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Friday Focus: Opportunity or Not?

Bitcoin below $3,000 and another real-world test of the Digital Yuan.

Friday Focus

Good morning. The market is a sea of red right now. What are you going to do? Always plan your trades and trade your plan? Although I can imagine the 2013 Bitcoin OGs are still comfortable. I’m sure. 

Welcome to Thursday 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 22, 2021:


Bitcoin closed January 21, 2021, at $30,914 per BTC. We’re down 21% in the last 7 days and up 5% since the year began. This is 26% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $571,490,332,090 which is 62% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $901,797,288,593 (-11%).

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.


Bitcoin drops below $30,000 level as head-turning rally stalls

(By Olivia Raimonde, Bloomberg) “This level looks very vulnerable and a break below it is bad news in the near-term for Bitcoin and cryptos in general,” Craig Erlam, senior market analyst at Oanda Europe, wrote in a note Thursday. “I wouldn’t be surprised to see a test of $20,000 before too long.” 

Grayscale Investments, which is behind a popular Bitcoin trust, saw total inflows of more than $3 billion across its products in the fourth quarter. Just this week, BlackRock Inc. dipped its toe into the crypto universe for the first time, saying cash-settled Bitcoin futures are among assets that two funds were permitted to buy.


U.S. SEC Calls Out Suspicious Crypto Companies Targeting Global Traders

(By Danny Nelson, Coindesk) Flagged companies AxTrading-Investment, Passive Trade Plan, RetireWell Investors, Reclaws International Inc. and SmartCoins24 all offered cryptocurrency and blockchain services on their websites Thursday, CoinDesk found. Three other entities whose websites were down, BitminingFX, Cryptobravos and FXBitcash, also made the SEC’s blacklist.


Real-world tests of the digital yuan show how it could disrupt China’s mobile payment giants

(By Wolfie Zhao, The Block) In total, the People’s Bank of China (PBOC) has given away 50 million digital yuan, worth nearly $8 million, to 250,000 local residents. Across these tests, more than 20,000 merchants have participated.

One feature that has remained consistent throughout the DC/EP trial period is that merchants who support central bank digital currency payments don’t have to pay any transaction fees. 

Double Spend

That did not happen

Cryptocurrency Explained: Understanding "Double-spend", Block Re-Organization, & Consensus [Bitcoin]

Report from some media said there was a double spend that happened in the Bitcoin network. Double spend, the very problem that Satoshi Nakamoto solved to enable value transfer on the Internet without the middleman. 

There was an attempt to double spend but that’s just it. Before leaving this article, I advise everyone to read this Twitter thread from Andreas Antonopoulos. Or you can watch the video above. 

What else is happening

  • DeFi will eat corporate debt
  • Former Ripple advisor Michael Barr to head OCC: Report
  • Celo preparing digital Euro
  • Janet Yellen clarifies stance on ‘curtailing’ cryptocurrency use

This article is published on BitPinas: Friday Focus: Opportunity or Not?

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