Bitcoin’s price remains stuck near $50,000 despite positive news from Tesla this week
The bulls fail to seize control
Bitcoin struggled this week after failing to reclaim the $60,000 level. The leading cryptocurrency spent much of the week in a bearish stance as buyers used lower prices as opportunities to “buy the dip.” Bitcoin’s performance has been subdued since reaching its all-time high above $61,000 a few weeks ago. The price rose briefly following Tesla-related news, but bears quickly regained control. By the end of the week, Bitcoin traded just under $53,000, leaving it down nearly 10% for the week.
Tesla begins accepting Bitcoin as payment for cars
One of the biggest headlines this week was Elon Musk’s announcement that Tesla will accept BTC as payment for its electric vehicles. The announcement, made via Twitter, said U.S. customers can pay with Bitcoin for Tesla cars. The company is working to extend the payment option to customers outside the United States. This update follows Tesla’s earlier purchase of $1.5 billion worth of Bitcoin. Musk said the company intends to hold the bitcoins rather than converting them to cash. With this move, Tesla becomes one of the first major companies to fully integrate a Bitcoin payment option for its products.
Fed chair says Bitcoin is a substitute for gold
Bitcoin is frequently compared to both gold and the U.S. dollar. Jerome Powell, chair of the Federal Reserve, said he considers Bitcoin a substitute for gold rather than for the dollar. Powell described Bitcoin more as a store of value than as a medium of exchange and called it a speculative asset, making it unsuitable to function as a national currency. The debate over Bitcoin’s role continues, as many observers point to its high volatility as a reason it struggles to serve as a reliable currency.
Asset manager Fidelity files for a Bitcoin ETF with the SEC
The U.S. market for Bitcoin Exchange Traded Funds (ETFs) is heating up as more firms submit applications to list and trade them. Asset manager Fidelity is the latest to enter the race, filing a Bitcoin ETF registration this week with the Securities and Exchange Commission. The filing establishes the Wise Origin Bitcoin Trust, submitted by FD Funds Management in Boston, with Fidelity Service Company named as fund administrator. Fidelity Digital Assets, the firm’s cryptocurrency division, would act as custodian for the ETF. If approved, Fidelity plans to deploy internal tools to track Bitcoin’s performance. In its SEC filing the company said the Trust would provide direct exposure to Bitcoin. The SEC now has six Bitcoin ETF applications under consideration, and the crypto industry is optimistic that one or more may be approved.
FTX secures 19-year naming rights for Miami NBA arena
Crypto firms are expanding into sports and other sectors. Exchange FTX reached an agreement with Miami-Dade County to purchase naming rights for the Miami NBA arena, home of the Miami Heat. FTX will hold naming rights for the next 19 years, becoming the first cryptocurrency company to secure naming rights for an NBA venue. The deal is among the largest outside-the-industry partnerships completed by a crypto company to date.
The very first tweet sold for nearly $3 million
Non-fungible tokens (NFTs) remain a growing way to digitize art and collectibles. Earlier this week, Twitter CEO Jack Dorsey sold the platform’s first tweet as an NFT for nearly $3 million. Dorsey’s inaugural tweet—“just set up my twttr”—was posted roughly 15 years ago and drew intense bidding. The final sale followed a bidding contest between Sina Estavi, CEO of Malaysia-based Bridge Oracle, and Justin Sun, founder of Tron and CEO of BitTorrent.
Microsoft may add Bitcoin to its online Xbox store
Tech giant Microsoft may be planning to add Bitcoin as a payment option in its online Xbox store. The company surveyed users about payment methods they would like to see in the store, and Bitcoin appeared among the choices. Microsoft was an early adopter of Bitcoin for some services, though BTC is not currently available for purchases in the Xbox online store. The suggestion gained attention on Reddit and Twitter as crypto enthusiasts urged Microsoft to enable Bitcoin payments for the gaming platform.
Time Magazine’s new CFO must be familiar with Bitcoin
Cryptocurrencies are slowly going mainstream, and more corporate leaders are gaining familiarity with Bitcoin as a potential hedge against inflation. Time Magazine listed knowledge of Bitcoin and other cryptocurrencies as a desired qualification for candidates applying to be its next Chief Financial Officer. The company’s job posting includes crypto-related experience among the requirements.
OKEx Korea to shut down
OKEx Korea notified customers this week that its local service will close in two weeks. The exchange urged users to withdraw crypto and fiat balances before the deadline of April 7. OKEx did not specify a reason for the shutdown, though it may be related to new regulations taking effect soon. Under the pending rules, South Korean exchanges would be barred from sharing order books with other platforms. OKEx follows Binance, which suspended its South Korean service in December.