This past week was relatively tame with respect to Bitcoin. While there were multiple positive developments, the top digital asset closed the week at roughly the same price that it began. The following are a couple of the top news stories which moved markets over this time.
Walmart Entering the Fray?
Kicking off the week, markets saw a spike in excitement over a job listing posted by North America’s largest retailer – Walmart. The listing, which has since been taken down down, was looking for a ‘Digital Currency and Cryptocurrency Product Lead’. Walmart indicated that whoever is awarded the position would be tasked with the development of a crypto strategy and digital asset roadmap.
Naturally, the nature of the listing led many to believe the retailer was on the cusp of accepting digital assets as a form of payment. If Walmart were to take the plunge and formally announce such a decision, it would be reasonable to assume that BTC would be its #1 asset of choice.
While excitement around the prospect of Walmart accepting BTC was understandable, it was also short lived. As we highlighted earlier in the week, this move echoed a similar one recently taken by Amazon – a move which prompted the company to deny any intent for acceptance of digital assets.
Coinbase Buys In
Although the excitement around Walmart was short-lived, it returned with arguably the biggest market mover of the week – Coinbase announcing that the company was purchasing a significant sum of crypto. Even more intriguing is the company’s intent to continue increasing its exposure to digital assets over time.
Although Coinbase has more incentive than most to support the digital asset sector, this decision to continue adding BTC and similar assets to its balance sheet is a move recently echoed by multiple other companies – most notably MicroStrategy, which was been on a buying spree for months now.
It is a promising sign that companies are beginning to see maturation surrounding digital assets. As this happens, an increasing amount will be more inclined to gain exposure to the asset – Coinbase being the most recent example.
Throughout the course of the past week, BTC has remained range-bound between $44,000-$48,000. When Monday arrived, Bitcoin was sitting comfortably at around $47,500 USD, strengthened by excitement over Walmart’s potential foray into the sector. While promising, the top digital asset did experience a slight mid-week slump on the back of harsh commentary by regulators, with the price bottoming out Thursday morning at roughly $44,000 USD.
This slump was short lived though, as the aforementioned Coinbase announcement appeared to spur a convincing boost in market price, allowing BTC to once again match its weekly highs of $47,500 USD at time of writing.
Regardless of the underlying cause for recent market movements, the recent resurgence of BTC has most investors re-iterating past calls for BTC to hit $100,000 USD sooner rather than later. While only time will tell, this narrative is beginning to become hard to dismiss.