1. Ethereum Market Cap Usurps Disney, Paypal & Bank of America
Move over, Mickey Mouse: On Monday, Ethereum crossed $3,000, setting a new price high and placing its total market capitalization above the likes of major MNCs - including Disney, Paypal, Nestle and Bank of America.
The second-largest cryptocurrency continued to cruise beyond new price highs, posessing a total market capitalization of about $393 billion at the time of writing,
2. Nasdaq Listed Insurer Plans $10M Bitcoin Purchase
Metromile.Inc, a Nasdaq-listed insurer based in San Francisco, will soon accept BTC payments for insurance premiums.
Policyholders will be afforded the option to pay for insurance, and receive reimbursement on eligible claims in Bitcoin (BTC) or dollars.
By opening up the option of BTC payments, Metromile has become the first insurance company to both accept premiums and pay insurance claims in cryptocurrency.
3. Goldman Sachs Offer Bitcoin Derivatives To Investors
Goldman Sachs will open us access to non-deliverable forwards (NDFs) - a derivative tied to Bitcoin’s price, that pays out in cash.
The bank will capitalise on the buying and selling of Bitcoin futures to hedge against volatility.
4. Uniswap Launches V3
Uniswap, the leading decentralised exchange founded by Hayden Adams, launched the latest version of the Uniswap protocol on Wednesday on its mainnet.
The third iteration of the protocol will bring about better efficiency and scalability to the protocol, boasting new features such as connected liquidity, new fee tiers, and more efficient oracles.
5. Singapore Companies joining NFT Hype
With NFTs breaking into the mainstream, more Singapore companies are entering the space. Ranging from fashion companies, like Republique which held an auction for their digital clothing designs, to Culture Group, a marketing agency convincing music industry players to adopt NFTs as boost for camapaigns — there are no shortage of companies expanding the use cases for NFT.
Even the Singapore Art Museum is not closing its doors on the adoption of NFT, stating that while they have not acquired NFT artworks yet, they might do so in the future.
🤔 What are NFTs? Read more here
6. Strong Inflows to Bitcoin and Ethereum
The two largest cryptocurrencies reported strong inflows last week, with Bitcoin receiving the bulk of capital flowing into these digital assets.
Bitcoin reportedly received $441.7 million last week, while Ethereum saw inflows of $30.2million. Not only has Ethereum set new records with its recent developments and skyrocketing prices- it has also recorded a milestone figure of $13.9 billion inflows in 2021 alone.
7. Square Revenue Grows 11x
Late last year, the tech giant made headlines when it announced its $50M foray into Bitcoin. Square is currently enjoying 11-fold returns over a one-year period.
A shareholder letter published on Thursday revealed that Cash App generated $3.51 billion in bitcoin revenue, and $75 million in bitcoin gross profit during Q1 of 2021.
8. US Banks To Allow Bitcoin Trading in 2021
In the past, cryptocurrencies might have been regarded as taboo in the traditional financial space. Not anymore though — a recent partnership between New Digital Investment Group and fintech provider Fidelity National Information Services sought to provide a framework for US banks to offer crypto trading services for clients.
The frameworks aims to allow participating banks to offer customers crypto trading services directly from their existing accounts.
9. Dogecoin surged above 60 cents
The Dogecoin shot up 32% following the Dogefather tweet and the rally continued, recording a 7D gain of 98%.
Elon Musk is set to appear on a comedy sketch on Saturday Night Live (May 8th 2021). Many in the crypto community are waiting for the episode to be released. Dogecoin buyers also anticipate a further increase in the price, hoping that the interest catapults the price above $1.
10. Banksy Burners Raise 3 Million to Build NFT Platform on Solana
A group of crypto enthusiasts known as @BurntBanksy on Twitter burned and tokenized a Banksy piece in March. The NFT artwork sold for 228.69 ETH - approximately $380,000 at the time of purchase and $780,000 at the time of writing.
In true blockchain fashion, Banksy is just a pseudonym for the artist’s real name. The identity of Banksy, who is an England-based artist, political activist and film director, remains unknown.
In a recent funding round, Burnt Finance successfully raised $3 million to build an NFT platform on the Solana blockchain.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.