From Dogecoin and Garlicoin, to SCAM coin, don’t joke around with cryptocurrency creations because your parody coin could have a market cap of $70 million within the blink of an eye. This has been the case for Andre Lewis’ ‘prove a point’ cryptocurrency. What started out as a “middle-finger” to exploitative ‘shitcoins’ has gained monumental traction for this inexperienced crypto founder.
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It’s been a stellar week for the digital coin Ether as its price hit an all-time high of over $3400 on Tuesday, extending its rally with gains of more than 300% this year. The coin has quadrupled in value since the start of 2021 and some experts believe there’s more to come. Ethereum is the world’s second-largest cryptocurrency and has seen a growth of over 320% from the beginning of the year compared to Bitcoin’s 98% – which is still very impressive.
Central banks have been looking into issuing their own central bank digital currencies (CBDC) and the UK has their eyes set on one of their own. China has been in the lead among major economies for years as they have already started extensive testing on a pilot last year. But now the UK is hot on their heels with ideas for their own CBDC. Of Course, a lot more planning and research is involved when structuring a new digital version of a major economy’s currency. And the UK is doing all the necessary research to ensure a smooth-running operation.
Turkey has now announced that they are introducing a ban on payments using cryptocurrency. The Bitcoin price has dropped somewhat since the announcement and currently sits at around $56k, down from an all-time high of above $63k last week. The Central Bank of the Republic of Turkey (CBRT) has warned that cryptocurrencies or other crypto assets will be prohibited as a form of payment, both directly and indirectly, for the purchase of goods and services within the country. This ban will come into effect on the 30th of April, 2021.
Jesse Powell, CEO of Kraken, which is the fourth largest cryptocurrency exchange in the world in terms of volume, fears that a “crackdown” on cryptocurrencies is imminent. There have been some recent warnings from various officials about the use of cryptocurrencies for money laundering and the financing of terrorist organizations. U.S. Treasury Secretary Janet Yellen, and European Central Bank President Christine Lagarde, have brought these concerns to light.
Tomorrow, on April 14, 2021, the US-based crypto exchange Coinbase will be going public with its much anticipated IPO. The crypto market is preparing anxiously for this event as the Bitcoin price has reached nearly $62,000 over the last week and the total cryptocurrency market capitalization has exceeded $2 trillion. The company has been showing incredible results throughout the first quarter of 2021 with an estimated profit of $730 million to $800 million. This shows double their profits for the entire 2020 which was $322 million in a total revenue of %193 billion.
In order to speed up transactions and assist residents without bank accounts, the Eastern Caribbean financial authorities have developed their own digital asset. This digital currency was developed by a fintech company in Barbados by the name of Bitt in partnership with the Eastern Caribbean Central Bank. This currency differs from regular cryptocurrencies as it is issued by a central bank and has a fixed value tied to the Eastern Caribbean Dollar.
Monday 5 April 2021 will go down in history as the day when the total market capitalization of the digital asset industry peaked at over $2 trillion. This is an all-time high for the crypto market and reflects the recent increase in investment demands from major companies in both the institutional and retail sectors. Bitcoin has managed to hold a $1 trillion market cap for an entire week which has helped to lead the surge in the overall crypto market value.
Crypto casino players now have a new altcoin to play with – Cardano’s ADA. If you’re an ADA user you can dabble with it at 1xBit, True Flip, Betmaster, Bitcoin Casino, Crypto Games, Fortune Jack, and Betcoin. This cryptocurrency has positive predictions and has been welcomed onto the cryptocurrency scene by many investors.