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Cryptocurrency

Bitcoin jumps high, gains $1,600

Bitcoin has gained lost over $1,600 in value some hours ago after trading as high as $26,200 the previous day.

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MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The world’s most popular crypto, Bitcoin, has been seeing a lot of action lately, most especially in the last week of this year as the price rebounded strongly, touching near its previous all-time high (ATH) at $28,378 per coin.

Bitcoin gained over $1,600 in value some hours ago after trading as low as $26,200 yesterday.

Also, the cryptocurrency’s market capitalization recently surpassed a whopping half of a trillion U.S. dollars in value.

READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange

What we know: At the time of writing this report, the flagship crypto traded at $27,809.91 with a daily trading volume of $47,986,546,322. The world’s most popular crypto is up 4.38% for the day. Bitcoin has a market value of about $516.8 billion.

  • It has a circulating supply of 18,585,037 BTC coins and a max supply of 21,000,000 BTC coins.

READ: $414 million worth of Bitcoin moved by a large entity

Sequel to the recent price action prevailing at the flagship crypto market, Bitcoin gained past $20,000 some days back for the first time as it notched record after record.

  • Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
  • Also, leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: XRP in deep crisis, drops 21%

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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: Bitcoin’s transaction fees Jump by 344%

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READ: Nigerian stocks ranked world’s best-performing stock market

In addition, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

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“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.”

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse

    The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.

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    doge

    In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

    Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

    The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

    Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.

    Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

    At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

    Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

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    Cryptocurrency

    Bank of England considers digital currency

    If approved, the digital currency would exist alongside other payment options, rather than replacing them.

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    The UK government and the Bank of England are taking landmark steps towards the creation of a central bank digital currency, joining other nations that include China and Bahamas in the digital currency drive.

    A press release issued on the government’s website announced the creation of a body with the mandate to coordinate on the possibility of a Bank of England-issued digital money for use by households and businesses.

    If approved, the digital currency would exist alongside other payment options, rather than replace them.

    READ: Bank of Canada quickens up its digital currency launch

    Speaking at Fintech Week, Chancellor Rishi Sunak spoke on the initiatives put in place with regulatory support and structural reforms toward the British drive on a central bank digital currency.

    Chancellor of the Exchequer, Rishi Sunak said:

    “Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.

    A new Taskforce, bringing together HM Treasury and the Bank of England, will be established to explore a possible UK central bank digital currency (CBDC).

    READ: U.S Central Bank leader says no rush into crypto dollar

    Two new forums will also be established to engage technical experts and key stakeholders (including financial institutions, merchants, business users, civil society groups, and consumers) through the process.”

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    A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the British pound or Naira, for instance.

    Digital currencies can be decentralized, a situation where the control over cash supply can come from diverse sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way central banks work.

    READ: Crypto crash: 3 major risks involved in investing in Crypto

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    The U.S government is also considering a framework for creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.

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