The crypto market changes minute-by-minute, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes. This week we’re looking at how market stability took a turn, investors enthusiasm for Bitcoin, and how blockchain technology is continuing to make waves.
Here’s a recap of what happened this week:
Market Trends: Stability vs Regulations
This week, the crypto market had its first 48-hour window of stable pricing since January, holding value at about $350 billion. Bitcoin was able to stay at $9,000 until Thursday morning when the cryptocurrency dipped again. The downswing correlated with news out of Japan calling for increased regulations on exchanges. A law requires crypto operations to register with the government in order to continue doing business in the country.
Even with the continued fluctuations in the market, the sign of relative stability has inspired new optimism for investors.
Betting on Bitcoin
Many early bitcoin investors and notable tech giants continued to show their support for cryptocurrency this week. Jack Dorsey, Twitter CEO, announced that he believes bitcoin will take over the U.S. dollar’s prominence and become the primary global currency for all payments.
Peter Thiel, on the other hand, agrees that bitcoin will be the cryptocurrency to stand the test of time — but sees it as a store of value, rather than a currency, like gold. While Thiel agrees that the market is speculative and may have no value in the future, he sees an equal opportunity for value to increase. “Probability weighted, it’s good,” Thiel says.
Companies Compete to Get Ahead of Blockchain Technology
Feeling the pressure of startup companies competing in the same space, Google has started working on blockchain-related technology to support its cloud business. The value of blockchain’s increased security is extremely useful for a company like Google. In comparison to other companies, it has a massive volume of private information to protect. With more organizations starting to invest in blockchain technology across industries, the market for blockchain products and services may grow from the $706 million spent in 2017 to over $60 billion in 2024.