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Ethereum Briefly Drops to $700 on Kraken (Feb. 24, 2021)

Plus Square, Jack Dorsey’s company, buys more Bitcoin

Wednesday Watch

Good morning. Welcome to Wednesday Watch, 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 24, 2021:


Bitcoin closed February 23, 2021, at $48,899 per BTC. We’re down 13% in the last 7 days and up 67% since the year began. This is also 16% new all-time high is $58,640, which was hit on Feb. 21, 2021.

Bitcoin’s market capitalization stands today at $897,640,092,877 which is 60% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,482,021,520,297  (-12%).

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.

Bitfinex, Tether

Bitfinex and Tether (the company) settle their New York Case

In 2019, the New York Attorney General’s (NYAG) office charged that Bitfinex had used Tether’s funds to cover $850 million it had lost to Crypto Capital, a payment professor. At that time, the story is that Crypto Capital’s funds were seized by the government in Poland, Portugal, and the U.S. 

The other point of contention is that the NYAG alleged that for a certain period of time, USDTs (the stablecoin by Tether (the company))is not backed 1:1 by Tether’s dollar reserves in a bank account.

Of course, the case is now settled with Bitfinex and Tether not admitting or denying anything. Both companies agreed to pay $18.5 million as part of the settlement.

Ethereum Flash “Crash”

ETH briefly drops to $700 on Kraken

Photo for the Article - Ethereum Briefly Drops to $700 on Kraken (Feb. 24, 2021)

It actually also happened to Cardano:

Photo for the Article - Ethereum Briefly Drops to $700 on Kraken (Feb. 24, 2021)

The Kraken CEO, Jesse Powell, said the drop is not due to a glitch. “There doesn’t seem to be any evidence of a trading-engine malfunction,” he told Bloomberg. Jesse’s advice:


Square Buys Another $170M in Bitcoin

The payments company said it purchased 3,318 BTC for $170 million. That makes Square’s purchase price at $51,235 per BTC.

Considering Bitcoin’s price today (check the table above), the narrative is that they bought at the wrong time. But we forget that these corporates are playing a longer game so…


PDAX Press Conference

By now, you might have known of the outage that happened in PDAX. Here’s an update: PDAX Press Conference: Exchange Discusses Outage in Detail

CEO Nichel Gaba also appeared on Bloomcast to discuss the issue. 

What else is happening

  • Twitter CEO donates 1 BTC to Bitcoin core development nonprofit
  • Altcoins nurse double-digit losses as Bitcoin bulls fight to retake $49K
  • Kraken CEO Says Ether Flash Crash Down to Trading, Not System Glitch
  • DeFi Needs ‘Freedom to Experiment’, Says SEC’s Hester Peirce

This article is published on BitPinas:  Ethereum Briefly Drops to $700 on Kraken (Feb. 24, 2021)

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