The sentiment in the crypto markets had turned bullish on the news that Chinese President Xi Jinping has called for businesses and government bodies to support the development and adoption of blockchain technology. However, just days after the comments, the Chinese state media warned that support for blockchain should not be interpreted as an endorsement for cryptocurrencies.
During the recent Bitcoin (BTC) rally, institutional interest picked up, which also resulted in a spike in Bitcoin futures volumes on the Bakkt platform. Along with targeting the institutional players, Bakkt dove into the mobile payments sector. Earlier this week the company announced that a partnership with Starbucks (NASDAQ:SBUX) would potentially allow “consumers to convert their digital assets into US dollars” at coffee shops across the country. Mike Novogratz, head of cryptocurrency merchant bank Digital Galaxy, said that this was a major step that would speed up crypto mass adoption.