Trader Top 9: Ethereum Surges to New All-Time High

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Welcome back to another jam-packed Trader Top 9!  Last week, crypto traders were treated to a flurry of exciting developments such as Coinbase's direct listing, Ethereum's big move, and Pantera's prediction that Bitcoincould hit $115k by August.  This week, the focus is on more crypto adoption and Ethereum'scontinued momentum as it hits a new all-time high.

9. As with most weeks, let's start off by addressing some of this week's FUD.  Over the weekend, there were rumors that the U.S. Treasury would charge several financial institutions with money laundering through the use of cryptocurrencies.  Nikhilesh spoke to several people with possible knowledge of the situation who referred to this as "classic crypto twitter."  

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8. As we celebrate the continued growth of Bitcoin and the rest of the crypto market, it's fun to look back at all the supposed "insiders" who claimed that the Bitcoin bubble had popped.  Oops!

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7. On to the really positive developments of the week.  Binance.US announced that it hired Brian Brooks, the former Comptroller of the Currency, as its CEO.  On a side note, we will soon be supporting Binance.US trading on our platform.  Please stay tuned for further announcements.

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6. We all know that Bitcoin is king.  But, it's important to understand the kind of returns that altcoins can generate.  We realize that many of you enjoy trading a wide variety of cryptocurrencies and because of that, we have listed several new coins such as ADA.  We will be listing many more over the coming weeks and months, so please stay tuned for further details!

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5. Speaking of altcoins, Ethereum has taken the spotlight of late, especially as it just hit a new all-time high above $2,600.  

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4. Although it's nice to celebrate new all-time highs, adoption is what will continue to drive further growth.  WeWork announced that it will accept Bitcoin and crypto as payment for services and that it will hold the Bitcoin on its balance sheet.  That sounds very similar to Tesla's plan.

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3. WeWork wasn't the only company to announce that it was joining the crypto revolution.  Venmo, a mobile payment service owned by PayPal, also announced that its more than 70 million customers will be able to buy, hold and sell cryptocurrency directly through its app.  Will this put pressure on Apple, Google, & Facebook to do the same?

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2. As the cryptocurrency market continues to grow, several are speculating that the time is right for a U.S. Bitcoin ETF.  A Bitcoin ETF would undoubtedly lead to more participation, which would be a great thing for the space.

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1. Gemini announced that its customers would be able to purchase crypto with Apple Pay and Google Pay.  This is another move that creates an easy way for users to access a developing and growing frontier!

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🔥 Cove Markets now has a Telegram group and a Reddit community page.  Please stop by and let us know what you thought about this week's Trader Top 9! 🔥

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