Good morning. 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 February 15, 2021:
Bitcoin closed February 14, 2021, at $48,680 per BTC. We’re up 25% in the last 7 days and up 68% since the year began. This is a new all-time high in daily-close, but the new all-time high is $49,531.
Bitcoin’s market capitalization stands today at $905,533,373,929 which is 59% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,517,506,292,265 (+1.5%).
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.
Table of Contents.
$50K WIthin Striking Distance as Bitcoin Sets a New All-Time High
Roughly two months after breaching past the psychological resistance of $20,000 was breached, Bitcoin is just some % away from $50,000. There’s really now resistance at this point.
According to Coindesk, some of the possible catalysts include Tesla’s Bitcoin buy last Monday, Deutsche Bank planning to offer crypto custody, Morgan Stanley considering a Bitcoin investment, and BNY Mellon, the oldest bank in America, launching its digital currency unit.
So yes, institutions and corporates are the catalyst.
So where are in the market cycle? Here’s the chart:
Record-Breaking 888.2 ETH Genesis Land Sale
The buyer of the digital lands, a Twitter user who goes by the name of @Its_Falcom_Time wrote a thread about why he purchased $1.5 million of Axie Infinity’s digital lands.
“We’re witnessing a historic moment; the rise of digital nations with their own systems of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”
“As Genesis land plots are the rarest and best positioned plots in Axie Infinity they were a natural fit for my thesis. The full estate of 9 Genesis land plots maximizes the opportunity ahead.”
NBA Top Shot
NBA Top Shot’s $50 Million in Sales Beats Cryptokitties
On the back of a very popular brand, NBA Top Shot, which are officially licensed collectible non-fungible tokens (NFTs) showcasing the best moments from NBA games, now boas $50 million in total marketplace transactions, beating out CryptoKitties’ $35 million all-time market sales.
One defining difference versus others in the space is of course the mainstream brand (NBA) and the mainstream audience (NBA fans). Angel investor Romeen Sheth describe the NBA Top Shot phenomenon:
MetaMask is making $170,000 Per Day Thanks to Its Token Swap Feature
According to news site The Defiant, this shows that wallets, decentralized exchanges and aggregators can grow into sustainable businesses, contradicting the common take that open source protocols cannot be profitable because others can simply copy code.
Crypto Art Sales
Crypto Art Sales on Ethereum Reach a Record $90 Million
According to Decrypt, there is “no end in sight” to the boom that crypto art is witnessing, with the Nifty Gateway marketplace leading.
What else is happening
- Alpha Homora loses $37 million following Iron Bank exploit
- Coinbase Ventures, Paradigm Invest $12M in Synthetix DeFi Platform
- ‘Black Swan’ Author Nassim Taleb Dumps Bitcoin
- Andrew Yang Wants New York to Be Bitcoin ‘Hub’
This article is published on BitPinas: Bitcoin Breaches Past $49,000 and Axie Infinity’s Record Land Sale (Feb. 15, 2021)