The State of the Market: Today, Bitcoin (BTC) held steady at just under %7,500, suggesting that the one thousand dollar rally over the last few days may be here to stay. The total cryptocurrency market capitalization also maintained its value over the last 24 hours at just under $290 billion as Bitcoin dominance has continued to rise — currently resting at just under 44.5%. Among the top ten coins, Stellar (XLM) recorded its third favorable day in a row with a gain of about 7%.

1) Speaking at the Beyond Blocks conference in South Korea, noted cryptocurrency investor and former Wall Street executive Mike Novogratz recently stated that mass adoption of crypto and blockchain technology is “still five to six years away." Specifically, Novogratz argued that “you won’t see mass adoption until the user experience does not feel like something new.” However, Novogratz, who is the CEO and founder of crypto investment firm Galaxy Digital, also contended that many industries will begin to adopt the technology “in the next two to three years" (read more).

2) Leading U.S. cryptocurrency exchange Coinbase, which has been bolstering its institutional investor offerings, has attracted a $20 billion hedge fund onto its prime brokerage platform, which is designed for lending and margin trading. While official details are scarce, Coinbase is reportedly courting more hedge funds as well. Institutional investors including hedge funds have been on the sidelines of the cryptocurrency market for a lack of custodial solution or prime brokerage, both of which Coinbase now offers to the market (read more).

3) Consumer Financial Protection Bureau (CFPB), the consumer finance watchdog in the US has opened up its Regulatory Sandbox to Blockchain companies. The CFPB will help in the development of Blockchain products, with regulations in mind. The acting head of CFPB Mick Mulvaney said they’ll specifically look into existing cryptocurrencies and blockchain platforms. The new office will be led by Paul Watkins, who previously assisted Arizona to launch their state-level regulatory sandbox (read more).

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