Crypto Weekly Update #6 - 01/04/2021
An action-packed week filled with a lot of heavy-hitting market news!
Tesla kicked things off by announcing they would accepting Bitcoin as payment for their cars! This does two things, introduces further adoption of the currency to the mainstream world, and also encourages others to do the same. In addition to this, Tesla also announced they would be retaining that Bitcoin and not converting it back into fiat. This shows they believe in the value of Bitcoin!
After the Tesla news, Visa broke out with their own statement. On Monday, they said they would allow the use of USDC, a stablecoin cryptocurrency, to settle transactions on its payment network. This removes the need to convert the crypto back into fiat for the transaction to go through.
And finally, PayPal felt they shouldn't be left behind. They announced the introduction of their cryptocurrency checkout system, where you can use your crypto to pay merchants to make purchases. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin are the currencies that have been listed initially. Although this has further increased adoption of digital assets, PayPal converts the crypto into fiat during the transaction, so the receiver doesn't receive the crypto itself.
The markets responded proactively to the main news stories detailed above, with Bitcoin once again heading towards the $60k mark. In the past day or so, Ethereum seems to have woken up and is testing $2k again. Several alt coins are pumping heavily; including Filecoin (FIL), Theta (THETA), Enjin (ENJ), and Holo (HOT).
April could be a huge month for the crypto space, so we definitely have to watch this space.
Weekly Change: +16.96%
Monthly Change: +17.51%
All Time Change: +160.19%
With term ending at university, I've now got more time to research projects lower down the rankings with a smaller market-cap.
These projects include: POLS, TRAC, PRQ, PHA, LIT, SCRT, IRIS, OGN, GET.