The price of bitcoin reached a new all-time high on Monday after the community discovered that Elon Musk’s Tesla has added $1.5 billion in bitcoins to the company’s balance sheet. Bitcoin is currently above the $43,000 mark and has a total market capitalization of about $814 billion as of today.
Emergence of cryptocurrency markets in price
Bitcoin (BTC) made a jump of thousands of dollars on Monday after Tesla bitcoin news made headlines and went viral on social media. The price of BTC has reached a whopping $44,899 per unit, and since the peak, the price has begun to decline. Bitcoin (BTC) is currently changing hands at $43,107 each, with a global trading volume of $27.9 billion. BTC is up over 30% in the last seven days and over 9% in the last month. Statistics over a 90-day period show that bitcoin has risen 186% and 332% against the US dollar over the past 12 months.
Ethereum (ETH) is up 13% today and was trading at $1,713 apiece on Monday. In fourth place, Cardano (ADA), up 12%, is trading at $0.68 apiece. The fifth largest crypto asset by market valuation is Polkadot (DOT), which rose 16% on Monday and is trading at $22 per coin. Polkadot is followed by XRP ($0.45), LTC ($165), BNB ($73), DOGE ($0.081) and LINK ($25).
Ether Futures Start trading on CME Group global markets
Ethereum (ETH) futures began trading today on the CME Group futures exchanges. CME says the launch expands its derivatives offering by adding an ETH token to its lineup.
It starts Sunday night: Trading in airline futures begins at 6 p.m. and for the first trading day on the 8th. February. https://t.co/vc2hkZf9ql.
– CME Group (@CMEGroup) 7. February 2021
As institutional demand for transparent, exchange-traded crypto derivatives continues to grow, we are excited to introduce our new Ether futures contract, Tim McCourt, head of global equity indices and alternative investment products at CME Group, said Monday.
The addition of Ether, as well as our liquid bitcoin options and futures, will create new opportunities for a wide range of clients, whether they want to hedge Ether positions on the spot market or access the cryptocurrency on the regulated derivatives market, McCourt added.
Tesla adds bitcoin to company balance sheet, analysts think other companies will followSuit
A number of analysts said they were also not surprised to hear that Elon Musk’s Tesla is stepping into bitcoin after Monday’s announcement. David Mercer, CEO of LMAX Group, said he expects more celebrities to enter the crypto space.
We are not surprised by the headlines surrounding Tesla’s entry into bitcoin and expect 2021 to be the year many more celebrities make an official entry into the space, the LMAX executive said Monday. Bitcoin’s resilience in 2020 has already paved the way for this next major upheaval, with bitcoin finally becoming an asset capable of meeting the needs of institutional participants.
Tesla is undoubtedly one of the most notable and forward-thinking companies of our time, helping to cement bitcoin’s growing reputation as a store of value recognized by institutions around the world, David Mercer added. We expect the earlier trickle of institutional investment to turn into an insurmountable deluge for the rest of 2021 and beyond.
John Wu, president of Ava Labs, also raised the possibility of Tesla joining all companies that have bitcoins on their balance sheets. Tesla’s purchase of bitcoin for $1.5 billion not only continues the momentum of public companies acquiring cryptocurrencies, but could be a turning point that establishes a secure distribution of digital assets as the cornerstone of a healthy and diversified financial system, Wu noted.
Regardless of their industry, companies should follow these pioneers, who are paving the way for the payment rails and financial infrastructure of the future. This starts with bitcoin and will gradually expand to projects that go beyond the framework and focus on the programmable and smart side of the ecosystem, where companies can find more use cases than digital gold, Wu added.
What do you think of the recent price movements in the crypto economy? Let us know what you think in the comments below.
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