Do not pay attention to the price of Bitcoin and Ethereum

Do not pay attention to the price of Bitcoin and Ethereum

Crypto has completely died out of late – if you only look at the price action.

Yes, the price of Bitcoin is down 72% from its all-time high in November 2021, almost a year ago. Ethereum has fallen flat, 72% from its high of $4,878. Weft.

Crypto advocates point out that it’s not just crypto, the stock has been hit, too. And they’re right: everything is down now. But this is a cool relief for crypto-believers, who – I’m going to let you in on a few crypto-media trade secrets – don’t bother reading any cryptocurrency news when crypto prices drop. ConsenSys CEO Joe Lubin put on a brave face last week when he spoke to me about the technological success of the Ethereum merger, but ETH is down a frustrating 21% since the event.

For a better temperature check on how cryptocurrency works, look at recent key signs of mainstream adoption. In the past couple of months, we’ve had a string of indications that major financial institutions and tech companies believe that cryptocurrencies are here to stay. You’ll be forgiven for missing this news while the global economy was collapsing around us.

In August, BlackRock, the world’s largest asset manager, launched a Bitcoin Private Trust to give its clients exposure to the current price of bitcoin. (As a reminder, the Securities and Exchange Commission (SEC) has vehemently refused to green-light the publicly traded Bitcoin ETF, allowing only Bitcoin Contract ETFs; but BlackRock can offer its customers any service it wants.) BlackRock also said it sees ” “There is great interest” in cryptocurrency from its institutional clients, and that it is exploring stablecoins and tokens. Fabulous. Bitcoin hasn’t budged on that news, which is a sign of how much the economy is affecting every type of asset.

The past week has seen two other great displays of faith.

Google has announced that it will start accepting cryptocurrencies as payment for its cloud services early next year by connecting them to Coinbase. As part of the deal, Coinbase Commerce will transfer “data-related apps” from Amazon Web Services to Google. So not only does Google Cloud welcome cryptocurrency, it is also a form of association between Google and Coinbase.

On the same day, 239-year-old Bank of New York Mellon launched its own Bitcoin and Ethereum custody service. The bank will hold the private keys of customers and provide accounting for their cryptocurrency wallets. This comes after BNY Mellon became the custodian of the cash reserves backing the USDC stablecoin on Circle in March. And last year, BNY Mellon launched a Bitcoin custodian service in Ireland.

To scorn crypto skeptics, all of this may seem like a sad attempt at rationalization. The favorite slogan of Web3 creators, “Building Bear Markets,” is repeated so often at times like these that it has become a cliché. This does not mean that it is incorrect.

I first wrote about Bitcoin in 2011. I’ve watched crypto-frozen courses in 2014, 2018 and now. Some of the most popular crypto companies and platforms were built during that “winter”.

Lubin says that cryptocurrency is “the tail wagging a very sick dog” at the moment and that it will not improve until the economy improves. Anatoly Yakovenko, founder of Solana, believes that it could take 12 to 18 months.

Meanwhile, they’re all still building, as signs of future adoptions quietly multiply.

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#pay #attention #price #Bitcoin #Ethereum

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