Crypto News | Crypto Market Cap Flirts with $500B

Far from the Winter Olympics and the cold rains in the northern hemisphere, cryptocurrencies are looking for warmer climates. The price of bitcoin has been warming up over the last few weeks, and is now at a steady room temperature of around $10,800. With not only Bitcoin, but also BCH and ETH on the rise, the total crypto market cap has shot past the $500 billion mark, before dipping back, and is now steady at $496+ B.

Be that as it may, it has been a long winter for cryptocurrencies. Luckily for everyone who thought they were gonna freeze, the coins are all up on the wires and the telegraph poles and they can get away from the rain and the cold. Which is exactly what they have been doing – migrating to the tropics.

For our first news from the coin resorts, a multi-millionaire who made his fortune on digital currencies, is looking to invest his money into building a luxury resort on Antigua. Canadian-born Calvin Ayre, who is now a special economic envoy for Antigua and Barbuda, will fund the resort exclusively with money made off Bitcoin. Unsurprisingly, the resort will accept payments with cryptocurrencies.

As Malta and Spain introduce crypto-friendly regulation, Venezuela is preparing the pre-sale of the petro coin – a new digital currency modelled after Bitcoin. While Venezuela hopes petro will let the country bypass US sanctions, many see it as a desperate move destined to fail. The biggest issue is the lack of transparency surrounding the coin, with Maduro repeatedly ignoring regulations.

There’s one more country with a warm climate where the future of crypto is uncertain: India. With the government tightening its grip and increasing regulations, more and more Indians are migrating to foreign exchanges and having coins sent to them by friends and family from abroad.

In the US, Wall Street has been warming up to Bitcoin. To target market volatility, Wall Street is introducing Bitcoin Futures. The Futures market is supposed to cover for any momentary loses – making it easy for merchants to accept BTC, since sudden changes are not a big deal anymore.

These changes will make it easier for the crypto market cap to hit $1 trillion in 2018, which has recently been prophesized by Jesse Powell, Kraken’s founder/CEO.


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Author: Max Rothstein

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