Saturday Sats: All Portfolios Should Be Green Today

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Good morning. Today is a good day for any crypto holders.

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 February 6, 2021:

Bitcoin$38,008+3.23%
Ethereum$1,724.86+8.69%
Tether$1.000.0%
Polkadot$20.92+6.25%
XRP$0.45+2.27%
SLP$0.032+43.8%


Bitcoin closed February 5, 2021, at $38,008 per BTC. We’re up 15% in the last 7 days and up 35% since the year began. This is 9% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $729,167,826,128 which is 58% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,228,323,818,036 (+6.9%).

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.

India

Balaji Srinivasan believes India should buy, and not ban Bitcoin 

The serial investor and entrepreneur made the case as to why India should not ban crypto. The country is on the verge of doing so, but Balaji cited some reasons that, frankly, as Colin Goltra put it, are relevant to the Philippines as well.

  1. Crypto is a trillion dollar industry
  2. Crypto means India can’t be deplatformed
  3. Crypto brings capital to the country
  4. Crypto enables the remote economy
  5. Strengthened monetary policy
  6. Deterring financial fraud
  7. Crypto is the financial internet
  8. Crypto is the open source alternative to foreign corporations
  9. India Should Back Neutral Crypto Platforms
  10. India should buy Bitcoin, build a stockchain, attract crypto, and encourage decentralization

Read the awesome piece here.

Jack Dorsey

Twitter and Square CEO sets up a Bitcoin node

Square

Square’s counterclaim re: whitepaper

Lawyers acting on behalf of Craig Wright, who claims to be Satoshi Nakamoto, have asked Jack Dorsey’s Square to stop hosting the Bitcoin whitepaper. The argument is that because he is Satoshi, he owns the whitepaper.

Now the Cryptocurrency Open Patent Alliance (COPA), which deals with these things wrote a response on behalf of Square, asking for more information about Wright’s allegation. Square Crypto, the company’s crypto arm added in a tweet:

Square is still hosting the whitepaper.

What else is happening

  • Ethereum is pumping
  • German police seized a wallet with 1,700 Bitcoin from a convicted hacker, who refused to share the password.
  • Rare Hashmasks Digital Artwork Sells for $650K in Ether

This article is published on BitPinas: Saturday Sats: All Portfolios Should Be Green Today

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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]