Good morning. Are we back on track? Institutions, apparently, are buying the dip.
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 23, 2021:
Bitcoin closed January 22, 2021, at $32,958 per BTC. We’re down 10% in the last 7 days and up 12% since the year began. This is 21% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.
Bitcoin’s market capitalization stands today at $610,334,125,569 which is 62% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $962,829,405,581 (+12%).
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 keep buying during the #dip
Bitcoin may have been down on Thursday but it appears while retailers are panic selling, institutions kept accumulating.
Data from Glassnode showed that BTC addresses with 1,000 or more bitcoins have continued to increase inthe recent days, even during the dip. Holders of these addresses are considered “whales” because of the amount of bitcoins they hold.
Most of these buys, analytics firm CryptoQuant said, happened at OTCs rather than exchanges, as evidenced by data showing that bitcoin transfers across exchanges have not gone up. Institutions favors OTC deals so that they don’t shake the market.
MicroStrategy buys another $10 million in Bitcoin
(By Tim Copeland, Decrypt) MicroStrategy now holds 70,784 Bitcoin in total. According to the filing, this puts the firm’s average purchase price at $16,035 per coin. This is higher than it was previously, because the firm purchased these newer coins at much higher prices than its earlier purchases.
Singapore-based Temasek announce joint digital asset venture focused on capital markets
(By MK Manoylov, The Block) Singapore Exchange (SGX) and the Singaporean government-backed investment firm Temasek Holdings have formed a capital market-focused joint venture, SGX announced today. “The early success in our digital bond issuance platform has paved the way for SGX to make a larger move into digital assets, and we are very excited to take our digital asset business to the next level in partnership with Temasek,” said Lee Beng Hong, SGX’s Head of Fixed Income, Currencies and Commodities, in the statement.
OKCoin exchange to integrate Bitcoin’s Lightning Network
(By Saniya More, The Block) The integration, which is expected to be completed by the end of February, will give OKCoin customers the option to use the Lightning Network to deposit and withdraw funds from the exchange. According to OKCoin CEO Hong Fang, the integration comes amid an increasing number of nodes on the platform as well as the rise in bitcoin prices, which has increased transaction fees. Fang said she hopes to give OKCoin customers an alternative option through the integration.
What else is happening
This article is published on BitPinas: Saturday Sats: MicroStrategy Buys More Bitcoin