Crypto market cap hits $3 trillion for the first time
Week in Review
The total market cap for all cryptocurrencies broke the US$3 trillion barrier (AU$4.08T) for the first time this week according to CoinGecko. Bitcoin’s market cap currently sits at US$1.2 trillion (AU$1.64T), more than double of Ethereum’s US$541B (AU$736B). (When will the flippening take place?) *The term refers to the hypothetical moment ether overtakes bitcoin as the most valuable cryptocurrency in terms of market
- Combined crypto market caps hit three trillion dollars for the first time.
- Bitcoin’s “Taproot” upgrade, the first major update in four years, was successfully implemented.
- Mastercard partners with crypto companies to launch crypto-linked cards in APAC.
- US institutional managers bought $2B worth of bitcoin in October.
- Seven of Australia’s 87 richest entrepreneurs under 40 are crypto founders; AFR.
What to Watch
- Morgan Stanley note; the metaverse is the next big investment theme.
- JPMorgan note says DeFi growth is slower than it seems, mostly fueled by a surge in ETH price.
- Twitter launches “Twitter Crypto” task force to explore potential projects for the platform.
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The Australian crypto community has welcomed the 12 recommendations in the final report issued by the Senate Committee on Australia as a Technology and Financial Centre. Ian Lowe, Global CEO shared his thoughts on Stockhead — “The majority of recommendations fall into one of three categories. Those which make it easier for businesses to innovate in the space, those which make it easier to conduct business with emerging digital products, and those which provide a safer and more advantageous environment for investors (including SMSFs) to participate.”
