Cryptocurrency prices soared on Monday as some of the biggest names in the tech industry sought to expand their reach into digital currency.
Bitcoin, the leading cryptocurrency by market cap, rose 2.5% to $ 61,868, according to CoinDesk, while Ethereum rose 4.1% to $ 4,372 and dogecoin 5.6% to 27 cents.
Amazon.com (AMZN) – Get the Amazon.com, Inc. report The Amazon Web Services unit is looking to hire a specialist to help drive digital asset underwriting, transaction processing and cloud custody, according to a recent job posting.
It’s another sign that the Seattle tech and e-commerce giant is moving forward by offering more crypto and digital services to businesses.
James Edwards, Cryptocurrency Specialist at Searcher, said that “the ‘Uptober’ meme lived up to its name, with bitcoin hitting a new all-time high.
“There is a series of indicators that suggest bitcoin is new [all-time high] is the start of a new bull run rather than the peak of a cycle, ”said Edwards.
“Analysis of bitcoin address activity by Kraken shows long-term holders did not sell in October despite the news [all-time high] of $ 67,276. The same is true for previous months where the price was as low as $ 38,021. “
Instead, he added, long-term holders have accumulated coins, which suggests the price should continue to rise.
Edwards said the same analysis shows mining pools have been held since mid-September, choosing to move bitcoin into their balance sheets instead of trading for cash.
“Together, these metrics indicate that bitcoin may be on the verge of entering a ‘supply shock’, where sell-side liquidity will begin to fall below demand,” Edwards said.
“If the supply shock theory is true, then it could be a catalyst for bitcoin to shift into high gear to all-time highs.”
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Winston Ma, former managing director and head of North America at China Investment Corp., said the gaming industry is fast becoming one of crypto’s most powerful application areas.
“As Facebook changed its name to Meta to focus on the ‘metaverse’, most concept game tokens have seen a significant leap, as many believe that immersive and interactive games are closely related to the metaverse.” , did he declare.
Ma, author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace,” said non-fungible token and winning games are among the most exciting developments in the space.
He noted that the games company Ubisoft had just announced that it would continue to create its own blockchain-implemented projects. And its games, such as “Assassin’s Creed” and “Tom Clancy,” will provide a game-to-win experience, allowing players to own and profit from in-game content.
David Lesperance, Managing Partner of Immigration and Tax Advisor Lesperance & Associates, stressed the importance of security.
He said the idea of DeFi, or decentralized finance, “as a silver bullet” to counter China’s crypto crackdown or the expected regulatory tsunami recently took a hit: hackers stole $ 130 million in assets. of cryptocurrency to the DeFi Cream Finance platform.
“So now the choice of the right DeFi platform can be added with which exchange; which cryptocurrency; and whether to buy, sell or keep the list of critical decisions a crypto enthusiast needs to make to be successful, ”Lesperance mentioned.
Major crypto players are adding qualified tax, regulatory, platform viability, and cryptocurrency advisers to their teams, he added.
Success “requires that there be no wrong decision on any of these aspects of investing,” he said.