Good morning. It’s the end of the work week. What are you going to do this weekend? If you are wondering why there are celestial bodies being alluded in the post title, read on.

Welcome to Friday Focus, 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 15, 2021:

Bitcoin closed January 14, 2021, at $39,233 per BTC. We’re down 0.6% in the last 7 days and up 35% since the year began. This is 6.45% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $730,651,308,099 which is 67.65% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,077,570,167,161.

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.

Institutions buy while Bitcoin dipped this weekend

(By Colin Harper, Coindesk) Not headlines grabbing, but Colin Harper detailed out some of the improvements to the Bitcoin Network in his latest article. 

First, Taproot, which will allow for more complex smart contracts, is now fully live on Bitcoin’s signet, a sandbox for testing before they get pushed to the mainnet.

Users can also now set manual fees denominated in satoshis. “Before, Bitcoin Core relied on a fee estimator for transactions, and these fees were set by specifying a bitcoin amount (say, 0.00001 BTC) instead of satoshis (1000 sats),” Harper explained.

Other changes or improvements include:

Read more here. 

The planets can predict the price of Bitcoin according to this astrologer

Should we trade Bitcoin? When is the right time? According to astrologer Maren Altman, who has millions of followers on Tiktok, we should trade when Saturn crosses Mercury. I am not kidding. Altman predicted a price correction on January 11. It happened. Mercury, apparently, represents Bitcoin’s price while Saturn is the restricting indicator.

Altman does say she’s not a financial adviser so we should not misconstrue her celestial predictions as investment advice. But here’s what astrology said the future of Bitcoin will be.

“I see some favourable indicators at the end of the month and especially February and early March. However, getting into mid-March, I see a big correction. Mid-April is also really less optimistic. May is bullish,” Altman said. (Anna Irrera and Tom Wilson, Reuters)

Do give the article a read. It’s actually good. As always, price predictions are non-investment adcvise so always do your research.

Exchanges are running out of ETH

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) January 14, 2021

(By Samuel Haig, Cointelegraph) Data from Glassnode indicates that Ether reserves on centralized exchanges have not been this low since July 2018. As of this writing, only 7% of Ether’s circulating supply is held on exchanges.

Saunders interprets the data as suggesting an explosive bull-run into new all-time highs is imminent for Ether, stating “We all know what happened when demand outstripped supply of $BTC. It quadrupled in 90 days.”

Winklevoss Twins considering to take Gemini Exchange public

(By Olga Kharif, Bloomberg) “We are definitely considering it and making sure that we have that option,” Cameron Winklevoss, co-founder and president of the New York-based digital-asset firm, said in an interview. “We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”

8 public companies with the biggest Bitcoin portfolios

(By Daniel Phillips, Decrypt) 

Publicly traded companies

This article is published on BitPinas: Friday Focus: When Saturn Crosses Mercury

Source: bold>mercury/

Breaking: Right-Wing Activists Received Large Bitcoin (BTC) Donations Before U.S. Capitol Riots

TA: Bitcoin Revisits $40K, What Are Chances of BTC Hitting New ATH

Bank Of Singapore: Bitcoin Could Succeed As A Store Of Value

Former Goldman Sachs exec: Bitcoin ‘could work,’ but will attract more regulation

Other than Bitcoin, Coinbase notes institutional demand for Ethereum as well

Analyst: Ethereum Likely to Tag $2,000 in Near-Term as Rally Turns Parabolic

Rothschild Investment Corporation raises stakes in Grayscale’s Bitcoin Trust GBTC

$45B DeFi market cap and soaring TVL suggest the best is yet to come

The Singaporean private banking arm of OCBC Bank has dismissed the chances of cryptocurrencies eventually replacing fiat currencies as a medium of exchange. However, the large institution believes that BTC and other altcoins can replace gold in terms of serving as a store of value.

Ever since the introduction of Bitcoin in the late 2000s, people have wondered if the cryptocurrency could indeed live up to the potential of operating as an electronic peer-to-peer cash system, as intended by the anonymous creator – Satoshi Nakamoto.

Doubters have breached the infamous volatility as a significant obstacle in BTC’s path. It seems that the Bank of Singapore agrees with this narrative, according to recent coverage.

Chief economist Mansoor Mohi-uddin used the movements from the past year, where BTC went from a low of $4,000 during the mid-March liquidity crisis to a new all-time high above $40,000 months later, to exemplify it and dismiss this narrative.

However, bitcoin and other altcoins can have a role as a digital store of value if they manage to address several potential issues. Apart from the aforementioned price fluctuations, those include high liquidity and safe custodians.

“First, investors need trustworthy institutions to be able to hold digital currencies securely. Second, liquidity needs to improve significantly to reduce volatility to manageable levels.” – explained the economist.

Additionally, the crypto ecosystem requires more regulations from world watchdogs to reduce their alleged involvement in criminal activities. However, Mohi-uddin warned that if governments felt threatened by the existence of particular digital assets, they could fight back, which is the case with the growing trend of central bank digital currencies.

The bank’s economist explained that the growing appetite from institutional investors had supported the belief that bitcoin should be used as a store of value instead of a medium of exchange. Furthermore, some of them even outlined the idea that BTC could replace gold or it’s better than the precious metal in a way.

SkyBridge Capital co-founder Anthony Scaramucci recently asserted that the largest cryptocurrency is easier to store, harder to steal, more portable, and ultimately, better than gold.

CIO at the Wall Street behemoth BlackRock, Rick Rieder, predicted that BTC could take some of the market share of the yellow metal and eventually even replace it.

Similarly, JPMorgan’s analysis concluded that the cryptocurrency has started to garner some of gold’s market share, which could harm the bullion’s price in the long-run.

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source: store-of-value/

The speculations about whether Bitcoin is heading toward mainstream adoption does not seem to die down. After corporations such as Grayscale and MicroStrategy raked up more of the asset, recently, every analyst seems to have an opinion about the debate. Bitcoin even seems to be popular among Wall Street legends, such as Paul Tudor Jones, Stanley Druckenmiller and Bill Miller. According to the f ormer senior chairman of Goldman Sachs, Lloyd Blankfein, Bitcoin is far from global adoption.  

For every currency to be successful, it must possess certain properties such as storage of value and medium of exchange, which according to Blankfein, Bitcoin does not possess. 

At the same time, the exec shared his views on how regulations could get in Bitcoin’s way. He thinks that in the event that Bitcoin gets regulated, perhaps investors could grow accustomed to new rules, but it would cost them their privacy, a key property that attracts investors to Bitcoin, in the first place. He further said:

Like a lot of things, this could be workable, but it will undermine the freedom of liberty, and kind of lack transparency that people like about it in the first place.

Additionally, Blankfein believed that Bitcoin would only attract more regulators, as it grows in popularity and said: 

If I were a regulator I would be kind of hyperventilating at the success of it at the moment, and I’d be arming myself to deal with it. 

Source: -will-attract-more-regulation

Coinbase ‘Year in Review’ 2020 report stated that there was a growing institutional demand for Ether, amid increasing corporate investments in Bitcoin. According to researchers at Coinbase Institutional, while the exchange’s clients predominantly bought Bitcoin last year, a growing number also took positions in Ethereum. 

Most institutional clients at Coinbase think of Ethereum as a “decentralized computing network” that shares some of Bitcoin’s key properties. With regard to owning Ether, these clients see “a combination of” the asset’s potential as a store of value and it being a digital commodity that is essential to power transactions on Ethereum.

Many think that a growing interest in DeFi is a primary reason behind the surge in Ether’s price. At the same time, David Grider at Fundstrat, predicted that a booming DeFi economy could propel ETH to a sevenfold increase.

Last year, Ethereum developer and investment activity in DeFi grew, as did Ethereum-based stablecoins, according to Coinbase’s review. However, the exchange noted issues with applications currently using Ethereum, including scaling friction, high gas fees, when the network becomes congested, and “complex smart contracts,” which can “grow to hold large stockpiles of crypto assets and thus attract bad actors.”

Coinbase clients believed that Ethereum may become the primary settlement network underpinning this new financial system. According to the review: 

In 2020 DeFi protocols built on Ethereum began to demonstrate clearly that the use cases for “programmable money” extend far beyond ICOs.

Additionally, Coinbase is “closely” observing CBDCs development and noted the “obvious” benefits to digital currencies. It also hoped that governments developing CBDC “will work to preserve individual liberties and privacy.” The exchange encouraged the crypto community “who understand these systems” to advocate that a government develop e-currency on “top of open, public blockchain networks.”

Source: demand-for-ethereum-as-well

Ripple was first founded in 2012 when it was initially named OpenCoin before undergoing a series of changes and eventually renamed Ripple Labs Inc. in 2013 and Ripple in 2015.

Ripple is a blockchain technology that serves as both a digital token and a digital payment platform for financial transactions. Like several blockchain technologies and cryptocurrency platforms fashioned after Bitcoin’s blueprint, Ripple is an open-source and peer-to-peer decentralized network that allows for quick and easy transfer of currencies in any form, fiat or cryptocurrency. However, Ripple is known more for its digital payment function rather than its native crypto token.

Instead of blockchain mining like other cryptocurrency platforms, Ripple confirms financial transactions via a select group of servers that use the consensus mechanism.

Like most cryptocurrency networks, Ripple has its own cryptocurrency token, the xRapid, XRP. The XRP can be used for trading, mining, and cryptocurrency exchanges across the Ripple network and supported platforms.

Like several other cryptocurrency tokens, the XRP has received its own fair share of suitors. Each either seeking to invest or grow their investments. However, every motive has helped in piloting the XRP. The Ripple network is built on the sole desire to improve on blockchain technology and facilitate faster decentralization of finance, globally.

To foster international trades, lots of businesses are adopting the use of cryptocurrencies in their payment system. As one of the leading and foremost cryptocurrency networks, Ripple has been successfully courted by a host of businesses, some of which are:

MoneyGram is a global money transfer network that helps people, banked or not, send money across countries regardless of the distance. MoneyGram functions as long as the service is allowed and supported in a region.

In 2018, MoneyGram announced its partnership with Ripple, which allows it to use the XRP in financial transactions, i.e instead of fiat currencies, individuals could send XRPs across the globe with reduced costs, compared to fiat currency transfers. It eventually normalized and fully integrated the XRP into its financial system.

Mercury FX helps its users receive and send international payments. Its routine and blueprint fit that of Ripple which was originally created to decentralize global finance and put people in the capacity to create their own currencies, thereby reducing or eliminating the currency disparity in international transactions. This is one of the reasons why Mercury FX adopted the XRP. It is one of the biggest partners of Ripple.

One of the earliest firms to embrace XRP is Cuallix. To be more precise, the firm joined Ripple in October 2017. The firm also had the privilege to test the token before its general release to the public. Cuallix adopted the XRP as soon as it was released in October 2018. 

Cuallix is a financial institution whose services include the provision of credit and payment processing solutions. In some cases, they serve as an intermediary between the United States and Mexico. They also cover car insurance and international payments.

The Union is a Texas-based financial institution that houses over 1400 credit unions in the United States, in its system. It provides a variety of financial services to these unions, one of which is International Transactions. It integrated the XRP into its system in 2018 in order to support its “CURRENTZ” service.

IDT is an international telecommunications company. It has a money transfer service called the BOSS Revolution. It adopted the XRP before its public introduction, for trial purposes and has since then initiated it into its financial services due to its Currency-fluid nature.

The Euro Exim Bank is a London-based mainly focused on financial global trades. It has been a member of SWIFT for twenty years. It is a major reason for adopting the XRP was due to the expected increase in international financial transactions for 2020. Increased transactions often mean increased VATs and agency fees. The XRP adoption was meant to combat this problem in preparation for the future. The Euro Exim Bank is the first banking institution to fully integrate XRP into its system

Like MoneyGram, WesternUnion is also a financial agency that helps people with international financial transactions. In 2017, the WesternUnion facilitated the transfer of over three hundred billion USD across over 200 countries in the world. It adopted the XRP and Ripple blockchain technology in order to reduce the cost of transactions and quicken financial transactions done on its network.

Viamericas is money transmitted based in Maryland, USA. The firm adopted the XRP due to its belief that the blockchain technology would reduce liquidity as well as transaction time and transparency. It also started with a trial. Viamericas currently operates in twenty-nine countries, Mexico and the South Americas inclusive.

Other businesses accepting XRP include: payMe+, SendFriend and also PornHub. You could check out some other businesses here.

Ripple has become more accessible over time and poses higher returns compared to most leading cryptocurrency tokens, in the event of a raging bullish trend.

Unlike most cryptocurrency tokens, the XRP is currency-fluid, it can be converted to any currency without changing value. It can also be used as a stablecoin.

Faster transaction time in comparison to most tokens hosted on blockchain networks gives the XRP a finer edge over other digital tokens.

The organization in charge of the XRP, Ripple, puts in lots of effort in marketing the token. Partnership with financial institutions that have fine track records, has helped the XRP tightly hold-on to the reins of the finance market.

There are skeptics who project that the present state of the XRP can be likened to the initial period of Bitcoin and that a surge in its value would yield excessive returns.

Also, people want to have control of their financial assets and determine when and why it is used. Ripple offers this feature with other added incentives, such as investing, trading, etc. The XRP is hosted on a secure and private network which reduces the risks of financial loss or fraud.

These factors play a role in why different businesses have adopted the crypto asset. Many of them believe that the asset would provide them an opportunity to carry out their operations in a seamless manner.

The incoming administration of Joe Biden has an opportunity to take the global lead in green mining for digital assets. It is no secret that there is a geopolitical struggle brewing over new forms of cryptocurrencies – both state-backed and private – and the best location for new capital formation and technological advancements. To win this global competition, the new U.S. government must ensure more regulatory clarity for digital assets while also ensuring that the mining process, a tremendous drain on energy resources and a contributor to global warming, is done in an environmentally sensitive way.  

Also, the naming of former Secretary of State John Kerry to a cabinet-level position as Special Presidential Envoy for Climate, is a signal of the new administration’s commitment to tackling global climate change. He understands the importance of cryptocurrency. At the World Economic Forum three years ago this week, Kerry was quoted as saying cryptocurrency has “got value.” Together, these two appointees can ensure the country leads fintech development while preventing crypto mining from contributing to more greenhouse gases.  

A raft of projects abroad are already primed for success in the green mining space and can act as models for the United States. In 2019, Bitfury set up mining centers in Paraguay, home to South America’s biggest hydro-electric project – the Itaipu Dam – the world’s largest generator of renewable clean energy. The government in Asunción has backed the Commons Foundation’s Golden Goose project, in its attempt to establish the region as the world’s largest crypto mining center. But there is a challenge to keep the Paraguay project itself from contributing to greenhouse gases given the intense heat that the tropical country faces year round. It would be counter-productive to use a lot of energy to cool the computers even if the energy was being produced by renewable sources.

See also: Jeff Bandman – What Crypto Can Expect From Gary Gensler at the SEC

Cost-effective mining centers based on renewable energy have also been established in Russia’s frozen lands of Siberia. The city of Norilsk is home to the mineral mining behemoth Norilsk Nickel but increasingly bitcoin mining is becoming an important economic driver. With temperatures in winter bottoming out at minus 40 degrees Celsius (which is roughly minus 40 degrees Fahrenheit), this is a perfect climate by which to keep computing machines cool. It’s a lot cooler than Paraguay for sure.  

Nor should we forget about China, the home to over half the bitcoin miners in the world, the majority of whom are situated in Sichuan due to low energy costs, powered by hydro-electric facilities. That the area has recently suffered some of the worst flooding in 70 years, largely due to climate change, shows that irony is as much at play here as hash rates. Poolin, which controls the majority of BTC hash rate, has had trouble with consistent energy supplies and some of its mining farms have been inundated by monsoon floods. Even with the province’s vast hydro-electric capabilities, the authorities in the People’s Republic of China have generally banned the digital asset industry – shuttering mining, exchanges and industry conferences.  

A more secure and geographically proximate project is rolling out near the Churchill Falls hydro-electric plant in Labrador, a remote part of Eastern Canada. Pow.re, a Montreal-based company with investors from Asia, is taking advantage of the stranded energy that NL Hydro generates. This hydro-electric facility is long past emitting mercury traces, so the project meets many environmental protection and sustainable development goals. The temperature rarely exceeds 60 degrees Fahrenheit in the summer, ensuring that the machines stay cool. The only source of waste is heat – which is a luxury in the sub-Arctic region where they are mining. 

See also: State of Crypto: What the Crypto World Should Watch for in the Biden Era

And while bountiful and clean electricity are critical to providing hash rates that are cost effective and have little environmental impact, so are champions in major policy-making positions. The combination of Gensler and Kerry in the Biden administration can help position the United States at the forefront of green mining. President Biden promised to “build back better.” Green mining is one such way. Private companies are getting in on this opportunity too: Square Crypto recently announced a $10 million fund to promote projects that use green energy for bitcoin mining. 

The U.S. government has much to gain by providing regulatory clarity for fintech and environmentally sound policies for cryptocurrency mining. If it does not, there are plenty of other countries to take the lead and profit accordingly.

As Bitcoin stops to catch its breath, it is Ethereum that is beginning to shine, with analysts expecting big things in 2021.

This week, the second-largest cryptocurrency went on a tear as Bitcoin consolidated, setting a new all-time high at $US1,439 ($1855).

The milestone sees it finally surpass its record high set a little more than three years ago and, even after tumbling alongside Bitcoin on Thursday, catapults its market capitalisation to more than $US153 billion.

It comes after Bitcoin dwarfed its own 2017 record, trading at nearly twice the price it did during the last period of Bitcoin mania, and swelling to a market cap of more than $US650 billion.

Other cryptocurrencies have lagged behind. While the mercurial crypto market has been supported by Bitcoin’s rise, individual coins have largely been unable to keep up with its meteoric rise.

Litecoin, with a transaction time one quarter of Bitcoin and ranking as one of the most traded coins in Australia, for example sits at less than half of its all-time high.

While different digital assets have had distinct experiences, Ethereum looks like one of the few to now be keeping up, outperforming Bitcoin this year by 26%.

Simon Peters, cryptocurrency analyst at eToro, says the potential for Ethereum is vast.

“While Ethereum can fulfil the role of a currency, it is primarily a blockchain platform, where developers can build decentralised applications (DApps) that run on the entire network rather than a group of servers controlled by a single authority or organisation,” he said.

“As a result, the benefits of the Ethereum platform, and therefore the Ethereum token, are wide ranging. It hosts a whole range of services, such as decentralised streaming applications, web browsers, video games, shared computing power services and digital art shops. In addition, it is host to many DeFi – Decentralised Finance – applications.”

The broad use case for the digital asset makes it unique among the myriad of different coins that make up the crypto market.

With that in mind, Peters says this week’s record high “could just be the beginning”.

“With upgrades going smoothly, developers continuing to build DApps, and investors taking part in the Ethereum network, my outlook for the cryptoasset is positive,” Peters said.

“I believe it is very feasible for Ethereum to hit $US2,500 ($3,225) in 2021, as it also benefits from the extended cryptoasset bull run we are currently seeing.”

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Bitcoin (BTC) heads into a new week after another weekend of major volatility — but this time, the way was down, not up. 

As the asset loses $7,000, the most since the “vertical” price rises began, Cointelegraph presents five things that could keep it moving in the coming days.

Top on the list of topics among Bitcoiners will be the cryptocurrency’s sudden fall over Saturday and Sunday.

From highs of near $42,000, BTC/USD faced a sell-off out of hours, with bears driving down the pair to current local lows of $32,300.

The drop is the largest this year and most significant since the coronavirus pandemic caused a cross-asset crash in March 2020, but it was widely predicted by analysts, who argued that Bitcoin had become overextended.

“#Bitcoin crashes >10%: The worst Bitcoin plunge since March is reminiscent of the last halving cycle in 2016/2017. The rally was followed by a slump of more than 50% in 2017,” financial commentator Holger Zschaepitz summarized in cautious words on Twitter.

In fact, a 23% drop is nothing new for long-term Bitcoin hodlers, and the lack of more significant losses suggests that even above $30,000, buyer support remains strong.

“These and upcoming dips are the opportunities you where looking for during the #FOMO feelings you had at $40,000. Use them,” Cointelegraph Markets analyst Michaël van de Poppe meanwhile continued.

As of publication, Bitcoin was already rebounding, with $35,000 swiftly following the lows. This was not enough for institutional Bitcoin-buyer Guggenheim, however, with chief investment office Scott Minerd suddenly signalling that the fund would sell some of its BTC position.

“Bitcoin's parabolic rise is unsustainable in the near term. Vulnerable to a setback,” he claimed on Monday.

Others noted the potential bargain for large-volume buyers.

“Institutions are really shaking out all the weak hands to acquire more #Bitcoin,” David Gokhshtein, founder of Gokhshtein Media, summarized about the current status quo.

In the United States, a potential bull sign for Bitcoin in the form of a massive $3 trillion stimulus program from the incoming Biden administration is being masked by a recent rebound in the strength of the dollar.

A classic inverse correlation for Bitcoin, the U.S. dollar currency index (DXY) continued its gains over recent days, heading back above the 90 mark after hitting its lowest levels since March 2018.

Last year often saw dollar-weakening give Bitcoin a boost, at a time when other price relationships were steadily breaking down.

“The dollar is so extremely oversold, over-hated, and over-shorted that it all but has to rally for a while at some point soon,” Matt Maley, chief market strategist at Miller Tabak + Co, told Bloomberg.

Looking to the long term, however, it was clear for many this week that the U.S. was simply kicking its real economic hardship further down the road. Incoming President Joe Biden intends to give Americans stimulus checks worth $2,000 as part of a giant money-printing exercise, which could be worth $3 trillion.

Should it pass, liquidity from the central bank will expand the most in a single instant since the coronavirus pandemic began, and it will take U.S. federal debt above $30 trillion for the first time in history.

“Time for Plan B,” Danny Scott, CEO of United Kingdom exchange CoinCorner, responded to the plans.

Equities traders are beginning to raise their hopes of incoming profits this week, thanks to the shock of recent events in the United States adding to markets’ existing gains.

With U.S. futures down prior to Wall Street opening, a broadly mixed picture greeted market participants, with gold also struggling but oil advancing.

The extent of Bitcoin’s reliance on stock market movements is again in doubt as the weekend’s volatility looks nothing like the current macro environment. Since outperforming every major equity play except Tesla as markets rebounded from their crash in March 2020, Bitcoin has increasingly forged its own path, unhindered by the macro.

“I am expecting Bitcoin and tech stocks to double again in the next 6-9 months,” Immad Akhund, CEO of startup-focused bank Mercury, predicted over the weekend.

Akhund, like various others, added that his timeline coincided with the rollout of mass vaccinations against the coronavirus, news of which has further fuelled stocks' all-round rise in recent weeks.

One explanation for the Bitcoin price drop lies firmly within the Bitcoin network itself. A classic setup, miners appear to be selling holdings at significant rates once again.

According to data from on-chain monitoring resource CryptoQuant, those sales have now reached their highest since July 2019, even surpassing those that followed the latest block subsidy halving in May 202.

CryptoQuant used its Miner Position Index (MPI) to determine miners’ decreasing stocks of BTC, with CEO Ki Young Ju describing the current situation as a “short-term bearish market.”

“Since December last year, they had been selling $BTC, but the correction was tiny due to institutional buying power,” he added in comments.

Cointelegraph in-house analyst Joseph Young had further thoughts. For him, Bitcoin at its all-time highs of $42,000 came at the end of a period during which the market had simply overexerted itself. A period of taking stock — perhaps literally — was more than necessary.

“$2.7 billion was liquidated today,” he noted on Monday.

Bitcoin’s lower levels may end up being a gift to altcoin hodlers, who have eagerly awaited a lessening of the bull run’s intensity to allow other tokens breathing space.

As Coitelegraph's van de Poppe often notes, altcoins do not do well during parabolic episodes in Bitcoin, with their main performance occurring after Bitcoin has cooled down.

“The #altcoin market capitalization still looks great,” he commented on Monday.

On Monday, however, it was clear that that pattern had yet to play out, with altcoins following Bitcoin downward and even outpacing its losses.

Of the top 10 cryptocurrencies by market capitalization, many lost between 17% and 20% on the day, with market leader Ether (ETH) nearing the $1,000 support. Despite the drawdowns, many still retained solid gains on longer time frames. In the case of the top 10, it was Cardano's ADA in the lead overall, still up 27% versus a week ago.

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It's easy to calculate what the rake is in any cash game pot at Nitrogen because the full rake schedule is published on Nitrogen's website. For NL/PL tables, It is as follows:

As we can easily see, the rake at the highest stakes is capped at 2.5 chips in games with five or more players. Each chip at Nitrogen is equal to 1/1,000 of a bitcoin, so 2.5 chips is 2.5/1,000 of a bitcoin. To figure out how much this is in dollars, we multiply (2.5/1,000) by the current BTC price ($32,872 at the time of this writing). When we do the math, we see that this is $82 in rake potentially taken.

You might be thinking that this is indeed an exorbitant amount of rake but that it only really affects a tiny minority of players. After all, few have the bankroll to play in what amounts to $1,600/$3,200 stakes. There are often not even any games active at these nosebleed tables.

Therefore, let's look at more reasonable blind levels. Even if we drop down to 0.05/0.10 (equal to about $1.5/$3), the rake cap in full-handed games is 0.7 chips or $23. At the lowest 0.01/0.02 stakes spread (which corresponds to about $0.35/$0.70), the rake cap is 0.15, approximately $5.

Even $5, the lowest rake cap present at Nitrogen for games with at least five participants, is pretty high. As you can see from this page about the rake charged by mainstream poker sites, games of this moderate size seldom have a rake that goes beyond $3 or sometimes $4. And at every higher blind level, the discrepancy just gets bigger. The fact that Nitrogen charges only 4% rake as opposed to the industry-standard 5% isn't nearly enough to compensate for this especially in higher-stakes games.

Of course, comparisons to fiat-based poker halls are only somewhat relevant. It's more appropriate to put Nitrogen's rake numbers next to those of other crypto coin rooms to get a more valid point of reference.

At SwCPoker, the biggest rake cap for NL and PL ring games is 150 chips, which is applied to Bad Beat Jackpot games with blinds of 25/50 or higher. Given SwC's formula of 1,000,000 chips = 1 bitcoin, this works out to 0.00015 of a bitcoin in rake or about $5. So SwCPoker's maximum rake in the biggest tables offered, which includes a jackpot drop, is about comparable to the cap in Nitrogen's smallest games.

At Blockchain.poker, the most extortionate rake cap of 30k satoshis is found at tables of 100k/200k satoshis, which is the same stakes as Nitrogen's 1/2 game. This figure of 30k satoshis in rake is equal to 0.0003 BTC, which has a present-day value of almost $10, so this is a pretty hefty house charge. The cap in Nitrogen's 1/2 cash games, though, is 1.5 chips or about $50. It's worth mentioning too that at these tables, blockchain poker only takes 0.10% in rake whereas Nitrogen levies its standard 4%.

In its highest-stakes ring tables, Coin Poker takes up to 600 CHP in rake. This is worth around $4.50, so it beats Nitrogen at the high end, and smaller games have caps that go as low as $0.12 in CHP, so Coin Poker wins at the low end too. Also, the rake percentage of just 2% at Coin Poker handily beats Nitrogen's 4%. Of course, the fact that it uses a custom token rather than the more widely adopted Bitcoin is a demerit against Coin Poker.

The extended bull run in Bitcoin has affected Nitrogen in more ways than by growing its rake caps to ridiculous levels. As we hinted at above, it has also inflated the micro stakes tables to the point that many prospective players might not feel comfortable joining the games.

When Bitcoin was about $10,000 a coin, the lowest 0.01/0.02 cash game stakes present at Nitrogen were approximately equal to $0.10/$0.20: not exactly the smallest games to be found online but certainly well within the budget of most fish. Nowadays, this same game is more like a $0.35/$0.70 affair: too high for the comfort of many recreational players.

Thus, even as the poker site rakes away a lot of users' scarce funds, it's also eliminating the micro-stakes games that are the lifeblood of the internet poker economy. We don't think management has implemented these strategies as a matter of deliberate policy. Rather, we believe that they have just been content to let things slide without paying enough attention to how externalities (like the boom in Bitcoin) are affecting their poker operations.

This isn't Nitrogen Sports Poker's first rodeo. Both Nitrogen and its primary competitor, SwCPoker, have been around since before the massive Bitcoin bull market in late 2017. They have thus had to face similar challenges in the past.

In December 2017, we penned an article articulating some of the issues for online poker caused by rising crypto valuations. At that time, we noted several solutions that sites could deploy to counter these conditions.

Since then, SwCPoker has implemented two of our suggestions: lowering the rake caps and redenominating the chips. You see, SwC used to have the same 1 chip = 0.001 BTC arrangement as Nitrogen. SwC, however, saw the wisdom in revaluing its chips to now be worth 0.000001 BTC apiece. Blockchain.poker meanwhile has always set the value of 1 chip to 1 satoshi (1/100,000,000 of a bitcoin).

By keeping the value represented by one chip low, these two organizations can continue to spread nano-stakes games, giving them advantages in this segment of the market. While the likes of Phil Ivey and Doug Polk garner the lion's share of the media attention, it's the more affordable stakes that represent the bulk of the hands being played online and the overwhelming majority of the players too.

Nitrogen Sports has had about three years to consider how it could combat the threats to its business posed by soaring Bitcoin values. It appears that Nitrogen has squandered this opportunity, doing pretty much nothing, while its rivals have capitalized upon it. SwCPoker, Blockchain.poker, and Coin Poker now regularly surpass Nitrogen in average player counts whereas three years ago, Nitrogen was comfortably ahead of SwC, Blockchain.poker was still in beta testing, and Coin Poker was hosting only play money games.

We still find Nitrogen Poker to be a solid place for BTC poker under normal circumstances. However, we can not realistically recommend that players play on a site with $90 per hand rake. As of the time of this writing we have reached out to NitrogenSports and asked them to re-evaluate their rake schedule in light of the new Bitcoin prices. Should they modify the rake back to reasonable levels, we will happily endorse them again. You can learn more about it in this truthful Nitrogen Sports Poker review. Other sites are now be superior to NitrogenSports for Bitcoin poker players. Therefore, you may wish to check out a list of the top Bitcoin poker sites, which includes sites that will accept your crypto deposits but allow you to play in U.S. dollars as well as those that conduct all gameplay in BTC.

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A crypto analyst who correctly called the precise bottom of Bitcoin’s bear market in June of 2018 says he’s prepared for altcoins to pop.

The analyst, who is known in the industry as SmartContracter, tells his 76,000 Twitter followers he’s looking for altcoins to catch up to Bitcoin after the crypto king surged to a new all-time high of $41,941.

— 👨‍🌾Yearning 4 Bluntz👨‍🌾 (@SmartContracter) January 8, 2021

The trader says he’s invested in seven alternate crypto assets. First on his list is the decentralized lending platform Aave (AAVE).

He’s also looking for the decentralized finance (DeFi) lending and exchange platform Cream.Finance (CREAM) to play catch-up to fellow projects in the space.

“Cream is one of the few DeFi projects not completely face melting yet. Solid 70 day accumulation, ascending triangle beginning to form, nice inverse head and shoulder within that uptrend.

This is gagging to breakout and once 129 is cleared next resistance is 241% higher.”

The analyst is also holding the smart contract leader Ethereum (ETH), DeFi yield aggregator Yearn.finance (YFI) and FTX Token (FTT), which is the trading token fueling the derivatives exchange FTX.

He also has a position in Solana (SOL), which is a smart contract platform designed to handle thousands of transactions per second.

The trader says he believes in Solana supporter and FTX co-founder Sam Bankman-Fried, who recently said he’ll bet $100,000 that SOL is above $2.00 in six months.

Bankman-Fried made the prediction on Thursday, and the price of SOL has since soared to $3.11.

— 👨‍🌾Yearning 4 Bluntz👨‍🌾 (@SmartContracter) January 7, 2021

Featured Image: Shutterstock/Wlad74

Two major cryptocurrency exchanges joined the XRP trading suspension campaign in the wake of the U.S. Securities and Exchange Commission (SEC) lawsuit filed against Ripple Labs on December 22, 2020.

The last week of 2020 started with the announcement of Okcoin, one of the oldest crypto exchanges in the industry. They’ve decided to halt XRP trading and deposits on the platform effective on January 4, 2021.

According to the firm, users who have borrowed from the XRP/USD margin pair, including borrowing XRP and USD, are required to return the borrowed value before January 3, 2021, 7:00 PM (PST time). On January 4, 2021, spot trading, margin trading, and deposits will be suspended starting 7:00 PM (PST time) “till further notice.”

However, Okcoin pointed out that Ripple’s situation with the U.S. SEC “will take time to reach a resolution,” warning users to keep an eye on the developments about the turmoil.

On the other hand, U.S.-based crypto exchange Coinbase also made official its decision to suspend the XRP trading pairs on the platform, whose trading will be fully suspended on January 19, 2021, at 10 AM (PST time). Paul Grewal, chief legal officer of Coinbase, commented on the measure:

After Okcoin’s decision, Ripple’s token plummeted across the board over 6% below the $0.28 level, but then it managed to trim some losses. However, the sell-off continued to take the XRP reins, making it to dip below the $0.2 psychological area, also fueled by Coinbase’s announcement.

As of press time, according to markets.Bitcoin.com data, XRP is quoting at $0.183 (-36%).

What do you think about Okcoin and Coinbase’s decision on XRP trading’s suspension? Let us know in the comments section below.

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bitcoin SV’s price was stuck in a low volatility zone, with 4-hour candles varying between -3% to +3% returns. While the trend seemed to be continuing, BSV seemed to have retained its bullishness as well. With a 5% surge on the horizon, BSV looked set to hit a critical resistance level, breaching which would push Bitcoin SV up by 20 to 25% on the price charts.

At press time, BSV was riding the inside of a rounded bottom with the price nearing the neckline. A breach and a successful retest of this neckline will push the price higher on the charts. However, until the neckline, BSV seemed safe for a quick 5% scalp. A breach of the neckline at $222 is the bullish confirmation needed for the next 20% to 25% surge.

The RSI indicator showed that there was more room for the price to grow, further confirming the move up to the neckline.

Further, the OBV indicator noted a lack of volume, which may be why the price was not volatile and was stuck with +/- 3% 4-hour candles.

Finally, the Stochastic RSI was in the overbought zone, suggesting that a quick reversal was possible for BSV. In this case, we can expect the price of BSV to hit the rounded bottom curve. A breach of this curve seemed like a possible scenario, and if this does come to play, we can expect BSV to test the inclined trendline which has been a strong support level since 11 January.

A surge above the neckline in the short-to-mid term looked unlikely, at least until the SuperTrend indicator was breached. Hence, a rebound into the rounded bottom pattern was more likely. The rebound will contribute to the formation of an ascending channel, one which also has a bullish bias. With the exception of the near-term bearishness, BSV looked ready for a 20% to 25% surge.

However, it is only possible if the SuperTrend and the Neckline levels at $220 to $225 are breached successfully. Alternatively, a dip below $182 will invalidate the aforementioned bullish scenario.

This is how Bitcoin may strike $64k by end of February

Monero, Ethereum Classic, Dogecoin Price Analysis: 19 January

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

Bitcoin SV Price Analysis: 03 January

Bitcoin SV Price Analysis: 24 December

Bitcoin SV Price Analysis: 21 December

Bitcoin SV Price Analysis: 14 December

Bitcoin SV short-term Price Analysis: 11 December

A selected number of coins in the cryptocurrency market has posted double-digit gains over the last 24 hours. Polkadot (DOT) rose to new all-time highs above $15, besides it has accrued 25% in the same period. Similarly, Chainlink (LINK) is trading at $18.4 in the wake of a 15% upswing. As reported earlier, Cosmos (ATOM) intends to rally to $10 but currently holds above $8.

Bitcoin revisited $40,000 during the Asian session on Friday but failed to sustain the uptrend. A correction came into play, sending Bitcoin back to the support at $38,000.

The President of the European Central Bank, Christine Lagarde, in an interview at a Reuters, hosted conference reckoned that the largest cryptocurrency had some “funny business” that need stemming out by a global layer of regulations. Lagarde also said that a digital euro is likely to see the light of day in nearly five years.

The pioneer cryptocurrency is fighting to remain afloat at $38,000. This comes after BTC suffered rejection at $40,000 earlier in the day. Marginally under $38,000, the 50 Simple Moving Average is in line to offer support.

Holding above the moving average might help the bulls avoid declines while refocusing Bitcoin on the uptrend to $40,000. However, the Relative Strength Index highlights that bears have more influence, at least for now.

BTC/USD 4-hour chart

Notably, Bitcoin may resume the uptrend if the prices manage to close the day above the 50 SMA if not $38,000. Some delays should be expected at $40,000, but Bitcoin would gain the proper momentum to achieve a new record high if broken.

The smart contract giant has brought down a couple of crucial resistance zones; $1,100 and $1,200. However, its immediate upside is limited at $1,240. Ether must hold firmly above the 50 SMA to sustain the uptrend. Besides, price action beyond $1,240 may help validate the gains to $1,300.

The Moving Average Convergence Divergence or the MACD shows that the trend is leaning slightly to the bullish side. However, losses will come into the picture if the MACD (blue line) crosses below the signal (orange line).

ETH/USD 4-hour chart

If the price is rejected at the 50 SMA, we can expect Ether to seek support at the 100 SMA. The 100 SMA may absorb some of the selling pressure and could be the barrier that prevents the price from retesting $1,200.

Note that, Ethereum has been bouncing off ascending trendline support from the beginning of the week. Therefore, it is likely that the losses will be mitigated at this level and allow ETH/USD to rebound strongly.

XRP is pivotal in a narrow range running from $0.29 and $0.3. Countless attempts have been made to clear the immediate resistance to no avail. On the other hand, bulls have ensured no significant declines into the picture by vigorously defending the short-term support at $0.29.

Other vital levels to keep in mind during this consolidation period are the 50 SMA (resistance slightly above $0.3) and the 100 SMA (critical support around $0.27). Trading above the former may validate an uptrend to the 200 SMA ($0.35).

XRP/USD 4-hour chart

On the flip side, massive price drops could engulf Ripple if the 100 SMA support is broken. The bearish leg is likely to stretch to $0.25 before the price rebounds for another shot at $0.3.

Good morning. 

Welcome to Saturday Sats, 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 9, 2021:

Bitcoin closed January 8, 2021, at $40,816 per BTC. We’re up 37% in the last 7 days and 38% since the year began. This is a new all-time high.

Bitcoin’s market capitalization stands today at $747,487,614,111 which is 69.29% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,081,375,840,101.

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.

Why is Bitcoin going up, and will it crash soon? What’s next as price doubles to $40K

Coindesks breaks down the key reasons why the price of Bitcoin is increasing: Demand from institutional buyers, U.S. dollar’s decline in foreign exchange  markets, retail purchases. 

As to how and why a pullback will happen, these are the possible scenarios or reasons: 1) extreme volatility could shake people, 2) there has always been a 25% pullback, 3) Bitcoin could rally two to three times more before falling back, 3) wild swings, 4) regulators and governments coming in, 4) profit taking. (Bradley Keoun, Muyao Shen, Coindesk)

Bitcoin market cap now nearly 7% of gold

Gold’s market cap is $10.6 trillion. Bitcoin is $747 billion. 

(Michael McSweeney, The Block)

Morgan Stanley now has 10% stake in MicroStrategy

Per a filing with the Securities and Exchange Commission released on Jan. 8, investment bank Morgan Stanley had acquired 792,627 shares in business intelligence firm MicroStrategy. The investment represents a 10.9% stake in a firm that has made massive investments in Bitcoin over the past several months. (Kollen Post, Cointelegraph)

Altcoins take a hit as Bitcoin corrects from latest all-time high

The price of Ethereum, which yesterday hit highs of $1,282, has fallen by 6% to its current price of $1,198. Litecoin fell 4% to $179, XRP fell 12% to $0.31, Cardano (ADA) fell 8% to $0.29 and Polkadot (DOT) fell 9% to $9.11. More losses: Bitcoin Cash fell 7.12% to $441, Stellar (XLM) fell 12.29% to $0.29 and Chainlink fell 11% to $15. (Robert Stevens, Decrypt)

Spock, not his real name, who manages a crypto hedge fund in real life, has participated in the BitPinas Year in Review. One of the most insightful pieces you can read here in this website, please do check it out:

This article is published on BitPinas: Saturday Sats: Bitcoin, Gold, Corporate

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