Best stories of the week
Bitcoin reaches $57,500 – And the market cap of $1 trillion indicates that it is here to stay.
The price of bitcoin continued to break records this week, jumping over 20% to a high of $57,505.23 at one point. But the most significant milestone was reached when the market capitalization of BTC crossed the $1 trillion mark for the first time.
While Amazon and Google took decades to accomplish this feat, bitcoin has consolidated its status as a major global asset in just 12 years. BTC has even managed to overtake Tesla and Tencent, and the bullish momentum shows no signs of slowing down.
Recent historical data suggests that bitcoin rallies in 2021 tend to take place over the weekend, and many analysts believe that the world’s largest cryptocurrency could attack the $60,000 mark over the weekend.
BTC has outperformed Ether in the past seven days, which has gained only 10% in comparison. ETH has struggled to break the $2,000 barrier in recent days, but succeeded on Monday.
MicroStrategy raises $600 million to… no, $900 million to buy more bitcoin
The BTC surge came at a time when MicroStrategy was stepping up its aggressive acquisitions, announcing the sale of $900 million in senior convertible bonds to institutional buyers to acquire more bitcoin.
If the purchase goes through as planned, the business intelligence company will have over 90,000 BTC in its reserves and control 0.48% of bitcoin working capital.
MicroStrategy’s expense growth began in August 2020, when the company acquired 21,454 BTC for $250 million – a price of approximately $11,650 each. At the time of writing, this stock alone will generate a profit of $950 million. Two other major purchases were made in September and December.
Binance’scoin becomes the third largest crypto after theparabolic rally .
This week’s drama has led to a drastic shift in cryptocurrency rankings. For the first time ever, Binance Coin is the third largest cryptocurrency in terms of market capitalization.
The price ofNBB more than doubled this week, with the coin reaching a high of $342.88 at one point. It was released by Binance, one of the world’s largest cryptocurrency exchanges, with the aim of offering discounts to users.
This increase is due to the success of PancakeSwap, a decentralized exchange based on the Binance Smart Chain. This week, the platform passed Uniswap as the largest DEX in terms of trading volume.
Binance CEO Changpeng Zhao noted that the NBB is also setting new all-time highs against bitcoin. He said: From a modest 0.00001 BTC per BNB, we have gained 480x BTC in the last three and a half years.
More than $100 million in cryptocurrencies sold in the last 30 days
The sale of irredeemable tokens has grown at a rapid pace, with cryptocurrency sales exceeding $100 million in the past 30 days.
NBA Top Shot accounted for the lion’s share of NFT sales, while CryptoKitties, the platform behind it all, saw sales increase by 305.92% last month.
This week, Marvel Comics artist Adam Kubert’s one-of-a-kind drawing of Spider-Man sold for 12.75 ETH ($25,387) after being converted to NFT. Christie’s also announced plans to auction its first all-digital artworks.
But some fear that the NFT craze is becoming a bubble that could burst. Litecoin founder Charlie Lee predicted that NFT prices would eventually crash at due to the legitimate lack of real art in tokens.
He warned: Since it costs almost nothing to make a new NFT, the market will eventually be flooded with NFT artists trying to capitalize on the craze. Supply will outstrip demand and prices will eventually collapse.
Kogecoin drops 23% as Elon Musk enters DOGErich list
The DOGE’s loud and unmistakable barking has turned to exasperation this week, with prices falling 19% over the past seven days.
Dogecoin fell 23% in a few hours on Monday after Elon Musk drew attention to a very uneven distribution of DOGE tokens – and urged key holders to sell.
Dogecoin has one of the most unequal coin distributions in the cryptocurrency space, with 28.7% owned by one person and the top 12 holders owning nearly 50% of the supply.
Unhappy with this statistic, Tesla’s CEO tweeted: If the big Dogecon owners sell most of their coins, she gets my full support. Too much focus is the only real problem, I think.
It’s worth noting that this backlash is probably not due to anything other than Musk’s slander. Altcoin markets experienced a huge downturn earlier this week as bitcoin was sucked to a new record volume by smaller coins.
Winners and losers
At the end of the week Bitcoin is at $57,387.27, Ether at $2,017.56 and XRP at $0.55. Total market capitalization is 1,752,064 723,211.
In the top 100 cryptocurrencies, the top three altcoins of the week are: Ravencoin, Dodo and PancakeSwap. The top three performances of the week are as follows: Dogecoin, Avalanche and Algorand.
For more information on crypto currency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
I think after all these robberies, we now understand that just because you have two or three checks, doesn’t mean you’re safe.
Emiliano Bonassi, co-founder of DeFi Italy
The amount of consolidation bitcoin has seen since January is unrealistic. This really allowed the fundamentals to catch up and the indicators to recover. It seems that $48,000 has become the new $35,000.
Jan Allemann and Jan Happel, co-founders of Glassnode
There are currently over 94,000 #Bitcoin addresses for at least $1 million. The sharp rise in mid-December marked the moment when BTC crossed the $20,000 mark, meaning that all early miners (price of 50 BTC) became millionaires.
While bitcoin may remain volatile in the short term, we believe it has a 10x potential in the long term as part of a diversified portfolio.
North Korean agents who use keyboards instead of guns and steal digital cryptocurrency wallets instead of bags of cash are the world’s biggest bank robbers.
John Demers, Assistant U.S. Attorney General
The big picture $BTC Bitcoin is experiencing its third parabolic breakout in the past decade. A parabolic progression on an arithmetic scale is extremely rare – three on a logarithmic scale is a historical phenomenon.
Peter Brandt, experienced trader
Cryptocurrency crime is declining; it remains a small part of the overall cryptocurrency economy and is relatively small compared to the amount of illicit funds that circulate in traditional finance.
Financial managers, whose job it is to ensure financial stability, are not inclined to take speculative leaps into unknown territory.
Alexander Bunt, Gartner, research director
You don’t want a diversified currency where you go to Starbucks and maybe pay with Ethereum, maybe with Ripple, maybe with Bitcoin, maybe with a dollar – that’s not how we do it.
James Bullard, President, Federal Reserve Bank of St. Louis
Since it costs almost nothing to make a new NFT, the market will eventually be flooded with NFT artists trying to capitalize on the craze. Supply will outstrip demand and prices will eventually collapse.
Charlie Lee, Founder of Litecoin
If the big Dogecoin owners sell the most coins, I fully support them. Too much focus is the only real problem, in my opinion.
Elon Musk, CEO of Tesla
Motley Fool adds bitcoin to his 10x wallet – has a price target of $500,000.
Motley Fool announced that he would invest $5 million in BTC and predicted that bitcoin would reach $500,000 in the next 15 years.
The financial and investment advisory giant says it will buy bitcoin directly instead of using overpriced ETFs.
The Motley Fool lists three main reasons to buy: Bitcoin is a better store of value than gold, is an effective protection against inflation, and has the potential to become a means of transaction.
The company added: While bitcoin may remain volatile in the short term, we believe it has a 10x potential in the long term as part of a diversified portfolio, relative to where it is today. We plan to hold this bitcoin investment for many years.
FUD of the week
People don’t want diversified currencies like bitcoin, according to Fed Chairman.
The president of the Federal Reserve Bank of St. Louis doesn’t seem to understand why many are turning to cryptocurrencies as a medium of exchange instead of a currency like the U.S. dollar.
Speaking on CNBC, James Bullard was optimistic about the dollar’s prospects and said the greenback will not be affected by bitcoin or gold.
He added that he was concerned about private currencies: You don’t want to go to a diversified currency where you go to Starbucks and maybe pay with Ethereum, maybe pay with Ripple, maybe pay with Bitcoin, maybe pay with the dollar – that’s not how we do it.
Bullard also warned that private currencies are unable to maintain a stable value against commodities and other currencies, and that their future supply is not at all clear.
The US accuses three North Korean hackers of being behind cryptocurrency attacks and the WannaCryransomware.
The US Department of Justice has announced the indictment of three North Korean hackers.
Assistant Attorney General John Demers did not mince words when he made the announcement, stating: North Korean Agents-Agents who use keyboards instead of guns to steal digital cryptocurrency wallets instead of bags of cash are the world’s biggest bank robbers.
With the country largely isolated from the international economy, North Korea’s hacking program has become a major source of revenue.
Many are linking profits from hacking sources such as the WannaCry malware and the cryptocurrency exchange Coincheck to the nuclear weapons program.
A YouTuber regrets spending 37 BTC (now worth $1.8 million) on a used Hondas.
Save this Honda lover who called himself an idiot after spending 30.5 BTC on two used cars on Valentine’s Day 2017.
Chris Kath thought he got a great price of $30,500 considering BTC was trading at $1,000 each. But today, his stash of crypto currency is reportedly worth more than $1.7 million.
The YouTuber said he wasn’t worried about paying for cars in bitcoin at the time – but the extent of his revenue loss became clear after four years.
He said: I started math and I’m devastated and I’m pretty depressed.
Cup added later: I regret it of course, because for that price I can buy many NSXs today. […] Basically, I changed 37 bitcoins to 2 bitcoins.
Best coin features
Ethereum joins the $200 billion club – but is it worth it?
Ethereum has passed the $200 billion mark, surpassing secular companies like Novartis and AT&T.
NFT Art Revolution: Beeple on his 5,040 days of labor of love
For Beeple, whose digital creations will go under the hammer at Christie’s, NFT is the beginning of the next chapter in art history.
Algorithmic stables are not very stable, but can the concept redeem itself?
Among the many fanfares, many algorithmic stables have not been stable. Is the problem unsolvable, or are the algorithms just not good enough?
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