BTC to 75K? | Market oulookAt the beginning of the week, the cryptocurrency market continued to grow, which allowed several leading assets to reach historic highs but then some of the positions were lost due to a sharp correction. The total market capitalization by the end of the week amounted to 2.814T dollars, the share of BTC decreased to 43.1%.
Investors see digital coins as an alternative asset that can ensure capital preservation during a period of high inflation of fiat currencies, while global regulators are in no hurry to start a serious fight against rising prices, rising rates, which only stimulate the growth of popularity of cryptocurrencies. Currently, the entry of large investors into the cryptocurrency market makes it easier to launch trading in shares of several ETF funds on BTC futures. The comments of its leading representatives confirm business interest in cryptocurrencies. So, this week the head of Apple Inc., Tim Cook, noted that the company does not have clear plans for cryptocurrencies, but there are digital assets in its investment portfolio. Cook stated that investing in cryptocurrency sectors is a reasonable diversification of investments.
The strengthening of the market allowed the leading assets BTC to renew their historical highs: BTC rose above 68700.00. BTC's growth has been driven by investors' anticipation for a major network upgrade to be launched next week. It is called Taproot and was approved by the community back in June. The release of the new update will make the network more confidential, increase its bandwidth, and most importantly, facilitate the creation of smart contracts, opening new business opportunities. Experts associate the sharp correction of the market in the middle of the week with information about the possibility of default of one of the largest Chinese developers, China Evergrande Group, as well as with the release of data on a serious growth of American inflation, which may force the US Federal Reserve to tighten monetary policy earlier than expected.
From other news of the week, it is worth noting the announcement of the launch by Ripple next year of a new service, Liquidity Hub, which will provide corporate clients with the opportunity to trade cryptocurrency assets. Initially, only BTC, ETH, XRP, LTC, BCH, and ETC can be bought and sold, but the list of coins will be expanded. At the same time, the service will analyze the data of cryptocurrency exchanges and OTC trading platforms to provide the client with the opportunity to purchase tokens at the lowest price. In the future, Ripple also plans to enter the DeFi market. Payment giant Mastercard Inc. announced the upcoming release of debit and credit cards to enable cryptocurrency payments in Asia. Aber Group, a cryptocurrency startup from Hong Kong, and digital exchanges CoinJar (Australia) and Bitkub (Thailand) will join the corporation's partners.
