Wednesday Watch: OTC Desks Report Rebound

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Good morning. A question to the readers out there. What is your cash out plan?

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 27, 2021:

Bitcoin$32,375+0.31%
Ethereum$1,323.43-4.96%
Tether$1.00+0.40%
Polkadot$17.26-4.11%
XRP$0.268670-1.80%
SLP$0.017+4.00%


Bitcoin closed January 26, 2021, at $32,375 per BTC. We’re down 11% in the last 7 days and up 12% since the year began. This is 22% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $599,791,401,624 which is 61% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $971,367,759,775 (-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.

DeFI

Crypto OTC desks report rebound

Interest in the DeFi market has renewed as of late according to multiple OTC trading desks interviewed by The Block. According to Genesis Global Trading, it has seen larger ticket sizes across major names like UNI, CRV and SUSHI.

Another OTC desk confirmed a similar trend but said it’s possible that this is all because BTC has calmed down and people are looking for the next thing to invest in. 

Exchanges 

Gemini Exchange announces support for Singapore dollar

Gemini appears to be pushing its presence in Asia as it announces more support for its platform in Singapore. Customers in Singapore can now buy crypto with a debit card as well as use Singapore dollars and electronic funds transfer service FAST to deposit money to the platform.

Ethereum Rival

Solana wants to corner Asian DeFi market

Blockchain investment firm Coin98 Ventures has announced a $1 million fund to encourage early-stage startups in Southeast Asia to support development on the Solana blockchain. The fund is interested in DeFi development “from markets and exchanges to dapps and tools.”

MicroStrategy

When will Michael Saylor Sell?

MicroStrategy CEO Michael Saylor appeared on a new episode of Laura Shin’s Unchained Podcast where he was asked about his Bitcoin investment, the reactions within the company when they made that decision, and the hard questions: such as what will happen in a Bitcoin bear market.

#CryptoPH

Bloomcast Episode 2

Episode 2 of Bloomcast has just aired and just like the first episode, BitPinas will have a short recap of it this week.

What else is happening

  • BadgerDAO airdrops Bitcoin-pegged Token Digg
  • Bitmain CEO announces departure
  • What is Guggenheim Partners?
  • Pantera Capital: Institutional adoption is changing the crypto narrative

This article is published on BitPinas: Wednesday Watch: OTC Desks Report Rebound

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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]