Bitcoin AUM Declines 20%
Bitcoin is being outpaced by some of the smaller and faster-growing cryptocurrencies. The dynamic has lessened Bitcoin’s dominance, with total assets under management for Bitcoin-related investment products falling 20% to $39 billion in December, according to a report from CryptoCompare.
The decline reduced Bitcoin products’ portion of total digital-asset investment vehicles to 67.8% from 70.6%, the lowest share of the year, according to the data provider.
Polkadot and Cardano have each gained more than 20% over the past seven sessions, according to Coinmarketcap.com.
Axie Infinity’s coin has added 18% in that period, while FTX’s coin rallied 7%.
December was a stretch marked by choppiness for Bitcoin, the original and once-supreme cryptocurrency. The coin is down 10% so far this month, on pace for its second consecutive monthly decline.
Source: Bloomberg and Cryptocompare
Bitcoin on Balance Sheets
The first quarter of 2021 witnessed increasing institutional involvement in cryptocurrencies and public companies Tesla and Square join Microstrategy in adding Bitcoin to their balance sheets.
Source: CoinDesk
Bitcoin Turns 11 Today
Happy Birthday, Bitcoin!
This evening 11 years ago, on January 3rd, 2009, someone pressed a button on his (or her) keyboard and created a new currency. There was no paper, gold, or silver backing it, just bits and 31,000 lines of software code with a simple announcement on the Internet. Along with a 9-page Whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Bitcoin as we know it came into existence with someone by the name of Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins worth approx $350,000 today’s market value.
During the next decade, Bitcoin would skyrocket from $0.003 to almost $20,000 per one bitcoin. It was a remarkable experiment in which fortunes were made and some lost during the speculative frenzy typical of all asset bubbles. Yes, it is an asset trading hands (or digital wallets) to the tune of $27 billion on its birthday.
It was the beginning of the cryptocurrency market which now stands at almost $200 bln in total market capitalization. Insignificant in the grand scheme of the approx $90 trillion in the total market capitalization of global public capital markets. But not bad from literally point zero a decade ago.
Most importantly Bitcoin introduced the world to the Blockchain and the tremendous potential of the technology to transform industries and significantly reduce transaction costs. Without getting into the details, of how blockchain works, let me give you an example of how serious IBM is which has over 1,000 employees working on blockchain projects and has set aside hundreds of millions of R&D funding to support the development of blockchain applications.
According to research by Outlier Ventures last year, total investment in blockchain companies since 2013 hit $23.7 billion and 75% of all deal-flow focused only on early-stage rounds.
I’m excited to be introducing soon a blockchain development company that is using a unique portfolio development approach to solve some of the most pressing challenges of our world today such as climate change, clean drinking water, and financial inclusion.
I’ll share the details in a few weeks in the comments to this article so make sure to press ‘like’ to be one of the first to learn about this exciting blockchain start-up and the outstanding investment opportunity it will present to qualifying investors.
Alternatively, DM or email me suhail@financialnetwork.io and I’d be happy to add you to our launch notification list.
What Will Bitcoin Look Like in Twenty Years?
Square Crypto, the division of the publicly traded payments company that focuses exclusively on bitcoin, just hired one of the world’s most prolific bitcoin developers.
Chaincode Labs alum and Blockstream co-founder Matt Corallo previously authored notable efficiency improvements such as the rust-lightning implementation, which makes it easier for users to build and interact with layers of the bitcoin network. Corallo tweeted Tuesday that he’ll be joining the team to experiment with models for accelerating bitcoin development.
Corallo told CoinDesk he hopes to work with “a team that crosses the entire range of talent and type of experience” in order to address issues related to the bitcoin user experience for various use cases.
UK Advertising Watchdog Upholds Complaints
The U.K. Advertising Standards Authority (ASA) has upheld complaints over a bitcoin ad placed by crypto derivatives exchange BitMEX (HDR Global Trading).UK Advertising Watchdog Upholds Complaints.
The advertising regulator published its decision on Wednesday, saying that it supported the four complaints against the ad that had claimed it “failed to illustrate the risk of the investment,” “exaggerated the return on the investment” and “challenged whether it was misleading.”
Blockstream launches bitcoin mining facility and pool
Blockstream launches bitcoin mining facility and pool. Blockstream, the Canadian Bitcoin technologies company, is launching a bitcoin mining facility and mining pool, the firm announced in a blog post Thursday. Blockstream’s mining data center will host its clients’ mining activities in addition to Blockstream’s own mining operations. The mining facility counts Fidelity Center for Applied Technology and LinkedIn co-founder Reid Hoffman among its initial clients.
NO-DEAL BREXIT ‘WILL SEE CRYPTOCURRENCY VALUE HIT RECORD HIGH’
The surging price of bitcoin could reach record highs in the coming months if the UK leaves the European Union without a deal, according to some cryptocurrency analysts. NO-DEAL BREXIT ‘WILL SEE CRYPTOCURRENCY VALUE HIT RECORD HIGH’.
The looming prospect of a no-deal Brexit has already caused the pound to slump against other major currencies, including the euro and US dollar.
Meanwhile bitcoin has experienced a resurgence in recent months, with ts value rising by around $4,000 since late June to its current price of $12,000.
E16: Is the crypto carnage over?
Bitcoin lost 40% of its value in the past three weeks and Ethereum fell to $100 an ether, losing its claim as the second largest cryptocurrency. Is the carnage in cryptocurrencies over? Maybe, but here’s why I’m still not buying cryptos and instead looking at “backing up the truck” in another sector that has seen just as much of a bloody month as cryptos. Listen to find out more and watch the accompanying video on SiAlpha YouTube channel: youtu.be/dDDXaYneYtw
Bitcoin lost 40% of its value in the past three weeks and Ethereum fell to $100 an ether, losing its claim as the second largest cryptocurrency. Is the carnage in cryptocurrencies over? Maybe, but here’s why I’m still not buying cryptos and instead looking at “backing up the truck” in another sector that has seen just as much of a bloody month as cryptos. Listen to find out more and watch the accompanying video on SiAlpha YouTube channel: youtu.be/dDDXaYneYtw
E11: How I’m (not) Investing in Cryptocurrencies
Bitcoin going to $1k or 50k? Investing is hard, investing in cryptocurrencies is even harder. Here’s how I’m doing it and not. Not investment or financial advice. Educational purposes only.
E4: Cryptocurrency ETFs
On Friday, the U.S. Securities and Exchange Commission (SEC) rejected an application by the Winklevoss Twins to list a Bitcoin Exchange Traded Fund (ETF) on the stock exchange. Highlighting the risk of market manipulation. However behind the headlines, earlier in the week two other applications for cryptocurrency ETFs were submitted. Listen to find out more.