Week in review: May 28, 2021 - Bitcoin over bonds and BTC ETFs

Bitcoin, ethereum, dogecoin and other cryptocurrencies have seen prices plunge in recent weeks but Bridgewater founder Ray Dalio stated that he prefers Bitcoin over bonds. Fidelity's Bitcoin ETF may be everyone's gain but not so much for Grayscale. The SEC has kicked off its review of two more Bitcoin exchange-traded fund applications. Read the weekly round up below.

Billionaire Mike Novogratz Says The Crypto Market Will Continue to Consolidate For Months to Come

Bloomberg: May 24, 2021

Should cryptocurrencies continue to gain traction, investors might decide to invest in them rather than government bonds, Dalio said in a recorded interview that was presented Monday at CoinDesk’s Consensus 2021 conference. The result is that governments lose control over their ability to raise money.

Wells Fargo To Onboard Active Cryptocurrency Strategy For Rich Clients

Reuters: May 19, 2021

Wells Fargo & Co said on Wednesday its investment institute is planning to evaluate and onboard an actively managed cryptocurrency strategy for its wealthy clients, the latest move by a major U.S. bank toward accepting digital currencies.

Bitcoin Crash Opens Door To a Tax Loophole For Investors

CNBC: May 25, 2021

Crypto investors may be shellshocked by a recent plunge in prices. But that sell-off has a silver lining: It opens the door to a money saving tax strategy. Popular cryptocurrencies like bitcoin and ethereum shed more than half their value in volatile trading over the past month or so.

A Fidelity Bitcoin ETF Would Be Everyone's Gain—But Grayscale's Pain

Decrypt: May 27, 2021

The digital coin was last up 2.52% at a price of $41,190.67 by 9:50 a.m. ET, according to Coin Metrics data, on pace for its worst week since March 13. It bounced above the $42,000 mark on Thursday as digital currencies attempted to rebound from a big sell-off earlier in the week.

NFT Volume Has More Than Tripled - Even Amid Price Crash as Meme.com Raises $5M

CoinTelegraph: May 28, 2021

The popularity of non-fungible tokens, or NFTs, shows little sign of slowing down, despite the extraordinary marketwide crash that wiped more than $1 trillion off the crypto market cap.

Novogratz Believes Ether (ETH) Could Go As High As $5K As He Reveals 85% Of His Wealth Is In Cryptos

TokenPost: May 25, 2021

Galaxy Digital founder and CEO Mike Novogratz is busy building his crypto-focused empire after sealing a $1.2 billion deal to acquire crypto trading platform BitGo, the biggest so far in the industry.

Bitcoin Drops, Stocks Rally Ahead of Biden’s Budget Announcement

Coindesk: May 28, 2021

Bitcoin’s adverse reaction to talk of more stimulus appears confounding, given it rallied from $5,000 to over $60,000 in the past 12 months, alongside a steady rise in the U.S. 10-year breakeven rate, the bond market’s forecast of long-term price pressures.

'Coins Like Ethereum Are Going To Be a Lot Higher Way Down the Road,' Market Forecaster Jim Bianco Says

CNBC: May 27, 2021

If you can cope with sharp drops in the cryptocurrency space, market forecaster Jim Bianco believes it will ultimately pay off in spades. "But you’re going to have to stomach through much more of what we saw in the last week coming in the next several months or year or so."

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ALT 5 Sigma covers fintech, blockchain, Bitcoin and cryptocurrencies bringing you the latest news and analysis on the future of money.