Qume Market Mondays — 08/02/2021
Welcome to another edition of Qume Market Mondays
Tesla’s disclosure of investing $1.5B in bitcoin shot the price of bitcoin over $44,000 early Monday. It is currently trading at a $43,150 price level. Earlier in last week, the asset registered some sideways movement to start the week, and later as institutional money flew in the price crossed the $40,000 price mark. A report by asset management firm Bridgewater Associates led by Ray Dalio predicted the price of bitcoin to be $85,000 if 50% of capital in gold by private holders move to BTC.
Under this new release by Tesla, bitcoin adoption is likely to rise at the retail and business level. Several tweets by Tesla’s CEO Elon Musk, have shot the price of Dogecoin.
The Chicago Mercantile Exchange (CME) has launched its much-awaited Ether Futures contract. The contracts registered an opening price of $1,669.75 at the time the spot price was $1,600. The exchange has 77 contracts so far. This likely to attract more institutional demand.
Ether’s price crossed the $16,00 which also shot up the valuation of the DeFi market, which now stands at $36.13B with $6.12B worth of Ether locked on Maker.
While it appears that the Indian government still wants to introduce a bill to ban bitcoin, Indian cryptocurrency exchanges are running a joint initiative to change the government’s mind to regulating cryptocurrencies instead of an outright ban.