Crypto roundup
For years now the world of cryptocurrencies has been a heavily discussed topic, and has long since been as volatile as ever. From Bitcoin’s bullish trend of surpassing its previous highs, to finance analysts referring to Ethereum as the next to “go to the moon”, as well as other explosive alt coins in the market that are showing incredible potential – there’s a lot to explore within the current crypto market.
The face of finance is poised to be changed forever, as more people start leaning towards favouring decentralised finance and tokens, over traditional financial practices and fiat currencies. In fact, skilling.com has a selection of trading platforms to suit your needs, allowing you to trade the cryptocurrencies you know. For all levels of traders and investors in the crypto markets, continue reading, as we also offer out our roundup of the markets and any other recent developments.
Recent Developments in Crypto
The crypto market has seen an exceptional amount of volatility over the last few weeks. After reaching close to record highs, Bitcoin appears to be hitting the brakes and having a slight slump in its bullish trajectory. A period of consolidation is not always a bad thing. With the recent announcement from Visa, stating that they are now partnering with the cryptocurrency start-up BlockFi, this is to offer a credit card that rewards purchases with Bitcoin rather than airmiles or cash.
The mainstream adoption of Bitcoin is partly the reason for the bullish trend that it has been showing, and this will look to continue into 2021. Chief executive officer and founder at BlockFi, Zac Prince has stated, “we’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers”. The company hopes to make the card available in early 2021, so the price of Bitcoin is sure to break out once again in the new year.
Ethereum is also poised to reap the benefits of partnering with Visa, with the Ethereum digital dollar start-up USDC, which managed to raise $271 million of revenue since their launch. Visa are planning to integrate the use of USDC into their Visa card. This essentially means, consumers will be able to spend the digital dollar with the same ease as purchasing anything with fiat currencies. This is massive news for Ethereum as analysts are speculating that the value of the cryptocurrency is set to explode and head “to the moon”.
PayPal have been in the news recently as they are calling on the crypto industry to work hand in hand with regulators. This shows that the more prominent financial institutions are weary of the growth of crypto and are attempting to usher in an era of constructive regulation that will serve to benefit all parties involved. PayPal CEO Dan Schulman stated in an interview with the New York Times –
“if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that's good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people”.
This shows a clear and bullish approach from PayPal which will see the crypto industry continue to grow and develop, as it becomes more integrated with everyday life.
Looking to the Future
Going forward, the adoption of cryptocurrencies will only continue to grow as we see more financial institutions change their attitude to crypto, realising it’s potential and significance of the industry. The markets will always remain volatile, which brings with it both pros and cons, however, it may be wise to conduct research now and look to invest before the price of some of the leaders in the industry skyrocket and become much more difficult to obtain for investors and traders.
