The crypto space has certainly been a busy one over the weekend and I suspect we are on the cusp of some very interesting times ahead.

BTC was once again in focus as we heard that BNY Mellon would start helping clients use digital assets. This comes on the back of Elon Musk buying $1.5 billion of Bitcoin. While over the weekend, we also heard that Morgan Stanley is also weighing up adding it to its investment arsenal.

The positive sentiment has seen Bitcoin break higher and we saw price push through that $48,000 level and we are now closing in on $50,000.

While the world is growing increasingly bullish on Bitcoin, I am still somewhat cautious on the worlds first cryptocurrency. My concerns lie around the fact that the mining operations are not the world’s best practice when it comes to the entire sector. In fact, anecdotally, we hear a lot of unscrupulous activity is linked to the mining operations. This to me represents a tail risk factor as should this be exposed, it would hugely dent sentiment.

That said, price is bullish at the moment and I suspect we are going to see a test of $50,000 this week.

The other crypto of interest to me is XRP, which has gained some decent ground over the last week. XRP has had a very rough few months, given that most of the other major coins have been absolutely flying, while XRP has been weighed down by the SEC lawsuit. The issues with the SEC relating to whether XRP is a security or a currency.

Given how effective it is as a currency in terms of flexibility and speed, I am on the side of it being a currency. If the SEC lawsuit is resolved, I would expect to see some significant upside in XRP. This will be one to watch.