Thursday Thoughts: Back at $1 Trillion Market Cap
Anybody thinks we’re gonna be at this level for a while?
Good morning. Lots to unpack today. But first let’s celebrate the first green candle in five days…..
Welcome to Thursday Thoughts, 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 14, 2021:
| Bitcoin | $37,456 | 10.37% |
| Ethereum | $1,132.02 | 8.33% |
| Tether | $1.00 | -0.99% |
| XRP | $0.306500 | 4.4% |
| Polkadot | $8.26 | 33.4% |
| SLP | $0.013 | 1.0% |
Bitcoin closed January 13, 2021, at $37,456 per BTC. We’re down 22.7% in the last 7 days and up 29% since the year began. This is 10% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.
Bitcoin’s market capitalization stands today at $696,127,808,397 which is 68.54% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,023,435,647,191.
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.
Bitcoins
Institutions buy while Bitcoin dipped this weekend
(By Frank Chapparo, The Block) Over the weekend, bitcoin financial-services provider NYDIG said that its clients were overwhelmingly skewed to the buy side — which indicated that the market could soon recover from its lows.
“Our institutional client base saw the drawdown as a buying opportunity. During the drawdown, a full 89% of our client orders were to buy. We see that our client base, made up of institutions with very long-term time horizons, such as insurance companies, see pullbacks as a time to add to their positions.”
Ripple Effect
Grayscale to dissolve XRP Trust due to U.S. SEC’s Ripple lawsuit
(By Jeff Benson, Decrypt) Grayscale’s announcement directly references the US Securities and Exchange Commission’s $1.3 billion lawsuit brought last month against Ripple Labs, the driving creative force behind the cryptocurrency, as well as CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The SEC has targeted the defendants for their role in selling XRP, which the agency has deemed an unregistered security.
EToro
EToro warns users it’s running out of crypto to trade due to ‘unprecedented demand’
(By Joshua Mapperson, CoinTelegraph) Quantum Economics founder Mati Greenspan — formerly a market analyst for eToro — told Cointelegraph that the warning notice was “a symptom of a potential upcoming liquidity crunch.” He advised users on Twitter against trying to move funds off the platform. It is only a matter of time before we see other exchanges start to hit liquidity issues Greenspan believes, saying it is “highly likely” that we will see this situation occurring on other platforms in the near future.
DeFi
$300M Whale Spotted in DeFi’s Turbulent Seas
(By Owen Fernau, The Defiant) The whale, whose ether address is 0xB1AdceddB2941033a090dD166a462fe1c2029484, has a net worth of ~$340M, with $482M in assets and $141M in debt, according to DeFi wallet tracker DeBank.
Only $8.5M sits unused while 97% of the capital is being supplied to DeFi, ranging from well-known protocols like Compound and Uniswap, to lesser-known projects like YFLink and Dodo. The wallet is earning between $200k-$400k daily, just through yield farming.
#CryptoPH
Spotlight on KooKoo
KooKoo, who provided his expertise in our “How to Trade SLP/AXS to PHP” article, is one of the most popular Axie YouTubers and one of the leaders in Yield Guild Games who has helped onboard many new players to Axie Infinity and to the “Play to Earn” ecosystem. KooKoo’s interview, now live on Axie Infinity’s “The Lunacian” talks about his life story, why education is important and the true benefit of play-to-earn.
“It’s time for players to get rewarded by playing blockchain games that they can have ownership and enjoy the benefits of blockchain technology. Turning gamers into investors.”
What else is happening
- Bitcoin must be regulated globally, says European Central Bank President (Robert Stevens, Decrypt)
- Japan’s top securities regulator says XRP is not a security (Yogita Khtari, The Block)
- OCC to unveil bank charter for crypto financial services (Tanaya Mcheel, Blockworks)
- Cloudflare unveils gateway to distributed web with ENS, IPFS integration (William Foxley, Coindesk)
This article is published on BitPinas: Thursday Thoughts: Back at $1 Trillion Market Cap
