What an interesting week it was in cryptocurrency markets as the price of Bitcoin (BTC) once gain displayed it trait as “digital gold”, rallying 8.50% since last Friday to trade just below $6,300. BTC’s rally comes in a week where 17 of the 20 largest cryptocurrencies by market capitalization were in the red. Binance Coin (BNB) was among the worst performing coins this week, falling more than 17% since last Friday to trade below $20. BNB’s underperformance follows a hack this week of major crypto exchange Binance, where hackers successfully stole $40 million worth of BTC from Binance hot wallets.
Adoption was the mantra this week in the cryptocurrency industry following stories from the Wall Street Journal and Bloomberg. According to a report this week from the Wall Street Journal, Facebook is seeking $1 billion in funding to launch a stablecoin – the social media giant is already in talks with major payment providers Visa and MasterCard regarding support of the stablecoin. From Bloomberg this week, US investment firm Fidelity is set to launch BTC trading services for institutional clients within the coming weeks.
Finally, the last story we want to touch on pertains to the US regulatory landscape. On Thursday, California Democratic Congressman Brad Scherman called on his fellow lawmakers to pass a blanket ban of cryptocurrencies. “An awful lot of our international power stems from the fact that the dollar is the standard unit of international finance and transactions,” explained Sherman, adding, “it is the announced purpose of the supporters of cryptocurrencies to take that power away from us.”