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Crypto markets continue advance as market cap surges beyond $1 trillion.
Bitcoin and Ethereum both up but technical indicators suggest assets are overbought.
Stock market investors are concerned a bubble is forming as asset prices continue to climb.
The prices of cryptocurrencies are moving in tandem with the broader stock market as it was another green day for assets.
Global crypto markets were up 5.6% in the last 24 hours to $1.17 trillion, making it four days straight crypto’s total value has stayed about the trillion dollar mark.
Leading the charge was Bitcoin, with 4.7% gains, putting it just shy of $38,000. It’s been 27 days since it hit $40,000. If Bitcoin gains another 7% it will surpass that figure, but some indicators suggest the asset is becoming overbought, according to Market Milk.
But technical indicators have been sat in the red for some time indicating Ethereum’s position is due for a correction at some point.
Markets continue gains as big cap tech stocks exceed expectations
The Dow and S&P 500 were up fractions of a percent in closing while the Nasdaq closed 0.02% down. But digging a little deeper it was a big day for some companies. eBay jumped 10% and PayPal rose 6% as their fourth quarter results came in higher than estimates.
Investors are increasingly turning back to ‘fundamentals’ - a term loosely referring to how healthy a company is based on earnings reports and other salient metrics - after the GameStop turbulence of last week.
It’s not just ether (ETH) that’s rallying to a new all-time high Tuesday. Also rising are major decentralized finance (DeFi) tokens as well as cryptocurrencies of the very blockchains competing against the Ethereum system.
At press time, ether was trading around $1,637.21, up 10.32% in the past 24 hours. The price of the No. 2 cryptocurrency by market capitalization has continued gaining since it went above $1,500 for the first time on Tuesday.
Visa (V) is piloting a suite of application programming interfaces (APIs) that will allow banks to offer bitcoin services, the payments giant announced Wednesday.
The Visa Crypto APIs pilot program will let clients “easily connect into the infrastructure provided by Visa’s partner, Anchorage, a federally chartered digital asset bank, to allow their customers to buy and sell digital assets such as bitcoin as an investment within their existing consumer experiences,” Visa said in a press statement.
Visa envisions a product set that extends to other cryptocurrencies and stablecoins as well as other crypto services such as trading, Visa crypto lead Cuy Sheffield told CoinDesk in an interview. Digital bank First Boulevard is the first bank involved in the pilot; Visa has issued a wait list for other banks.
“This is shifting to the next phase of Visa’s strategy where we’re looking at how Visa can also be a bridge between the thousands of financial institutions … and help them tap into the growing world of crypto assets and blockchain networks,” Sheffield told CoinDesk in an interview.
“We’re excited to see what early tests and consumer engagement look like for things like dollar-cost averaging to buy bitcoin or for things like earning bitcoin back as rewards.”
Creating a Black crypto bank
The news also coincided with an announcement from Visa that it would be partnering with five Black-focused banks and fintechs to offer financial and business services that cater to the Black community.
First Boulevard, the first firm to join the Visa pilot, is a digital bank that is building tools to help African Americans passively build wealth and will launch sometime in early 2021. The bank plans on using the bitcoin services and its partnership with Visa to educate its customers about bitcoin as a way to close the general wealth disparities faced by Black communities, said Donald Hawkins, president and CEO of First Boulevard.
This week the firm Microstrategy held an event called “Bitcoin for Corporations” which looks at concepts like macro strategy, corporate playbooks, and legal considerations toward bitcoin. Prior to the event, Microstrategy CEO and bitcoin bull, Michael Saylor, said “professionals from more than 1,400 firms” would join the event. At the conference, Saylor was bullish on bitcoin as usual and said he expects “an avalanche of companies” to join the crypto economy.
Microstrategy’s Bitcoin for Corporations Event
On February 3 and 4, the firm Microstrategy (NASDAQ: MSTR) held an event called “Bitcoin for Corporations,” which aims to entice corporate entities to get into the leading crypto asset. In 2020 and into 2021, there’s been a major expansion of the M2 money supply as estimates believe 25-30% of all USD in existence was printed last year. This has led to a number of firms exchanging cash and bonds for bitcoin (BTC) in order to protect the company from devaluing fiat.
The day before Microstrategy’s corporate virtual conference, Saylor said that 1,400 firms would be joining the event. “If you are interested in the legal considerations firms face while integrating bitcoin into their corporate strategy, you are not alone,” Saylor tweeted. “We have professionals from more than 1,400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend,” the executive added.
Michael Saylor: ‘You’re Going to See an Avalanche of Companies in the Coming 12 Months’