Bitcoin and Ether break records before pulling back<\/strong><\/h2>\r\n\r\n\r\n\r\nIt was an extremely bullish week in the cryptocurrency markets, with Bitcoin and Ether posting record highs. Ether was slightly ahead of Bitcoin this time, pushing above $2100 early in the week and breaking $2500 for the first time. Whereas Bitcoin sailed through its previous all-time high of $61,000 on Tuesday and continued its push above the $64,000 mark.<\/p>\r\n\r\n\r\n\r\n
Both digital assets are believed to have benefited from the buzz around the anticipated Coinbase listing, which occurred last Wednesday.<\/p>\r\n\r\n\r\n\r\n
Robert Kiyosaki, author of the renowned financial advice book \u2018Rich Dad Poor Dad announced a valuation for Bitcoin<\/a>. He believes, in only five years\u2019 time, each Bitcoin will be worth $1.2 million, and therefore you would be able to buy a million-dollar house with just one Bitcoin in 2026.<\/p>\r\n\r\n\r\n\r\nBitcoin has increased annually by 169% on average over the last five years. To achieve Kiyosaki\u2019s valuation over the next five years, Bitcoin would need to continue that trend with an average 82% annual increase. This definitely isn\u2019t inconceivable given Bitcoin\u2019s past record.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n
Crypto prices cooled on Friday after news from Turkey that the country will ban the use of cryptocurrencies for payments<\/a>. While the news has put some traders on edge, most in the crypto community are far from worried.\u00a0<\/p>\r\n\r\n\r\n\r\nCheck back in on the Xcoins blog later this week for our investigation into the potential impacts of countries restricting crypto.<\/strong><\/p>\r\n\r\n\r\n\r\nWho let the DOGE out?<\/strong><\/h2>\r\n\r\n\r\n\r\nAnother coin that was stoked by the enthusiasm of last week was Dogecoin<\/a>. The meme cryptocurrency which started as a joke back in 2013, but holds store of value utility and peer-to-peer transfer capability just like Bitcoin or Litecoin, broke its all-time high record. It breached the 10 cents mark for the first time ever, which is where momentum was expected to cease. However, the joke was on everyone else when Dogecoin continued to soar to over 20 cents.<\/p>\r\n\r\n\r\n\r\nThe coin has been boosted during the past year by fans such as Tesla\u2019s CEO Elon Musk and Mark Cuban and unlike many other coins holds a strong tight-knit fanbase. Musk has openly described himself as a fan of the coin and was quick to comment on the cryptocurrency\u2019s success during last week\u2019s growth, potentially pouring more fuel on the fire.\u00a0<\/p>\r\n\r\n\r\n\r\n
Although Dogecoin has increased by 2000% this year<\/a>, the advance has been dismissed by many as online hype. Few believe that institutional money will flow into it, as the coin holds no real advantage as a store of value over its competitors, however, if 2020 proved anything, it\u2019s that anything can happen!<\/p>\r\n\r\n\r\n\r\nFor a coin that was always just there for the fun of it, it is another example of what strange things can become well-loved in the cryptocurrency world. It is certainly not one to rule out, but we certainly wouldn\u2019t suggest you make it the basis for your portfolio.<\/p>\r\n\r\n\r\n\r\n![\"doge](\"https:\/\/xcoins.com\/wp-content\/uploads\/2021\/12\/doge-blue-1024x683.jpg\")
\r\nDogecoin, the coin designed for a joke, surpassed the 10 cents mark this week for the first time ever and continued to weekly heights of 14 cents.\u00a0<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\nCrypto takes a step towards a greener future<\/strong><\/h2>\r\n\r\n\r\n\r\nA Crypto Climate Accord<\/a> was signed at the start of last week, a private sector-led initiative committed to making the cryptocurrency industry 100% renewable. The goal is to decarbonize the cryptocurrency industry by 2030. Over recent months, cryptocurrencies and in particular Bitcoin have been in the spotlight, not only due to their price increases but due to their increasing demand for energy.<\/p>\r\n\r\n\r\n\r\nThe Accord, which was announced by Energy Web, Rocky Mountain Institute (RMI), and Alliance for Innovative Regulation (AIR), plans to bring together the crypto and fintech industries to transition to 100% renewable energy usage. The ambitious plan utilizes the Accord as a coordinating platform to implement scalable solutions to every sector of the industry.<\/p>\r\n\r\n\r\n\r\n
Blockchain technologies are already being accepted by many, but if they start to become more sustainable too, they will increasingly become harder to ignore.<\/p>\r\n\r\n\r\n\r\n
Coinbase lists on Nasdaq<\/strong><\/h2>\r\n\r\n\r\n\r\nThe public listing, on the U.S. Nasdaq exchange, was enormously successful for the company, and after the first day of trading, Coinbase was valued at $85 billion, up from $68 billion before listing, it has since fallen to $63 billion.<\/p>\r\n\r\n\r\n\r\n
A reference price for Coinbase shares was given of $250 ahead of listing on Tuesday. At open, the shares jumped to $381 and continued up to heights of $429 before falling back to $342. Open trading is often volatile and a better indication of the company\u2019s value will likely be found in the coming weeks as the volatility subsides.<\/p>\r\n\r\n\r\n\r\n
Optimism for cryptocurrency markets exuded from Coinbase co-founder Fred Ersham<\/a> who stated that there\u2019s no evidence the top is in for the market.<\/p>\r\n\r\n\r\n\r\n\u201cAs somebody who\u2019s been working in crypto for 10 years. I\u2019ve heard that statement hundreds, if not thousands of times,\u201d Ehrsham said. \u201cI think it will be volatile from here, but that\u2019s just the nature of such a huge technology coming into existence, and I don\u2019t think it could happen any other way\u201d<\/p>\r\n\r\n\r\n\r\n
The prominent investment vehicle, Cathie Wood\u2019s Ark Invest<\/a>, placed $250 million into Coinbase on the first day of trading, exemplifying a widespread belief that as cryptocurrency adoption increases, Coinbase\u2019s value is likely only to go one way.<\/p>\r\n\r\n\r\n\r\nThe listing sets a precedent for other exchanges, with Kraken announcing last week<\/a> that it could follow in Coinbase\u2019s footsteps in 2022.<\/p>\r\n\r\n\r\n\r\nPositive signs for XRP<\/strong><\/h2>\r\n\r\n\r\n\r\nXRP, the token associated with the Ripple Network, reached prices this week not seen since 2018 and this feat is made even more surprising after the bumpy road Ripple has faced over the last six months.<\/p>\r\n\r\n\r\n\r\n
The Ripple Network is focused on the connection between banks, payment providers, and financial institutions. However, during December 2020, the SEC filed a lawsuit against Ripple<\/a>, questioning whether XRP was security rather than a cryptocurrency.<\/p>\r\n\r\n\r\n\r\nAs a result, XRP has spent the majority of 2021 much lower than its competitors and has remained low as the cryptocurrency market has exploded. With many coins posting all-time highs, XRP has been far from such glorious heights.<\/p>\r\n\r\n\r\n\r\n
However, over the past couple of weeks, Ripple has secured several victories<\/a> regarding their legal battle with the SEC and now many believe they will either settle or win the lawsuit. Either of these outcomes is seen as a positive for the coin, which has resulted in the coin flirting with the $2 mark this past week.<\/p>\r\n\r\n\r\n\r\n![\"XRP](\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/xrp-1-1-1024x536.jpg\")
\r\nXRP leaps up to $2 after positive announcements surrounding SEC lawsuit against Ripple<\/em>.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\nPurchasing the first-ever stock trade<\/strong><\/h2>\r\n\r\n\r\n\r\nNFT\u2019s continue to crop up in different sectors and last week was the turn of the New York Stock Exchange (NYSE). The NYSE announced that it would be minting NFTs for the first trade completed on chosen U.S. traded companies<\/a>.<\/p>\r\n\r\n\r\n\r\nThe NYSE’s Stacey Cunningham confirmed that the first six companies to be included in the NFT offer will include: Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang. With a 2.5 million tweet sold not that long ago, it is anyone\u2019s guess as to how much these may sell for.<\/p>\r\n\r\n\r\n\r\n
Forbes completed a similar NFT auction for a cover of their latest issue, which included the Gemini owners, the Winklevoss twins. The magazine NFT cover sold for $333,333 two weeks ago.<\/p>\r\n\r\n\r\n\r\n
Continued optimism for a growing economy but is it artificial?<\/strong><\/h2>\r\n\r\n\r\n\r\nThe economy continued to show signs that it was moving in the right direction last week. JPMorgan<\/a> announced that debt repayment was up considerably, with many consumers able to use stimulus checks to pay off existing debt. The interpretation of this is that many consumers have boosted their savings during the Covid crisis, which is encouraging economic recovery. Companies are now seeing a level of spending via credit and debit cards that they have not seen since the start of the pandemic.<\/p>\r\n\r\n\r\n\r\nAlthough positive for the upcoming year, many economists believe that the current increases in GDP and consumer spending are still being artificially lifted<\/a> and that when the government payments end there will be economic battles to come.\u00a0<\/p>\r\n\r\n\r\n\r\nChief economist for the Americas at Natixis, Joseph LaVorgna noted \u201cI don\u2019t see growth as being particularly durable. The economy is going to slow a lot more next year than people think and probably will be well under 3%.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n
Unlike a V-shaped recovery, which was a defining phrase of 2021, there is a belief that a more accurate definition is a K-shaped recovery. The pandemic has resulted in higher-earners, usually working in offices, prospering and coping during the pandemic, whereas lower-earners, often in hospitality or leisure sectors, have lost out in comparison. So whilst positive numbers suggest consumers on average are saving more, the numbers are likely skewed to the top end. Although falling, jobless claims figures are still high and infer much more still needs to be done to assist lower-earners.\u00a0<\/p>\r\n\r\n\r\n\r\n
With consumers holding on average more cash, and government spending continuing to hold Covid worries at bay, the cryptocurrency sector continues to enjoy part of the rewards.<\/p>\r\n\r\n\r\n\r\n
CPI figures jump higher<\/strong><\/h2>\r\n\r\n\r\n\r\nInflation concerns continued to hover in the background as CPI figures jumped significantly<\/a> during the week, boosted by a 9.1% increase in gas prices.\u00a0<\/p>\r\n\r\n\r\n\r\nOn Wednesday, Jerome Powell reiterated that an increase in interest rates this year was \u2018highly unlikely\u2019<\/a> as a combat mechanism to rising inflation, claiming that bond purchases would be greatly reduced before that happens. He added that most central banks globally expect to see interest rates near zero until 2023. The Fed is loathed to increase interest rates through fear of slowing the current prosperous economic growth.<\/p>\r\n\r\n\r\n\r\nBig-ticket reports to watch out for this week:<\/strong><\/h2>\r\n\r\n\r\n\r\nTuesday \u2013 The People\u2019s Bank of China Interest Rate Decision, UK Unemployment Rate, and ECB Lending Survey<\/p>\r\n\r\n\r\n\r\n
Wednesday \u2013 New Zealand CPI Figures, Australia Retail Figures, UK CPI Figures, Bank of England Governors Speech, Canada CPI Figures, Bank of Canada Interest Rate Decision<\/p>\r\n\r\n\r\n\r\n
Thursday \u2013 European Central Bank Interest Rate Decision, U.S. Jobless Claims<\/p>\r\n\r\n\r\n\r\n
Friday \u2013 E.U. Manufacturing PMI Figures, UK Manufacturing PMI Figures, U.S. New Home Sales\u00a0<\/p>\r\n\r\n\r\n\r\n
To stay up to date on all things crypto, like Xcoins on <\/em>Facebook<\/em><\/a>, follow us on <\/em>Twitter<\/em><\/a> and <\/em>LinkedIn<\/em><\/a> and enter your email address at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"Bolstered by stock market excitement, Bitcoin secured new all-time highs last week, while similar moves littered the altcoin space. In […]<\/p>\n","protected":false},"author":17,"featured_media":2085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\n
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Bitcoin has increased annually by 169% on average over the last five years. To achieve Kiyosaki\u2019s valuation over the next five years, Bitcoin would need to continue that trend with an average 82% annual increase. This definitely isn\u2019t inconceivable given Bitcoin\u2019s past record.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n
Crypto prices cooled on Friday after news from Turkey that the country will ban the use of cryptocurrencies for payments<\/a>. While the news has put some traders on edge, most in the crypto community are far from worried.\u00a0<\/p>\r\n\r\n\r\n\r\n Check back in on the Xcoins blog later this week for our investigation into the potential impacts of countries restricting crypto.<\/strong><\/p>\r\n\r\n\r\n\r\n Another coin that was stoked by the enthusiasm of last week was Dogecoin<\/a>. The meme cryptocurrency which started as a joke back in 2013, but holds store of value utility and peer-to-peer transfer capability just like Bitcoin or Litecoin, broke its all-time high record. It breached the 10 cents mark for the first time ever, which is where momentum was expected to cease. However, the joke was on everyone else when Dogecoin continued to soar to over 20 cents.<\/p>\r\n\r\n\r\n\r\n The coin has been boosted during the past year by fans such as Tesla\u2019s CEO Elon Musk and Mark Cuban and unlike many other coins holds a strong tight-knit fanbase. Musk has openly described himself as a fan of the coin and was quick to comment on the cryptocurrency\u2019s success during last week\u2019s growth, potentially pouring more fuel on the fire.\u00a0<\/p>\r\n\r\n\r\n\r\n Although Dogecoin has increased by 2000% this year<\/a>, the advance has been dismissed by many as online hype. Few believe that institutional money will flow into it, as the coin holds no real advantage as a store of value over its competitors, however, if 2020 proved anything, it\u2019s that anything can happen!<\/p>\r\n\r\n\r\n\r\n For a coin that was always just there for the fun of it, it is another example of what strange things can become well-loved in the cryptocurrency world. It is certainly not one to rule out, but we certainly wouldn\u2019t suggest you make it the basis for your portfolio.<\/p>\r\n\r\n\r\n\r\n A Crypto Climate Accord<\/a> was signed at the start of last week, a private sector-led initiative committed to making the cryptocurrency industry 100% renewable. The goal is to decarbonize the cryptocurrency industry by 2030. Over recent months, cryptocurrencies and in particular Bitcoin have been in the spotlight, not only due to their price increases but due to their increasing demand for energy.<\/p>\r\n\r\n\r\n\r\n The Accord, which was announced by Energy Web, Rocky Mountain Institute (RMI), and Alliance for Innovative Regulation (AIR), plans to bring together the crypto and fintech industries to transition to 100% renewable energy usage. The ambitious plan utilizes the Accord as a coordinating platform to implement scalable solutions to every sector of the industry.<\/p>\r\n\r\n\r\n\r\n Blockchain technologies are already being accepted by many, but if they start to become more sustainable too, they will increasingly become harder to ignore.<\/p>\r\n\r\n\r\n\r\n The public listing, on the U.S. Nasdaq exchange, was enormously successful for the company, and after the first day of trading, Coinbase was valued at $85 billion, up from $68 billion before listing, it has since fallen to $63 billion.<\/p>\r\n\r\n\r\n\r\n A reference price for Coinbase shares was given of $250 ahead of listing on Tuesday. At open, the shares jumped to $381 and continued up to heights of $429 before falling back to $342. Open trading is often volatile and a better indication of the company\u2019s value will likely be found in the coming weeks as the volatility subsides.<\/p>\r\n\r\n\r\n\r\n Optimism for cryptocurrency markets exuded from Coinbase co-founder Fred Ersham<\/a> who stated that there\u2019s no evidence the top is in for the market.<\/p>\r\n\r\n\r\n\r\n \u201cAs somebody who\u2019s been working in crypto for 10 years. I\u2019ve heard that statement hundreds, if not thousands of times,\u201d Ehrsham said. \u201cI think it will be volatile from here, but that\u2019s just the nature of such a huge technology coming into existence, and I don\u2019t think it could happen any other way\u201d<\/p>\r\n\r\n\r\n\r\n The prominent investment vehicle, Cathie Wood\u2019s Ark Invest<\/a>, placed $250 million into Coinbase on the first day of trading, exemplifying a widespread belief that as cryptocurrency adoption increases, Coinbase\u2019s value is likely only to go one way.<\/p>\r\n\r\n\r\n\r\n The listing sets a precedent for other exchanges, with Kraken announcing last week<\/a> that it could follow in Coinbase\u2019s footsteps in 2022.<\/p>\r\n\r\n\r\n\r\n XRP, the token associated with the Ripple Network, reached prices this week not seen since 2018 and this feat is made even more surprising after the bumpy road Ripple has faced over the last six months.<\/p>\r\n\r\n\r\n\r\n The Ripple Network is focused on the connection between banks, payment providers, and financial institutions. However, during December 2020, the SEC filed a lawsuit against Ripple<\/a>, questioning whether XRP was security rather than a cryptocurrency.<\/p>\r\n\r\n\r\n\r\n As a result, XRP has spent the majority of 2021 much lower than its competitors and has remained low as the cryptocurrency market has exploded. With many coins posting all-time highs, XRP has been far from such glorious heights.<\/p>\r\n\r\n\r\n\r\n However, over the past couple of weeks, Ripple has secured several victories<\/a> regarding their legal battle with the SEC and now many believe they will either settle or win the lawsuit. Either of these outcomes is seen as a positive for the coin, which has resulted in the coin flirting with the $2 mark this past week.<\/p>\r\n\r\n\r\n\r\n NFT\u2019s continue to crop up in different sectors and last week was the turn of the New York Stock Exchange (NYSE). The NYSE announced that it would be minting NFTs for the first trade completed on chosen U.S. traded companies<\/a>.<\/p>\r\n\r\n\r\n\r\n The NYSE’s Stacey Cunningham confirmed that the first six companies to be included in the NFT offer will include: Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang. With a 2.5 million tweet sold not that long ago, it is anyone\u2019s guess as to how much these may sell for.<\/p>\r\n\r\n\r\n\r\n Forbes completed a similar NFT auction for a cover of their latest issue, which included the Gemini owners, the Winklevoss twins. The magazine NFT cover sold for $333,333 two weeks ago.<\/p>\r\n\r\n\r\n\r\n The economy continued to show signs that it was moving in the right direction last week. JPMorgan<\/a> announced that debt repayment was up considerably, with many consumers able to use stimulus checks to pay off existing debt. The interpretation of this is that many consumers have boosted their savings during the Covid crisis, which is encouraging economic recovery. Companies are now seeing a level of spending via credit and debit cards that they have not seen since the start of the pandemic.<\/p>\r\n\r\n\r\n\r\n Although positive for the upcoming year, many economists believe that the current increases in GDP and consumer spending are still being artificially lifted<\/a> and that when the government payments end there will be economic battles to come.\u00a0<\/p>\r\n\r\n\r\n\r\n Chief economist for the Americas at Natixis, Joseph LaVorgna noted \u201cI don\u2019t see growth as being particularly durable. The economy is going to slow a lot more next year than people think and probably will be well under 3%.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n Unlike a V-shaped recovery, which was a defining phrase of 2021, there is a belief that a more accurate definition is a K-shaped recovery. The pandemic has resulted in higher-earners, usually working in offices, prospering and coping during the pandemic, whereas lower-earners, often in hospitality or leisure sectors, have lost out in comparison. So whilst positive numbers suggest consumers on average are saving more, the numbers are likely skewed to the top end. Although falling, jobless claims figures are still high and infer much more still needs to be done to assist lower-earners.\u00a0<\/p>\r\n\r\n\r\n\r\n With consumers holding on average more cash, and government spending continuing to hold Covid worries at bay, the cryptocurrency sector continues to enjoy part of the rewards.<\/p>\r\n\r\n\r\n\r\n Inflation concerns continued to hover in the background as CPI figures jumped significantly<\/a> during the week, boosted by a 9.1% increase in gas prices.\u00a0<\/p>\r\n\r\n\r\n\r\n On Wednesday, Jerome Powell reiterated that an increase in interest rates this year was \u2018highly unlikely\u2019<\/a> as a combat mechanism to rising inflation, claiming that bond purchases would be greatly reduced before that happens. He added that most central banks globally expect to see interest rates near zero until 2023. The Fed is loathed to increase interest rates through fear of slowing the current prosperous economic growth.<\/p>\r\n\r\n\r\n\r\n Tuesday \u2013 The People\u2019s Bank of China Interest Rate Decision, UK Unemployment Rate, and ECB Lending Survey<\/p>\r\n\r\n\r\n\r\n Wednesday \u2013 New Zealand CPI Figures, Australia Retail Figures, UK CPI Figures, Bank of England Governors Speech, Canada CPI Figures, Bank of Canada Interest Rate Decision<\/p>\r\n\r\n\r\n\r\n Thursday \u2013 European Central Bank Interest Rate Decision, U.S. Jobless Claims<\/p>\r\n\r\n\r\n\r\n Friday \u2013 E.U. Manufacturing PMI Figures, UK Manufacturing PMI Figures, U.S. New Home Sales\u00a0<\/p>\r\n\r\n\r\n\r\n To stay up to date on all things crypto, like Xcoins on <\/em>Facebook<\/em><\/a>, follow us on <\/em>Twitter<\/em><\/a> and <\/em>LinkedIn<\/em><\/a> and enter your email address at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":" Bolstered by stock market excitement, Bitcoin secured new all-time highs last week, while similar moves littered the altcoin space. In […]<\/p>\n","protected":false},"author":17,"featured_media":2085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\nWho let the DOGE out?<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\nCrypto takes a step towards a greener future<\/strong><\/h2>\r\n\r\n\r\n\r\n
Coinbase lists on Nasdaq<\/strong><\/h2>\r\n\r\n\r\n\r\n
Positive signs for XRP<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\nPurchasing the first-ever stock trade<\/strong><\/h2>\r\n\r\n\r\n\r\n
Continued optimism for a growing economy but is it artificial?<\/strong><\/h2>\r\n\r\n\r\n\r\n
CPI figures jump higher<\/strong><\/h2>\r\n\r\n\r\n\r\n
Big-ticket reports to watch out for this week:<\/strong><\/h2>\r\n\r\n\r\n\r\n