Hi huys hope you enjoy your daily dose of crypto news.
After Tesla announced it has invested USD 1.5bn in bitcoin and expects to start accepting the cryptocurrency as a payment for its electric vehicles in the near future, the bitcoin price went soaring. It went from around USD 39,400 to an all-time high of over USD 48,000 in less than 24 hours.
It is likely to be worth over USD 2bn the bitcoin bought by Tesla, pointing to a paper profit of over USD 500m. To put that in context, when the electric car-maker made its first-ever annual net profit in 2020, it was just over USD 700m.
Tesla’s move into bitcoin comes on the back of a wave of institutional money invested in the leading cryptocurrency in recent months, plus numerous other companies putting it into their treasury reserves.
The prospect of a bluechip invasion into bitcoin has caused much excitement among cryptocurrency investors.
The price of bitcoin (BTC) rose Sunday morning to a new all-time high of $49,716 after a week of positive developments regarding increased Wall Street acceptance of the leading cryptocurrency.
While there doesn't seem to be any specific reason for the move this morning, the record comes as traders analysts have described institutional investors’ interest in bitcoin as growing “at a staggering pace.”
That news came shortly after it was revealed by CoinDesk that Deutsche Bank is planning to offer crypto custody to hedge funds that invest in the asset class.
The sustained bullish performance from Bitcoin (BTC) and Ether (ETH) has increased the confidence of crypto investors and many are now looking deeper into projects that have strong fundamentals and offer real-world use cases.
This week investors turned their attention to Theta (THETA), a decentralized network that allows users to share bandwidth and computing resources in order to stream video. In the last two months THETA price has increased by more than 350%, rallying from $0.66 on Dec.10 to a new all-time high of $3.44 on Feb.13.
Community engagement via non-fungible tokens
Theta’s addition of smart contract functionality is an attempt to capitalize on the trend of NFT(Non-fungible Token)
The Theta Token Minter allows users to create new TNT-20 tokens without needing any smart contract experience. This simplifies the process of minting new assets on Theta blockchain, including custom streamer assets and new DApps with their own tokens.
ThetaSwap DEX bring DeFi-sized yields
Decentralized finance has rapidly become a cornerstone of the cryptocurrency ecosystem prompting projects that are serious about their long-term viability to create their own DeFi applications.
Future upgrades to ThetaSwap will add support for wrapped tokens, including a wrapped form of Theta similar to wETH or wBTC, along with the possible addition of several stablecoins whose issuers have already expressed interest in minting TNT20 forms of their assets.
Big-name partnerships push THETA price higher
On Feb.9 the team announced that entertainment powerhouse Lionsgate, home to popular movie titles like John Wick and The Hunger Games, would be joining the Theta ecosystem. The partnership will kick off with movie night screenings beginning in March.
Other noteworthy Theta partners include NASA, which hosts a channel that live streams rocket launches and most recently a live feed from a Mars rover. World Series of Poker has also joined with Theta and its channel offers non-stop coverage of the world poker tour.
TOP 10 STONKS CRYPTOCURRENCIES LAST 24 Hours
image via coinmarketcap
TOP 10 UNSTONKS CRYPTOCURRENCIES LAST 24 Hours
image via coinmarketcap
It's all for today guys see you tomorrow with more news.