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

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.

Meanwhile, the Grayscale Ethereum Trust (ETHE) has also been buying up ETH, as institutional investors look for exposure to the second biggest cryptoasset. The trust is holding some 2.7% of the overall supply.

Oldest bank in US says it will finance bitcoin and other cryptoassets

Bank of New York Mellon (BK), the oldest bank in the US, has revealed that it will begin financing bitcoin and other digital currencies.

According to reports, BNY Mellon said that it would eventually allow digital currencies to pass through the same financial network that it currently uses for more traditional holdings, like US Treasuries and shares.

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, head of digital at BNY Mellon.

BNY Mellon added that, pending product analysis and approvals, it should begin offering services for cryptoassets later this year.

Mastercard to allow merchants to accept cryptoasset payments

Major payments provider Mastercard is to allow its customers to accept payments in cryptoassets in yet another major milestone for the industry.

Mastercard (MC), the operator of the second-largest network of credit cards in the world, said in a blog post that it plans to support digital currency transactions across its network. However, exactly which cryptoassets it will support remains to be seen.

Nevertheless, this is another step forward in terms of adoption. The announcement  helps link traditional finance to the cryptoasset world, enabling the transition of wealth onto blockchain.

Binance platform overtakes ethereum for daily transactions

Binance Smart Chain, the DeFi network for Binance, has surpassed the ethereum network for daily transactions, surging through the 1.8m mark.

The popularity of the platform has soared following the launch of Binance Pay and lower fees.

The gas cost on BSC is just $0.04 according to Binance, versus fees of $5.50 or more on its rival, Ethereum.

Gas fees for ethereum have continued to set new highs. Network activity has skyrocketed and miners are enjoying lofty proceeds after the cryptoasset hit an all-time high of $1,831 last week.

BeInCrypto reported that ethereum miners made a record $3.47 million in a single hour on Feb. 5, 2021.

UK estate agent accepts cryptoassets as payment

UK estate agent PropertyVine has announced it will accept cryptoassets as payment for its services.

The company, which operates a network of self-employed estate agents and letting agents across Essex, said customers selling their houses could pay fees in cryptoassets if they wished to.

Cherry DeSilva of Property Vine said: “With Elon Musk recently investing a $1.5bn in Bitcoin and announced Tesla will be accepting Bitcoin as payment for its electric cars, we thought it was time to jump on board.”