Good afternoon. 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 April 8, 2021:
Bitcoin closed April 7, 2021, at $56,134 per BTC. We’re down 11% in the last 7 days and up 96% since the year began. This is also 9.04% below the all-time high of $61,711, which was hit on March 13, 2021.
Bitcoin’s market capitalization stands today at $1,059,305,827,401 which is 53.95% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,969,819,655,950 (-2.0%).
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’s Kimchi Premium in South Korea Slips
The government of South Korea pledges to put efforts in curbing illegal crypto activities in the country.
As per the South Korean Financial Services Commission, Ministry of Finance, Ministry of Justice and other regulatory agencies:
“We will strictly crack down on illegal activities related to transactions such as market price manipulation, money laundering, and tax evasion using virtual assets through cooperation with the police, prosecution and financial authorities.”
Because of this statement, the so-called Kimchi Premium took a nosedive. As per The Block:
Also from the publication: “It’s important to note that none of the agencies involved in the meeting seems to have suggested actual changes in the country’s laws or regulations. Instead, they merely affirmed a new focus on enforcing existing provisions.”
Crypto Exchange FTX Inks Deal with the Miami Heat
The Miami Heat’s stadium will now be called the FTX Arena.
Eric Woolworth, President of The Heat Group’s Business Operations said:
““FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and we are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of-its-kind partnership in our industry that will draw global attention”
FTX CEO Sam Bankman-Fried said in a statement:
“Internet technology and digital finance are evolving incredibly quickly. We wanted to partner with a city and a franchise that are dynamic, diverse, innovative and always forward-looking. When it comes to those qualifications, Miami and the HEAT are second to none. One of America’s great cities and one of the world’s most iconic teams are poised for an even brighter future, and we’re thrilled to be a part of it.”
Ripple CTO: All Evidence Suggests XRP and Bitcoin Are Similar
By now the Ripple vs SEC case has been well documented. The U.S. SEC alleged that Ripple is selling XRP which is an unregistered security. The regulator thinks XRP is a security and its sale is illegal.
For Ripple CTO David Schwartz however, that does not seem to be the case. To him XRP is like Bitcoin (which is not a security) and the market thinks so too. “The market considers them similar. We consider them similar.”
As to fears by XRP holders that Ripple might one day cease operating because of the SEC case. This is what he said:
“The market caps of these systems are in the billions of dollars. People acting in their own self-interest are not going to allow the ecosystem to die if there’s a way to save it. That’s all that’s holding these systems together. The governing bodies don’t have any legal authority to control these systems. You have to think that people will be able to come together enough to fix it.”
McDonald’sTeases NFT Big Mac
What else is happening
- NFT Slowdown does not point to a market crash
- How Coinbase’s Wild Earnings Stack Up Against Normie Financial Firms
- Paris Hilton drops surprisingly well-informed article about NFTs
This article is published on BitPinas: McDonald’s NFTs Soon (April 8, 2021)