The past week has been a period of consolidation while the market is trying to break out from its current levels to regain the bullish trends. We’ve had the 2021 Miami Bitcoin conference, yet another market-moving tweet from Musk, and the continued, unsurprising march of crypto and blockchain adoption taking shape globally with positive news feeding one another.
On the CBDC (Central Bank Digital Currency) front, Bank of Thailand has started prototyping a digital currency format with a horizon of three years to implement. More such experiments are likely and will boost adoption of the cryptocurrency market in future.
WisdomTree, a NY based exchange-traded fund (ETF), has filed with the SEC for an Ethereum based ETF. The fund has already applied for a Bitcoin based ETF. ETFs, when approved, will give access to millions to invest in cryptocurrencies indirectly, though a risk of capital being withdrawn from the cryptocurrency market exists in the short term.