It was another crazy week for #CryptoPH, plus some interesting stats from the BSP. Also, we just reached a new price milestone for Bitcoin.
Bitcoin at $60,000
Bitcoin crossed $60,000 for the first time and $61,000 hours later, setting a new all-time high record of $61,556.59. What’s more, it brought other cryptocurrencies for the ride as well.
A number of narratives might have contributed to Bitcoin’s ascent to new price territory.
- “Beeple’s $69 million NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire,” said Jehan Chu, co-founder of Kenetic
- There’s a new stimulus package worth $1.9 trillion in the U.S., putting “$1,400 in the pockets of Americans to help them weather the pandemic.” Some analysts said this money might go to crypto. Of course, many worry that printing more dollars will devalue the currency.
- There’s a third Bitcoin ETF approved in Canada.
Moneybees Opens New Outlets
With cryptocurrency transactions in the Philippines expected to increase this year, locally-licensed virtual asset service provider Moneybees is opening more outlets as it eyes Php 2 billion transactions processed through its trading platform.
BloomX Enters Tech Agreement with Binance to Offer 250 Cryptocurrencies to Filipinos
BloomSolutions, a local virtual asset service provider licensed by the Bangko Sentral ng Pilipinas, said it has entered an agreement with global crypto exchange Binance to leverage its core technology, infrastructure, and liquidity, to allow Philippine residents to access and trade over 250 cryptocurrencies in exchange for Philippine peso (PHP) in the recently launched “BloomX” crypto trading platform.
The BloomX app allows anyone to easily trade cryptocurrencies for Philippine pesos and vice versa. Among the 250 cryptocurrencies supported are the major ones like Bitcoin and Ethereum, as well as popular tokens like Aave, SXP, and SLP.
BSP Expects Increase in Cryptocurrency Transactions in the Philippines
Virtual asset service providers in the Philippines processed around $1.5 billion (Php 76 billion) between January to September 2020, which is five times more than what was recorded within the same time frame in 2019 ($288 million or Php 14 billion).
Meanwhile the total transaction volume from January to September 2020 was 7.2 million. This is a 36% increase versus the volume recorded within the same period in 2019 (5.3 million).
According to BSP’s Melchor Plabasan, the growth in volume can be attributed to the increase in the price of Bitcoin and other cryptocurrencies. Cryptocurrencies, he said, has increasingly become a store of value and this has attracted users in developing countries like the Philippines
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