Saturday Sats: Elon Musk and Doge

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Good morning. Elon Musk pumps up the Bitcoin price while Dogecoin flies to the moon. I think it’s still there.

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 30, 2021:

Bitcoin$34,469.40+1.50%
Ethereum$1,391.11+3.20%
Tether$1.01-0.01%
Polkadot$16.95-0.80%
XRP$0.284278+6.60%
SLP$0.014-12.80%


Bitcoin closed January 29, 2021, at $34,469.40 per BTC. We’re down 5.1% in the last 7 days and up 19% since the year began. This is 17% 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.

Ripple

Ripple responds the SEC

The Ripple vs U.S. SEC saga has been well-documented in our daily price updates, from the first article, to local exchanges delisting XRP. Ripple said the SEC ignored that XRP is open source and claimed that its price has correlated with Bitcoin and ETH. What?

Ripple also said its settlement with FinCEN which detailed that XRP is a convertible virtual currency. Some would say that the FinCEN issue establishes that XRP is not a security. But we are ignoring one important point: the FinCEN is not the one who decides whether something is a security or not. This is in the same vein that here in the Philippines, it’s our SEC, not the BSP, that decides whether a crypto is a security. 

For what it’s worth, XRP remains the fifth largest cryptocurrency by market capitalization.

Elon Musk

Retail trade volume increases following Elon Musk’s tweet

Bitcoin’s supposed to trade at a tighter range in the coming days, but Elon Musk has other plans. The world’s richest man changed his Twitter bio to just say “#bitcoin” and then posted: “In retrospect, it’s inevitable.” 

Bitcoin’s price shot up from $32,000 to $38,000 within minutes. 

CipherTrace

Crypto Crime and AML Report 2020

Blockchain security firm CipherTrace has released its report on the major crypto theft that happened in 2020 as well as regulatory developments. Here are some of the key findings:

  • Legitimate crypto use goes up while crypto crime percentage goes down
  • Half of all crypto-related threats happened in 2020
  • Fraud is dominant crypto crime
  • Most BTC cross border transactions went from regulated virtual asset service provider (VASP) to a VASP with weaker KYC

One word: Doge

Dogecoin goes up 

The joke cryptocurrency with infinite supply increased in value as an after effect of the traders’ increasing attention to the GameStop saga which we discussed here.  

$DOGE went up 975% within 48 hours from $0.008 to $0.087. In the aftermath, this is how the chart of Dogecoin looks like: 

I don’t think any amount of technical analysis could have prepared us for this, but hey, welcome to crypto, where the market is open 24/7.

Read more: How to add funds to Binance via P2P

Visa

CEO says it could add crypto to its payment network

CEO Alfred Kelly said in Visa’s Q1 2021 earnings call that he sees opportunity in the crypto space. 

“In this space, we see ways that we can add differentiated value to the ecosystem, and we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand.” 

#CryptoPH

Crypto Trading Still A Very Personal Process in the Philippines

Some quotes from our article yesterday: 

“The most obvious reason for this decline is that crypto trading in the Philippines is still a very personal and informal business process,” Luis Buenaventura said, sharing that traders who might have met in marketplaces might eventually prefer to deal with each other directly, eliminating fees and marketplaces requirements.

What else is happening

  • Anthony Pompliano: Retail Investors Got it Right, Wall Street Got it Wrong
  • Japan to Have Blockchain-Based Stock Exchange in 2022
  • FTX created a Wall Street Bets index including GME, DOGE and others

This article is published on BitPinas: Saturday Sats: Elon Musk and Doge

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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]