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 [email protected] and I’d be happy to add you to our launch notification list.
Stable-coins are not the future of Crypto
The future of stablecoins isn’t really about stablecoins, but cryptocurrency as a whole. The ebb and flow of the cryptocurrency market continues to be volatile and far from predictable.
The good news is that there is a solution that could disrupt and “stabilise” the cryptocurrency market. This solution is already in use. We are talking about stablecoins.
Stable-coins are not the future of Crypto
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.