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Bitcoin is moving at speed of sound, within striking distance of $40,000

Bitcoin price today is $37,683.75  with a daily trading volume of $80,473,563,591.

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Bitcoin, Bitcoin running out of steam

The flagship crypto, Bitcoin is on stealth mode, breaking its lifetime highs at levels not seen since the era of this financial ever-changing market.

What you should know: Bitcoin price today is $37,683.75  with a daily trading volume of $80,473,563,591. Bitcoin is up 10.51% for the day.

  • The most widely known crypto-asset now has a market value of $700.7 billion.
  • It has a circulating supply of 18,593,112 BTC coins and a max supply of 21,000,000 BTC coins.
  • Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.

READ: Bitcoin miners are super-rich, earn $1,000,000 per hour

Playing into the hands of Bitcoin bulls are macros showing 78% of the circulating Bitcoin supply is illiquid and therefore hardly accessible for buying.

This points to a bullish investor sentiment as large amounts of BTC are being hoarded – which reduces sell pressure.

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READ: Only 2.43 million Bitcoins left for mining

Also, the number of transactional activity on the world’s most popular crypto market is unprecedented, as data retrieved from the Glassnode chart revealed an upwards trend.

  • Bitcoin BTC Number of Transactions (1d MA) just reached a 17-month high of 16,482.542
  • The previous 17-month high of 16,435.792 was observed on 07 August 2019

READ: Bitcoin could hit above $100,000 by August 2021

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Bitcoin continues to exert its bullish hold on the broader crypto market, with major altcoins also printing record gains

READ: Investors move over $1 billion worth of Bitcoin at an alarming rate

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

1 Comment

1 Comment

  1. Md Hafiz UDDIN

    January 7, 2021 at 12:17 pm

    How can I get one btc without any investment.

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Cryptocurrency

McCaleb, co-founder of Ripple sells 28.6 million XRP

McCaleb the co-founder of Ripple sold 28.6 million XRP — roughly $8.5 million

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Crypto analyst, Leonidas Hadjiloizou, recently revealed via his Twitter handle that McCaleb, the co-founder of Ripple, sold 28.6 million XRP — roughly $8.5 million at the time of drafting this report — following 25 days of no sale activity after news broke of the Ripple SEC lawsuit.

At the time of writing this report, XRP traded at  $0.288355 with a daily trading volume of $5.6 billion. XRP is down 1.09% for the day.

READ: Fear of U.S Financial regulators cripple XRP, tumbles by 61%

Recall that some days ago, Nairametrics revealed Ripple’s co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

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Despite Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

READ: Winklevoss brothers become crypto billionaires

  • It’s important to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
    According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

READ: Ripple is selling 33% of its ownership in MoneyGram

Recently, XRP has been losing value at record levels since reports that the world’s most valuable crypto exchange, Coinbase, announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

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Cryptocurrency

Investors worry over future of Crypto under a Joe Biden Presidency

U.S Treasury Secretary nominee, Janet Yellen has referred to cryptos to be of a “particular concern”.

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Bitcoin suffers worst financial loss in minutes

Global investors and crypto traders are becoming wary of what the future holds for crypto under a Joe Biden Presidency.

This is because the person expected to lead the  U.S Treasury, Janet Yellen referred to crypto as of  “particular concern” when it comes to terrorist financing and money laundering.

  • The incoming finance leader believes that most cryptos are used for illicit financing.
  • She raised such bias during her Senate confirmation hearing yesterday.

READ: Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari 

Responding to a question from a U.S senator on how to tackle threats relating to terrorist financing, she elaborated on the role digital assets played as regards such channels.

“We need to make sure that our methods for dealing with these matters — with terrorist financing — change along with changing technology […] Cryptocurrencies are a particular concern. I think many are used at least in a transaction sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said.

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READ: EFCC and CBN intensifies fight against financial fraudsters

What you should know: At press time, the crypto market was down by 2.69% with a total market value of $1.01 trillion, trading at $35,200 with a daily trading volume of $57.5 billion. Bitcoin is down 4.04% for the day.

Also, according to a recent survey conducted by one of Europe’s biggest banks, several market experts anticipate that the flagship crypto asset, Bitcoin, and a leading tech company have their prices highly inflated.

More than half of the market experts that took part in the survey disclosed that the most popular crypto could lose about 50% of its present value ad thus more likely to drop to the $18k range over the next year.

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READ: Africa’s richest woman has been dragged to court for corruption 

Deutsche Bank’s strategist, Jim Reid pointed out that Bitcoin was giving signs of a market bubble. He said:

“When asked specifically about the 12-month fate of bitcoin and Tesla—a stock emblematic of a potential tech bubble—a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers.”

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Cryptocurrency

Ethereum on rampage, breaks above its 2 year high

The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The world’s utility crypto is fired up on all cylinders on the basis it just ascended past its 2 years high.

At the time of drafting this report, Ethereum traded at $1,415 with a daily trading volume of $35.3 billion. Ethereum is up 13.95% for the day.

What you should know: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

  • Ethereum 2.0 is an upgrade to the Ethereum network that helps in improving the network’s scalability.
    Through the implementation of several, efficiency, enhancements, scalability, and speed the Ethereum network becomes better without compromising its decentralization and security.

What this means: Key reasons attributed to the remarkable rise of Ethereum include the rise of many #DeFi projects running on the #Ethereum network as seen in 2020, #Ethereum flipped Bitcoin in terms of network fees.

  • Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.

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