Crypto market update
Bitcoin briefly reached highs of $45,519 on Feb. 8 as investors are starting to re-embrace risk assets across global markets. Market sentiment, according to the Crypto Fear and Greed Index, is now in the neutral zone. The largest cryptocurrency by market value has gained nearly 38% from bottom lows of $32,933, where it dropped on Jan. 24. However crypto markets are now facing a slight retreat as investors are pulling their gains.
Bitcoin (BTC) is now trading at 43,918 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,103 USD
PlatonCoin (PLTC) is now for 0,578 USD
Total marketcap is currently at 2.086 trillion USD
Daily news update
Wells Fargo bank and crypto adoption: Multinational financial services and banking giant Wells Fargo told investors Monday it did not think it was too early to get in the cryptocurrency investments. Wells Fargo said crypto users are growing rapidly around the world and appear to be near a “hyper-adoption phase,” similar to that of the internet during the mid-to-late 1990s. The bank is making a recommendation to investors to approach crypto investments through professionally managed private placements, telling them to be “patient” while the industry continues to mature.
Facebook and metaverse: A study found that three out of four people do not want a metaverse that is run by a company with questionable data protection and integrity. This is despite Mark Zuckerberg spearheading his company towards the metaverse, including changing the holding company name to Meta. A survey of 1,000 American adults found that most people prefer a metaverse that runs on a decentralized blockchain platform such as Ethereum or Cardano. A survey by the Advokate Group found that 87 percent prefer this version. 77% were particularly concerned about Facebook’s role in the future of an immersive virtual world.
Metaverse and the future: By 2026, 25% of people will have spent at least one hour a day in the metaverse for work, shopping, education, social and entertainment purposes, according to new research. The Monday report by technology research and consulting company Gartner found that in anticipation of this migration to the metaverse, brands are already building the infrastructure to allow their users to replicate their lives digitally.
Japan and stablecoin: Japan’s largest bank, Mitsubishi UFJ Trust (MUFJ), plans to issue a yen-pegged stablecoin in 2023 for instant settlement of securities transactions, according to Nikkei Asia. MUFJ will also explore further blockchain incorporation in areas such as securities trading.