Good morning. Google went down yesterday night, kickstarting hundreds of memes on the perils of centralization. I was writing something and I actually thought, for a moment, that I would lose 2,000 words and 2,000 worth of notes. Relying on one company for multiple services can be a good thing, until it isn’t.
Welcome to Tuesday 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 December 15, 2020:
Bitcoin closed December 14, 2020, at $19,358 per BTC. We’re up 0.8% in the last 7 days and 170% since the year began. This is also 2.7% below the previous all-time high of $19,832 on December 1, 2020.
Bitcoin’s market capitalization stands today at $359,357,896,215 which is 62.4% of the entire cryptocurrency market.
Yield Guild Games launched to onboard players into the “play-to-earn” revolution.
Yield Guild Games was announced yesterday with the mission of onboarding millions of players around the world into the “play-to-earn” revolution.
People might feel overwhelmed when they try to play a blockchain game like Axie Infinity. Those that did play and persevere were rewarded and continue to reap the benefits of blockchain games.
In the Philippines, there was a movement to onboard people to play Axie Infinity and earn money. Yield Guild Games is the scaling of this concept as it wants to help these players get started playing and earning money for their contributions.
More about Yield Guild Games in a future article. (YGG Medium)
On the subject of play to earn, check out this these two articles:
- Playing Axie Infinity vs Minimum Basic Salary in the Philippines
- The NFT Game That Makes Cents for Filipinos During COVID
Vitalik said don’t take out personal loans to buy crypto
The Ethereum founder Vitalik Buterin advised everyone against taking out a loan to purchase crypto, hoping that the loan will be paid eventually because crypto would, in theory, gradually appreciate in value over the years.
Buterin also added that 7 years ago, when his net worth was just “a few thousands,” he sold half his Bitcoin to make sure he would not go broke if the dominant cryptocurrency went to zero.
PayPal stock has surged 17% since enabling Bitcoin purchases
PayPal recently made headlines for finally allowing its U.S. users to buy and sell cryptocurrency. There were a lot of restrictions, however. You cannot sell it or transfer it to another PayPal user (for now) and you cannot have access to your private key. The industry has expected this, of course, PayPal is a major financial institution and a lot is at stake should bad actors try using it to move funds. (But why would bad actors use PayPal?)
If there is anything that can say that this is a welcome move, look at its price in the stock market, recording $222, outperforming the Nasdaq and the U.S. stock market. According to Cointelegraph, it’s unlikely that PayPal’s foray into crypto is the only catalyst for its stock performance. But nevertheless, it is well-positioned to capitalize on the growing adoption of digital currencies. (Cointelegraph)
What Else is Happening?
- The US Commodity Futures Trading Commission (CFTC) heard a presentation about DeFi today. (Decrypt)
- Microsoft and Ernst &Young LLP (EY) plan to use blockchain to allow Xbox gaming partners, artists, and creators to track and manage royalty contracts and payments. (Coindesk)
- Google Down: The Perils of Centralization (Coindesk)
- Nexus Mutual founder’s personal wallet address gets attacked (The Block)
This article is first published on BitPinas: Tuesday Trades: No Way But Up?