Friday Focus: PH Updated Guidelines
Good morning. It’s the end of the week. We briefly looked at the updated guidelines from the BSP as well as news from Blockfolio, Coinbase, and.. Mark Cuban?
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 January 29, 2021:
Bitcoin closed January 28, 2021, at $33,188.60 per BTC. We’re down 6% in the last 7 days and up 17% since the year began. This is 21% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.
Bitcoin’s market capitalization stands today at $628,402,987,774 which is 62% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $993,196,383,574 (+8.70%).
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.
Updated Guidelines for Virtual Asset Service Providers
“Virtual Currency Exchange” as a term is now replaced by “Virtual Asset Service Providers” or VASPs, which is in line from the recommendations of the FATF. There really isn’t a lot new here apart from the terms and the tightening or clarifying of some of the rules that are previously in place.
Read our article here: Key Takeaways: Philippines Guidelines on Virtual Asset Service Providers (VASPs) which details paid-up capital requirements and even types of VASPs.
Coinbase announces direct listing over IPO
Instead of going the initial public offering (IPO) route, Coinbase said it is going public by way of a direct listing. In a direct listing, the company sells shares directly to the public without help from intermediaries. Also, no new shares are created and only existing and outstanding shares are sold. This is in contrast to an IPO where new shares are created, underwritten (service providers will facilitate the IPO process), and then sold to the public.
Coinbase is the largest U.S. crypto exchange and one of the most regulated exchanges in the world. By the end of 2020, the company said it had $90 billion in assets.
Blockfolio to launch zero-fee crypto trading
Blockfolio, the well-loved portfolio app for those who want to monitor prices of their crypto assets, was previously acquired by FTX for $150 billion. The new functionality will be powered by FTX and will put Blockfolio in competition with apps like Coinbase and Robinhood.
Blockfolio has more than 6 million users. Since they will offer zero-fee trading, Blockfolio said it plans to make money by offering superior prices vs competitors while capturing a percentage of the price movement.
MicroStrategy will look into ‘various approaches’ to obtain more BTC
“Regarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation. Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.” – Michael Saylor, as quoted on the company’s Q4 2020 report.
Bridgewater said Bitcoin is on its Investment Radar
Billionaire Ray Dalio, in his latest newsletter “What I think of Bitcoin,” he said crypto is “one hell of an invention” and that he’s impressed that 10 years after it was conceived, investors are still very interested in it.
Dalio runs the world’s biggest hedge fund called Bridgewater Associates. “I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won’t escape our scrutiny.”
Mark Cuban on DeFi
“It has a shot. We have to get through the wild west period, but there is so little friction in transactions vs traditional banking. If they can get away from fear of [know your customer] and other regulations and let the products leverage their advantages, it really could change banking dramatically.”
What else is happening
- Why Europe’s open banking startups are so eager to partner with crypto wallet firms
- Zora Releases Developer Tools to Build “Cryptomedia”
- One word: Doge
This article is published on BitPinas: Friday Focus: PH Updated Guidelines
[…] post was originally published on this […]
[…] This text is printed on BitPinas: Friday Focus: PH Updated Guidelines […]
[…] There you can find 38369 additional Information to that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]
[…] There you will find 76660 more Information on that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]
[…] Find More Information here to that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]
[…] Find More to that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]
[…] Info to that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]
[…] Find More on that Topic: bitpinas.com/price-analysis/friday-focus-ph-updated-guidelines/ […]