Sunday Summary: A Week of Green Candles

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Good morning. Was there even a dip this week?

Welcome to Sunday Summary, 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. 

Market Price as of January 10, 2021:

Bitcoin$40,297-1.27%
Ethereum$1,282.984.84%
Tether$1.011%
XRP$0.3291692.38%
Litecoin$177.892.74
SLP$0.0163.0%


Bitcoin closed January 9, 2021, at $40,297 per BTC. We’re up 26% in the last 7 days and 40% since the year began. This is 1.27% below the previous all-time high of $40,815, which was hit two days ago.

Bitcoin’s market capitalization stands today at $756,863,971,060 which is 67.8% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of  $1,121,829,873,780.

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.

Bitcoin

Tons of Bitcoin news this week. But that’s always the case in the cryptocurrency markets. $40,000 in less than 1 month after breaching past the psychological resistance of $20,000. Here are some of the news about Bitcoin this week (plus a few more today):

  • 2020’s Bitcoin rally has made it a great year for crypto stocks
  • Bitcoin worth $1B leaves Coinbase as institutions ‘FOMO’ buy: says analyst
  • Open interest on Bitcoin derivatives reached an all-time high on Sunday
  • Bitcoin’s price could reach above $146,000 over the long term, say JPMorgan strategists
  • SkyBridge Capital sees massive gains for Bitcoin compared to gold

Ethereum

Industry

  • Average crypto venture funding size grew about 33% in 2020
  •  Crypto Markets Jump on OCC Approval for Banks to Use Blockchains
  • Corporate cash could fuel a Bitcoin ‘Torrent’
  • Trading desks are staffing up in anticipation of a prolonged Bitcoin bull run

Exchanges

  • Binance hits record high in daily volume as crypto markets surge
  • Square says new FinCEN wallet proposal will inhibit crypto adoption and hinder law enforcement efforts
  • Cryptocurrency Exchanges Strained as Bitcoin Buying Hits Critical Mass

DeFi

  • ‘Insane’ ETH fees delay launch of Aavegotchi NFT game
  • DeFi Hits Historic $17.5 Billion Locked, But ETH Is Still Flowing Out
  • Ethereum Gas Prices Put a Damper on DeFi Rally
  • DeFi10 returns 370% thanks to ETH and airdrops

Ripple

  • Grayscale Drops XRP From Large Cap Crypto Fund Following Ripple SEC Suit

#CryptoPH

Year in Reviews

This article is published on BitPinas: Sunday Summary: A Week of Green Candles

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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]