The Bitcoin “Crash” Sees Price Drop to $47k (Feb. 23, 2021)

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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 23, 2021:

Bitcoin$54,142-5.82%
Ethereum$1,777-8.07%
BNB$267-9.49%
DOT$37.63-4.93%
ADA$1.097-0.09%
SLP$0.06-0.5%


Bitcoin closed February 22, 2021, at $54,142 per BTC. We’re up 3% in the last 7 days and up 86% since the year began. This is also 7% new all-time high is $58,640, which was hit on Feb. 21, 2021.

Bitcoin’s market capitalization stands today at $1,000,625,641,927 which is 59.74% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,667,342,938,140 (-7%).

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.

Ethereum

Ethereum Mining’s Monthly Revenue Reaches All time high over $1 billion in February

It does not come as a surprise that Ethereum mining revenue has reached $1 billion this month. From that number, $541 million comes from transaction fees. Transaction Fees!

Here’s the chart from The Block:

The publication also noted that the growth reflects the surging interest in ETH mining, as demonstrated by GPU shortages and Nvidia releasing a new line of dedicated crypto mining hardware.

Liquidations

Price Decreases Across The Board Triggered Second Highest Amount of Liquidations

Out of the $24.1 million amount that was liquidated, $13.7 came from Compound. Next one is Aave with $5.4 in total. The last time something this big happened was November 26, 2020, when a “momentary” price increase in DAI led to Compound liquidating $88.4 million worth of collateral. More information from The Block here. 

Bitcoin

Bitcoin Transfers To Exchanges Surged, More Selling Pressure in the Future?

According to data from Glassnode, as reported by Coindesk, around 40,000 BTC was transferred to major crypto exchanges beginning Friday. This pushed the levels of Bitcoin reserves in these platforms. Most of the inflow went to Gemini, 34,000 BTC to be exact.

#CryptoPH

PDAX Suffers Outage

We have updated our article based on new statements from the BSP, from PDAX, and from some of the affected customers. 

What else is happening

  • Elon Musk on Gold: “You Might as Well Have Crypto”
  • Thousands of Users Flock to Binance Smart Chain’s Latest Apps
  • 3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation
  • Can’t beat ‘em? Join ‘em: Mastercard and Visa make a case for Bitcoin

This article is published on BitPinas:  The Bitcoin “Crash” Sees Price Drop to $47k (Feb. 23, 2021)

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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