After the price of Bitcoin hits $ 50,000, what’s the next step?

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Bitcoin hit $ 50,000 overnight, finally breaking the closely watched level after more than a month of acceleration and making bitcoin an almost $ 1,000 billion asset once again after falling below the bar in mid-May. Rising bitcoin prices have boosted the cryptocurrency market with prices soaring across the board.

Ethereum and most of its rivals rise with bitcoin, led by nearly 10% rise for Binance BNB, surpassing $ 500 per BNB for the first time since May. However, solana, after breaking into the top ten for cryptos last week, is the only major token that has failed to make any gains in the past 24 hours.

Bitcoin’s price jump to over $ 50,000 is expected to herald a wave of bullish sentiment this week, with market watchers already predicting bitcoin could return to all-time highs of nearly $ 65,000.

Rock ‘n roll in it

Big spender: Justin Sun, the creator of Ethereum Tron’s rival and recognized as one of the biggest spenders in the crypto community, has dropped “half a million dollars on a rock.”

Sunday funny day: Yesterday, Sun tweeted an image of his $ 611,710 non-fungible token (NFT) – you can view, download, and share it here for free. NFTs are unique digital, media-bound crypto tokens that can be attached to anything from YouTube videos to real-world art.

Up to the bank: Keeping things light when spending more money than many earn in a lifetime, Sun tweeted a laughing emoji alongside the NFT image which also included the crypto community’s laser eyes meme.

Age before wisdom: EtherRocks is one of the oldest NFT projects, dating back to 2017.

Disclaimer: “These virtual rocks serve NO PURPOSE beyond being able to be brought in and sold, and gives you a strong sense of pride in owning one of the only 100 rocks in the game,” according to the EtherRock website.

Back from the dead: The NFT market, after appearing to peak with the price of bitcoin earlier this year, has rebounded with an NFT marketplace, with OpeanSea this month becoming the first to surpass $ 1 billion in monthly trading volume.

Go out for lunch: Sun made headlines in 2019 when he was revealed to be the winner of a $ 4.5 million lunch with crypto-skeptic, Oracle of Omaha, Warren Buffett as part of the Buffett’s annual charity auction for the Glide Foundation.

Now read this: Visa enters the metaverse with its first NFT purchase

The coming week

It’s a busy week. Here’s what’s coming.

Nasdaq

NDAQ
Riot Blockchain, the publicly traded bitcoin mining company, is expected to release its second quarter results today.

Don’t miss: BlackRock, the world’s largest asset manager, bought $ 383 million worth of crypto-mining shares

The U.S. House of Representatives will return to Washington this week, with House Speaker Nancy Pelosi (D-Calif) hoping to hold a procedural vote today to push forward the $ 1 trillion bipartisan legislation on infrastructure adopted by the Senate.

Catch up: For the crypto world, the bipartite infrastructure package brings a “political awakening”

The Federal Reserve’s Jackson Hole Symposium begins Thursday and continues through Saturday. Its theme this year: “Macroeconomic policy in an unequal economy”.

Good to know: Yellen backs Powell’s reappointment as Fed chairman

UK and crypto become PayPal

PayPal, the payments company that kicked off Bitcoin’s latest rally with its acceptance of cryptocurrencies late last year, is now rolling out its crypto support in the UK.

The UK expansion marks the first international expansion of PayPal’s cryptocurrency services outside of the US and could inspire further adoption by the general public.

“We are committed to continuing to work closely with regulators across the UK and around the world to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of finance and commerce. global, ”Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, said in a statement.

PayPal users will be able to purchase bitcoin, ether, litecoin, and bitcoin cash through their PayPal wallets online or on the mobile app.

Now read this: Inside Afghan underground cryptocurrency as country plunges into turmoil

About Catherine Wilson

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