Story by: Billy Bambrough
Bitcoin and the wider cryptocurrency market has been on a tear lately, rising some 38% over the last month as investors pile into bitcoin and some of its most popular alternatives including ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash.
The bitcoin price exploded at the beginning of the month, leaving traders and analysts unsure of what exactly caused the sudden upswing and causing many to doubt whether bitcoin, ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash would be able to hold on to their recent gains.
Last week, the total bitcoin and cryptocurrency market capitalization, the combined value of some 2,000 cryptocurrencies, hit another year-to-date high according to CoinMarketCap data, climbing to $186 billion, with bitcoin making up an eye-watering $90 billion of that—though, the broader rally has been labeled “altcoin season” due to some of the double-digit gains many smaller cryptocurrencies have made.
Rakuten Wallet, previously known as Everybody’s Bitcoin, was acquired by Rakuten for $2.4 million last August before being rebranded and “closed for refurbishment” in March.
Rakuten first began accepting bitcoin payments back in 2015, integrating bitcoin payments processor Bitnet into its U.S. website.
Meanwhile, Rakuten’s shares have leaped higher ahead of the initial public offering of U.S. digital scrapbooking startup Pinterest. Rakuten invested around $50 million in Pinterest in 2012. Bitcoin and cryptocurrency investors will be hoping Rakuten’s move into crypto will prove as lucrative.
Elsewhere, other Japanese companies are looking to bitcoin and cryptocurrency as a future revenue driver. Yahoo! Japan, separate from the Yahoo! which was bought by U.S. telecoms giant Verizon in 2017, owns some 40% of bitcoin and crypto exchange TaoTao, which is due to open next month.
Original story: https://tinyurl.com/y4a6lhda