The Crypto market had a bull week reaching a 2 trillion dollar market cap for the first time since May. Bitcoin got near the $50,000 mark and Cardano surged to an all-time high, reaching an $80 billion market cap.
Table of Contents
Crypto Adoption
AMC Entertainment, the largest movie theater chain in the world, announced that they will accept Bitcoin payments by the end of 2021. Bitcoin payments will be available for cinema tickets and concessions.
Regulation
Roberto Campos Neto, president of the Central Bank of Brazil, spoke about the acceptance of cryptocurrencies in the financial system and the importance of their regulation in an effort to modernize the Brazilian financial system.
Bitcoin
Wells Fargo, one of the biggest bank companies in the United States, registered a Bitcoin fund named FS NYDIG Bitcoin Fund I. Wells Fargo will offer crypto exposure through the fund to its wealthiest clients.
Ethereum
Ethereum’s founder, Vitalik Buterin, raised concern that token-based decentralized governance (DeGov) restrains DeFi sector. In his blog post, he highlighted the problem regarding small groups of wealthy participants, aka. “Whales”, that are holding a lot of coins as well as the conflict of interest arising from voting rights.
Business
Robinhood, a popular investing app, achieved 131% Total net revenue growth compared with the same quarter in 2020. In its first earnings report since IPO, the company generated $233 million from crypto transactions which makes more than 50% of the total transaction-based revenue.
Alibaba, the Chinese technology company, launched a non-fungible token (NFT) marketplace. As a marketplace, people will be able to buy and sell NFTs. Also, artists will be able to license and sell their intellectual property backed by blockchain technology.