Bitcoin Sets New Record Above $49,000 After Tesla And Co Enter Market

Bitcoin climbed once more over the weekend, with strong buying on Sunday, propelling the price to a new peak of $49,509.

Bitcoin, Blockchain, Crypto, Cryptocurrency, Coin

Bitcoin (BITCOMP) rose more than 25% during the week, to finish at yesterday’s peak. The price boost came after a series of major announcements from companies, including Tesla. The car company said it had invested $1.5billion in bitcoin and planned to accept it as payment for its cars.

Alongside Tesla (TSLA), multiple other brands already accept bitcoin as payment. In time we expect other major companies will follow Tesla's example.

Tesla’s move sparked further announcements from other industries last week, with many of the leading names in banking and finance announcing similar plans to integrate cryptoassets.

Having peaked overnight, bitcoin pulled back marginally Monday to around $47,000, but this is normal as some investors opt to take profits.

First bitcoin ETF approved in Canada

Canada has approved its first bitcoin ETF (Exchange Traded Fund), signalling a crucial development for the trading of cryptoassets.

Accelerate Financial Technologies reportedly filed its preliminary prospectus with the Ontario Securities Commission this month, making it the first officially approved bitcoin ETF in North America.

The ETF will offer units denominated in both US and Canadian dollars, with a 0.7% management fee. It has applied to list units on the Toronto Stock Exchange.

Ethereum sets new all time high as supply crunch continues

The ethereum (ETH-X) price peaked above $1,800 over the weekend after futures trading in the cryptoasset started on the Chicago Mercantile Exchange.

The price hit a record high of $1,863 as the new trading venue started up, allowing traders to hedge their positions.

The fundamentals remain positive for ethereum. Supply is constrained by investors depositing coins off the network and buying from institutional investors continues to climb.

The total amount staked in the Ethereum 2.0 deposit contract has grown to 2.7million, which is about 2.4% of the overall amount in circulation. A further 6.7% of the total circulation amount is locked in DeFi applications and protocols.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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Narvaez 2 weeks ago Member's comment

Great post