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Weekly Wrap-Up: Free Bitcoin Airdrop in El Salvador (June 28, 2021)

El Salvador’s controversial president announced a free Bitcoin airdrop to its 6.5 million citizens. Plus what happened during the Axie livestream?

Photo for the Article - Weekly Wrap-Up: Free Bitcoin Airdrop in El Salvador (June 28, 2021)

Market Price as of June 28, 2021:


Bitcoin closed June 27, 2021, at $34,607 per BTC. We’re down 3.4% in the last 7 days and down 3% in the last 30 days. This is also 46% below the all-time high of $64,804, which was hit on March 13, 2021.

Bitcoin’s market capitalization stands today at $647,063,622,526 which is 45% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,418,196,817,797 (+3.7%).

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.

International News

Bitcoin Airdrop in El Salvador

El Salvador’s President Nayib Bukele said Bitcoin will become legal tender on September 7. Additionally, adult citizens will be receiving $30 in Bitcoin when they download and get verified in the Chivo e-wallet. The Block posits that there are 6.5 million El Salvadorans and 70% of them are over 15 years old. If assuming 60% El Salvadorans are classified as adults, roughly $117 million worth of Bitcoin will be given. For Free. As of June 25, that’s roughly 3,440 BTC.

Did the Bull Market End Already? 

Data from Coindesk Research is saying that Bitcoin’s bull run has actually ended even before Elon Musk tweeted about Bitcoin being bad for the environment. The data suggests it ended on April 14, 2021, which was when Coinbase went public. Even Coinbase’s stock is dropping, last we checked.

This is the Lowest Ethereum Gas Fees Have Been in Three Months

Last week, for $4 or less you transact on Ethereum. Today, the average transaction fee on the most popular blockchain has decreased to $2.15. Unlike last March and April where many experienced paying $100 for, say, buying an NFT art.

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Low fees are bad for miners, but really really good for everyone else possibly. It should be noted that the ETH price has also decreased to around $1,700 after reaching around $4,100 on May 11.

That ETH price, plus the following:

  1. DeFi and NFT transactions have declined
  2. Daily transactions on the Ethereum blockchain have fallen.
  3. There is an increased usage of Layer 2 scaling solutions like Polygon (formerly Matic).

Local Crypto News

Filipino Artists Participate in Binance NFT Marketplace Launch

Photo for the Article - Weekly Wrap-Up: Free Bitcoin Airdrop in El Salvador (June 28, 2021)

Luis Buenaventura II and Ian Magbanua, Marvin Germo, Autotelic’s Gep Macadaeg and Josh Villena, and Ali Young are among the Filipinos who dropped their creations on Binance NFT on its launch day, June 24. Lily Lee, Binance PR Manager said in an interview, “100 Creators Campaign is one of the campaigns prepared by Binance NFT, and it is to support and promote innovative creators from around the world and spotlight NFT pieces from different cultures.” (Read More.)

HaloDAO and Yield Guild Games

Two emerging Filipino-led crypto projects are HaloDAO and Yield Guild Games (YGG). We’ve covered YGG a lot: They are a decentralized autonomous organization (DAO) seeking yield opportunities that they can share with their player base. HaloDAO is aiming to build an “inclusive web 3.0 infrastructure for developing countries.”

HaloDAO recently had its IDO on Sushiswap’s MISO, which is where projects can launch their token offerings, while YGG is targeting a late July sale of its governance token, also on MISO. View the YGG whitepaper here.


Recap – 73% Axie Infinity Livestream Viewers are from the Philippines

We livetweeted the Axie livestream but most importantly, Andrew Campbell of Sky Mavis, tweeted that 73% of the stream watchers are from the Philippines.

What is a Market Spread?

Photo for the Article - Weekly Wrap-Up: Free Bitcoin Airdrop in El Salvador (June 28, 2021)

One of the most basic concepts that every crypto trader should know is the spread or the difference between the lowest sell order and highest buy order in a crypto exchange. Basically it’s the gap between the highest price a person is willing to buy and the lowest price another person is willing to sell.  (Read More.)

This article is published on BitPinas: Weekly Wrap-Up: Free Bitcoin Airdrop in El Salvador (June 28, 2021)

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