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Cryptocurrency
Bitcoin obeys law of gravity, drops $1,200
The most popular crypto exchange lost over $1,200 in value after trading as high as $27,200 yesterday.
The world’s flagship crypto, Bitcoin, seems to be falling, in line with Issac Newton’s most popular law which states that “Whatever goes up must surely come down.”
The most popular crypto asset had lost over $1,200 in value some hours ago after trading as high as $27,200 yesterday.
READ: Bad times for XRP, as Coinbase suspends XRP trading
What you should know about the Bitcoin price flux
- After topping record-high gains, Bitcoin encountered heavy selling pressure above $28,300.
- Unable to sustain its extremely rapid upward trajectory, the largest cryptocurrency fell to lows of $26,500.
- At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control as it fluctuated around $27,100.
- Regardless of the prevailing drop witnessed at the flagship crypto market, Bitcoin is still on track to record its best monthly winning streak in more than a year after, breaching the $28,000 level over the weekend.
- Recall that some days ago, Bitcoin reached an all-time high of $28,365 before pulling back some of its gains, thereby printing an enviable run of outsized returns over three months. So far, this is the longest winning streak seen since mid-2019.
READ: Top 5 peer-to-peer exchanges to buy Bitcoin
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”
READ: BTC hasn’t had 5% daily move for 24 straight days
Inventory depletion on spot exchanges has stopped, signifying the re-accumulation phase of this macro cycle is likely complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises. pic.twitter.com/WmSB4VKgoJ
— Willy Woo (@woonomic) December 26, 2020
READ: Bitcoin drops $900 after hitting a lifetime high
In addition, Jesse Cohen, senior analyst at uk.investing.com in a note to Nairametrics spoke on the outlook for Bitcoin in the coming year;
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such gain in 2021.
READ: Most profitable asset in a decade, Bitcoin up over 26,600,000%
Cryptocurrency
Bitcoin posts biggest daily drop since market crash of March 2020
Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.
The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.
- Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
- Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.
READ: Finance leaders of G7 countries strongly support crypto regulation
Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.
The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020
📉 #Bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC
Previous 3-month low of 16,903,691.779 BTC was observed on 11 December 2020
View metric:https://t.co/FzSS3snpDH pic.twitter.com/ODVjtiOvag
— glassnode alerts (@glassnodealerts) January 21, 2021
What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.
The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.
The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.
READ: Everything you need to know about Crypto Trading
For the day, about 192,005 crypto traders got liquidated.
The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.
- Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
- Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
- The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
- The flagship crypto traded at $29,196.15.
- Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day
READ: Stellar defying gravity, gains 103%
What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.
Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.
READ: Crypto traders suffer heavy losses of $639 million within a day
The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that all their funds could be lost.
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
READ: Litecoin displaces XRP as 4th most valuable crypto
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”
Cryptocurrency
Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.
Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.
Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.
Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.
READ: Football: AC Milan announces loss of €195million
The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.
“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.
The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.
“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.
READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club
What you should know
- A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
- Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
- Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.
