Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of bitcoin.
It was a mixed week with most large-cap digital assets marginally in the red. Bitcoin (BTC) ended the week down 2%, while Ethereum (ETH), and XRP, fell by 1% each. Despite a 3% decline of the overall digital asset market cap, Stellar and Decred were big winners for the week, posting weekly gains of 7% and 27% respectively. Following positive blockchain comments by Chinese Premier Xi Jinping last Friday, all eyes were on China to see how its tech, finance, and media industries would respond. On the day of Xi’s announcements, China’s most popular prime time news program dedicated 5 minutes to the blockchain comments, while The People’s Daily, ran a front-page Blockchain item focused on the comments. Lastly, it was a big week for the BAKKT derivatives platform with October 25th seeing BAKKT futures trading a record 1,179 contracts in one day. BAKKT has also announced it would be launching an options product in December and that development has begun on a consumer and merchant facing app in partnership with local Seattle favorite, Starbucks. It’s expected that the app will increase digital asset use and awareness. Want to learn more and follow “This Week in Bitcoin”? Contact the PCS Team and talk to your personal Private Client Services Advisor today. It’s FREE to start the conversation. Subscribe to the PCS weekly newsletter and enter your email by clicking here.