Bitcoin (BTC) surpasses $35,000 and becomes one of the world’s ten most capitalised assets

Bitcoin (BTC) surpasses $35,000 and becomes one of the world’s ten most capitalised assets
2 minutes of reading Posted by Marine Debelloir. This entry was last updated on January 6, 2021 at 8:34 AM.

Bitcoin (BTC) has been breaking record after record since it broke the $20,000 mark less than three weeks ago. It has just passed the $35,000 mark, and is now among the top 10 of the world’s most capitalised assets.

Bitcoin (BTC) surpasses $35,000 and becomes one of the world’s ten most capitalised assets
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Bitcoin (BTC) rebounds above $35,000

As we explained yesterday, Bitcoin (BTC) had marked the pace once the 30 000 dollar stage had been passed on January 2nd. The next day, it had hit the 35 000 dollar mark, making us fear a prolonged downturn. But the biggest cryptomonnaie managed to get through the barrier less than three days later.

This morning, the price of Bitcoin stood at $35,100, an all-time record. The capitalisation of digital currency now exceeds $652 billion. Over the last 24 hours, this corresponds to an increase of +14%:

Bitcoin BTC price

Source: TradingView, BTC/USDT

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Bitcoin enters the big league
As noted on the AssetDash website, which lists significant assets by market cap, Bitcoin is now in the top 10 of the world’s most capitalised assets. This morning, it even managed to overtake Alibaba Group Holding, which dominated it until a few hours ago. It is preceded by the shares of the biggest heavyweights in their respective sectors, including Apple, Microsoft, Amazon, Alphabet A (Google) and Tesla :

Asset classification by capitalisation Bitcoin BTC

Bitcoin Prime Verification feature

This is another automated feature on the site. The verification is done to confirm that the information entered by the potential account owner is correct. The Bitcoin Prime verification process is also done to ascertain that the account owner is human; it is illegal for bots to trade with Bitcoin Prime.

Source: AssetDash

Cryptography still has a long way to go before it catches up with Google and Amazon, but it could soon overtake Tesla, which has „only“ a capitalisation of 696 billion dollars.

This shows the incredible trajectory of Bitcoin, which has exploded all its records in just over two weeks. The Altcoins are far behind, with the exception of Ether (ETH), which is now in 75th place in the rankings: it has risen nearly 10 places in the space of a few hours. This morning it has a capitalisation of 131 billion dollars. ETH’s share price also seems to be holding above $1,100.

👉 Also to be read: Ethereum (ETH) transaction costs reach an all-time high

Crypto Garage Launches Commercial Service for Settlenet System

The Japanese development company blockchain Crypto Garage announced that it was launching a commercial service on its Settlenet platform for the OTC market for cryptosystems.

According to a Digital Garage website update published on June 8, its company Crypto Garage is launching a commercial service for Settlenet, a settlement system using Blockstream’s Liquid Sidechain.

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Specializing in over-the-counter (OTC) transactions of digital assets for trading companies, cryptoexchanges, asset managers and brokers, Settlenet has been in development since before January 2019, when Crypto Garage obtained regulatory approval from the Financial Services Agency of Japan (FSA) for a demonstration version.

„In this demo, we went beyond proof of concept by using a test environment and were able to solve the problem of simultaneous liquidation of real digital assets and funds in Japanese yen in a side-stream,“ the Digital Garage announcement said. It submitted a report to Japan’s regulators on the one-year pilot program in January 2020.

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How the system works
Blockstream launched Liquid as the first public, production-ready Bitcoin (BTC) side channel in October 2018, enabling the rapid and secure transfer of digital assets between companies. The Liquid Network currently has 45 members, including cryptoexchanges, market makers, brokers, financial operators and others.

Settlenet uses Liquid as part of an agreement that allows exchanges to issue stablecoins with yen pegging and trade against Liquid Bitcoin (L-BTC). The system uses an asset exchange protocol called ‚atomic exchange‘ on the Liquid Network „to allow the simultaneous exchange of assets between the trading parties without handing over control of the blokchain’s assets to a third party“. Digital Garage reports an average transaction time of only two minutes.

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The new regulations in the Japanese exchanges
The launch of Settlenet comes at a time when new laws are being implemented to regulate cryptomonies in Japan. On May 1st, updates to the country’s Payment Services Act (PSA) and Financial and Exchange Instruments Act (FIEA) came into effect.