Welcome to Saturday Sats, 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 9, 2021:
Bitcoin closed January 8, 2021, at $40,816 per BTC. We’re up 37% in the last 7 days and 38% since the year began. This is a new all-time high.
Bitcoin’s market capitalization stands today at $747,487,614,111 which is 69.29% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,081,375,840,101.
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.
Why is Bitcoin going up, and will it crash soon? What’s next as price doubles to $40K
Coindesks breaks down the key reasons why the price of Bitcoin is increasing: Demand from institutional buyers, U.S. dollar’s decline in foreign exchange markets, retail purchases.
As to how and why a pullback will happen, these are the possible scenarios or reasons: 1) extreme volatility could shake people, 2) there has always been a 25% pullback, 3) Bitcoin could rally two to three times more before falling back, 3) wild swings, 4) regulators and governments coming in, 4) profit taking. (Bradley Keoun, Muyao Shen, Coindesk)
Bitcoin market cap now nearly 7% of gold
Gold’s market cap is $10.6 trillion. Bitcoin is $747 billion.
(Michael McSweeney, The Block)
Morgan Stanley now has 10% stake in MicroStrategy
Per a filing with the Securities and Exchange Commission released on Jan. 8, investment bank Morgan Stanley had acquired 792,627 shares in business intelligence firm MicroStrategy. The investment represents a 10.9% stake in a firm that has made massive investments in Bitcoin over the past several months. (Kollen Post, Cointelegraph)
Altcoins take a hit as Bitcoin corrects from latest all-time high
The price of Ethereum, which yesterday hit highs of $1,282, has fallen by 6% to its current price of $1,198. Litecoin fell 4% to $179, XRP fell 12% to $0.31, Cardano (ADA) fell 8% to $0.29 and Polkadot (DOT) fell 9% to $9.11. More losses: Bitcoin Cash fell 7.12% to $441, Stellar (XLM) fell 12.29% to $0.29 and Chainlink fell 11% to $15. (Robert Stevens, Decrypt)
Spock, not his real name, who manages a crypto hedge fund in real life, has participated in the BitPinas Year in Review. One of the most insightful pieces you can read here in this website, please do check it out:
What else is happening
- How Much Bitcoin Does it Take to Break Into the 1% Club? (Scott Chipolina, Decrypt)
- Bank of America: Bitcoin is the Mother of All Bubbles (Robert Stevens, Decrypt)
- Uniswap liquidity near all-time high – this time without liquidity mining (Owen Fernau, The Defiant)
This article is published on BitPinas: Saturday Sats: Bitcoin, Gold, Corporate