Gate.io Weekly Newsletter: Tim Cook Holds Bitcoin, Bitcoin ETF Grew Larger than Gold’s, Mastercard to Work with 3 Crypto Projects

2021-11-12, 09:17

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Cryptocurrency Markets

The cryptocurrency market broke the silence of the previous week, with prices showing significant gains this week.

Bitcoin continued to be catalyzed by positive news, with a clear upward trend. Currently, the bitcoin price has reached $65,000 and the highest price has reached $69,000.

Alongside the rising popularity of NFTs and Metaverses-related projects, the price of ETH continues to enjoy the benefits of mutual growth.

The hot crypto market has driven up the trading volume and exchange platform tokens have appreciated along with it.

With both GT and BNB seeing spurts of growth this week and GT topping out at $8.

KSM slot auctions are imminent, but KSM and DOT prices saw big swings this week. $KSM topped $510 at one point, but then fell quickly.

In a technical overview, the price of Bitcoin entered a clear upward channel.

The price broke through the upper Bollinger band on the 8th. However, the price breakout above the upper rail may be followed by a brief pullback.

The current bitcoin price movement remains in line with the 20-day SMA adjustment phase.

The price did not touch the 20-day SMA, and the momentum indicator did not drop significantly.

Interestingly, a golden cross was formed on the MACD indicator.

In summary, the price of Bitcoin is still in a state of decline, but it is a normal market adjustment phase.

Crypto News

MicroStrategy Founder said, "Bitcoin Will Go Up Forever"

MicroStrategy founder and CEO Michael Seiler said his company will continue to stockpile Bitcoin in the coming years.

Despite the constant price fluctuations, Seiler believes the price of Bitcoin will keep rising and investors who can stomach the volatility should consider investing in Bitcoin that has been growing at an annual rate of 170% for the past decade.

The purchases will happen every quarter, either with cash flow or equity financing.

Crypto beats Gold

According to Grayscale's official data, the total assets under their management reached $60.8 billion, surpassing SPDR Gold Shares, the world's largest and most liquid ETF.

The cryptocurrency investment giant has also seen “massive” options volume as gold takes a fresh beating and institutions seek Bitcoin exposure.

Tim Cook owns Bitcoin

Apple CEO Tim Cook revealed that he's currently invested in cryptocurrencies.

He added it makes sense to own as part of a diversified portfolio.

When asked if Apple sees cryptocurrency as a possible payment method for its services, Cook said, "It's not something we immediately plan to do."

In May, it was reported that Apple cited cryptocurrency experience in a job ad for a business development role focused on alternative payment methods.

News in the Financial Market

Major Financial Institutions to Embrace Cryptocurrency Trading

According to Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup, all major financial institutions will soon consider trading cryptocurrencies.

To change the status quo, the best hope is that central banks around the world understand the benefits of central bank digital currencies and continue to accept and adopt them.

Withdraw & Spend Crypto with Mastercard

Mastercard announced on Tuesday that it will partner with AmberGroup, a Hong Kong-based crypto finance company, Bitkub, a Thai crypto trading platform, and Coinjar, an Australian crypto trading platform.

Cardholders will be able to instantly convert Bitcoin and other crypto-digital currencies into legal tender, which can then be spent online or offline at any merchant that accepts MasterCard payments.

Miami will Pay Out Bitcoin Proceeds to its Citizens

Miami Mayor Francis Suarez announced Thursday that the city will soon pay out "Bitcoin proceeds" to its citizens through a pledge from MiamiCoin.

Suarez said, "We will be the first city in the United States to offer Bitcoin Proceeds directly to its residents as a dividend."

MiamiCoin was reportedly launched earlier this year and has earned Miami over $21 million in the past three months.

Global Headlines
Central Bank of Russia: Cryptocurrency will bring risks to financial stability

Elvira Nabiullina, the Governor of the Central Bank of Russia, was recently in a conference expressing doubts over cryptocurrencies and stablecoins.

She added that CBDC (Central Bank Digital Currency) is the proper solution to give people what they need – a cheap, reliable, and protecting personal data solution for payments.

Brazil to Pass Laws Allowing Cryptocurrency as Salary Payment

A draft bill to allow Brazilian workers to choose to be paid in cryptocurrencies has reportedly been submitted to the country's House of Representatives by Federal Deputy Luizão Goulart.

According to the translated version of the bill:

“The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker’s free choice. Any imposition by the employer will be prohibited.”

Kazakhstan Continues to Unrestrict Crypto Mining

Legal crypto mining will not be restricted or disconnected from the national grid, as long as they do not endanger the country's energy security, Kazakhstan's Energy Minister Magzum Mirzagaliyev said at a recent meeting with the crypto mining industry.

Local blockchain and data center industry associations said they are prepared to import electricity and invest in renewable energy projects.

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Author: Byron.B & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
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