Monday Markets: Possibilities

Elon Musk to Michael Saylor: Are such large transactions even possible?

Good morning. Let’s take a look at the most important news today and what to expect this week, what with the holidays and all.

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 21, 2020:

Bitcoin closed December 20, 2020, at $23,518 per BTC. We’re up 23% in the last 7 days and 229% since the year began. This figure is 2.2% below the previous all-time high of 24.225.28 which was hit on Dec. 20, 2020.

Bitcoin’s market capitalization stands today at $440,025,666,528 which is 64.96% 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

Square’s Cash Card now lets customers get Bitcoin back on purchases.

We don’t have the Cash app here in the Philippines, but in the U.S., customers use it as we would Gcash, albeit with more features like stock investing. This year, Jack Dorsey, its CEO (who is also the CEO of Twitter) announced  that Square (the company behind the Cash app) has allocated $50 million dollars worth of its reserves into Bitcoin.

The news: Customers using the Cash Card in transactions can get rebates in Bitcoin. Previously, rebates were only in USD. It appears there is demand for BTC rebates especially at a time when the Bitcoin price is at its all-time high. (Condesk)

Hardware Wallets

Ledger users threaten legal action after hacker dumps personal data

Ledger, one of the most popular hardware wallets, has been breached by a cybercriminal, who then proceeded to dump the company’s marketing database on the internet/ The database contains customer information such as names, emails, physical addresses, addresses, etc. 

While the tokens in the hardware wallet have not been affected by the breach, any bad actor who has access to the dumped information could target any customers through phishing and reverse engineering attempts. 

It goes without saying: Never never tell your private keys to anyone. We have an old article about protecting one’s private key that you might want to take a look at. (Cointelegraph)

Elon Musk

Tesla and SpaceX founder inquires about moving large transactions to Bitcoin.

After Musk posted a tweet suggesting that he is tempted by Bitcoin, Michael Saylor, CEO of MicroStrategy encouraged the billionaire to do his shareholders a  $100 billion favor by converting the TESLA balance sheet from USD to Bitcoin.

“Are such large transactions even possible,” Musk asked.

Saylor has done it before, sharing that he purchased over $1.3 billion into BTC already without the red flags and without causing spikes in the market. “Would be happy to share my playbook with you offline – from one rocket scientist to another,” Saylor said. (Bloomberg)

Philippines: #CryptoPH

Axie Infinity updates today at 10:00 pm.

Season 14 of Axie Infinity starts later tonight along with a number of anticipated balance updates. (Check out Axie Infinity Discord and YGG Discord here.)

What else is happening?

• The Graph Token soars as exchanges add the cryptocurrency. (Coindesk)
• Ruffer Investment used Coinbase to execute $475M Bitcoin Buy. (Coindesk)
• Move over, Kickstarter: NFTs are the newest way for indie games to fundraise. (Cointelegraph)
• The side effect of Bitcoin’s Bull Run: Transactions now cost an average $12. (Decrypt)

This article is published on BitPinas: Monday Markets: Possibilities