Crypto’s Last Week
This edition of “Crypto’s Last Week” accounts for the most outstanding news published between Saturday, March 13, 2021, and Friday, March 19, 2021
This past week had very exciting news that can be interpreted to a rise in pace towards mass adoption of bitcoin or cryptocurrencies, the first big report was in Korea, where local crypto exchanges Upbit, Bithumb, Coinone, and Korbit had a combined 24-hour volume over $14.6 billion, while the Korea Composite Stock Price Index reached $14.5 billion.
Having crypto exchanges surpass one of the top 20 crypto markets in the world located in the 12th largest global economy is an important milestone that should not be overlooked and could be a small factor to take into consideration when evaluating the amounts
We also saw reports of Visa adding Crypto.com as a principal member of the global giant’s network aiming to enter untapped countries such as Australia, adding it to a growing list of more than 30 countries that include the USA, Canada, European countries, and APAC countries as well.
This is added to the recent comments from VISA CEO sharing his thoughts that cryptocurrency could become “extremely mainstream” within 5 years which would enable the Visa network to authorize payments and acquisitions of cryptocurrencies in over 70 million stores worldwide where Visa is accepted.
On another impressive report, the recent increase of institutional inventors entering the market by allocating percentages of their treasuries to bitcoin showed that companies such as MicroStrategy, Tesla, Square, and Meitu have bought 40% of the annual supply of freshly minted bitcoin in the last 6 months. This could become an important reason for other institutional investors to jump into the bitcoin treasuries holding club due to its effects on the offer and subsequently on the price of the asset.
Finally, Europe’s largest crypto exchange announced it is formally pursuing a public listing via SPAC merger, which would bring another virtual asset service provider to the public arena in the USA during a steady growth period for all crypto-related topics. These large crypto exchanges have been in the spotlight as potential merger and acquisition companies by large financial institutions, but have evidently decided to go at it alone and bet it all on themselves.
Editor’s Note: James Wo is an active investor and the Founder of Digital Finance Group (DFG), a firm that manages investments in excess of $550M. He oversees a digital asset fund that is largely outperforming the market and a VC portfolio that includes Polkadot and its ecosystem projects such as Bifrost, Tidal, Crust, Acala, and more. He’s also managed investments in Brave, LedgerX, Bloq, and Circle. Additionally, James is the Founder and Chairman of Ethereum Classic Labs, the leading supporter of Ethereum Classic (ETC), a public blockchain with a market cap of $1.5B. He is Chairman of Matrix Exchange Ltd., a licensed virtual asset trading platform and custodian regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market in UAE.
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