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Thursday Thoughts: Back at $1 Trillion Market Cap

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Good morning. Lots to unpack today. But first let’s celebrate the first green candle in five days…..

Welcome to Thursday Thoughts, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 14, 2021:

Bitcoin $37,456 10.37%
Ethereum $1,132.02 8.33%
Tether $1.00 -0.99%
XRP $0.306500 4.4%
Polkadot $8.26 33.4%
SLP $0.013 1.0%

Bitcoin closed January 13, 2021, at $37,456 per BTC. We’re down 22.7% in the last 7 days and up 29% since the year began. This is 10% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $696,127,808,397 which is 68.54% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,023,435,647,191.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Bitcoins

Institutions buy while Bitcoin dipped this weekend

(By Frank Chapparo, The Block) Over the weekend, bitcoin financial-services provider NYDIG said that its clients were overwhelmingly skewed to the buy side — which indicated that the market could soon recover from its lows.

“Our institutional client base saw the drawdown as a buying opportunity. During the drawdown, a full 89% of our client orders were to buy. We see that our client base, made up of institutions with very long-term time horizons, such as insurance companies, see pullbacks as a time to add to their positions.”

Ripple Effect

Grayscale to dissolve XRP Trust due to U.S. SEC’s Ripple lawsuit

(By Jeff Benson, Decrypt) Grayscale’s announcement directly references the US Securities and Exchange Commission’s $1.3 billion lawsuit brought last month against Ripple Labs, the driving creative force behind the cryptocurrency, as well as CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The SEC has targeted the defendants for their role in selling XRP, which the agency has deemed an unregistered security.

EToro

EToro warns users it’s running out of crypto to trade due to ‘unprecedented demand’

(By Joshua Mapperson, CoinTelegraph) Quantum Economics founder Mati Greenspan — formerly a market analyst for eToro — told Cointelegraph that the warning notice was “a symptom of a potential upcoming liquidity crunch.” He advised users on Twitter against trying to move funds off the platform. It is only a matter of time before we see other exchanges start to hit liquidity issues Greenspan believes, saying it is “highly likely” that we will see this situation occurring on other platforms in the near future.

DeFi

$300M Whale Spotted in DeFi’s Turbulent Seas

(By Owen Fernau, The Defiant) The whale, whose ether address is 0xB1AdceddB2941033a090dD166a462fe1c2029484, has a net worth of ~$340M, with $482M in assets and $141M in debt, according to DeFi wallet tracker DeBank.

Only $8.5M sits unused while 97% of the capital is being supplied to DeFi, ranging from well-known protocols like Compound and Uniswap, to lesser-known projects like YFLink and Dodo. The wallet is earning between $200k-$400k daily, just through yield farming.

#CryptoPH 

Spotlight on KooKoo

KooKoo, who provided his expertise in our “How to Trade SLP/AXS to PHP” article, is one of the most popular Axie YouTubers and one of the leaders in Yield Guild Games  who has helped onboard many new players to Axie Infinity and to the “Play to Earn” ecosystem. KooKoo’s interview, now live on Axie Infinity’s “The Lunacian” talks about his life story, why education is important and the true benefit of play-to-earn. 

“It’s time for players to get rewarded by playing blockchain games that they can have ownership and enjoy the benefits of blockchain technology. Turning gamers into investors.” 

What else is happening

  • Bitcoin must be regulated globally, says European Central Bank President (Robert Stevens, Decrypt)
  • Japan’s top securities regulator says XRP is not a security (Yogita Khtari, The Block)
  • OCC to unveil bank charter for crypto financial services (Tanaya Mcheel, Blockworks)
  • Cloudflare unveils gateway to distributed web with ENS, IPFS integration (William Foxley, Coindesk)

This article is published on BitPinas: Thursday Thoughts: Back at $1 Trillion Market Cap

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/thursday-thoughts-back-at-1-trillion-market-cap/

Blockchain

XRP, Tron, Tezos Price Analysis: 01 March

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XRP could be in line for another sell-off as the 200-SMA looked to cross above the 50-SMA. Down the ladder, Tron and Tezos were projected to stick to a fixed channel, with a breakout largely dependent on the future movement of market leaders Bitcoin and Ethereum.

XRP

Source: XRP/USD, TradingView

The bearish nature of XRP’s market was evident on its 4-hour chart as the price remained below the 200-SMA (green) despite a slight recovery at the time of writing. Moreover, the long-term moving average looked positioned to cross above the 50-SMA (blue). The last time this development took place was when a lawsuit was announced by the U.S. Securities and Exchange Commission against Ripple which resulted in a massive price drop and a bear market that lasted for over a month.

The MACD line floated just above the signal line but momentum seemed weak on the buying side. The Stochastic RSI also tipped in favor of the bulls. A strong sell-off could be avoided if the indicators maintain a positive stance. If the sell-off does take place at the current level, $0.25 support could be in focus.

Tron [TRX]

Source: TRX/USD, TradingView

Tron continued to trade rangebound between $0.05 and $0.04 as momentum switched sides between the buyers and sellers. The Awesome Oscillator flashed green at the time of writing as momentum diverted back to the buyers.  The 24-hour trading volumes surged by over 27% and clocked in at $1.76 billion.

While it looked like Tron was poised to rise above its overhead resistance, low volatility according to the Bollinger Bands worked against a bullish outcome. That could change if buying picks up over the coming sessions. Conversely, a pullback in the broader market could see Tron move towards $0.036 support.

Tezos [XTZ]

Source: XTZ/USD, TradingView

A horizontal pattern formed on Tezos‘ 4-hour chart as the price oscillated between a resistance and support line since bouncing back from the $3.2 mark. For traders, sell signals were present on the upper trendline and buy signals on the lower trendline. Considering Tezos’ strong correlation with Bitcoin, the state of the king coin could determine the direction of a breakout from the channel.

The next resistance level lied at $4.3, while the next support rested at $2.7. The MACD line moved above the signal line as bullish momentum was on the up. The RSI also pointed north from around the 50-level.


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Source: https://ambcrypto.com/xrp-tron-tezos-price-analysis-01-march

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Blockchain

Why countries like the US can do better in terms of crypto adoption

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The interest in cryptocurrencies has been on the rise and the general awareness of the technology and its function as a digital asset has risen substantially in the past few years. While the United States has been open to innovation, the lack of regulatory clarity within the country has raised various concerns between people and businesses in crypto.

Whereas Asia has been enabling wide-spread adoption of cryptocurrency with countries like Japan and Hong Kong trying to form guidelines around cryptos. However, apart from the regulatory differences, the biggest difference could also be with regard to user behavior in these two regions.

Amber Group partner, Annabelle Huang, who recently appeared in Anthony Pompliano’s podcast stated that although the innovations were taking place in the United States of America, the greater chunk of adoption was coming from countries in Asia. The continent has also remained a hub for miners and crypto exchanges and according to Messari’s report, by the end of 2019 six out of ten of the largest cryptocurrency firms are located in Asia.

Huang noted:

“…The biggest difference is just the sentiment and the drive of people. I think in the States, just because there are a lot of regulatory constraints and concerns, people sometimes are more hesitant towards driving the business forward. But, in Asia, I think people are more eager to test things out, get things going on the ground. So, we do see a lot of early adoption in Asia.”

Asia has been a focal point for crypto adoption and nearly 42% of the market capitalization is based in the continent.

Source: Messari

The advantage Asia has been offering to new crypto projects is mainly due to the cultural mentality according to Huang who noted that:

“I think we see in Asia, in Korea and Japan, it is hard for people to find yield anywhere. […] Especially like, I guess, in Japan right, all the yields are negative and I think people are perhaps more inclined to find more opportunities and more acceptable to new things, so that’s why I think crypto adoption in Korea and Japan are highest among the world.”

Although China has remained apprehensive about cryptocurrencies, the country has been inching closer to launch its own Digital currency Electronic Payment [DCEP] system. As the market corrects itself, the coming changes in the market could also trigger changes in the sentiment across the globe about crypto, however, the regulations continue to remain in the gray area.


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Source: https://ambcrypto.com/why-countries-like-the-us-can-do-better-in-terms-of-crypto-adoption

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Blockchain

MicroStrategy Isn’t Done Buying Bitcoin, Now Holds $4.4 Billion In BTC

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MicroStrategy Buys 295 More BTC for $10M, Now Owns 71,079 BTC Worth Over $2.4B

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Microstrategy is not done stacking Bitcoin, despite being one of the most active institutional buyers in the market. The firm announced today that it had purchased an additional $15 million worth of Bitcoin. It now holds over 90,000 BTC, becoming one of the largest hodlers in the market.

Microstrategy has become synonymous with institutional BTC accumulation in recent months. Led by Michael Saylor, one of the most vocal Bitcoin bulls, the firm is responsible for a spike in corporate interest in BTC as a hedge against the U.S dollar. As ZyCrypto reported a week ago, the enterprise software firm bought 19,452 BTC at $1.026 billion.

Now, the firm has made yet another purchase, this time much smaller than its usual purchases. In an SEC filing, the Virginia-based firm stated, “On March 1, 2021, MicroStrategy Incorporated announced that it had purchased approximately 328 bitcoins for $15.0 million in cash, at an average price of approximately $45,710 per bitcoin, inclusive of fees and expenses.”

As of today, the firm now holds 90,859 BTC which it acquired at an aggregate purchase price of $2.186 billion. This puts the average price of each BTC they own at $24,063.

Microstrategy’s BTC stash is now worth around $4.39 billion. This translates to over $2.2 billion in profits for the firm from its BTC bet. The company’s shares have benefitted from this accumulation. Today, upon announcing the new BTC purchase, its shares gained 4.56%.

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Over the past three months, the shares have gained 131.6%, almost matching Bitcoin which has gained 156.3% in that time. Before it started accumulating Bitcoin, its market cap stood at $1 billion. It’s now over $8 billion.

A Game of Accumulation

Microstrategy is now the public company that holds the largest Bitcoin stash. At 90,859 BTC, this is now 0.433% of the total BTC in supply. It ranks ahead of Tesla at 48,000 BTC, Galaxy Digital at 16,402 BTC, and Square which owns 8,027 BTC.

This is mainly down to Saylor, a Bitcoin maximalist who believes it’s the asset of the future. He believes that BTC will become the saving method of choice for billions of people in the near future. “We’re going to see a day when 7-8 billion people have a bar of digital gold on their phone, and they’re using it to store their life savings with it,” he claimed.

Saylor’s Bitcoin endeavors have also inevitably raised eyebrows. Marc Litchfield, a financial adviser is one of those that can barely believe that a board of directors allowed such a huge bet on Bitcoin. He cited BTC’s volatility as a key factor that should worry the board.

Richard Levin, a lawyer at South Carolina-based law firm Nelson Mullins, also voiced his concerns. Speaking to the New York Times, he stated, “Regulators could have concerns. Any publicly-traded company bringing a digital asset onto its balance sheet needs to proceed with caution. It’s fine to buy an asset because it is appreciating, but companies need to tread carefully to avoid the appearance that they are acquiring it to generate hype.”


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/microstrategy-isnt-done-buying-bitcoin-now-holds-4-4-billion-in-btc/

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