Cryptocurrency Market News: Reddit's Crypto Stash, Bitcoin Tops $53,000
Bitcoin (BTC) started the week on a strong note, rising 3% Monday afternoon to top $53,000, its highest level since December 2021. Reddit's disclosure of its cryptocurrency holdings, and former President Donald Trump's seemingly softer stance on bitcoin last week may have added to the price momentum for the largest cryptocurrency.
As it gears up for an initial public offering (IPO), social media platform Reddit unveiled its ownership of bitcoin and ether (ETH) in a filing with the U.S. Securities and Exchange Commission last week.That adds to the list of mainstream companies such as MicroStrategy (MSTR) and Tesla (TSLA) that own bitcoin.
But that's not all of Reddit's crypto exposure. The company also has some of Polygon’s Matic (MATIC) for use in specific virtual goods transactions. Although the exact number of tokens remains undisclosed, Reddit clarified in the filing that the net value of these digital assets is considered «immaterial.» This strategic move underscores Reddit's longtime engagement with cryptocurrencies and blockchain technology, which began as far back as 2014.
Former President and Republican candidate Donald Trump seemingly softened his stance toward cryptocurrency last week. In a recent interview on Fox News, Trump admitted that bitcoin has gained popularity, while still expressing his preference for the U.S. dollar.
This seems a bit of a walkback from the hardline anti-crypto stance he posted on Twitter (now X) in 2019.
Stablecoin issuer Circle will cease to support its USD Coin (USDC) stablecoin on the Tron blockchain network, citing alignment with its commitment to maintaining the trustworthiness, transparency, and security of USDC.
On Friday, the Federal Reserve released a report on
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