Good morning. Welcome to Tuesday Trades, 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. We highlight three to four important news of the past week and list down the rest.
Market Price as of February 16, 2021:
Bitcoin closed February 15, 2021, at $47,936 per BTC. We’re up 25% in the last 7 days and up 68% since the year began. This is 3% below the previous all-time high of $49,531 which was hit on Feb. 14, 2021.
Bitcoin’s market capitalization stands today at $886,956,924,465 which is 59% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,485,979,666,493 (-1.9%).
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.
Elon Musk Wants Large Dogecoin Holders to Sell Their $DOGE
In a tweet, Musk complained about the concentration of Dogecoin on very few holders. In fact, the top Dogecoin address holds 27% of all the coins and the around 13 Dogecoin addresses hold 50% of the Dogecoin supply.
A Twitter user said Musk is implying that if these “whales” do not sell their tokens, Dogecoin could lose the billionaire’s support. To which Musk replied:
But just how large the disparity is? Let’s check the “Dogecoin Rich List”.
Which brings us to a relevant tweet from CZ:
Crypto Market Cap now at $1.5 Trillion
It did slide down for a bit, but here’s the relevant chart from CoinMarketCap:
Excluding Bitcoin, the market cap for the entire crypto market is now approaching $600 billion. This is almost crypto’s market cap in 2017 mania without including Bitcoin:
Bitcoin Miners Posted $345 Million in Revenue Last Week
This number effectively broke the previous weekly record when miners sold roughly $340 million during the mania of 2017. “This is encouraging for the long term prospects of Bitcoin’s security and continued investments over the next few halving,” Ethan Vera, co-founder of Luxor Technology, a mining company in Seattle, told Coindesk.
Countries and Crypto
Here’s a couple of regulation/country stories revolving around crypto:
- Thailand’s Securities Regulator Eyes Qualifications for New Crypto Investors
- Japan’s SBI in Talks Over Joint Venture to Make Crypto a Core Revenue Source
- Exchanges warn that Hong Kong’s crypto retail trader ban could backfire
- China’s Cryptocurrency Stocks Left Behind in Bitcoin Frenzy
What else is happening
- Blockchain mysteries: Biggest crypto transaction fee oddities
- Ethereum NFT Market Primed for Explosive Growth in 2021
- Bitcoin’s Rise Reflects America’s Decline
- Bitcoin’s Latest Record Run Is Less Volatile Than the 2017 Boom
This article is published on BitPinas: Crypto Market Cap Reaches $1.5 Trillion, Future of Dogecoin Remains Unclear (Feb. 16, 2021)