Day: January 14, 2021

Bitcoin briefly loses its spot as top cryptocurrency — Wait, what?

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Bitcoin’s market capitalization was briefly flippened today as Wrapped Bitcoin suddenly gained quadrillions of dollars in value. But crypto aficionados and maximalists need not worry: The move was a glitch on CoinMarketCap, which briefly displayed Wrapped Bitcoin (WBTC) as worth more than all other assets in the world combined.  WBTC showed a behemoth market cap of about $432 quadrillion for a brief period (the total world money supply is estimated at $1.2 quadrillion, including derivatives, according to Rankred.com.) It sat listed atop all the other assets, even Bitcoin (BTC), which…

Ethereum eyes new all-time high after bears unable to sink ETH below $900

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Bitcoin’s (BTC) price saw a significant 28% correction during the week from $41,000 to $30,000. At the same time, Ether (ETH) also saw a drop of 32%. The recent high for ETH/USD was $1,350 — or about $70 shy of the all-time high — while the recent low was seen at $910. January has seen heavy volatility in the crypto markets. The sentiment has been flipping from euphoria to depression and back again. However, the market is still in a bull market even if another correction occurs. In that regard,…

Stacks mainnet launch brings smart contracts and DeFi to Bitcoin

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Stacks, formerly Blockstack — an open-source network for building decentralized applications — has an ambitious vision to bring smart contracts and decentralized finance to the Bitcoin (BTC) network.  On Thursday, the developer community celebrated the launch of Stacks 2.0, a bridging toolkit that allows developers to build on Bitcoin. Stacks 2.0 is described as a layer-one blockchain with a native bridge to Bitcoin. The toolkit is underpinned by the Clarity smart contract language, a joint open-source protocol supported by Blockstack and Algorand. From an industry perspective, the launch of Stacks…

Here’s What Investors Are Saying

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Bitcoin just passed $40,000 after falling to $30,000 earlier this week. The cryptocurrency rocketed past this key support level in a rally on Thursday morning, eclipsing short-term price targets by many analysts. Bitcoin is up over 14% in the past 24 hours, having bottomed at $30,000 earlier this week to rebound to $33,000, then now to $40,000. The cryptocurrency is outperforming altcoins from the lows as capital once again focuses on BTC. The rally in the BTC price comes after Grayscale Investments, the New York-based digital asset fund manager for…

Bitcoin refuses to ‘die’ as BTC price hits $40K just three days after crash

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Bitcoin (BTC) surged higher on Jan. 14, reaching $40,000 on Coinbase amid fresh evidence of new large buys on exchanges. BTC/USD weekly price candles (Coinbase). Source: Tradingview BTC price adds $10,000 in three days Data from Cointelegraph Markets and TradingView tracked BTC/USD as the pair delivered even more bullish surprises during Thursday trading, adding over 17% in 24 hours. The uptick is the latest bullish sign to come from Bitcoin price action, which just days ago focused on levels not much above $30,000. The revisiting of $40,000 came hours after BTC/USD entered…

Gemini to Launch Reward-Based Crypto Debit Card Service via Its Acquisition of Blockrize

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With more companies entering the card services niche, Gemini will be developing new value-added services that will distinguish its cards from the pack. Unites States-based cryptocurrency exchange Gemini has unveiled it will be rolling out a cryptocurrency debit card for which users can earn Bitcoin (BTC) based on their purchases. According to a report from The Block, the crypto debit card service which appears to be the growing attraction amongst cryptocurrency firms today will be spawned through Blockrize, a blockchain-based startup acquired by Gemini back in October 2020. We are…

Crypto monitoring rule will wait until new administration

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In response to a deluge of comments, the United States Treasury Department’s Anti-Money Laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions. On Thursday, the Treasury’s Financial Crimes Enforcement Network, or FinCEN, announced that it was extending the window on comments in response to a rule originally announced two days before Christmas and less than a month before a new administration takes over. The rule as originally proposed sought to add new thresholds for registered money services business — i.e., crypto…

Gnosis receives $2.3B Ethereum in a day, now 3rd largest ETH holder with 2.2% of supply

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Decentralized finance platform Gnosis is now the third-largest holder of the Ether (ETH) coin supply. Gnosis’ multisignature storage safe received a deposit of 1,500,000 ETH on Thursday — worth over $1.7 billion at the time of the transaction. Although its foray into the storage industry began a little over a month ago, a vast majority of the ETH in the Gnosis safe appeared in the past 24 hours. Up until a few days prior, the address contained just 250,001 ETH. But a 600,000 ETH ($677 million) transaction on Wednesda, followed by Thursday’s,…