With strong buying pressure sighted at the flagship crypto market the number of large entities, crypto traders, and retail owners, have increased sporadically.
Data retrieved from Glassnode an advanced crypto analytic firm revealed In January 2021, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin’s history to date Chart with an upwards trend.
Metric Description: The number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
#Bitcoin network activity at ATH.
In January, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin's history to date 📈
— glassnode (@glassnode) February 1, 2021
At the time of drafting this report, the flagship crypto asset traded at $33,928.72 with a daily trading volume of $61.2 billion. Bitcoin is up 0.98% for the day. Bitcoin now has a market value of about $631.6 billion.
What you should know: Despite failing to break through its lifetime high price level of $42,000 resistance sighted last month, The most popular crypto asset had stayed within the price range of $30,000-$38,000 for some time now.
- It’s important to note that when the world’s most popular crypto makes a new high, traders expect some form of correction, that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.
- Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
- Also, Bitcoin buyers right now are extremely strong HOLDers meaning though Bitcoin seems to be in its first great consolidation of the 2021 bull market, however, crypto experts anticipate Bitcoin is still in a bull cycle amid prevailing price correction in play.
The momentum in the BTC market has been gaining steady pace since a report released by America’s most valuable bank, JP Morgan Chase, showed Bitcoin as a store of value asset.
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JP Morgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos Panigirtzoglou.
World’s most valuable Crypto Exchange, Coinbase ready to go public
US cryptocurrency exchange, Coinbase, today, released an S-1 filing ahead of its direct listing.
Coinbase the world’s most valuable and largest American cryptocurrency exchange, today released an S-1 filing ahead of its direct listing.
Coinbase massive scale suggests why some crypto pundits are bidding its value up to as much as $100 billion on the private markets.
The fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.
Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.
In 2019 Coinbase’s net income was $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.
The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.
In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.
In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”
As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”
Meanwhile, the company also highlighted in a press release it was offering institutional investors its prime brokerage services.
Institutions across the board are building for a future that is protected from new risks; this includes building a diverse balance sheet that is adequately hedged from the traditional capital markets and monetary debasement.
On the corporate side, use cases for digital assets are expanding rapidly from traditional portfolio management as an investment asset within a diversified portfolio — to accounts receivable/accounts payable, employee payroll, and commerce integration, for example.
CBN Governor calls Crypto illegal money
The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.
Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,
“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
“Cryptocurrency is used to describe the activities of players in an electronic dark world” – CBN Governor. pic.twitter.com/2VQuY3HbX7
— YabaLeftOnline Media (@yabaleftonline) February 25, 2021
The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.
Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.
“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.
“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.
What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.
- The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
- Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.
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