Bitcoin Price Jumps as Tron, Ethereum, EOS, and XRP Rally, Crypto Platform Bakkt Reveals First Acquisition, and BTC Use Surges in Venezuela
Crypto Market
After hitting a low of $3,544 over the weekend, Bitcoin is up 3.6% to $3,706 at time of publishing, according to CoinMarketCap.
Among the top 10 coins by market cap, Tron, Ethereum, EOS and XRP are leading the way. Tron is up 17%. Ethereum has jumped 8.8%. EOS is up 7.8%, and XRP is up 4.2%.
Bakkt
The crypto platform Bakkt just announced its first acquisition.
The company, which is backed by Intercontinental Exchange, the parent company of the New York Stock Exchange, says that it is buying “certain assets” of Rosenthal Collins Group (RCG), an independent futures commission merchant that has been in business for nearly a century.
“As part of that transaction, our aim was to purchase certain valuable assets related to developing our platform. We expect to close the transaction in February, and are excited to welcome members of the RCG team to Bakkt.
How does this advance our work? First, it will enhance our risk management and treasury operations with systems and expertise. Other aspects of the transaction will contribute to our regulatory, AML/KYC and customer service operations as we help enable digital asset acceptance by bringing more choice and control to buyers and sellers.
This acquisition underlines the fact we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets. Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.”
Bakkt recently raised $182 million in funding. The launch of its physically-backed futures product is planned for the first quarter of this year, pending regulatory approval.
Bitcoin
The use of Bitcoin is on the rise in Venezuela, as the country continues to struggle with hyperinflation of its fiat currency.
New numbers from the Bitcoin trade volume tracker Coin.Dance show the use of Bitcoin on the peer-to-peer crypto trading platform LocalBitcoins has skyrocketed.
The volume hit an all-time high late last month and continues at a record pace of about $6,493,370 worth of Bitcoin per week.
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