean won per share, which constitutes a 197% stock price gain year-to-date.
● Changpeng Zhao, founder and CEO of the largest global cryptocurrency exchange Binance and one of the world’s top crypto billionaires, does not own much except crypto. He noted that various cryptocurrencies like Bitcoin now make up nearly 100% of his entire net worth as he does not own any real estate or much fiat holdings.