Coinbase Hints Token Issuance, While ADA Goes Up (Feb. 27, 2021)
Good morning. 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 February 27, 2021:
Bitcoin closed February 26, 2021, at $46,326 per BTC. We’re down 11% in the last 7 days and up 64% since the year began. This is also 21% below the all-time high of $58,640, which was hit on Feb. 21, 2021.
Bitcoin’s market capitalization stands today at $886,821,412,278 which is 60% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,479,699,994,007 (-0.4%).
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.
Coinbase Hints About Issuing Its Own Token
The company’s S-1 filing hinted that it may raise additional capital to help it grow. How they will do this might be in the form of issuing new stock or “it could take the form of a blockchain token” that is tied to customer reward or loyalty programs.
Sounds like BNB.
It doesn’t mean that they will actually issue their own tokens but the filing suggested they have considered it, The Block reported.
Ethereum’s Biggest Mining Pools Have Opposing Stance on EIP-1559
EIP-1559 is a planned upgrade to Ethereum that would burn part of the transaction fees as profits to ETH holders instead of miners. The goal of which is to improve network security but really, it’s really to ensure transactions fees are not high as it is today.
And who are earning much from transaction fees? The miners.
But the two biggest mining pools in Ethereum don’t share the same view about this improvement.
F2Pool is the third-largest Ethereum pool with 11% of the network’s hash rate. They support the proposal.
“Today, the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors,” the group said in a blog post.
Sparkpool, the largest mining pool with about 24% of the hashrate, said it opposes the proposal.
Get updated with EIP-1559 here:
Why is Cardano Going Up?
News outlet Decrypt cited two possible reasons.
First is the hard fork in March which would allow Cardano to have smart contracts, decentralized finance, and non-fungible tokens to come to the network. Ethereum has all of that, but the gas fees have forced some projects to look elsewhere. Cardano’s market cap is $40.8 billion. Being the third largest cryptocurrency by market cap mean there’s ton of money and support for the crypto and the blockchain.
Another possible reason is that FD7, an investment firm in Dubai has reportedly sold $750 million in Bitcoin to buy ADA and Polkadot.
What else is happening
- Dorsey, Saylor, Winklevoss Twins Join MIT Campaign to Protect Bitcoin
- SEC’s Division of Examinations issues Risk Alert on digital assets
- Bitcoin Looks Indecisive After Sell-off in Bonds, Tech Stocks
- The Future of Bitcoin: 12 Scenarios From Bullish to Bearish
This article is published on BitPinas: Coinbase Hints Token Issuance, While ADA Goes Up (Feb. 27, 2021)