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Sunday Summary: Unchartered Territory

Check out the news that mattered in the cryptocurrency and blockchain space in the Philippines and globally. (Dec. 14 – 20, 2020)

The post Sunday Summary: Unchartered Territory appeared first on BitPinas.

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Good morning. What a week that was for the cryptocurrency markets and industry.

Welcome to Sunday Summary, 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. The markets don’t sleep. 

Market Price as of December 19, 2020:

Bitcoin $23,849 0.2%
Ethereum $658.03 0.1%
XRP $0.576 0.3%
Tether $0.99 -0.2%
Litecoin $120.02 9.3%
SLP $0.027 -6.1%

Bitcoin closed December 17, 2020, at $23,849 per BTC. We’re up 20% in the last 7 days and 228% since the year began. This is the new all-time high. (How many consecutive days are we writing that sentence?)

Bitcoin’s market capitalization stands today at $435,882,338,811 which is 64.8% of the entire cryptocurrency market. 

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.

Table of Contents.

Philippines: #CryptoPH

We had a good week of crypto news and developments here in the Philippines. As we head on to 2021, please look forward to our 2020 Year in Review, where we interview local crypto and blockchain professionals on what they think of 2020 and what to expect next.

  • UnionBank, Standard Chartered trial blockchain-based bond Issuance
  • House consolidates Central Bank Digital Currency, E-Payment bills
  • Lorne Lantz, founder of Breadcrumbs, an app to track Etherereum transactions has co-written a book while here in Manila. Master Blockchain is now out.
  • Gabby Dizon launched his new company Yield Guild Games with the mission of onboarding millions of players around the world into the “play-to-earn” revolution. 
  • Bloomcast, a weekly show on Facebook Live by BSP-licensed BloomX aired its last episode for 2020. It’s coming back next year.
  • There are now 17 Virtual Currency Exchanges in the Philippines. Appsolutely (Loyalcoin) and TopJuan Tech entered while Bitan, Telcoin, and VHCEX exited the list.
  • PDAX launches its native mobile app.
  • Pac Pay to launch in 2021.
  • Bicol-based SparkPoint goes DeFi.
  • Counterweight: the case for Bitcoin as central bank reserve asset

Bitcoin

Bitcoin $20,000

The past week was really about Bitcoin. 

  • Bitcoin hits new all-time high.
  • Stampede of Bitcoin buyers pushed BTC past $20k, exchange data shows.
  • Bitcoin transaction fees doubled this week.
  • MicroStrategy completes $650 million debt offering to fund bitcoin buys.
  • Fidelity’s CEO said its custody business around bitcoin has been incredibly successful.
  • CNBC host Jim Kramer said his Bitcoin portfolio is getting bigger. 
  • PayPal stock has surged 17% since enabling Bitcoin purchases.
  • More billion-dollar firms buying Bitcoin.
  • Bitcoin whale emerges with $1 billion, Alan Howard’s backing.
  • Guggenheim’s Scott Minerd says Bitcoin should be worth $400,000.
  • JPMorgan says MassMutual’s Bitcoin foray signals widening demand.
  • No excuse for institutions now;” said Maxime Boonen, B2C2’s founder, after his company was acquired by SBI Holdings.
  • Bitcoin is ‘more religion than solution’ says Billionaire Mark Cuban.
  • The bidding war for bitcoin mining hardware is heating up.

Ethereum, DeFi and NFT

  • CME group announces Ethereum futures product. 
  • Vitalik said don’t take out personal loans to buy crypto.
  • DeFi Game Aavegotchi prepares for mainnet launch on Jan. 4.
  • Compound’s new blockchain readies DeFi for central bank digital currencies.
  • Digital artist Beeple sold $582,000 of crypto art in 5 minutes. 
  • Nexus Mutual founder’s personal wallet address gets attacked.
  • Microsoft and Ernst &Young LLP (EY) plan to use blockchain to allow Xbox gaming partners, artists, and creators to track and manage royalty contracts and payments. 
  • Morgan Stanley’s head of digital asset markets says DeFi is poised to keep its momentum in 2021.
  • The Graph launches open blockchain API network
  • Aave holders vote to further decentralized governance.
  • A lifetime in 24 tweets: the rise of Inverse.Finance
  • DeFi’s new rally

Stablecoin and CBDCs

  • The Office of the Comptroller of the Currency (OCC), which is the U.S. banking regulator said in a recent paper that fintech banks and stablecoin issuers are “encouraged to reach their full potential by coming out of the shadows and joining the chartered banking system.”
  • China is testing its digital currency in Suzhou. Here’s an early look at the user experience.
  • Visa proposes a method for offline digital currency payments.

Industry and Regulation

  • US Treasury to apply Bank Secrecy Act Rules to crypto wallets.
    • The Financial Crimes Enforcement Network (FinCEN) has proposed new rules requiring banks and money service businesses (MSBs) to submit reports, keep records, and verify the identity of customers who are making transactions with unhosted or private wallets
  • Privacy advocates react to proposed FinCEN rules.. 
  • Coinbase said it filed to go public.
  • FinCEN encourages banks to share customer information with each other.
  • Crypto is at ‘a fork in the road,’ OCC leader Brooks says.
  • The US Commodity Futures Trading Commission (CFTC) heard a presentation about DeFi
  • Mt. Gox Creditors’ wait nearly over as Trustee announces Draft Rehabilitation Plan.
  • American express gets in on crypto for institutional investors.
  • Seychelles, longtime home of BitMEX is bending to U.S. pressure on KYC.

This article is published on BitPinas: Sunday Summary: Unchartered Territory

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Source: https://bitpinas.com/news/sunday-summary-unchartered-territory/

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Dogecoin Spinoff SHIB Tanks After Ethereum Founder Vitalik Buterin Dumps Tokens

Shiba Inu is in the doghouse. Vitalik Buterin might be as well.

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In brief

  • Some crypto projects gave Vitalik Buterin a lot of tokens, hoping that it would add to their legitimacy.
  • Maybe that wasn’t a great idea.

So, remember when Vitalik Buterin got a bunch of those Shiba Inu tokens? And then some folks warned that he could rug pull the Dogecoin-wannabe?

Well, it kinda just happened.

A wallet attached to the Ethereum creator today removed over 2 trillion in Shiba Inu tokens ($40+ million) from Uniswap, according to data from block explorer Etherscan, helping propel the token into a nosedive; SHIB has lost 20% of its value in the last hour, per Nomics.

Vitalik removing SHIB liquidity from Uniswap. Source: Etherscan

Shiba Inu, a Dogecoin knockoff, is a meme coin that calls itself an “experiment in decentralized spontaneous community building.” Unlike Dogecoin, it runs on the Ethereum network, where it has helped contribute to a surge this week in the price of transactions. 

SHIB’s developers sent more than half of the total tokens to Buterin. They figured that meant the tokens were practically “burned,” or removed from the market as a means of decreasing supply and upping demand. Buterin instead burned SHIB holders by removing the SHIB from a liquidity pool on Unsiwap.

The autodidactic developer wasn’t done, as he continued dumping Shiba Inu in favor of Ethereum. 

Taking the opportunity to clean out his crypto wallet, Buterin then traded 50 billion Akita Inu tokens for ETH, according to information on Etherscan, causing that dog token to crater by 30% in an hour. Forty trillion Dogelon Mars (ELON) tokens got the same treatment, getting swapped for 619 ETH. That’s down a whopping 90% this hour.

Don’t worry, though, shitcoin speculators. Your loss is a charity’s gain.

Vitalik sent 500 of his just-bought ETH (over $2 million) to a wallet associated with the India Covid-Crypto Relief Fund and another 1,000 ETH to a Coinbase wallet for the Methuselah Foundation, a medical charity for extending human life. GiveWell received $53 million in ETH, while Gitcoin, an Ethereum-based foundation for open-source development, received over half a billion dollars’ worth of AKITA tokens.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70672/dogecoin-spinoff-shib-tanks-after-ethereum-founder-vitalik-buterin-dumps-tokens

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Blockchain

This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes

The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at p

The post This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes appeared first on AMBCrypto.

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The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at press time.

Mike Novogratz, the CEO of Galaxy Digital had a different take on XRP’s sudden rise and the asset’s community.

During a recent interview, Mike Novogratz slammed XRP supporters or the so-called ‘XRP army’. He compared them to conspiracy theorists in an interesting analogy during this ‘Earn your Leisure’ interview. He stated:

“Over the years, the XRP army has built up a real community of people that really want to believe it…You could tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in crypto. They just don’t look at the truth sometimes.”

He made a unique remark about the XRP supporters, drawing parallels with the former US president’s supporters. He stated:

“This community reminds me of the former President, Donald Trump’s supporters, who continue to deny the legitimacy of the 2020 election.”

Statistics from Bitinfocharts paint a different picture. According to this, Tweets per day related to XRP amounted to 19,392 at the time of writing.

Source: BitInfoCharts

Furthermore, XRP supporters had recently taken to Twitter to urge crypto exchanges to “Relist XRP” a hashtag that went viral on the social media app in the recent past. Meanwhile, Google Trends data recorded a surge in the ‘relist XRP’ search term, over the past month. An important reason for the surge can be credited to the publicity gained from the lawsuit filed by the SEC.

Just two days after the lawsuit was filed, the crypto had lost almost 50% of its value in 24 hours. It’s no wonder skeptics question the rise of the digital asset, despite the lawsuit.

So what did fuel this spike? Was it the XRP supporters, the whales, public sentiment? The right answer could be a combination of everything, including rumors about a possible Ripple IPO.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/this-bitcoin-bull-on-xrp-supporters-they-just-dont-look-at-the-truth-sometimes

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Blockchain

Bitwise Launches Crypto Company ETF on New York Stock Exchange

The ETF will track 30 companies heavily invested in crypto.

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In brief

  • Crypto asset manager Bitwise today announced the launch of a new ETF.
  • The ETF will track the value of 30 companies that are involved in crypto—such as Coinbase.
  • But the ETF is still not the crypto ETF that many companies are hoping to get approved.

Asset manager Bitwise today announced the launch of a new exchange-traded fund (ETF) that will give investors exposure to companies heavily involved in cryptocurrency

The ETF, Bitwise Crypto Industry Innovators ETF, will be listed on the New York Stock Exchange (NYSE) under the ticker BITQ. The idea is that those who want to put money in the crypto world but are perhaps put off by the complex technological side of things can do so by buying shares.

ETFs are a big deal for investors. They track or follow the price of an underlying asset and allow people to buy shares of it, without having to own any of the asset themselves. ETFs can track anything from gold and foreign currencies to, most recently, Ethereum

In this case, Bitwise’s new ETF will track the Bitwise Crypto Industry Innovators 30 Index, a list of public companies that have significant exposure to crypto. The companies include cryptocurrency exchange Coinbase, business intelligence firm Microstrategy and Bitfarms, a Bitcoin mining firm—all of which own lots of Bitcoin and other digital assets. 

Bitwise CIO Matt Hougan said: “Until recently, most great crypto innovators were private companies, but that’s changing rapidly. Today, there’s a growing set of public companies capitalizing on crypto, and more to come. BITQ aims to identify these businesses and give investors access.”

The company’s CEO, Hunter Horsley, added that the ETF’s goal was to make investing in crypto available via “traditional investing platforms.”

But Bitwise’s NYSE listing still isn’t a crypto ETF in the truest sense—something that cryptocurrency investors in the US have anticipated for years, and which investors in other parts of the world have shown a strong hunger for.

There are currently nine companies hoping to get a Bitcoin ETF approved by the Securities and Exchange Commission (SEC). 

The SEC is currently in the process of reviewing three of them. Previously, however, the governmental body has rejected every attempt at crypto ETF while citing the need to protect investors from a Bitcoin market that can still be easily manipulated.

But in Canada, regulators have not only approved crypto ETFs, they have been extremely popular: there are eight Bitcoin and Ethereum ETFs in the country and all have sold eye-watering amounts of shares. When Purpose, the first Canadian Bitcoin ETF launched, it sold $80 million in just one hour.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70649/bitwise-crypto-company-etf-nyse

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