Welcome to Monday Markets Wrap-up, 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, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest.
Market Price as of May 10, 2021:
Bitcoin closed May 9, 2021, at $58,214 per BTC. We’re up 0.0% in the last 7 days and up 871% since the year began. This is also 15.29% below the all-time high of $64,804, which was hit on April 14, 2021.
Bitcoin’s market capitalization stands today at $1,110,542,113,522 which is 47.26% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,620,549,944,539 (+4.4%).
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.
Ethereum at $4k
Ether continues to break past previous all-time highs. As of today, the 2nd largest cryptocurrency has breached past $4,000, a new milestone. The market cap is now at $463 billion. Bitcoin’s at $59,000 currently.
Not everyone expected this sudden increase. Katie Stockton of Fairlead Strategies said the target $3,000 was reached sooner than what their models have indicated. Her advice? Trend following. “It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly,” Stockton said, as quoted by Coindesk.
It is difficult to talk about Ether without talking about DeFi. According to DeFi Pulse, the total value locked in DeFi, majority of them on top of the Ethereum blockchain, is now at $86 billion.
Your Favorite Crypto Company May Be Hiring.. In the Philippines
With a fresh war chest and renewed optimism, crypto companies have focused on either expanding to new markets or acquiring other valuable companies. In 2020 and onwards to now, a number of international crypto companies are hiring in the Philippines in various support and leadership roles. While crypto companies have hired support roles in the Philippines in the past, be it community managers and the like, hiring leadership roles suggests they are keen to expand in the Philippines or in the Southeast Asia region.
In our article, Your Favorite Crypto Company May Be Hiring.. In the Philippines, we look at the following companies current hiring for leadership roles in the country:
Play to Earn Philippines: Make Money Playing Blockchain Games 101
Do people really earn money playing blockchain games? Also, wtf is ‘Play to Earn’? We examined this phenomenon in a new article on BitPinas and figure out why it works, especially in the context of the Philippines.
The good news in ‘Play to Earn’ is that these in-game assets you bought can be resold, in contrast to 99% of the ‘Free to Play’ games where you cannot sell the items you either like or not. Every Axie can be sold if you don’t like it or if you need to liquidate for cash. As Beryl Chavez Li, co-founder of Yield Guild Games said, this is the beauty of ‘Play to Earn’: “Players can go in and out of the program at any time.”
Play to Earn: Get Started with Axie Infinity
My friend Gerard called this article a “Zero to Hero” guide to playing Axie Infinity. We hope it works for you.
What’s With This Focus in Earning Money? Because why not? Thanks to the immutable nature of the blockchain, this is the first time that players can get rewarded for the time they invest in playing a game. In the past, no matter how much time and investment you put in an MMO or a mobile game, you need to resort to real-money trading (or even sell your entire account) just to have returns.
With Axie Infinity and ‘Play to Earn’ games, the player creates value that can be sold legitimately, without fear of violating some terms and conditions. Every Axie can be sold and resold. In many ‘Free to Play’ games, players just put money in and when they stop playing, the money spent can never be recouped.
Read More: Play to Earn: Get Started with Axie Infinity
Narra’s Art Fair Exhibition and Nifty Gateway Airdrop
Narra is described by one of its co-founders, Colin Goltra, as a joint venture “of sorts” between friends “for various cultural pursuits in the broader metaverse.” It has launched multiple projects that aim to, among other things (such as “do other cool stuff”), ensure Filipino artists occupy a premiere space of recognition in the growing NFT scene.
What else is happening
- Crypto Long & Short: Why Bitcoin’s Taproot Upgrade Matters
- Rari Capital Reports Exploit in ETH Pool
- Dogecoin Sinks to $0.43 Day After Elon Musk SNL Appearance
- BTC could trade for $250K within five years: Morgan Creek Capital CEO
This article is published on BitPinas: Ether at $4k, Crypto Jobs PH, PlayToEarn PH (May 10, 2021)