The crypto market pulled back from last week’s all-time highs. Bitcoin dipped to $55K but managed to bounce back right after. Bitcoin’s price is now at around $60k. Ethereum retested the $4k mark on Thursday and is now moving upwards at $4.4k. The total market capitalization of all cryptocurrencies is $2.6 trillion.
Crypto Adoption
Staples Center, a multi-purpose arena famous as the home ground of NBA team’s LA Clippers and LA Lakers will be renamed Crypto.com Arena. Crypto.com bought the rights to arena name for a stunning $700 million. Crypto.com is a Singapore-based cryptocurrency platform that previously made deals with Formula 1 and UFC.
Bitcoin
The biggest news of the week is coming once again from El Salvador. President Nayib Bukele announced the launch of Bitcoin City backed with $1 billion Bitcoin bonds. Bitcoin City’s residents will be subject only to value-added tax (VAT) which will be used for public infrastructure, city maintenance, and municipality’s bonds. According to the president, Bitcoin City will be a fully functional city focusing on digital and technological education. Crypto companies Bitfinex and Blockstream will be involved in supporting the city’s initiative.
Perth Heat Baseball, an Australian baseball club will pay its players in bitcoin and hold bitcoin on their balance sheet. They announced a partnership with Bitcoin payment processor OpenNode.
Business
Billionaire Chamath Palihapitiya announced on Thursday that he decided to sell 15% of his position in SoFi, a public company that provides financial services. Chamath’s reason for selling was to was fund new investments.
Twitter to launch “Twitter Crypto”, a team that will focus on integrating digital assets to one of the biggest social networks. It is no news that Twitter’s CEO Jack Dorsey is a crypto believer and is on a mission to make Bitcoin the native currency of the internet. Twitter Crypto team will be led by Tess Rinearson whose background is in engineering.