Bitcoin sets new all-time high - Crypto weekly update

Published: 11. 02. 2021 · Author: Daniel Mitrovsky

This week, the total market capitalization exceeded €1.16 trillion. Growth at the 7-day interval is more than 24%. Bitcoin grew by almost 30% during this week to a current value of over than €38,500. Bitcoin dominance is 61.5%.

Bitcoin price hit a high near 40,000 EUR

Tesla (TSLA) sent shockwaves across the financial markets on Monday after a United States Securities and Exchange Commission filing confirmed that the electric vehicle maker has added Bitcoin (BTC) to its balance sheet. Tesla’s latest Form 10-K filing for the fiscal year ended Dec. 31, 2020 shows a $1.5 billion allocation to Bitcoin.

News of Tesla’s participation in the Bitcoin market sent prices soaring on Monday. As Cointelegraph reported, the BTC price hit a high near €40,000 , easily surpassing its previous peak. Bitcoin's market cap exceeded €700 billion for the first time. Source

Cardano smart contract implementation

Cardano’s successful testnet integration of smart contract functionality and plans to enter the DeFi space. Cardano is likely to become another platform on which decentralized applications can run. The amount of ADA staked on the network continued to increase throughout January and is now at a record 22.6 billion tokens staked, representing 72% of the total supply. Cardano’s (ADA) price has increased 100% since last week. Source

Siam Commercial Bank launches its own blockchain fund

Siam Commercial Bank’s venture capital arm, said it has launched a $50 million fund to invest in blockchain, digital asset and decentralized finance (DeFi) startups. The fund will focus on global early- and growth-stage companies that will shape the next generation of financial services and digital systems, the venture capital arm of Thailand's oldest bank announced. Siam Commercial Bank has previously invested in Ripple, BlockFi and Alpha Finance. Source

Ethereum futures are now trading on CME

The Chicago Mercantile Exchange (CME) has launched its much-anticipated futures contracts for ether (ETH), the native cryptocurrency of the Ethereum blockchain network. More than $30 million worth of Ether contracts changed hands on CME during the market’s first day of trade.

The world’s first regulated ether futures product may draw more institutional demand for the second-largest cryptocurrency by market value, boosting the recent price rally. Since Dec. 2020, when CME announced plans to launch Ethereum futures, the price of Ethereum has more than tripled. Source

Total value locked in DeFi marks new all-time high close to $40B

The total value locked in decentralized finance — a measure of the total value of assets committed to the DeFi ecosystem —has marked a new all-time high close to $40 billion.

At the beginning of 2020, the TVL in the DeFi market was only $15.45 billion. This represents a cumulative increase of more than 155 % in the amount of locked assets over the last 70 days. In last days, decentralised exchange Curve Finance overtake Uniswap and Sushiswap in total value locked. Source

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