Weekly Market Roundup: Bitcoin gains more ground, Ethereum 2.0 staking contract attracts more deposits, and NFT marketplace welcomes more fans
Bitcoin is gaining more ground in traditional finance as more payment processors roll out crypto payment options. Meanwhile, the number of Ethereum staked on the ETH 2.0 deposit contract rose to over 3.6 million ETH during the week. Here’s a quick rundown of some of the most important crypto news over the past week (Mar 28 to Apr 3).
Data shows that Bitcoin miners raked in over $1.5 million in March. A significant percentage of the revenue came in the form of per-block subsidies.
Speaking of Bitcoin’s adoption and mainstream push, the leading cryptocurrency recorded some noteworthy strides over the past week. A Nasdaq-listed firm, Mogo, announced that customers could now earn Bitcoin in a cashback program when they pay their mortgage.
During the week, PayPal rolled out support for Bitcoin and other crypto payments. Moving forward, customers can now use Bitcoin and three other cryptocurrencies to pay for goods and services at 29 million merchant locations.
Retail investors can now access Bitcoin offerings on the world’s largest derivatives exchange. CME launched a new product that allows retail players to invest 0.1 BTC. Meanwhile, leading investment bank Goldman Sachs is setting the stage to start offering Bitcoin exposure to its wealthy clients.
Bitcoin’s foremost critic, Peter Schiff has finally admitted that he was wrong about the digital asset.
In a rather sad turn of events, a Bitcoiner has disclosed that he lost $600,000 to a fake Trezor app on the AppStore. It is still unknown if the victim will be pressing any charges against the tech giant.
The Ethereum 2.0 staking contract has continued to attract investors. The number of Ethereum on the contract is now over 3.6 million Ethers, indicating that investors are confident in the future of the digital asset.
Payment giant Visa announced early in the week that it would begin using digital assets (USDC) to settle transactions on its payment network. Visa will be relying on the Ethereum blockchain for the settlements.
The world’s second-largest cryptocurrency hit a new all-time high over the past week. Ethereum once again reclaimed the $2,000 benchmark, eventually reaching a new high at above $2,100.
In the NFT space, several companies and celebrities are embracing the latest crypto cash cow.
Luxury watchmaker Jean-Claude Biver and Switzerland’s leading cybersecurity company Wisekey joined forces to unveil the world’s first luxury watch NFT auction. American media giant SPIN also teamed up with NAX to create an eco-friendly digital NFT marketplace.
Meanwhile, American rapper Snoop Dogg couldn’t help but jump on the NFT train. The award-winning rapper dropped his first NFT titled “journey with the Dogg.” Similarly, singer Illenium dropped his first NFT collection on April 2.
A pro tennis player has taken the whole NFT drama to a new level. Oleksandra Oliynykova sold off exclusive ownership of a part of her arm for over $5,000.
Several others that jumped on the NFT train during the week include famous singer and former Diana actress Lindsay Lohan, the Weeknd, toymaker Funko, Akon, and UFC Heavyweight Champion Francis Ngannou.
In closing, some experts have weighed in on the recent NFT frenzy. While some opined that NFT holders might be left with a lot of worthless tokens, other said that the potentials of the tech are enormous.