Bitcoin (BTC) has seen an increase of almost 7% this Saturday (24), reflecting an excellent week for the cryptoactive.
In case you missed something relevant, see the summary of the last few days for Bitcoin and the cryptocurrency market. To learn more about each event, be sure to click on the links below and read the full stories.
On Wednesday, we learned that SpaceX is investing in bitcoin just like Tesla. Elon Musk revealed this at The B Word conference, where he debated with Jack Dorsey and Cathie Wood. He also revealed his investment portfolio which boils down to his participation in his companies, Tesla, SpaceX, Neuralink and The Boring Company, and apart from that he has bitcoin and some ethereum and dogecoin.
Twitter will integrate Bitcoin; at a conference with social networking investors, CEO Jack Dorsey explained how cryptocurrency would be important to the company's future. Twitter can develop new products such as paid subscriptions, e-commerce, super follows, tips, and all of this with a global currency, without having to worry about a different implementation for each fiat currency in the world.
Amazon wants to accept cryptocurrencies; Yes, the giant Amazon is opening a spot for a product leader who has a deep understanding of blockchain and cryptocurrencies. For Insider magazine, an Amazon spokesperson confirmed that the company intended to accept crypto from customers on Amazon's websites. However, it is still unclear whether the interest is in bitcoin, altcoin, central bank digital currencies or whether they will create their own token.
Recent research results show a paradigm shift
This week also brought us a lot of pertinent data on investor sentiment towards bitcoin. Below are key insights from the latest studies by Goldman Sachs, Fidelity and Gallup.
1 in 10 adults in the United States owns bitcoin; In 2018, only 3% of US investors aged between 18 and 49 had BTC in their portfolio, now there are 13%.
For investors over 50, this number is only 3 in 100. But this already shows an advance from when it was only 1% in 2018.
The percentage of investors generally calling Bitcoin “too risky” has dropped from 75% in 2018 to 60% today.
70% of institutional investors have shown interest in buying cryptocurrencies at some point in the future.
90% of institutional investors who have shown an interest in digital assets expect their company or client portfolios to include direct investments in cryptocurrencies, exposure through equities or other products over the next 5 years.
More than half of family offices want bitcoin, as 15% of them are already investing and another 45% would be interested in diving into space as a hedge against “higher inflation, prolonged low [interest] rates and other macroeconomic developments after a year of unprecedented global fiscal and monetary stimulus”.
It's not surprising that the market's top crypto-assets are up this week, see below for the recent change in the largest marketcap currencies by Coingolive.
after statements by Elon Musk in "The B Word" - last week - Bitcoin (BTC) soars, and continues its rising strength due to rumors of Amazon's entry into the cryptocurrency market.
In the last 24 hours, the cryptocurrency has appreciated 11.9%, going from US$ 34,000 to US$ 38,550. It is now trading above its 50-day moving average for the first time since May after a weekend of consecutive gains. Altcoins follow the same trend.
The market is dawning in the green, according to CoinGoLive. Therefore, bitcoin gains strength and takes the other altcoins along to the north.
Bitcoin gains strength
Driven by a sudden wave of short sell-off, the price of Bitcoin has soared in the last 24 hours.
During the early morning hours of yesterday, the BTC reached close to US$ 40,000, a price that the currency had not reached since the 17th of June. Thus, in Brazilian brokerages, the digital asset reached R$ 200 thousand.
Part of the rise is due to rumors that Amazon could start accepting BTC and other cryptocurrencies by the end of the year.
Another explanation for the rise is the unfolding of the “The B Word” event. Cointimes has summarized these important events for you in the following text: SpaceX, Twitter and Amazon: Bitcoin catches the attention of giants.
The BTC price is now moving above the 50-day moving average and is targeting resistance at around $41,000 where the previous highs were made. A break above this level can cause things to go up very quickly.
Overall market sentiment is still fearful, but it has improved from extreme fear to just fear, according to the popular fear and greed index.
Fear and Greed Index
Source: alternative.me/crypto/fear-and-greed-index/
Market capitalization accumulates the sum of US$722 billion and its dominance closes at 45.4%.
Altcoins also go up
As usual, Bitcoin price determined the direction of the entire market.
CoinGoLive shows that altcoins have dawned on the positive, painting the entire market green earlier this week.
Ethereum (8.98%), Binance Coin (6.81%), Cardano (10.7%), Ripple (10.06%), Dogecoin (14.2%), Polkadot (10.13%), Uniswap (10.31%), Bitcoin Cash (12.60%), Litecoin (9.55%), Chainlink (13.90%) and Solana (7.03%) are the altcoins with the highest market capitalization that made gains positive today (26).
Cumulatively, the market capitalization of all currencies rises to $1.58 trillion.
For the first time, e-commerce market giant Amazon has shown interest in cryptocurrencies as a form of payment by opening a vacancy for product leader specializing in digital currencies and blockchain.
Published on Thursday (22), the vacancy describes an interest in “an experienced product leader to develop Amazon's Blockchain and Digital Currency product strategy and roadmap” for the payment experience and acceptance team.
This is the team responsible for how customers pay on Amazon websites and through Amazon services around the world. And, in an email to Business Insider, an Amazon spokesman confirmed the company's ambition to eventually accept cryptocurrencies from its customers.
“We are inspired by the innovation that is happening in the cryptocurrency space and are exploring what this could look like at Amazon,” said the spokesperson.
"We believe the future will be built on new technologies that enable modern, fast and cheap payments, and we look forward to bringing that future to Amazon customers as quickly as possible."
Bitcoin, altcoins and/or CBDCs?
Bitcoin price recently saw a slight increase and the main alternative cryptocurrencies followed, showing investors' sentiment towards the future. Elon Musk's recent comments suggest that Tesla may return to accepting BTC as a form of payment soon, and now this news coming from Amazon would be two reasons for optimism.
However, it is still unclear whether Amazon is considering accepting bitcoin or releasing its own digital currency as part of its payment acceptance process with the new position.
Another alternative would be to switch to one or more existing cryptocurrencies or even focus on preparing Amazon to receive payments from state digital currencies, the so-called CBDCs. But for now, this is an important step towards a much more conventional adoption, and we hope Bitcoin will be part of the project.
