Good morning. 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 February 25, 2021:
Bitcoin closed February 24, 2021, at $49,737 per BTC. We’re down 9% in the last 7 days and up 75% since the year began. This is also 15% below the all-time high of $58,640, which was hit on Feb. 21, 2021.
Bitcoin’s market capitalization stands today at $946,864,351,338 which is 59.92% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,583,677,657,390 (+6.4%).
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.
Nvidia Expects $50 Million Revenue from Its Ethereum Mining Product
Nvidia is planning to sell industrial Ethereum mining rigs and expects them to contribute $50 million in revenue in its first quarter of sales.
The company knows that its gaming GPUs are being used to mine Ethereum but admitted they don’t have a way to quantify them. Nevertheless, they estimated between $100 million – $300 million of 2020 Q4 revenue are from cryptocurrency mining.
Ancient 100 BTC Moved For The First Time Since 2010
That’s worth $5 million today. In 2010, 1 BTC was worth roughly a dollar.
Visa and Mastercard
Swipe Fees to Increase
The Wall Street Journal reported that both companies are looking to increase swipe fees for certain types of credit card purchases. The paper said it’s glaring to merchants, who will be the one to pay about 2% of their customers’ credit card purchases.
Cointelegraph suggested alternatives, like crypto, transaction costs of which are cheaper.
Unless you’re on Ethereum.
Powell: Fed Will Engage The Public on the Digital Dollar This Year
Federal Reserve Chairman Jerome Powell said 2021 will be the year that the Fed will engage the public about the planned central bank digital currency or CBDC. “Powell has previously said the Fed is increasing its work on a digital dollar and other digital asset-related interests. Last year he acknowledged that a CBDC could help the payment system in the U.S.,” The Block noted.
What else is happening
- Andreessen Horowitz Leads $25M Round in Ethereum Scaling Solution
- Traders Remain Bullish Even as DeFi’s TVL Falls to $54.4 billion
- OKCoin CEO Defends Her War on Bitcoin SV and Bitcoin Cash
- An outage at the Fed leaves multiple crypto exchanges unable to settle
This article is published on BitPinas: Ancient 100 BTC Moved For The First Time Since 2010 (Feb. 25, 2020)