This Week In Crypto: Fidelity Sees Massive Digital Asset Demand, Bitcoin Screams Past $5,700, Bakkt Acquires Crypto Custodian – Live Coin Watch

This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days. 

What a week it has been for this newfangled industry. Bitcoin (BTC) just recently rallied past $5,700 out of the left field, Fidelity revealed that there is massive institutional demand for cryptocurrencies, Bakkt acquired a custodian as the launch of its Bitcoin futures contract nears, and the Elon Musk tweeted about Ethereum… for some reason.

This Week In Crypto

  • R.I.P. BreakerMag: Earlier this week, The Block reported that BreakerMag, an up-and-coming crypto media outlet that focuses on deep dives/profiles, would be shutting down. BreakerMag, backed by a blockchain project by the same name of Breaker, is rumored to have had a high burn rate, without much revenue or a viable business model to speak of. Live Coin Watch wishes BreakerMag’s team well, we will miss your work.
  • Elon Musk Tweets ‘Ethereum’, Eliciting Response From Crypto: On Monday afternoon, Elon Musk, an entrepreneur with the cult following of all cult followings, suddenly signal boosted the crypto space, dedicating an entire tweet to the word “Ethereum.” He later tweeted “JK” in direct reply to that tweet. His intentions remain unclear. Regardless, the community tried to speculate what he meant. Even Vitalik Buterin, the Russian-Canadian genius behind the protocol, threw his hat into the ring. Buterin implored Musk to “come to our Devcon in October,” to which Musk responded, “Stop giving away free ETH!,” further referencing the cryptocurrency swindlers that were all the rage in early-2018. The Ethereum founder later issued a number of tweets on the value proposition of the project, presumably in a bid to catch Musk’s interest further than scams.
  • Crypto Startup Coinbase Sees Exodus Of Executives, Despite Bitcoin Recovery: Announced Friday, Balaji S….

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