Some might think that this has just been a normal week, but not for crypto! Bitcoin looking as bullish as ever, Ethereum updates that could change the future of finance, extraordinary NFT sales and that’s just the start!
According to Citi Analysts, Bitcoin is at a tipping point and could be at the start of massive transformation of cryptocurrency into the mainstream. 🚀
Bitcoin seems to be increasing in popularity day after day, the increased interest from institutions could have been the catalyst, with the CEO of MicroStrategy Michael Saylor playing a very active role in the advocacy of Bitcoin for institutions.
However some people are not sold. Peter Schiff, often referred to as a crypto critic, being one. Although, his son must be feeling extremely bullish, moving 100% of his assets into Bitcoin! His father remains unimpressed by the investment, keeping his money in gold and various equities.
The CEO of Goldman Sachs, John Waldron, has come out in a recent interview saying that the client demand for crypto is rising, with the pandemic being a significant accelerant to its demand. Goldman Sachs has begun reinvesting in cryptocurrency, most notably Bitcoin, as Waldron predicts there will soon be an ‘explosion’ in mainstream adoption.
Ethereum on the way to lower gas fees?
Remember Bitcoin isn’t the only cryptocurrency, Ethereum are making serious strides as they announce an update that will address various problems, with a lot of ETH enthusiasts hoping for a reduction in gas fees. EIP 1559 is set to be released in July as part of the London hard fork. It will be a significant milestone in Ethereum’s history, modifying the policy’s economics. Recent reports show that ETH is losing market share everyday in the DeFi space because of the gas fees. Ethereum needs to be careful with other chains growing in popularity, and fast.
EIP 1559 is the brainchild of Ethereum founder Vitalik Buterin, who touts a 100x scaling solution for Ethereum. Buterin appeared on a recent podcast highlighting the power behind the upcoming scaling solution which aims to bridge the gap with ETH 2.0. This will potentially allow for between 1,000 to 4,000 transactions to take place per second over the current 30.
NFTs are red hot right now! The famous ‘Bad Luck Brian’ meme has been sold as a piece of Digital Art for 20 ETH, on the NFT marketplace Foundation. Many people in the NFT space have been suggesting that Bad Luck Brian sold it for too cheap… has his bad luck struck again?
Nyan cat was recently sold also as an NFT for $600,000, with Grumpy cat going for nearly $10k with bids still coming in. Could memes be the stepping stones for NFT to break into mainstream media?
Another major NFT sale which could be extremely important to increased NFT usage is Beeple’s historic digital art sale, which sold for a record-breaking $69,346,250! Going through the legendary auction house Christie’s, this is massive for future Digital Art sales, that can be done safely through using NFTs.
Cryptocurrencies are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.