This Week in Crypto
The top 5 headlines, the top 5 tweets, and the top 5 memes
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Top 5 Headlines
Ethereum is at an all-time high
Ethereum, or ether for short, hit a new record high Monday of about $3,200. Ether prices have more than quadrupled in 2021, soaring 325%. Bitcoin has had a great run too this year, doubling in value.
The total value of all Ethereum in circulation is now about $367 billion, according to CoinMarketCap. Bitcoin's (XBT) market value is $1.1 trillion. Bitcoin and ether account for nearly two-thirds of the entire $2.3 trillion global crypto market.
Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG
The company[NYDIG], a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services to enable U.S. banks to offer bitcoin in coming months, according to the two firms.
Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG. While the firm is in discussions with some of the biggest U.S. banks, many of the lenders that have agreed to participate are smaller institutions like Suncrest, a California-based community bank with seven branches.
Coinbase Enables Tether Stablecoin Trading for All Users
Coinbase initially added support for Tether on its institutional-focused Pro platform earlier this week before enabling support for general users early Tuesday morning US time.
Users in New York will not be able to trade Tether. Part of the settlement between the State and Tether requires it to block any New York residents or entities from using their services.
Tether had a trading volume of $160.6 billion during the last 24 hours compared to a volume of approximately $60 billion from a year ago.
Goldman Offers New Bitcoin Derivatives to Wall Street Investors
The investment bank has opened up trading with non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash. The firm then protects itself from the digital currency’s famous volatility by buying and selling Bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner.
Goldman Sachs may next offer hedge fund clients exchange-traded notes based on Bitcoin or access to the Grayscale Bitcoin Trust, one of the people said.
Galaxy Digital to Buy BitGo in Crypto Sector’s First $1 Billion Deal
Bitcoin-focused firm Galaxy Digital GLXY -4.49% Holdings Ltd. has agreed to buy BitGo Inc. for $1.2 billion in cash and stock, the first $1 billion deal in the cryptocurrency industry.
The deal coincides with a surge in interest and a nearly yearlong rally in the crypto sector whose market value has surged to $2 trillion.
Top 5 Tweets
Top 5 Memes
About Grokking Crypto
Crypto is moving so fast and trying to keep up with everything can feel a bit overwhelming. Dozens of crypto-related articles, podcasts, and YouTube videos are published every day. Moreover, 90% of these resources aren’t even worth reading or listening to, which makes the task of keeping up even more difficult.
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