There’s perhaps only one word that can adequately describe this week in cryptocurrency news, and that word is “Wow.”
One of the world’s largest companies, Tesla, purchased $1.5 billion worth of bitcoin (BTC) from its cash reserves. Run by the prolific Twitter crypto troll and the richest man on Earth, Elon Musk, the announcement led to the highest price in BTC history. It also posted the single largest day rise in dollar terms.
Ethereum (ETH) is also making headlines, as it too toppled its all-time high price in the quest for $2,000. It seems that altseason is also underway, with ETH and a variety of altcoins seeing solid gains. Some altcoins eclipsed 200% growth over the span of a week.
Finally, Amazon is stirring the pot. Although nothing is officially confirmed, Amazon has created a job posting focused on introducing digital currencies into its ecosystem. If this comes to fruition, it may challenge Tesla’s bitcoin investment at some point.
Tesla Confirms $1.5 Billion Bitcoin Purchase
This is the news the cryptocurrency space has likely been waiting for. There have been investments from other large-scale companies like MicroStrategy and Square, but this massive Tesla purchase puts Bitcoin on the institutional investment map.
Elon Musk announced that Tesla acquired BTC in January. The news led to overwhelming buying pressure, taking bitcoin well over its previous all-time high price.
Will this game-changing move define the cryptocurrency space in early 2021? Crypto traders may look back on February 8, 2021, and thank Elon for everything he has done for the community.
ETH Price Break $1,800 for First Time
This past week was also massive for Etheruem, which has seen continued growth across all metrics, including its all-time high price. It broke records for metrics measuring daily new addresses, gas fees, and mining revenues.
A lot of this growth can be credited to the borderline parabolic interest in the Decentralized Finance (DeFi) industry. Most of the infrastructure is built on the Ethereum network, and ETH holders benefit from the increased platform use.
Amazon May Be Launching Digital Currency Operations
To wrap up this week, there is some speculation surrounding another mammoth global company and its involvement in crypto. Amazon has posted a job opening for a Software Development Manager to build a project that:
“enables customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video.”
Amazon has reportedly been developing this idea for a while and has decided to move forward and hire additional resources to execute on the project. If Amazon introduces digital currency platforms, it may usher in a new era for cryptocurrency usage and acceptance.