Good morning. Today, we look at Ethereum’s new all-time high and some pointed criticisms about cryptocurrencies which could easily be disputed by facts — facts that are publicly available and viewable on the blockchain.
Welcome to Wednesday Watch, 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 January 20, 2021:
Bitcoin closed January 19, 2021, at $36,105 per BTC. We’re up 6% in the last 7 days and up 24% since the year began. This is 13.91% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.
Bitcoin’s market capitalization stands today at $670,793,955,640 which is 63.94% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,048,813,722,333 (-0.7%).
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.
Ether has a new all-time high
(By William Foxley, Coindesk) Prices hit $1,439.33 around 12:00 UTC – that’s a little over the previous all-time high of $1,432.88 registered on CoinDesk’s price index on Jan. 13, 2018. The digital asset rallied nearly 12% Tuesday to reach the new peak. Decentralized finance (DeFi) is widely regarded as the best Ethereum use case to date. DeFi markets enable permissionless and automated lending, trading and borrowing to anyone with an internet connection. The market recently surpassed some $22 billion in total value locked (TVL) – a metric similar to assets under management (AUM).
Treasury secretary nominee Janet Yellen calls illicit use of cryptocurrency a ‘particular concern’
(By Aislinn Keely, The Block) Cryptocurrencies are a “particular concern” for law enforcement officials charged with policing money laundering and other illicit finance, Treasury secretary nominee and former Federal Reserve chair Janet Yellen said during her Senate confirmation hearing today. “I think many are used at least in a transactions sense mainly for illicit finance,” she said, adding that the government needs to find new ways to curb money laundering from occurring via crypto platforms.
Criminal activity in crypto transactions fell sharply in 2020, says Chainalysis
(By Tanzeel Akhtar, Coindesk) Chainalysis reports in 2020, cryptocurrency criminal activity fell to 0.34%, or $10.0 billion in transaction volume, compared with 2019, when criminal activity represented 2.1% of all transaction volume or roughly $21.4 billion worth of transfers. One of the reasons for the decline is due to overall economic activity nearly tripling between 2019 and 2020, but still the overall amount of cryptocurrency-related crime is falling, and is an even smaller part of the cryptocurrency economy, said the firm.
Crypto ‘Scary but Necessary’: Former OCC Head Brooks
(By Jeff Benson, Decrypt) Brian Brooks, who resigned as Acting Comptroller of the Currency last week, has called cryptocurrency, including decentralized finance (DeFi) and stablecoins, “necessary” in order for the US to “continue to lead and succeed” in the world.
How PH crypto exchanges are handling the XRP fall out
There appears to be different responses among local cryptocurrency exchanges in the Philippines in relation to the current legal issue that Ripple, the company with the majority of XRP token holdings, is facing in the United States. The responses fall in either of the three categories – full suspension of XRP trading, partial suspension, or no change in current policy. Read more on how the exchanges responded here.
Bloomcast is back!
Bloomcast is a weekly web show where Bloom’s Luis Buenaventura, Ramon Tayag, and Justin David invite various crypto personalities to discuss news and developments happening in the industry. It’s first episode this year aired yesterday with a special cameo from BitPinas.
Favorite quote (non-verbatim): “I like that Brad is also on the screen looking really annoyed at our discussion about XRP.” – Luis.
What else is happening
- Bitcoin becomes most-crowded trade after passing ‘long tech’: Bank of America Survey
- Asia accounts for almost half of global crypto trading: Messari report
- Coinbase to acquire Bison Trails to compete in the market for infrastructure as a service
- Blackouts hit Iran; government blames bitcoin mining
This article is published on BitPinas: Wednesday Watch: Ethereum All-Time High