The price of bitcoin has surged back above the $60,000 level over the weekend to trade near its all time high amid reduced supply and increasing demand from new types of investors.

The world’s largest cryptoasset saw its price jump to $60,730 on Saturday, and it remains above the milestone $60,000 mark this morning, trading at $60,132 (BITCOMP).

Bitcoin’s price has surged once again thanks to a number of factors, including new demand from institutional investors and wealth managers offering cryptoasset exposure to clients. Meanwhile a decline in on-exchange reserves is reducing supply as more investors move the currency to their own wallets.

The recent rally leaves bitcoin trading marginally below its all time high above $61,500.

Peer ethereum (ETH-X), which hit a record high of $2,151 late last week, has held steady near its new peak, trading at $2,134 this morning.

State Street tiptoes in to the crypto market

One of the world’s biggest asset managers is joining the crypto market. State Street (STT) has forged a deal to lend its trading technology to start-up Pure Digital, which aims to be the main institutional platform for bitcoin. 

The new trading venue will enable cash cryptoasset trading for investors via their existing banking relationships, with Currenex, State Street’s platform providing the underlying technology. 

Slated to go live in “mid-2021”, this launch is yet another example of major financial firms exploring cryptoassets, and looking to play a more substantial role in the market. Following the likes of BNY Mellon, Goldman Sachs and Morgan Stanley, this year could be a momentous one for the adoption and appreciation of cryptoassets in not only the retail, but institutional market too. 

Rent now payable in bitcoin in US

Rick Caruso’s retail estate company, which owns the likes of outdoor malls The Grove and The Americana, alongside luxury apartments, will now accept rent in the form of bitcoin.

Alongside investing a portion of its corporate treasury in bitcoin, Caruso has entered into a partnership with Gemini, the crypto exchange and custodian led by CEO Tyler Winklevoss.

Taking a bullish outlook, Caruso commented on the move: “It’s not about the next year or five years,” he said. “We’re looking forward to the next decade.”

McDonald’s France launches unique digital artworks - for free

McDonald’s France has teased a series of its iconic menu items as NFTs. However, unlike other brands, McDonald’s is not putting the artworks up for sale. Instead, it’s offering customers the chance to win them on social media in April (MCD). 

Four menu items have been chosen and formed into a NFT, including The Big Mac, McNuggets, fries and a sundae. With five copies of each work available, the 20 items will be tokenized by DDB and uploaded to OpenSea, a marketplace for rare digital items and crypto collectibles. 

Perhaps the most interesting part of the campaign is that winners are free to do with their NFT as they wish - including selling it. Alongside the NFT menu items, winners will also receive a digital frame reproducing the work - so winners can have a ‘real-life’ copy. According to DDB head of social media Pierre Guengan, this move was to make the technology accessible to the general public, including the less tech-savvy.

Could Russia be the first country to launch a digital currency?

The Russian Central Bank has indicated that the launch of the digital ruble will happen in 2023. In a virtual press conference last week, senior leaders from Russia's central bank provided key updates about plans to release a central bank digital currency (CBDC). 

Russia has been intending to release a digital ruble for some time, and had expected to roll out the required infrastructure by the end of this year, in order to test digital prototypes in 2022. Discussions were held how the central bank will look to curb non-cash transactions to help enable a smooth transition to the digital currency. This will be enabled by narrowing non-cash transactions to offset liquidity shortages when the digital asset is rolled out. 

This move follows the steady digitization of Russian payments. Olga Skorobogatova, a Bank of Russia board member, revealed that 73% of transactions in Russia are now digital, a significant shift from a few years ago when cash was considered king.