Analysts at global banking giant Goldman Sachs have reportedly said that the widespread adoption of Bitcoin and crypto assets may not be as bullish as most investors believe. The strategists tell Bloomberg that as the adoption of Bitcoin and other cryptocurrencies increases, their price starts to correlate more and more with other macro assets such as crude oil, technology stocks, and the US dollar.
Pop Star Justin Bieber Buys Bored Ape NFT For $1.29 Million
Canadian singer Justin Bieber bought a Bored Ape Yacht Club (BAYC) NFT for 500 Ethereum ($ 1,29 million). Bieber has a significant collection of NFT, and his wallet contains 879 Ethers worth 340,43 thousand dollars.
Number of Bitcoin Investors in 5-7 Years Has Reached a New Peak
The number of Bitcoin wallets for 5-7 years has increased significantly and reached an 8-month high. According to the data, 716,325 pieces of Bitcoin are currently held in wallets without any movement since 2015, when the cryptocurrency was trading at about $300.
IMF Warns El Salvador: Costs of Making Bitcoin Legal Tender Exceed Potential Benefits
The International Monetary Fund (IMF) has told El Salvador that the costs of implementing the country’s Bitcoin law, which makes the cryptocurrency legal tender, exceed the potential benefits. The IMF has also urged El Salvador to dissolve the “Fidebitcoin” trust fund and start charging fees for services provided by the government’s Chivo digital wallet.
Bitcoin and Ethereum Still In Early Adoption Days, Bloomberg Analyst Says
Mike McGlone says in his tweet: "Bitcoin and Ethereum are still in early adoptions days with increasing demand vs. declining supply and related price implications. Our bias is why complicate it -- unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time."
Draft Russian Crypto Rules May Require Investors to Pass Exams First
A new Russian law could force potential cryptocurrency investors to take a test before they are allowed to buy digital assets above a certain limit. It is also hoped to regulate cryptocurrency mining and cut off access to cheap energy for investors mining at home.
Visa Says Crypto-linked Card Usage Hit $2.5 billion in its Q1
Visa recently released its spectacular quarterly results. It is the first quarter after the financial services company increased its cryptocurrency offerings. In its latest earnings call, Visa noted that its customers made $2.5 billion in payments with cryptocurrency-linked cards in the first quarter of fiscal 2022, CNBC reported.
Survey Shows Banks Offering Crypto Services Will Double in 2022
Many banks offering cryptocurrency-related services have grown in light of the increasing crypto usage worldwide. According to a study published by American Banker on January 29, 2022, which includes estimates from 153 senior banking executives from the regional and global financial sector, the number of banks providing crypto products and services is estimated to more than double by the end of 2022.
Companies Holding Bitcoin on Balance Sheet Lose Nearly $7 Billion
Companies holding Bitcoin on their balance sheets recorded large losses after the selloff. These companies, which gradually added BTC to their assets, had made billions in profits as the cryptocurrency price rose. However, since the downtrend that caused Bitcoin to lose around 50% of its value, they have now seen billions of dollars shaved off their balance sheets collectively.
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