$3 Trillion Market | Twitter Launches Crypto Team

INCHES AWAY FROM $70,000

At the beginning of 2021, the cryptocurrency market’s capitalization was less than $1 trillion. This Monday, it briefly rushed past $3 trillion as major assets, including bitcoin and ether, pushed towards record highs, building on growing momentum and interest in meme coins and cryptocurrency-based products. On Wednesday morning, the price of bitcoin hit a new peak of $69,044—within minutes of the Labor Department's monthly consumer price index report, which showed consumer prices rose about 6.2% in October on a yearly basis, the most since December 1990.

Though trading has slowed since and bitcoin is hovering near $64,000, the market could be poised for yet another breakthrough as arguably one of the most important bitcoin upgrades will launch this weekend or early next week. Called Taproot, it is designed to optimize bitcoin network’s scalability, privacy, and smart contract functionality.

Source: Messari. Prices as of 4:00 p.m. on November 12, 2021.

NEW HODLER ON THE BLOCK

Of the world’s 10 largest publicly traded companies, only two have snubbed the technology popularized by bitcoin and other cryptocurrencies: Berkshire Hathaway and Apple. So it came as a surprise when Apple CEO Tim Cook revealed his personal investment in cryptocurrency at the New York Times’ Dealbook conference Tuesday. “I think it’s reasonable to own it as part of a diversified portfolio,” he said, without specifying the assets he has invested in.

Though Cook appeared a lot more guarded about Apple’s position as a company, saying it has no plans to allow people to use it to buy its products in the immediate future, he did hint that crypto was on the company’s radar. “There are other things that we’re definitely looking at,” he added.

Perhaps, we could soon see another tech giant embrace the blockchain promise.

@TWITTERCRYPTO

Meanwhile, Twitter, led by renowned crypto bull Jack Dorsey, does not hide from its blockchain ambitions. This week, the social media company announced it is assembling a team called “Twitter Crypto” to explore the use of cryptocurrencies and other applications of blockchain technology. The team is being led by a new hire, software engineer Tess Rinearson.

The move marks the company’s further push into the sphere, as it already lets users tip creators with bitcoin via the Lightning network and is working on an NFT verification tool. Now, Twitter wants to also focus on decentralized applications and “shape the future of decentralized social media,” Rinearson said in her Twitter feed.

Will the craze for crypto startups ever produce the next tech giant? [The Economist]

Amid regulatory woes, Binance CEO details France HQ ambitions [The Block]

Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens [CoinDesk] 

Steven Ehrlich
Editor 
Forbes CryptoAsset & Blockchain Advisor

Nina Bambysheva
Reporter
Forbes Money & Markets

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