Crypto Weekend Wrap Up: Bitcoin Prices Rally, Crypto Reaches $3T Market Cap, NYC Mayor-Elect to Teach Crypto in School
It was a busy weekend for cryptos. Bitcoin and Ether both rallied, nearing all-time highs for BTC, while ETH crossed it. The crypto market reached a $3 trillion market cap and NYC mayor-elect Eric Adams is doubling down on its Bitcoin love, saying he wants schools to teach the space.
“After losing ground to altcoins such as Solana last week, the incumbents BTC and ETH came roaring back to life late Sunday. ETH is once again at all-time highs while bitcoin was also flirting with the 67k level,” Martha Reyes, Head of Research at digital asset prime brokerage and exchange BEQUANT, told GOBankingRates.
Bitcoin rose 6.1% over the past 24 hours, reaching $66,000 this morning, close to its previous all-time high of $67,000 in October, according to CoinGecko. As for Ether, it was up 2.9% in the past 24 hours, to reach $4,760 this morning. ETH is now up around 59% since the beginning of October.
Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, told GOBankingRates that “while relatively steep and sudden, the BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October. Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity.”
Morch adds that given these circumstances, “the $70K price tag seems imminent.”
“BTC is now poised not only to retest and smash its previous all-time high but also to continue to break records throughout the month. Such a possibility is strong especially that November historically was, on average, the best performing month for Bitcoin. Of course, as the price surges and market sentiment begins to heat up, so will the volatility. Investors should therefore brace themselves for an exciting month with strong upward momentum yet not without temporary corrections and sudden drops to retest the support,” he added.
The rally led the crypto market cap to cross the $3 trillion mark, according to CoinGecko, while CoinMarketCap has it at a $2.87 billion market cap.
“The milestone is the highest point since May this year when markets raised above $2.6 trillion and underscores the positive outlook of investors as institutional players enter the market through instruments such as futures ETFs,” Simon Peters, Market Analyst at eToro, said in a note sent to GOBankingRates.
Also over the weekend, New York City’s mayor-elect Eric Adams, who said last week he would take his first three paychecks in Bitcoin, reiterated his love for crypto, saying the space should be taught in schools.
Speaking on CNN on Sunday, Nov. 8, Adams said that Bitcoin means a “new way of paying for goods and services throughout the entire globe,” he said, according to Bloomberg. “And that’s what we must do — open our schools to teach the technology and teach this new way of thinking.”
Brock Pierce, Bitcoin Foundation Chairman, told GOBankingRates that he continues “to be more-and-more impressed by Adams’ approach to cryptocurrency, as he is showing a thoughtfulness about the importance of getting educated himself, while also stressing the education for others — even at the classroom level.”
“His approach will help students and people of all ages understand the importance of this technology and industry that continues to emerge,” Pierce added.
Adams also said over the weekend that he would like to “examine” mechanisms that would allow for direct Bitcoin payments, “so New Yorkers have a choice of how they want to receive their paychecks,” according to Bloomberg.
Last week, Adams, in a friendly Twitter exchange with fellow crypto enthusiast Miami Mayor Francis Suarez, said:
“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
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