Review today’s updates on Bitcoin, Ethereum, and Ripple.
This last week has been the best for bitcoin. In just seven days, it gained over $4,000 and increased by 22.49%, peaking at a new record price of $24,298 on the 20th of December leaving its past peak of $20,000 in the dust.
The number of large bitcoin account holders continued to increase, with the whales increasing by as much as 150%.
The U.S. has finally decided on a $900 billion relief assistance. The aid is believed by bitcoin proponents to be a stimulus to cryptocurrency, considered to be a safeguard against money printing.
On Sunday afternoon, bitcoin reached a new all-time high of $24,273 after a week of climbing high on the market price ladder.
Due to strong weekend buying pressure, CME bitcoin futures opened at $23,600, just over 3% higher than its close on Friday.
Jefferies' global head of equity strategy, Christopher Wood, has reportedly cut back 5% of his gold exposure and allotted it to bitcoin.
Goldman Sachs was reportedly picked to lead the Coinbase public offering.
Ethereum has been striving to gain momentum against its bigger, more popular sibling, Bitcoin. Its state on the market is dependent on Bitcoin's performance.
Bitcoin's continued strong performance on the market has made the other less popular cryptocurrencies to lose ground against it.
Ethereum has come under selling pressure due to this weakness. Recently, it had traded down by 2% with its price currently being at $650.
It has reached a key demand zone after an extended period of weakness against Bitcoin.
This zone is proving to be a strong support level for the cryptocurrency.
It's also been pointed out by a trader that the impending CME futures listing slated for February could be one of the stimuli for growth.
Elon Musk, Tesla's Chief Executive Officer has driven speculation on whether he would invest in bitcoin. MicroStrategy's Chief executive, Micheal Saylor, said to billionaire Musk via Twitter:
"If you want to do your shareholders a $100 billion favor, convert the [Tesla] balance sheet from [dollars] to [bitcoin], other firms on the S&P 500 would follow your lead and in time it would grow to become a $1 trillion favor."
In reply, Musk asked: "Are such large transactions even possible?"
Saylor in reply told Elon musk that he could share his bitcoin-buying "playbook" with him—"from one rocket scientist to another."
The tweets caused a furor of speculations on the possibility of Tesla buying into bitcoin.
In conclusion, cryptocurrency is still going strong against the dollar, with bitcoin leading the way.
On a scale of 1-10, rate how much influence investors, such as Elon Musk have had on the adoption and use of cryptocurrency across the tech industry.
