The crypto market broke new all-time highs this week. The two biggest cryptocurrencies, Bitcoin and Ethereum, set a new ATH on Wednesday. The total market capitalization of all cryptocurrencies broke the $3 trillion for the first time ever. In the last few days, the crypto market pulled back a bit but the bull run is expected to continue in the upcoming days.
Crypto Adoption
Crypto lending company BlockFi has filed papers to launch a spot Bitcoin ETF. The filing was submitted to the SEC on Monday, the 8th of November. If approved, BlockFi will serve as a custodian and will reflect the performance of Bitcoin. It would be an amazing next step after the SEC recently approved ProShares’ Bitcoin Strategy ETF.
According to Zimbabwe’s local news Bulawayo24, the government of Zimbabwe is considering taking steps in adopting cryptocurrencies as a legal payment service. The government still has concerns over cross-border transfers, money laundering, externalization of money, and illicit cash flow. However, they are trying to develop regulations in order to protect the consumers and improve the state’s financial situation.
Bitcoin
Long waited Bitcoin upgrade named Taproot has been activated. Taproot is a soft fork upgrade that will optimize scalability, privacy, and smart contract functionality on the Bitcoin network. It’s the first Bitcoin upgrade since 2017 and the crypto community is thrilled to have it on.
Business
Mastercard is launching crypto-based cards in the Asia-Pacific region. One of the biggest credit card companies in the world entered into a partnership with three cryptocurrency service providers, Amber Group, Bitkub, and CoinJar. Through the partnership, Mastercard will offer crypto payment cards that will enable its users to instantly convert digital assets into fiat money.