After dropping down to around $5,075 level after the Tether and Bitfinex fiasco, Bitcoin is back to greens as it makes its way upwards. At the time of writing, the flagship cryptocurrency has been trading at $5,200 on Bitstamp, as per TradingView. Meanwhile, on Bitfinex that has been the center of this blunder, is seeing Bitcoin price at above $5,500.
BTC/USD chart, Source: TradingView
As Chris Burniske, a partner at Placeholder, venture capital firm had said in this respect, “On one hand, I’m impressed with how BTC has held given the Tether news, on the other hand the ~$200 spread between Bitfinex & other exchanges is making me queasy.”
As the Bitcoin price turns green by more than 1 percent, altcoins follow suit with top cryptos up by 1 to 3 percent in the past 24-hours with total market cap seeing a small upside to $172 billion.
Keeping the Bitfinex and Tether fiasco aside, this week saw a lot of development. First, we saw, $1 trillion brokerage giant, TD Ameritrade quietly testing Bitcoin and Litecoin spot trading feature. This means soon its 11 million clients would get access to cryptocurrencies and potentially open the floodgates for institutional adoption of BTC and cryptos.
Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. 😲 🚀 pic.twitter.com/TVo39oECeH
— Charlie Lee [LTC⚡] (@SatoshiLite) April 23, 2019
We have already seen companies like International Continental Exchange and Fidelity Investments set to launch future trading platforms and custody options and now live spot trading of BTC on Nasdaq would further increase the top cryptocurrencs’s institutional appeal.
An influx of big-money players in crypto space per experts will act as a tailwind to push Bitcoin price much higher.
This week also saw trading platform giant E-Trade jumping on the Bitcoin bandwagon. The firm is reportedly planning to support Bitcoin and Ethereum trading for its 5 million customers.
In the wake of TD Ameritrade quietly opening Bitcoin trading for some of its customers, I was just told that eTrade is preparing to begin offering both Bitcoin and Ether trading to its 5 million or so customers and is just finalizing a third party to actually hold the coins.
— Nathaniel Popper (@nathanielpopper) April 26, 2019
By giving a major boost to crypto’s mainstream adoption, Samsung has become more serious about digital assets as latest reports suggest that the company might be on its way to create its own Ethereum-based blockchain network with further planning to launch its very own cryptocurrency in near future.
In another event, France’s new crypto law now grants blockchain-related projects the right to a bank account, provided they opt for getting regulated. There’s also an operational certification for ICO projects and crypto service providers like exchanges and custodians. This new law has paved the way for French private equity funds and life insurance to get more exposure to crypto assets.
So, all in all, this has been a week that showed crypto market is growing and big things are coming for Bitcoin and cryptocurrencies.
Live Bitcoin (BTC) Price:
1 BTC/USD =$6,137.9459 change ~ -2.05%