Beep, Beep, Beeple? (March 12, 2021)

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Welcome to Friday Focus, 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 March 12, 2021:

Bitcoin$57,789+3.16%
Ethereum$1,826.06+1.34%
BNB$288.47+3.7%
DOT$36.88-2.38%
ADA$1.13-0.88%
SLP$0.05+13%


Bitcoin closed March 11, 2021, at $57,789 per BTC. We’re up 16% in the last 7 days and up 95% since the year began. This is also 1.45% below the all-time high of $58,640, which was hit on Feb. 21, 2021.

Bitcoin’s market capitalization stands today at $1,058,412,223,577 which is 59.91% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,766,639,634,329  (+1.3%).

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.

Digital Art

Beeple’s Digital Art Sells for $69.4 Million

“Everydays: The First 5000 Days” is a collage of Beeple’s work beginning May 2007. He produced a new work of art every single day for 14 years. 

The entire collage was auctioned at legendary auction house Christie’s. It drew widespread attention not just in crypto and art world but also in the mainstream media. 

The bidding started at $100 with no estimate. Within the last few hours, bidding started to heat up. Tron’s Justin Sun was among the final bidders but it appears he was outbid at the last minute. 

Sold for $69,346,250, Beeple is now among the top three valuable living artists today.

Check out our article on non fungible tokens: Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars for Crypto Art and Digital Items

Binance

CZ Says Binance Has No Plans to Go Public

Speaking with Coindesk, CZ says Binance is comfortable with its cash reserves and growth figures. Thus, it sees no reason to go public anytime soon. 

“We’re not really short on funds. We’re surviving OK and we’re growing very healthily and organically so we don’t have any plans for an IPO,” he said.

He did say he feels Coinbase’s $100 billion valuation is very low. “I think they should be value much higher to be very frank,” CZ said.

Speaking of Binance, it recently hired a former U.S. Senator and Diplomat as a regulatory advisor.

Ethereum

ETH2 Transition Accelerates

Tension between Ethereum miners and developers ramp up. Once transition to proof-of-stake happens, the miners stand to lose significant revenue they enjoy today. 

EIP-1559 is now scheduled for July. When enabled, miner revenue could lose as much as 50%. With that, some miners responded by planning to stage a 51% attack on Ethereum.

But the developers are prepared. Last month, Ethereum creator Vitalik Buterin already said that is miners try to do something like that, “we will all move to PoS as soon as possible.”

What else is happening

  • Collector turns down $1M for NBA Top Shot moment originally bought for $100K
  • Terry Crews Has Launched a Social Currency Of His Own
  • Firm’s Website Breaks After It Says It Will Mine Dogecoin

This article is published on BitPinas: Beep, Beep, Beeple? (March 12, 2021)

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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]