Tuesday Trades: Dip Further
Good morning. Crypto prices have retreated significantly yesterday, although Ethereum is now back at $1,000 and Bitcoin at $34,000. Still not a good day to look at the charts, but compared to the prices one month ago, this is definitely up.
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.
Market Price as of January 12, 2021:
Bitcoin closed January 11, 2021, at $35,670 per BTC. We’re up 8% in the last 7 days and 18% since the year began. This is 12% below the previous all-time high of $40,815, which was hit three days ago.
Bitcoin’s market capitalization stands today at $633,879,965,843 which is 67.86% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $933,289,817,452 .
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.
Eye-popping projection for $3t crypto market underpins Bakkt deal
(By Bradley Keoun, Coindesk) Cryptocurrencies could grow fivefold by 2025 into a $3 trillion market, under new projections from Bakkt Holdings, the digital-asset financial firm. Bakkt published the estimate as part of an investor presentation released Monday in connection with its new plan to go public via a merger with Victory Park Capital, a special-purpose acquisition company. Bakkt is majority-owned by Intercontinental Exchange Inc., which also owns the New York Stock Exchange. The deal would give Bakkt an enterprise value of about $2.1 billion, according to a press release.
The underlying assumptions behind the transaction show just how bullish investors, entrepreneurs and financial executives have become over the past year on the fast-paced digital-asset industry, especially after prices for bitcoin (BTC, -4.52%), the largest cryptocurrency, quadrupled in 2020.
Profit taking? Institutional crypto fund inflows drop 97% in three weeks
(By Samuel Haig, Cointelegraph) Capital inflows into crypto funds and investment products plummeted during the first week of January after posting new all-time highs in late-December.
According to crypto fund manager CoinShares’ Jan. 11 Digital Asset Fund Flows report, the first week of trading in the new year saw just $29 million flow into institutional crypto products. That’s a greater than 97% decline from the $1.09 billion invested during the week before Christmas. Volumes are likely to have been dampened by traders taking holidays over the new year.
‘Bitcoin is Amazon’ in early 2000s, says former Trump advisor
(By Liam Frost, Decrypt) Anthony Scaramucci, American financier and founder of global investment firm SkyBridge Capital, compared Bitcoin (BTC) to the early days of Amazon, during a recent episode of “The What Bitcoin Did” podcast published on January 4.
“I think Bitcoin is Amazon [in] 2000, 2001 or 2002. It’s out there, it’s a winner, but it’s still in the very, very early stages of it. And by the way, if you looked at Amazon stock chart ‘97 to ‘02, you’re like ‘Oh geez, I missed this.’ The thing went from a fraction of a share to a gigantic amount of market capitalization,” said Scaramucci.
Ethereum feels cheap during a bull run – Tyler Winklevoss
YGG x NFT
To commemorate reaching 1000 members on the Yield Guild Games Discord server, they are doing a free NFT giveaway. The YGG Founders’ Coin is a limited edition NFT meant to reward the earliest backers of our guild. Find more information on YGG’s Medium post.
What else is happening
- Beyond the Beacon Chain: what’s next for Eth2? (Ben Edgington, The Block)
- $2.9 billion: Bitcoin liquidations kick up broader market headwinds (Frank Chapparo, The Block)
- Hold your horses! $9K Bitcoin price drop not a trend change, data says (Marcel Pechman, Cointelegraph)
This article is published on BitPinas: Tuesday Trades: Dip Further