Good morning. Welcome to Tuesday Trades, 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 March 16, 2021:
Bitcoin closed March 15, 2021, at $55,805 per BTC. We’re up 4.2% in the last 7 days and up 87% since the year began. This is also 9.5% below the all-time high of $61,711, which was hit on March 13, 2021.
Bitcoin’s market capitalization stands today at $1,016,934,907,513 which is 59.62% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,711,902,837,644 (-7.6%).
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.
Retail Bought More Bitcoin Than Institutions Did in Q1 2021
According to a report from JPMorgan, retail investors have powered the recent rally to $60,000. Retail purchased 187,426 bitcoins this quarter versus institution’s 172,684. The number may be close, but that’s still a 14,742 difference ($797,483,379).
Looking at this chart however, it is clear that retail buys have gradually declined in the last three quarters and that institutions just returned to their usual volume.
Will Binance Register With the CFTC?
You might remember that Binance recently hired a Max Baucus, a former Senator and Diplomat to China, to become the exchange’s policy adviser.
He was on the record on Bloomberg TV, saying he thinks the exchange is looking at registering as a broker with the U.S. Commodity Futures Trading Commission (CFTC). “I think they’re moving in that direction. That’s a policy decision that we’re discussing, and it’s a business judgement,” he said.
Expounding on his role at Binance, he said it’s understandable that regulators are looking into exchanges because of the industry’s explosive growth.
“This is such a new phenomenon, it’s only appropriate the regulatory agencies do their job. My job is to help them develop their business in a way that will expand, but also will be following regulations.”
DC Comics Exploring NFT
In a letter to freelancers penned by the company’s senior vice president of legal affairs, DC is exploring opportunities to enter the NFT market.
“DC is exploring opportunities to enter the market for the distribution and sale of original DC digital art with NFTs including both new art created specifically for the NFT market, as well as original digital art rendered for DC’s comic book publications.”
Check out the BitPinas article on NFT:
My Neighbor Alice
Alice Token Shot Up By 21,000%
My Neighbor Alice is a multiplayer game where you can own virtual islands, collect items and meet friends. Think of it like Animal Crossing. It has a utility token called ALICE, which will be its in-game currency and governance token.
Point is, it launched on Binance yesterday to a frenzy. Opening at $0.1, it shot up to $72 before it went down and normalized at around $20. Take a look at the hourly chart here:
This is just an example of the things happening right now in crypto. As always, the advice of the experts is to only trade what you are willing to lose. (Legalese: This post is just to inform and must not be misconstrued as investment advice. The writer does not have ALICE tokens.)
What else is happening
- Over 6,000 XRP holders volunteer as third-party defendants in SEC lawsuit
- DeFi Projects Cream Finance, PancakeSwap Hit With ‘DNS Hijacks’
- Suspicions raised as Alameda Research denies affiliation with Reef Finance
- Korean Crypto Trading Volume Has Surpassed The National Stock Exchange
This article is published on BitPinas: Batman Publisher DC Comics Exploring NFT (March 16, 2021)