The price of Bitcoin (BTC) has extended its recovery on Jan. 14, reclaiming the $38,000 level. What’s more, the weekly candle has now turned green for the fifth consecutive week despite the 28% crash earlier this week.
Meanwhile, stablecoin deposits are flooding into cryptocurrency exchanges, according to data from CryptoQuant. This inflow may act as a short-term catalyst for Bitcoin as it suggests that sidelined capital is moving back into BTC.
Why are stablecoins indicative of strong buyer demand for Bitcoin?
In the cryptocurrency market, many traders sell crypto assets, like Bitcoin, to stablecoins rather than cash.
Stablecoins, such as Tether (USDT), is pegged to the value of the U.S. dollar and are tradable across exchanges.
Most exchanges require a complicated Know Your Customer (KYC) verification process for bank transfers, and cash deposits into exchanges could take a long time.
As such, if a whale or a high-net-worth investor wants to buy and sell millions of dollars worth of Bitcoin, stablecoins can be far more convenient than cash.
The high demand for stablecoins from traders has led the valuation of Tether to increase in recent months. Last month, the market cap of Tether surpassed $20 billion. A month later, this number is already above $24 billion, indicating a rise in sidelined capital within the cryptocurrency market.
Dry powder moving to exchanges
Meanwhile, stablecoin deposits into exchanges have increased substantially over the past 24 hours. CryptoQuant tracks the wallets of exchanges and observes stablecoin deposits and outflows.
Across major exchanges, stablecoin deposits spiked noticeably on Jan. 13, right as the price of Bitcoin began to recover.
On Jan. 13, the price of Bitcoin dropped to as low as $32,500 after nearly $1 billion worth of futures contracts were liquidated.
Investors were actively buying the dip, as shown by the increase in stablecoin deposits and the increasing open interest of the Bitcoin futures market. As a result, Bitcoin saw a quick turnaround, rallying by more than 10% overnight.
So what comes next?
Alex Saunders, a cryptocurrency analyst, said that stablecoins are “flooding exchanges,” which is often indicative of a bullish trend.
Prior to the recovery, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said an all-time high is likely for Bitcoin if it surpasses $38,000 again.
Overnight, the price of Bitcoin pierced through the $38,000 resistance area, which Van de Poppe pinpointed. Hence, in the short term, BTC is on track to retest its record-high. He said:
“Bitcoin didn’t change much. It flipped the $33,000 level for support and therefore is eager to test the $37,000-38,000 level. That one needs to flip. If it does, we’ll be eager for new all-time highs. If not, more consolidation likely.”
Bitcoin’s rally also coincides with the opening of Grayscale’s products on Jan. 13. If the value of Bitcoin continues to rise, it could propel more institutional and accredited investors to obtain exposure to BTC through the Grayscale Bitcoin Trust (GBTC).
There is also a strong argument to be made that the reopening of GBTC kickstarted the rally, to begin with, signifying that the uptrend is led by institutions, not by retail investors.
MicroStrategy Completes Another $1 Billion Bitcoin Buy
MicroStrategy, the company, spearheaded by one of Bitcoin’s biggest proponents, MicroStrategy, has just confirmed the purchase of another 19,452 BTC.
- In an announcement published today, February 24th, MicroStrategy, the largest independent publicly-traded business intelligence company, has revealed the purchase of 19,452 bitcoins.
- The company paid approximately $1,026 billion in cash for the BTC.
- The average price at which MicroStrategy executed the trades is approximately $52,765 per coin, which includes the expenses and fees.
- With this, the company now sits on approximately 90,531 bitcoins, currently worth just shy of $4.6 billion.
- This equates to 0.43% of the total supply of Bitcoin that will ever be in circulation.
Speaking on the matter, Saylor said:
The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. […] The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.
- The move was somewhat expected. As CryptoPotato reported earlier in February, the company revealed its price to offer convertible senior notes to raise money and buy Bitcoin.
Simplex Partners With Opera to Bring In-Browser Crypto Purchases
Users of the popular browser Opera will have the option to purchase cryptocurrencies directly from it following a partnership with the crypto-fiat processor Simplex. The integration will also enable users to set up personal cryptocurrency wallets to store the newly-purchased digital assets.
Opera Users To Buy Crypto From The Browser
Founded in 2014, Simplex describes itself as a company that has “been changing the status quo of crypto on/off ramps.” In a press release shared with CryptoPotato, the Israel-based firm announced its latest endeavor to bring cryptocurrencies to the masses.
Simplex has partnered with the multi-platform web browser Opera. As a result, Opera users will “be able to buy and sell cryptocurrency instantly within the privacy-centric browser.”
The statement reads that this strategic partnership comes amid times when the retail investors are looking for an easy way to enter the cryptocurrency space as the bull run has garnered their attention once more.
As such, being able to create their own digital asset wallets without having to leave the browser that enables them to buy, sell, or simply HODL their coins would enhance mass adoption, the firm said.
“Now Opera users can access Simplex’s extensive range of supported cryptocurrencies from within the browser wallet itself, and move between fiat and cryptocurrency with ease, enjoying competitive rates.” – reads the announcement.
Back in late 2018, Opera became the first web3 and blockchain-ready browser upon launching web3 support, dApp explorer, and its native crypto wallet for Android. Shortly after, Opera made the same upgrades for its desktop and iOS versions. The cryptocurrency wallet currently supports Bitcoin (BTC), Ethereum (ETH), and Tron (TRX).
A Member of the Visa Network
As recently reported, Simplex reached another milestone as it became a principal member of Visa in Europe. Consequently, the EU-licensed financial institution can now offer fiat to crypto solutions to users wishing to utilize digital assets for regular payments.
Following the partnership with Opera, the firm touched upon its relationship with Visa as both collaborations could help with its core mission to “democratize cryptocurrencies and pioneer new and innovative capabilities for the entire fiat to the crypto ecosystem.”
It’s also worth noting that Opera has now joined another browser in providing instant cryptocurrency purchases. Binance partnered with the Brave Browser last year, but it enabled only users of the popular exchange to interact with digital assets.
Student Coin Tokensale Now Live Till April 30
[PRESS RELEASE – Please Read Disclaimer]
After 12 years of existence, it was about time for crypto to be recognized as it deserves. Step by step, blockchain technology made its way to public institutions after it conquered vendors and business enthusiasts.
With all the issues that came with bank services, no wonder people are so hyped over the idea of crypto payments – which provide users with data and financial security.
Tokenization got its spotlight due to all the solutions they offer in terms of fair payments, loans, and votes.
And to bring the crypto area one step forward, a dedicated team developed one of the most intriguing utility tokens that will forever change the way we see crypto – the STC token, available on its dedicated ICO since February 1st.
What is an STC token?
STC is the core utility token of the Student Coin blockchain project – that makes possible the creation of personalized tokens without strong technical knowledge.
Having an account on the platform allows you to create:
- Personal tokens – unique assets tied to a single account;
- Startup tokens – assets that help you take a step forward to your dreams;
- Corporate tokens – unique assets dedicated to a single company;
- DeFi tokens – assets that allow you to perform various bank activities without the intervention of third parties;
- NFT Tokens – transferable tokens that make possible the switch between platforms.
All these tokens are valued based on the STC Token, and they can be used for exchanges, trades, even crowdfunds.
Why is the STC token special?
The thing that makes the STC token superior to other tokens is its focus on the most important people in the world’s economy – students.
They are the next generation of employees, which will mark the success of current and future companies. To give people the chance to better education, there’s a need to make university programs more accessible.
But it’s not that easy. Reducing tuition fees will lead to a lower budget to afford qualitative researchers, teachers, programs, international collaborations, and so on.
Until now, the solution was bank loans. However, with our unpredictable economy, people lost trust in bank services. And who can blame them?
Therefore, Student Coin’s team came with a solution that decentralizes student loans – crowdfunding with personal tokens.
How does it work?
The future student creates its personal token. This token is put on the Student Coin market. The STC holders purchase the tokens until the student receives the money needed for tuition. After the student graduates and finds a job, a part of his salary will be locked to pay the loan. The STC holders receive a cyclical profit payment for their involvement.
This project is sustained by over 500 top universities worldwide, including Harvard University, the University of Manchester, and the University of Copenhagen.
A simple way for students to get the funds they need to achieve their dreams. At least, that’s the main focus, but this process can also be done for visionary entrepreneurs.
And that’s not the only reason why Student Coin studs out. Holding STC tokens give users the chance to vote in the project’s development and even sign petitions if they’re needed. It’s an entire ecosystem created to give people what they need and raise the utility of cryptocurrencies.
How can you buy STC tokens?
To get your STC tokens as soon as possible, make sure you don’t miss the Student Coin Launchpad ICO, available until April 30th.
Although it started just 23 days ago, the team already raised $2 million worth of STC tokens and completed 35 phases.
Every phase finished till now had a hard cap of 100K USD, and the price increased by 0.0002 USD with every reloads.
Joining the ICO doesn’t just give you access to these tokens in advance, but it also gives you additional assets.
If you recommend the ICO to your friends and send them a unique referral link, you can earn 20% of ETH invested by every friend of yours, alongside 30% of their STC purchases.
Your friends also get an additional 5% of STC purchased.
Who is behind Student Coin?
Student coin is backed by a dedicated team of 44 people from 12 different countries, ready to expand crypto usability and create solutions for the world’s needs. Among them, you can find the former CTO of IBM for Europe, for example, or the president of the Harvard University Club of Poland.
By the end of 2021, the team plans to develop and implement STC Exchange, STC Terminal, and even an STC App, alongside listing the token on major crypto exchanges.
So, if their innovative ideas caught your attention, join the ICO and make sure to follow them on social media to be up to date with their features.
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