Crypto News Recap: Bitcoin Showered with Love As it Tops Tencent’s Market Cap

Published February 22nd, 2021 - 07:30 GMT
Crypto News Recap: Bitcoin Showered with Love As it Tops Tencent’s Market Cap
Cupid has embraced Bitcoin, the flagship coin’s price has tripled since this year began and its market cap has rallied above $1Trillion faster than Amazon and Google reached this level as it took both of these companies decades to achieve $1 Trillion while it only took Bitcoin 12 years only.
Highlights
Bitcoin is still uncharted territory to most of the earth's population but people like Tesla’s Elon Musk are venturing into with a lion’s heart.

If you are reading this article, congratulations you are early to Bitcoin. Do you want to know how I know this? Imagine you discovered the Internet in the late 80s. The Internet would still be another decade away from full adoption but companies like Amazon will be laying the foundations to make tons of money out of it later on. The same thing with Bitcoin, it’s still uncharted territory to most of the earth's population but people like Tesla’s Elon Musk are venturing into with a lion’s heart.

 

Since late 2020, I honestly don’t recall a week without so many big steps forward in adoption. And this year, in particular, Cupid has embraced Bitcoin, the flagship coin’s price has tripled since January 2021 began and its market cap has rallied above $1Trillion faster than Amazon and Google reached this level as it took both of these companies decades to achieve $1 Trillion while it only took Bitcoin 12 years only.

Source: CoinSmart

With this all-time high level, Bitcoin climbed to 9th place and flipped Tencent to 8th in total market value.

Also, The Canadian Ontario Securities Commission (OSC) announced the approval of the Evolve Bitcoin exchange-traded fund (ETF). This will make it the second ETF to get listed on the Toronto Stock Exchange or at any exchange EVER.  Many traders are now optimistic about this and also think that US SEC will follow suit soon as they sure want to keep up. In celebration, Bloomberg Senior ETF analyst, Eric Balchunas tweeted: 

Bitcoin Chart

Currently trading $55,723 at press time, BTC has soared more than 90% year-to-date. 

Source: Coinmarketcap

Altcoins

Ethereum (trading at $1,866 at press time) is up 162% since the beginning of this year, extending gains to more than 645% over the last year.

Despite delisting, Ripple's XRP has skyrocketed 17.06% and trading $0.6313 at press time. 

Source: Coinmarketcap

Akon’s cryptocurrency to be Used in a Medical City in Kenya

In a first step towards the futuristic Akon city, Senegalese-American singer Akon developed a Stellar-based crypto coin named Akoin (AKN) back in 2019. This coin will be used in the Mwale Medical and Technology City complex in Kenya. 

Per the announcement, Akoin is teaming up with Baanx Group to facilitate the future in digital assets payments with Akoin Card. This card will allow people to pay for goods and services anywhere globally across 40 million merchants:

NVIDIA limits hash rate of GeForce RTX 3060 GPUs to Divert Miners to new CMP line

Just as we mentioned earlier in this article, NVIDIA is actually planning to take on crucial measures to ensure GeForce GPUs are for gaming-use only. To achieve this end, the company will make GeForce RTX 3060 less desirable to miners by limiting its mining hash rates which will push miners to buy the soon released CMPs line which is fully dedicated to crypto mining.

The dominant player in the Gaming hardware makers market said that ‘creating tailored products for customers with specific needs delivers the best value for customers. With CMP, we can help miners build the most efficient data centers while preserving GeForce RTX GPUs for gamers’.

Crypto Exchange Gemini launches Cryptopedia: Free Crypto Education Platform

The US-based digital currency exchange and custodian, Gemini, announced the launch of a free resource crypto educational platform named Cryptopedia

The platform will also feature crypto experts to share their knowledge to all crypto-curious to the crypto-native users. 

European Football Team Turns to Virtual Crypto 'Fan Token'

Rangers FC announced a new partnership with the Turkish cryptocurrency exchange Bitci Technology to create a Rangers Fan crypto token. 

With this new opportunity, Rangers will be the latest club to enter the world of blockchain, like many other football clubs like FC Barcelona, Juventus and others have seen the importance of creating virtual “fan tokens” to raise money and enhance fan engagement.

Events to Keep An Eye On:

Blockchain Week Rome 2021 (Mar 09, 2021 - Mar 13, 2021) Rome, Italy

Bloomberg Crypto Summit (February 25, 2021) Online

Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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