The global cryptocurrency market continued to grow this week to levels previously seen in May 2021 with the market cap crossing $2.4 trillion. Bitcoin rallied by 8% in the last 7 days to within touching distance of $60,000 today. It is currently trading near $59,400 as of 5 pm IST today. Bitcoinâ€™s dominance of the market has steadily climbed to 46% over the past few weeks as reports of the US Securities and Exchange Commission (SEC) granting approval to the Bitcoin Futures ETF this month continues to lift market sentiment.
In this article, we will track other stories that drove adoption in the crypto market this week.
Governments explore digital currencies
G7 finance leaders recently have set out 13 guiding principles for retail central bank digital currencies (CBDC) to support policy and design deliberations within and beyond the group. G7 is an inter-governmental political forum comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In this context, blockchain companies Ripple (ticker XRP) and Avalanche (ticker AVAX) have joined an independent group to support the development of a digital UK pound.
Meanwhile, Vladimir Putin, the president of Russia, has expressed support for cryptocurrencies as a means of payment although he remained skeptical of its use for oil contracts. Russia ruled out a blanket ban on crypto trading similar to China.
Investment firms see potential in crypto-based companies
Moonpay, a crypto fintech startup that allows the purchase and sale of cryptocurrencies and digital assets using debit, credit cards and local bank transfers, has reportedly raised $400 million in its first round of funding led by Tiger Global Management and Coatue Management.
Crypto lending firm Celsius network has raised $400 million in a new equity funding round led by Canadaâ€™s second largest-pension fund CDPQ and WestCap, an equity firm.
More synergies between crypto and fiat emerge
Bakkt, a US cryptocurrency marketplace, has partnered with Google to allow its debit card users to purchase goods and services using Bitcoin and other cryptocurrencies through the Google Pay wallet.
Strike, a payments company responsible for the Bitcoin tipping feature on Twitter, has released a new product feature called â€śPay me in Bitcoinâ€ť which allows anyone to convert a portion of their income into Bitcoin with no fees.
With Bitcoin heading towards its all-time high in the near future, more institutional capital and strong retail participation is expected in the upcoming months.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.