Good morning. 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 March 10, 2021:
Bitcoin closed March 9, 2021, at $54,700 per BTC. We’re up 11% in the last 7 days and up 85% since the year began. This is also 6.72% below the all-time high of $58,640, which was hit on Feb. 21, 2021.
Bitcoin’s market capitalization stands today at $1,006,689,376,299 which is 59.21% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,701,339,910,324 (+0.8%).
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.
NBA Top Shot Exec: We Weren’t Ready for Surge in NFT Demand
The increasing popularity of non-fungible tokens (NFTs) is led by NBA Top Shot, but now, with mass media exposure and NBA players participating, it could not keep up with the demand.
“But Dapper Labs says it always expected NBA Top Shot to have a broad appeal. Just not this rapidly. The result has been downtime for the marketplace, halted signups for new users, and long waits ahead for users to withdraw funds. All issues that the company is currently scrambling to address,” Andrew Hayward wrote on Decrypt.
“NBA Top Shot is aiming even higher, but to reach that larger chunk of potential users, it will need to ensure that new users can get into the experience without spending an arm and a leg—and that covetable NFT collectables won’t just be niche objects of affection for crypto millionaires.”
Here’s another interesting article from The Defiant: Withdrawal Delays Highlight NBA Top Shot Centralization
JPMorgan to Launch “Cryptocurrency Exposure Basket”
The J.P. Morgan Cryptocurrency Exposure Basket does not invest directly in crypto but contains business that they “believe to directly, or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading.”
The basket is long on the following:
- Riot Blockchain
- Advanced Micro Devices
- Taiwan Semiconductor Manufacturing Company Limited
- Intercontinental Exchange
- CME Group
- Silvergate Capital
BloomX enters Tech Agreement with Binance
BloomSolutions, a local virtual asset service provider licensed by the Bangko Sentral ng Pilipinas, said it has entered an agreement with global crypto exchange Binance to leverage its core technology, infrastructure, and liquidity, to allow Philippine residents to access and trade over 250 cryptocurrencies in exchange for Philippine peso (PHP) in the recently launched “BloomX” crypto trading platform.
BSP Expects Increase in Cryptocurrency Transactions in the Philippines
Virtual asset service providers in the Philippines processed around $1.5 billion (Php 76 billion) between January to September 2020, which is five times more than what was recorded within the same time frame in 2019 ($288 million or Php 14 billion), PhilStar reported.
Meanwhile the total transaction volume from January to September 2020 was 7.2 million. This is a 36% increase versus the volume recorded within the same period in 2019 (5.3 million).
What else is happening
- A Hacker Was Selling a Cybersecurity Exploit as an NFT. Then OpenSea Stepped In
- Twitter CEO Will Donate Proceeds From the Genesis Tweet to GiveDirectly
- Mark Cuban sees $1 written in DOGE’s tea leaves
- Cover Protocol Token Dives After Yearn Breakup
This article is published on BitPinas: JPMorgan to Launch Cryptocurrency Exposure Basket (March 10, 2021)