Cryptoassets Continuing Their Surge

 

Cryptoassets continued their surge last week, with Cardano (ADA-X) a standout performer. ADA started the week at $1.41 but has since soared, reaching over $2.24 on Saturday – a 96% rise. At the time of writing the cryptoasset is trading around $2.14.

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Bitcoin (BITCOMP) continues to edge back towards the $50,000 mark as it maintains its steady recovery. Having started the week below $44,000, BTC at times traded above $48,000 as its rally progressed with some volatility. It is now trading around $47,431.

Ethereum (ETH-X) is also now trading comfortably above $3,000 following its long-awaited London hard fork two weeks ago. Ethereum started the week around $2,950, but despite a blip on Friday has not since fallen below $3,000. It is currently trading around $3,284.

US infrastructure bill approved

The $1trn infrastructure bill passed through the US Senate last Tuesday, meaning cryptoasset tax proceeds could soon help fund the US’ ambitious infrastructure requirements, with plans to raise $28bn in the next 10 years.

The bill contains new regulations for US-based crypto firms to extend the definitions of what defines a crypto ‘brokerage’ to include exchanges, which will set new higher level requirements for tax reporting of users. The bill is now set to head to the House of Representatives for further scrutiny. 

Whilst rumors continue to persist about future regulation of the market, the Federal Reserve is still keen to foster faster payments by developing its own digital currency pegged to the US dollar, highlighting enthusiasm for digital payments.

Messi’s ground-breaking new contract leads way for further crypto exposure

Footballer Lionel Messi’s move to Paris Saint-Germain has caused ripples in the crypto world. Part of his salary will be paid in a type of cryptocurrency, in a move which could be followed by other clubs.

Messi will be rewarded with fan tokens, provided by Socios.com, allowing holders to vote on some decisions related to the club. Whilst these tend to be relatively minor issues, it hands power to holders to help drive the change they want to see. 

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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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