After The Bitcoin Price Hit $50,000, What’s Next?

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    Bitcoin hit $50,000 overnight, finally crossing the closely-watched level after a more than month-long run-up and making bitcoin a near-$1 trillion asset once again after dropping under the mark in mid-May. The bitcoin price rally has turbo-charged the cryptocurrency market with prices climbing across the board.

    Ethereum and most of its rivals are rising along with bitcoin, led by an almost 10% rise for Binance’s BNB, topping $500 per BNB for the first time since May. However, solana, after breaking into the crypto top ten this past week, is the one major token that’s failed to make gains over the last 24 hours.

    The bitcoin price jump to over $50,000 is likely to herald a wave of bullish sentiment this week with market watchers already predicting bitcoin could return to its all-time highs of almost $65,000.

    Rock ‘n rolling in it

    Big spender: Justin Sun, the creator of ethereum rival tron and renowned as one of the crypto community’s biggest spenders, has dropped “half million dollars on a rock.”

    Sunday, funday: Yesterday, Sun tweeted an image of his $611,710 non-fungible token (NFT)—you can see it, download it, and reshare it here for free. NFTs are unique digital crypto tokens tied to media that can be attached to anything from YouTube videos to real-world art.

    All the way to the bank: Keeping things light when spending more money than many earn in a lifetime, Sun tweeted a laughing emoji alongside the NFT image that also included the crypto community laser eyes meme.

    Age before wisdom: EtherRocks are one of the oldest NFT projects, dating all the way back from 2017.

    Disclaimer: “These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game,” according to the EtherRock website.

    Back from the dead: The NFT market, after appearing to peak along with the bitcoin price earlier this year, has bounced back with one NFT market place, OpeanSea this month becoming the first to pass $1 billion in monthly trading volume.

    Out to lunch: Sun made headlines in 2019 when he was revealed to be the winner of a $4.5 million lunch with crypto-skeptic, the Oracle of Omaha, Warren Buffett as part of Buffett’s annual charity auction for the Glide Foundation.

    Now read this: Visa Enters Metaverse With First NFT Purchase

    The week ahead

    It’s a busy week. Here’s what’s coming up.

    -listed bitcoin mining company Riot Blockchain is scheduled to report its second-quarter earnings today.

    Don’t miss: World’s biggest asset manager BlackRock bought $383 million of crypto mining stocks

    The U.S. House of Representatives will return to Washington this week, with House speaker Nancy Pelosi (D-Calif) hoping to hold a procedural vote as soon as today to move forward with the $1 trillion bipartisan infrastructure legislation passed by the Senate.

    Catch up: For the crypto world, bipartisan infrastructure package brings a ‘political awakening’

    The Federal Reserve’s Jackson Hole symposium begins Thursday and runs through Saturday. Its theme this year: “Macroeconomic Policy in an Uneven Economy.”

    Good to know: Yellen backs reappointing Powell as Fed chair

    The U.K. and crypto become PayPals 

    PayPal, the payments company that kicked off bitcoin’s latest rally with its acceptance of cryptocurrencies late last year, is rolling out its crypto support in the U.K. today.

    The expansion to the U.K. marks the first international expansion of PayPal’s cryptocurrencies services outside of the U.S. and could inspire further mainstream adoption.

    “We are committed to continue working closely with regulators in the U.K., and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.

    PayPal users will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.

    Now read this: Inside Afghanistan’s cryptocurrency underground as the country plunges into turmoil

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