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Crypto Scoop: Market Cap of Crypto Soars At $2 Trillion
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As crypto enthusiasts wait excitedly for new ATHs, here are the highlights on this week's crypto scoop
- Market cap of cryptocurrencies tops $2 trillion for the first time since May
- U.S. Mortgage Lender set to accept Payment in bitcoin
- Retail corporation Walmart set to enter the crypto forefront
The total market cap of cryptocurrencies tops $2 trillion for the first time since May.
The total market cap of cryptocurrencies has soared above $2 Trillion for the first time since May. The market cap, which had been over $2.5 Trillion, had experienced a decline as several cryptocurrencies like bitcoin, ethereum fell into a bearish run. The total cap of cryptocurrencies had, in fact, sunk as low as $1.19 Trillion.
However, since August, the crypto market has been on a fast recovery as the tides changed from bearish to bullish runs for these cryptocurrencies. Bitcoin, for instance, is pushing closer to breaking the $50,000 resistance going as far up as $48,102 on Monday. Ethereum wasn't left far behind as it also experienced a price increase of about 11%.
As several cryptocurrencies experience price gains, with cryptocurrencies like Cardano experiencing a price gain of 53%, it is no surprise that the total market cap of cryptocurrencies has nearly doubled.
Read also: How to Make Money With Bitcoin
U.S. Mortgage Lender set to accept Payment in bitcoin
The second-largest mortgage lender in the U.S., United Wholesale Mortgage, has its intention to accept bitcoin as payment. Its homebuyers would now enjoy the opportunity to pay for their mortgage in bitcoin.
Mat Ishbia, CEO of United Wholesale Mortgage, noted, "We've evaluated the feasibility, and we're looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments." The company would be working actively in the third quarter towards executing these objectives. Ishbia explained, "We can actually execute on that before anyone in the country because we are a leader in technology and innovation." UWM is working actively to begin accepting bitcoin while still considering the possibility of accepting other cryptocurrencies like ethereum as well. However, the company is to clarify whether it would hold bitcoin or convert it back to fiat currencies after the transaction.
Retail corporation Walmart set to enter the crypto front
Retail giant Walmart, the largest U.S retailer, has announced that it is looking to hire a digital currency and cryptocurrency product lead. The crypto product lead would provide leadership in identifying technology and customer trends while also building on existing trends
The crypto product lead would also be in charge of identifying crypto-related partnerships and investments. The new role is part of the company's initiative to drive the retail giant's digital currency strategy.
This isn't Walmart's first crypto initiative, and crypto enthusiasts are on the lookout for more from the retail corporation. About two years ago, Walmart applied for a patent on price-stable crypto similar to Facebook's project, Libra.
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