Tuesday Trades: Normalcy

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Three days before Chrismas. Bitcoin recently receded along with the entire cryptocurrency market. Let’s get on with the news.

Welcome to Monday Markets, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global. The markets don’t sleep. 

Market Price as of December 22, 2020:

Bitcoin$22,894-2.6%
Ethereum$611.11-4.8%
XRP$0.520-7.4%
Tether$1.010.3%
Litecoin$106.09-8.9%
SLP$0.024-2.0%


Bitcoin closed December 21, 2020, at $22,894 per BTC. We’re up 18.9% in the last 7 days and 220% since the year began. This figure is 5.6% below the previous all-time high of 24.225.28 which was hit on Dec. 20, 2020.

Bitcoin’s market capitalization stands today at $425,400,053,656 which is 65.26% of the entire cryptocurrency market. 

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.

Industry

MicroStrategy purchases another 29,646 bitcoin from funds raised via convertible debt.

MicroStrategy recently announced it had purchased an additional 29,646 bitcoin from funds it raised through senior convertible notes. Put simply, it borrowed money to purchase Bitcoins. The company’s total bitcoin purchase is now more than $1 billion. 

MicroStrategy now has 70,470 BTC in its reserve. (The Block)

Uniswap

Uniswap is the number one as gas guzzler on Ethereum.

Uniswap has been the top decentralized application for the amount of fees used, with Tether ranking second. The automated market maker has 24,000 different markets for trading and has around 400,000 monthly users. (Coindesk)

Exchanges

U.K. Exchange Exmo pauses withdrawal after suspected hack.

Exmo said it detected suspicious withdrawal activity and that withdrawals are temporarily suspended as they investigate the issue. The exchange listed the addresses where the funds are withdrawn. It assured users that any funds lost will be covered by the exchange completely. (Exmo)

Philippines: #CryptoPH

Axie Infinity’s new update.

Axie Infinity’s December 2020 update has finally arrived. Here are some of the things to watch on the arena:

  • AXS Rewards in PVP
  • Balance Updates
  • Matchmaking Rating Change
  • SLP Claim Period

Check out Axie Infinity’s announcement on its blog for more information.

Colin Goltra’s Unholy Unions.

I casually asked this over dinner yesterday: “What is art? Why does it matter?” This was after reading “Unholy Unions” by #CryptoPH’s Colin Goltra, Director of SEA at Binance and a crypto art collector. 

In his article, he said the arts define how a society expresses itself in a given moment of time and future generations look into the art of a particular era to understand people of a different time.

If recorded history is the data about what happened, a period’s art is the metadata that tells future generation how we felt about the primary facts of the time.

Colin Goltra @goltra

Throughout history, a “golden age” refers to a period when great tasks are accomplished, be it for a nation, a specific art, movement, or activity. Colin did not say if we’re at the golden age of crypto, but he did say we’re at a point wherein what the industry has built in the last 10 years have transitioned from being obscure, to being ridiculed, to now possibly being accepted.

As we gain the financial standing from our years of work, we find ourselves in a position to write our movement into the narrative arc of mainstream civilization and are surfacing the artist-partners to help us do so.

Colin Goltra @goltra

Continue reading Colin Goltra’s “Unholy Unions” here

What else is happening?

  • Ledger won’t reimburse users after a major data hack. (Decrypt)
  • Raoul Pal on the coming transformation of monetary and fiscal policy. (Coindesk)
  • JPMorgan: Bitcoin is ‘overbought’ but will suck money out of gold. (Cointelegraph)

This article is published on BitPInas: Tuesday Trades: Normalcy

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]