Ebay Hints At Crypto And Ether Soars To New Highs
After what appeared to be a massive sell-off in crypto markets taking place on Tuesday, Bitcoin prices took some blows along with traditional US stock markets which also saw a major retreat. The Standard & Poor’s 500 Index fell markedly, with the majority of tech companies like Apple and Tesla opening in the red. This crash coincided with comments from U.S Treasury Secretary Janet Yellen, who said that interest rates might have to rise as the economy recovers — comments she later backtracked on slightly. The start of the week was also marked with institutional interest in crypto by multinational e-commerce giant, eBay, and ethereum’s coin Ether swimming upstream and soaring to new highs.
eBay Assessing Crypto, Signaling More Institutional Interest
Exciting news from the e-commerce giant eBay as it was revealed that the corporation is looking at the possibility of accepting cryptocurrencies as a form of payment on its platforms.
In a statement shared with news outlet Reuters, the firm said, “We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on”.
This would be deeply impactful for cryptocurrencies as eBay is one of the largest online retailers, with more than 182 million users worldwide. Just last month, global payments processing company PayPal added the “checkout with crypto” option to their platforms — a service that allows users in the U.S. to buy, sell, hold, and checkout with cryptocurrencies directly through PayPal. They join the likes of Venmo, Mastercard, and Visa in the embrace of digital coins.
Moreover, eBay has also hinted at possibly looking at NFTs (Non-fungible tokens), that has exploded in popularity this year. Considering the fact that a significant portion of eBay’s portfolio and offerings are centered around the notion of “collectible items,” collectible digital assets should find great success on their platforms, too.
Ether Hits Fresh All-Time-Highs, Surging Past $3,500 Mark
Ether prices shot up past $3,500 this week, setting a string of fresh highs, outpacing Bitcoin, quadrupling in value, and making the world’s youngest crypto billionaire out of its creator. The world’s second-largest cryptocurrency, Ether has had a great year thus far, increasing more than 350% over the first five months of 2021.
The supply of Ether has also been steadily dropping amid increased demand, as it is increasingly being viewed as a more scalable currency than Bitcoin, and one with superior blockchain technology than that of various other coins.
Ether’s 27-year old creator, Vitalik Buterin, became the world’s youngest crypto billionaire on May 4th just as Ether surged past $3,000.
Analysts Have Their Eyes Set on the $5K Mark for Ether
And they expect that it may just happen as soon as this coming week! Experts have their eyes set on some pretty attractive price targets for Ether. Nigel Green, the CEO and founder of the independent financial advisory organization deVere Group, commented on the surge in Ether’s price and said, “Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market”. Speaking on the reasons behind this rise in pricing, Green went on to add, “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near-term…”.
Green then set his sights on a very attractive price target saying, “ I believe Ether will hit $5,000 within seven days [statement made on May 3rd]”.
S&P Goes Live With Crypto Indexes, Launching Three Thus Far
S&P Dow Jones has brought Bitcoin, Ether, and a “Mega Cap” combo of the two to Wall Street, going live with crypto indexes for tracking earlier this week. This is primed to add more mainstream financial exposure to both Bitcoin and Ethereum, and allow the assets to compete against the existing traditional indexes. The move is also yet another step in the acceptance of cryptocurrencies by global corporations and mainstream financial markets, boosting the credibility of these assets yet again.
The indexes listed will measure the performance of the three digital assets listed on registered open exchanges. These measures will help traders make assessments as to what the better performing asset is over time, as they measure price appreciation instead of the current price.
S&P Indices’ global head of innovation and strategy Peter Roffman marked the launch of these indices by saying, “Traditional financial markets and digital assets are no longer mutually exclusive markets,” signaling gravity-defying mainstream acceptance from the most traditional of financial spheres.
This announcement has come at a time when crypto markets, in general, have experienced an impressive run, with coins like Bitcoin doubling in price and Ether managing to quadruple. The company is set to add more coins later on this year.
NFT Craze Goes Strong, “Disaster Girl” Meme Raking in $500K
The NFT craze continues to baffle many and impress most as some of the quirkiest and most unusual sales reels in impressive dollar amounts. The latest of the bunch is the notorious “disaster girl meme” (a photo meme of a young girl smiling as a house is ablaze behind her). The image that was replicated and used hundreds of millions of times over the past few years, has now been sold by the girl in the photo (Zoe Roth) as an NFT for a whopping 180 Ether — the equivalent of $500,000. Roth, who is now a 21-year-old college student, retained the copyright, and can still make 10% on potential future sales.
Other popular meme subjects like “Success Kid” and “Nyan Cat” has also raked in impressive amounts in NFT sales, as the market for owners’ rights to digital art continues to boom.
This week’s market wrap-up saw a slight recovery for Bitcoin as it was exchanging hands at around $56,900, and Ether at $3,444 at press time. Also noteworthy is the joke cryptocurrency Dogecoin (DOGE) surging in price to become the world’s fourth-largest asset by market cap.