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Blockchain

Tuesday Trades: NVIDIA to Re-Enter Crypto Mining Market?

Republished by Plato

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Good morning. Today, NVIDIA considers re-entering the Bitcoin mining market. Meanwhile Joe Biden officially announces Gary Gensler as his pick as the next chairman of U.S. SEC.

Welcome to Tuesday Trades, 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 19, 2021:

Bitcoin $36,598.11 +2.39%
Ethereum $1,253.91 +2.00%
Tether $1.00 +2.04%
Polkadot $16.41 -3.13%
XRP $0.284455 +2.67%
SLP $0.015 +25%

Bitcoin closed January 18, 2021, at $36,598.11 per BTC. We’re up 3.1% in the last 7 days and up 26% since the year began. This is 12% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $684,350,016,810 which is 64.99% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,048,327,289,415 (+1.4%).

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.

NVIDIA

NVIDIA considers re-entering bitcoin mining market

NVIDIA is a company and brand especially popular in the video game market for making graphics processing units. During the 2017 crypto boom, NVIDIA’s rigs were of course extremely popular and profitable but every quarter, the company would report that its gaming segment continued to grow and that its cryptocurrency-related revenue remained small. 

However, the subsequent market crash hurt the company A LOT and NVIDIA forecasted a significant decline in revenue, which caused the investors to file a case against NVIDIA for misleading them about how much the company relied on its crypto-related business. For them, it made no sense that there would be a significant decline in company revenue if quarter after quarter NVIDIA would report that their crypto business are just a small portion of their revenue.

The legal battle between NVIDIA and these investors continues until now.

Any way, in a recent statement to shareholders, the company’s Chief Financial Officer Colette Kress said if crypto demand continues to increase, they may revisit this segment and restart their CMP product line — think NVIDIA’s product without all the video elements and only capable of doing one thing – validating crypto transactions on the blockchain to earn crypto. 

“If crypto demand begins or if we see a meaningful amount, we can also use that opportunity to restart the CMP product line to address ongoing mining demand,” Kress said in a statement.

“Decompose”

Coinbase will decompose its application server in wake of recent outage

Coinbase has been hit by outages in recent weeks. Actually, it almost always crashes whenever the price of bitcoin reaches particular milestones. It always happens that it’s now a meme. 

Last week, the Coinbase team said it is going to decompose its application server so that it would have different scaling profiles for the functions that its API serves. “Thus, if one surface is affected somehow, it will only affect the APIs or functionality that the particular surface is responsible for, instead of taking down the entire system,” Saniya More reported for The Block

New U.S. SEC Head

Joe Biden appoints Gary Gensler

Gary Gensler, a professor at MIT and former chairman of the Commodity Futures Trading Commission, has officially been announced by U.S. President-elect Joe Biden to chair the powerful commission formerly led by Jay Clayton. 

We have an entire column dedicated to Gary Gensler in this article on what his appointment would mean for the cryptocurrency industry as a whole. 

Case in point, Brad Garlinghouse, head of Ripple, a company that owns a sizable amount of XRP, said in previous interviews that he expects the Biden administration to be open-minded about cryptocurrencies.

Before Clayton resigned, he did a power move. In his last day of office, he unveiled that the U.S. SEC has charged Ripple of illegal (and continued) sale of securities (XRP coins).

While Gensler is very knowledgeable on blockchain and cryptocurrencies (he even teaches an online crypto course,) analysts expect him to be in favor of tougher regulation. I assume Ripple and everyone else in this game, including Coinbase, which is waiting SEC approval to go public, will be looking forward and planning ahead with regards to when Gensler finally takes the chair.

Institutional Adoption

Ruffer: We are in the foothills of institutional adoption for Bitcoin

According to institutional firm Ruffer Investment Company, which made headlines last year for putting $74 million into bitcoin, that they put up a portion of their money into digital currency is just a usual day at work for them because they have a history of using “unconventional protections.” Bitcoin, for Ruffer, is an unconventional protection during prolonged periods of low interest rates, Ryan Weeks reported on The Block.

Ruffer thinks they are relatively early into this, thus they are “at the foothills of a long trend of institutional adoption and financialisation of bitcoin.”

Of course, Ruffer said this is a bet and they could be wrong. 

“As we move through the process of normalisation, regulation, and institutionalisation, the compression of this premium can have a dramatic effect on the price. If we are wrong, bitcoin will return to the shadows and we will lose money – this explains why we have kept the position size small but meaningful.

#CryptoPH

If you are a crypto company or project in the Philippines or in the Filipino diaspora, let us know your story. 

What else is happening

  • Bitcoin struggles to recover after biggest weekly price loss since September 
  • Former Canadian Prime Minister lists bitcoin as possible future reserve currency
  • CoinShares is starting an exchange-traded bitcoin product
  • Crypto exchange Livecoin closes after alleged hack
  • Pantera Capital: This rally looks different than 2017
  • #23.94 billion total value locked in DeFi

This article is published on BitPinas: Tuesday Trades: NVIDIA to Re-Enter Crypto Mining Market?

Please share and grow the BitPinas community.

Source: https://bitpinas.com/cryptocurrency/tuesday-trades-nvidia-to-re-enter-crypto-mining-market/

Blockchain

Coin Metrics Report Details Surges in ETH, Doge Trading

Republished by Plato

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Digital currency research firm Coin Metrics has released a new report claiming that bitcoin is beginning to lag when compared with the likes of competing altcoins such as Ethereum and Dogecoin.

Coin Metrics: Altcoins Are Taking Over

While bitcoin is still the world’s number one digital currency by market cap (it is currently trading for about $35,000 per unit), the asset has experienced some serious dips over the past month, while by contrast, Dogecoin and Ethereum have exhibited gains and are regularly moving up the digital ladder.

Coin Metrics garnered much of the information for its report by looking at data from Binance, arguably the largest and most popular crypto exchange on the planet in terms of daily trading volume. Additional statistics were gathered from exchanges such as Coinbase and FTX. Coin Metrics points out that thus far, 2021 has been the year for “smaller altcoins,” suggesting that a great many of them have surged heavily between the months of January and early May. From there, however, a serious crypto crash has taken precedence, with Coin Metrics unable to pinpoint what, exactly, might have been the cause.

For the most part, numerous altcoin pairs are offered on Binance, which explains why the company’s trading volume for many of the world’s smaller assets likely overtook that of bitcoin. The report says:

ETH volume surpassed BTC volume on Coinbase by a wider margin than on Binance. Coinbase did not offer Dogecoin trading in May (although they introduced it in early June), so it did not have a Doge rush similar with Binance, but it did have a relatively high amount of volume for some other altcoins, led by MATIC, ADA and Ethereum Classic (ETC)… Continuing the trend, ETH volume edged out BTC on FTX, although not by much, but comparatively, the top altcoins made up a lower percentage of total volume on FTX than on Binance and Coinbase.

Some of the world’s smaller exchanges – such as Huobi – also saw Ethereum and Dogecoin trading surge to levels beyond what people were doing with bitcoin. The report continues to say:

Similar with Binance, DOGE volume surged on Huobi, taking the spot as the third most traded currency by volume.

Bitcoin Hasn’t Been Fully Cut Out Yet

The only place – according to the document – where bitcoin trading appears to remain dominant at the time of writing is the CME in Chicago, Illinois. The company delves in bitcoin futures trading and has recently opened the door to ETH futures, though this is still in its early stages. Coin Metrics writes:

The markets continued to move mostly sideways over the last week. Bitcoin and Ethereum usage both stayed relatively flat, with daily active addresses dropping 2.5 percent and growing by 3.3 percent, respectively. Ethereum daily transaction fees dropped by over 35 percent week over week as gas prices continued to fall, and bitcoin transaction fees followed a similar pattern, dropping by 40.5 percent.

Tags: bitcoin, Coin Metrics, dogecoin, Ethereum Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/coin-metrics-report-details-surge-in-eth-doge-trading/

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Blockchain

How will the drop in this metric affect UNI, CAKE, SUSHI, AAVE?

Republished by Plato

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Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization dropped further. In the past 7 days, the altcoin market capitalization has dropped along with a drop in altcoin prices. BNB, ADA, DOGE, XRP, DOT and CRV have dropped and this has increased the accumulation, investment inflow.

Low marketcap projects have offered high returns over the past 7 days. There are several factors supporting this narrative. Increasing trade volume of DeFi projects has increased in proportion to altcoin market cap. The demand across exchanges has increased and there is an increase in the number of unique wallet addresses and TVL. This may change the narrative of DeFi to bullish.

High market cap projects may lead to the increase in demand and investment inflow proportionate to the interest of their users. The low market cap projects continue to face a correction when traders exit. The drop in altcoin market capitalization has a direct impact on DeFi users.

Is the diminishing altcoin market capitalization bullish for DeFi

Source: DuneAnalytics

The diminishing altcoin market capitalization has had a direct impact on the investment inflow, the number of traders and the demand across exchanges. This is bullish for DeFi projects as the rising number of users and the metrics related to number of trades, wallets and users indicate a growing interest, investment, institutional investment inflow and growth in DeFi market capitalization.

With the rise in the number of DeFi projects, there is a surge interest from institutions. With the upcoming biggest smart contract event of the year, it is likely that DeFi projects like UNI, CAKE, SUSHI, AAVE that haven’t rallied in the past 2 weeks would rally following increasing demand and popularity, social media mentions.

When the average price chart of these projects is observed, and they are ranked in accordance to their ranking of growth in Active users, there is a strong correlation between users and market capitalization. AAVE, UNI, SUSHI have ranked the highest. Though ranking does not have a direct correlation with social volume and price, it has increased following drop in altcoin market capitalization. This builds a bullish case for DeFi in the following two weeks.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/how-will-the-drop-in-this-metric-affect-uni-cake-sushi-aave

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Blockchain

Bitcoin Taproot upgrade finally achieves activation lock-in!

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The much-anticipated Bitcoin Taproot upgrade passed the Speedy Trial, which was a signaling period which gauged support for the upgrade from bitcoin’s mining sector. Since SegWit, Taproot has been touted as the next significant upgrade for Bitcoin.

Data from Taproot.watch, a webpage created by Bitcoin developer Hampus Sjöberg, released an interesting yet hilarious video to announce the completion of the lock-in stage.

On the official page, it read:

“This period has reached 1815 Taproot signaling blocks, which are required for lock-in.”

Different mining pools tweeted their support for the upgrade on their respective platforms with Slush Pool being the first to do so.

AntPool also supported the upgrade.

What’s next?

Bitcoin core developer Pieter Wuille further elaborated on the path leading to the full activation step for Taproot in a series of tweets. He stated:

“As of block 687284, Taproot signalling has reached 1815 blocks this period, guaranteeing that absent very deep reorgs, it is guaranteed to lock in. Following that, it will activate at block 709632, probably around mid-November 2021.”

He also addressed that ‘there is a lot of work left of course’, which included:

a) PSBT extensions to communicate Taproot keys/scripts/signatures,

b) MuSig2 standardization so the software can cooperate in signing,

c) Output descriptors,

Why is it so important?

Fred Thiel, CEO of Marathon Digital Holdings stated:

“With this upgrade, you’ll see Bitcoin to be the settlement network. Funds are transferred from one institution to another, say one bank to another.”

He added,

“The update would lower the data size of smart contracts, in turn lowering transaction costs. Taproot is also expected to enhance smart contract functionality and efficiency.”

Jeremy Rubin, a Bitcoin Core contributor and founder of Judica projected a similar optimistic narrative,

“With taproot, you get optimization of Bitcoin, much different from how people know Bitcoin today- little too inefficient or reveal too much information about what you’re trying to do. Taproot helps to be private and efficient.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-taproot-upgrade-finally-achieves-activation-lock-in

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