Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup

Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup

On Dec. 8, 2020, Citigroup, one of the largest banks in the world, downgraded MicroStrategy’ss stock (MSTR). Since then, MSTR stock is up 113.27% from $289.45 to $617.31, as the price of Bitcoin (BTC) rallied.

In the same period, the Citigroup stock has declined slightly by 0.63%, from $58.36 to $57.99.

MicroStrategy stock vs. BTC and Nasdaq. Source: ecoinmetrics

Why has MicroStrategy stock performed so strongly despite the downgrade?

MicroStrategy has been investing its treasury holdings in Bitcoin, making BTC is treasury reserve asset. Currently, it is the biggest public company holder with over 70K BTC worth roughly $2.4 billion at today’s prices. 

Moreover, on Dec. 9, 2020, MicroStrategy announced raising $550 million in capital from convertible bonds.

In an official statement, MicroStrategy explicitly said that it intends to invest in Bitcoin with the proceeds of the bond. This is also the statement that is said to have triggered Citi to downgrade MicroStrategy. The statement read:

“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.”

At the time, Citigroup analyst Tyler Radke issued a sell rating. He acknowledged that the return on MicroStrategy’s Bitcoin investment has been “impressive,” but said the market is overpricing the core business of the firm. He wrote:

“MSTR’s bitcoin investment has returned $250M (or worth $26/share or +20% towards stock) since August ’20. While impressive, it pales in comparison to the 172% return in the stock. At the current stock price, our analysis suggests that the market is pricing in much more optimistic valuation scenarios for the core business and Bitcoin.”

Since December 2020, however, the price of Bitcoin saw an explosive rally. While the skepticism toward the core business of MicroStrategy could have some merit, BTC saw a rally of over 100% in the last month of the year.

In just December, Bitcoin rallied from $18,319 to over $42,000 on Binance, outperforming most assets in both the stock market and the crypto market.

What’s next?

MicroStrategy remains an important multi-billion dollar business intelligence firm with strong core business.

But as long as the price of Bitcoin continues to increase in the near term, it will likely have a positive impact on the stock price of MSTR.

Michael Saylor, the CEO of MicroStrategy, remains fully confident in the company’s position on Bitcoin, and often buying the price dips. In the fourth quarter financial results for 2020, Saylor wrote:

“Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”Title: Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup
Sourced From: cointelegraph.com/news/thanks-bitcoin-microstrategy-stock-is-up-113-since-being-downgraded-by-citigroup
Published Date: Sun, 31 Jan 2021 17:37:04 +0000

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Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup

Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?

Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?

The price of Bitcoin (BTC) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious.

One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29. This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering in the low $30,000 region.

BTC/USDT 4-hour price chart (Binance). Source: TradingView.com

Bitcoin gets choppy after revisiting $38,000

On Jan. 29, the price of Bitcoin rose to as high as $38,461 on Binance after Tesla CEO and the world’s richest man, Elon Musk, ostensibly showed support for Bitcoin.

However, before this rally, on-chain analysts were already warning that the momentum of Bitcoin was slowing.

Ki Young Ju, the CEO of CryptoQuant, for example, pinpointed the high selling pressure from Bitcoin miners as a sign of a short-term bearish scenario.

Although the price of Bitcoin briefly surged 14%, it snapped back down to sub-$34,000 within 24 hours. Hence, weakening on-chain indicators were likely a warning that BTC would retrace most of its “Elon pump” gains. 

Ki wrote before the rally:

“Exchange Whale Ratio hit the eight-month high, meaning $BTC might have a large red candle if the price drops. It’s supposed to be below 85% if this bull-run is legit. Otherwise, it’s likely to be a bull trap.”

Whales likely sold as the price of Bitcoin abruptly surged to the $38,000 resistance level, causing a sharp correction.

With shaky on-chain indicators and some selling pressure coming from miners, traders are also showing caution about longing BTC/USD in the near term. 

A pseudonymous trader known as “Salsa Tekila” said that he is not using leverage until Bitcoin breaks out or drops back to $30,000. He said:

“We’re at that point where $BTC is far enough from the 30k for me not to be comfortable longing with any form of leverage but at the same time I wouldn’t short. Therefore being spot long until a big down / legacy open / probably Monday morning is best. NO LEVERAGE”

Meanwhile, another popular pseudonymous trader known as “Byzantine General” argues that the rally is broken. Hence, even if Bitcoin is bullish in the macro picture, more downside is possible until it sees a convincing breakout on lower time frames. He noted:

“The bull run is still on IMO, but the rally is broken. If we re-claim the yearly TWAP we can continue ze pump, but until then it looks kinda meh.”

Bitcoin price chart with TWAP level. Source: TradingView.com, Byzantine General

What to watch out for

Traders and technical analysts are closely observing Bitcoin’s reaction to the $34,500 to $35,000 range.

If Bitcoin breaks out of it with strength, momentum, and high volume, then the probability of a short-term trend reversal rises.

However, if Bitcoin struggles to retest the $34,500 resistance level and continues to stagnate in the $33,000 region, the risk of a further breakdown to the $33,000 support remains.

Crypto Fear and Green Index (78 or “extreme greed”). Source: Digital Assets Data 

Additional signs that BTC price could see another pullback include the Crypto Fear and Greed index remaining at “extreme greed” levels and Google searches for “Bitcoin” dropping by 50% since multi-year highs seen earlier this month. 

Title: Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?
Sourced From: cointelegraph.com/news/is-the-weakness-of-bitcoin-after-the-elon-musk-pump-hinting-at-a-bull-trap
Published Date: Sun, 31 Jan 2021 11:00:00 +0000

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Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340. 

COMP/USDT 4-hour chart. Source: TradingView

In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time high at $27.67 billion on Jan. 30.

Total value locked in DeFi. Source: Defi Pulse

The surge in COMP price follows the recent release of a new governance module and upgrade to the comp.vote interface which now allows community members to save on gas fees by voting by signature instead of on-chain transactions.

DeFi becomes more attractive after the Robinhood debacle

This week’s controversy surrounding investment brokerages halting the markets for GameStop and AMC stock has presented DeFi and crypto exchanges as a possible alternative to the centralized traditional finance sector.

In a tweet, Compound founder, Robert Leshner said the recent developments showed that “the long-term answer” to the time it takes for trades to settle with the Depository Trust & Clearing Corporation (DTCC), “is for markets to run on blockchains.”

Leshner said:

“Instant settlement would eliminate most of the complexity, cost, and capital requirements which plague T+2 settlement. Robinhood wouldn’t have credit obligations, or the need to turn against their own customers.”

Uniswap grants program launch backs UNI’s rally

Uniswap DEX 24-hour trading volume. Source: Uniswap

Uniswap’s grants program was unveiled on Jan. 20 as a way to help expand the exchange’s ecosystem.

Developers interested in participating now have a chance to submit a proposal and receive funding for the development of a project that adds value to the overall platform. According to Uniswap’s Twitter feed, there were “40 grant submissions to @uniswapgrants in the 14 days since applications opened up.”

UNI/USDT 4-hour chart. Source: TradingView

Since the release of the grants program, the price of UNI has increased 160% from $7.10 on Jan. 21 to its current price of $18.51. Uniswaps rising TVL, daily transaction volume and investor’s excitement over the upcoming v3 launch are additional factors backing UNI’s surge to a new all-time high.

Title: Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B
Sourced From: cointelegraph.com/news/uniswap-uni-and-compound-comp-hit-new-highs-as-defi-tvl-reaches-27-6b
Published Date: Sun, 31 Jan 2021 03:18:19 +0000

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Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B

FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX Token (FTT) rallies 105% as interest in derivatives trading grows

FTX is a cryptocurrency derivatives exchange backed by Alameda Research, a quantitative trading firm and crypto liquidity provider. 

The exchange launched in April 2019 and offered the usual spot trading, inverse swaps and futures contracts that can be found at other major platforms. By early 2020, the exchange launched its daily and weekly binary BTC options markets.

FTT/USDT daily chart. Source: TradingView

FTT is the exchange’s native token and it’s issued on the Ethereum blockchain. FTT stakers are granted a trading fee discount based on a tiered system and other benefits include bonus votes in their polls and increased airdrop rewards.

The first airdrop took place in August 2020 when 500 million Serum (SRM) tokens were distributed to FTT holders. To differentiate itself from competitors, the users’ collateral is shared in one universal stablecoin wallet.

This means traders can reduce their margin requirements drastically. Numerous leveraged tokens mimicking leveraged ETF stocks have also been listed, including 3x Long Bitcoin and 3x Short Litecoin.

Leveraged tokens are derived from the exchange’s perpetual swap contracts and operate as tradeable ERC-20 tokens that can be withdrawn and traded. These innovative products have made the FTX a popular exchange among investors, as reflected by its rising futures contracts open interest.

Global markets aggregate open interest. Source: coinalyze.net

As shown above, the figure grew by 340% over the past six months, surpassing the $2 billion mark to vastly outperform more established exchanges.

In November 2020, the exchange ventured into tokenized equity trading, albeit not available for its U.S. citizens. Its partner CM-Equity custody the tokens redeemable for the underlying stocks. Interestingly, it’s allowed its users to buy less than one share, which is particularly useful for high-priced stocks like Amazon ($AMZN) and Google ($GOOG).

In December, FTX continued to innovate by launching pre-IPO futures contracts for AirBNB and Coinbase. These contracts allow traders to speculate on what price those companies will list on a stock exchange. The exchange also offers trading for thematic products, including a basket of cannabis-related listed stocks.

By creating multiple markets with enough liquidity provided by its market-making structure, the exchange was able to gather attention from a new client base. More recently, a Wall Street Bets index was launched, including GameStop ($GME), Dogecoin (DOGE), and iShares Silver Trust ($SLV).

Backed by these popular offerings, FTX Token (FTT) price has doubled since the beginning of 2021.

FTX Token (FTT) token price at Binance. Source: TradingView

To further incentivize holding the token, FTX repurchases and burns 33% of all fees generated from the exchange and 10% of its insurance fund net additions. This process will continue until half of the initial 350 million supply are destroyed.

While this may appear like a deflationary schedule, there are 31.25 million tokens allocated to the team, representing at least 17.8% of the targeted 175 million circulating supply. Regardless, considering the current $11.70 token price, its market capitalization after the burn process is completed surpasses $2 billion.

This number represents a 45% discount to Binance Coin’s (BNB) projected 2031 market capitalization, according to data from Messari. This is also roughly in line with the exchanges’ aggregate open interest $4.26 billion to $2.0 billion difference .

Interestingly, Binance has an undisclosed investment in FTX, and this may be creating fewer incentives for direct competition.

Currently, it seems that the market is pricing both tokens at the same valuation. Binance appears to be expanding its ecosystem via its Binance Smart Chain decentralized exchange, their blockchain projects incubator and a successful token launchpad platform.

FTX, on the other hand, is focused on being the market-leader of derivatives products innovation.

Currently all of these projects are producing value for token holders and with the burn schedule and rising popularity among derivatives exchanges it’s possible that FTT will continue to see further price appreciation.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: FTX Token (FTT) rallies 105% as interest in derivatives trading grows
Sourced From: cointelegraph.com/news/ftx-token-ftt-rallies-105-as-interest-in-derivatives-trading-grows
Published Date: Sat, 30 Jan 2021 21:45:01 +0000

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FTX Token (FTT) rallies 105% as interest in derivatives trading grows

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price underwent a strong 86% breakout in the early trading hours on Jan. 30 as the fourth-ranked cryptocurrency by market cap became the new coin of focus in the r/Wallstreetbets cryptocurrency-focused off-shoot r/Satoshistreetbets. 

Data from Cointelegraph Markets and TradingView shows that XRP rose from $0.28 to a peak at $0.51 before profit selling pulled the price back to $0.41.

XRP/USDT 15 minute chart. Source: TradingView

It appears that the antics of the past week which saw r/Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), have carried over into the weekend as Stellar (XLM) also saw its price pump in tandem with XRP.

After rallying more than 800%, DOGE price is now down 71% from its recent all-time high of $0.078 on Jan. 29. Data from TheTIE also shows that the rally in XRP price coincided with a drastic jump in tweet volume.

XRP price vs. Tweet volume. Source: TheTIE

Stellar (XLM) has also received some attention from r/Satoshistreetbets, resulting in a price spike of 64% on Jan. 27 which saw the price of XLM reach as high as $0.38 before correcting to its current value of $0.318.

XRP’s legal woes may place a damper on the rally

In the past few months, XRP price has been hard hit due to a lawsuit filed against Ripple by the U.S. Securities Exchange Commission (SEC). The SEC alleges that the company is conducting an ongoing illegal securities offering as Ripple still periodically sells XRP tokens out of the treasury.

Ripple recently filed a Freedom of Information Act request with the SEC seeking documents pertaining to Ethereum co-founders.

The company is demanding to know why Ether (ETH) isn’t considered a security and said that the government body “clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether.”

Title: XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’
Sourced From: cointelegraph.com/news/xrp-price-gains-86-after-wall-street-bets-crypto-wing-says-pump-it
Published Date: Sat, 30 Jan 2021 19:44:48 +0000

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XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

Title: GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30
Sourced From: cointelegraph.com/magazine/2021/01/30/gamestop-wont-stop-robinhood-cheats-musk-tweets-hodlers012430
Published Date: Sat, 30 Jan 2021 20:27:04 +0000

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GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest, Jan. 24–30

Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches

Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches

On Jan. 29 Bitcoin (BTC) price briefly rallied to $38,500 before retracing the move and spending the majority of the day struggling to reclaim $35,000. 

The wild breakout in Bitcoin price has partially been attributed to Elon Musk changing his Twitter profile to simply “#Bitcoin,” which Musk subsequently followed up with a cryptic tweet saying “In retrospect, it was inevitable.”

Dogecoin (DOGE) also continued to make waves across Twitter and with crypto traders. After reaching a new all-time high at $0.078 on Jan. 28, DOGE price corrected by 41% before rebounding to trade at $0.045.

Daily cryptocurrency market performance. Source: Coin360

Developments related to DOGE and r/Wallstreetbets led FTX crypto exchange to create a Wall Street Bets (WSB) index which tracks the price of Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV), DOGE, and the FTX Token (FTT) using a weighted average of their prices.

The exploits of the popular Reddit group have also not gone unnoticed by the United States Securities and Exchange Commission, which announced that it will be taking a closer look at how Robinhood handled the trading of GME stock on its platform.

Bitcoin price holds strong despite miners selling

Despite the recent volatility, institutional investors continue to show an increased interest in Bitcoin and are willing to pay a premium to get exposure to CME’s Bitcoin futures contracts.

Even selling pressure from Bitcoin miners, who have been selling at levels not seen since BTC price topped out at $14,000 in July 2019, has not been able to satisfy increasing demand. Unlike previous years, mass selling from miners is not negatively affecting the long-term price of BTC, as shown by data from CryptoQuant.

Bitcoin miner’s outflow. Source: CryptoQuant

According to Lennard Neo, the head of research at Stack Funds, the current miner sell-off is likely to continue in the near-term due to the upcoming Chinese New Year holiday.

Neo said:

“Miners are increasingly exiting their positions as the holiday approaches. This also suggests that the floor price for which miners are comfortable holding Bitcoins has yet to be found and we expect this volatility to persist in the coming weeks.”

Growing interest from institutions and the emergence of DeFi are big drivers of Bitcoin price growth. As the market heads into the Chinese New Year holiday, the key level of support to watch is now $34,000 while a move higher is likely to face resistance at $38,000.

The $4.9 billion worth of BTC futures that expired on Jan. 29 appears to have little effect on the market as this past week’s Robinhood ordeal is bringing more attention to the cryptocurrency industry.

The traditional markets faced a new wave of pressure which led to the worst weekly performance for the S&P 500. The Dow, NASDAQ and S&P 500 all finished the day negative, down 2.03%, 2.0% and 1.93% respectively.

ltcoins show signs of growth

While Bitcoin price struggled to hold the $34,000 level, DOGE made its way into the top-10 and a number of altcoins saw bullish breakouts.

XRP and Stellar (XLM) have both rose by roughly 9% in the past 24-hours, while Voyager Token (VGX) continued to climb higher, currently up 70% and trading at $1.77.

BTC/USD daily chart. Source: Coin360

The overall cryptocurrency market cap now stands at $1.01 trillion and Bitcoin’s dominance rate is 63.5%.

Title: Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches
Sourced From: cointelegraph.com/news/analyst-says-bitcoin-price-sell-off-may-occur-as-chinese-new-year-approaches
Published Date: Sat, 30 Jan 2021 01:49:05 +0000

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Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

Bitcoin (BTC) has been correcting since the peak high at $42,000. However, this correction might have ended as a significant momentum shift occurred in recent days. 

The GameStop debacle raised many questions about big parties’ trustworthiness and exchanges, after which more and more people started to claim that decentralization is the future.

Among these people is Elon Musk who is worth nearly $183 billion, according to Forbes making him the world’s richest person. The Tesla CEO included #Bitcoin in his Twitter profile and also wrote “in retrospect, it was inevitable.” A very cryptic message to his 44 million followers, which some may interpret as Musk investing in Bitcoin.

In retrospect, it was inevitable

— Elon Musk (@elonmusk) January 29, 2021

However, this tweet and profile change from Elon Musk prompted a new rally on Jan. 29 with price surging from $32,500 to $38,000 in a matter of minutes. The primary questions now are: does this mean the bull market is continuing and will BTC see new all-time highs?

Bitcoin holds key $30,000 level

XBT/USD 2-hour chart. Source: TradingView

The 2-hour chart shows a clear bullish breakout after holding the significant support zone at $30,000.

The critical breaker for bullish continuation was to find support at $30,000, which happened in recent days. Since then, the next step for bullish continuation would be a breakout above the $34,000 resistance zone.

As the chart shows, and largely thanks to Elon Musk’s tweet, the breakout was confirmed, and Bitcoin started to accelerate heavily. The next level to break is $37,600-38,000 as that’s the next area of significant liquidity.

Currently, Bitcoin’s price is trying to crack that level of resistance at $38,000. If this area flips for support, a further bullish continuation toward the all-time highs will likely occur, and $50,000 comes into play. 

Total market cap makes a new all-time high

Total cryptocurrency market cap 1-week candle chart. Source: TradingView

The total cryptocurrency market capitalization has reached new all-time highs in the past 24 hours, accelerating to the $1.13 billion level.

However, the total market capitalization and the price of Bitcoin are still far away from the 21-Week MA. That 21-Week MA often sees a support test before continuing upward.

Therefore, the levels to watch for the total market cap are still the same as before. If the market can’t continue going up from here, $730 billion will be the focus as that would grant a perfect support/resistance flip from the previous all-time high.

BTC/USD 1-week chart. Source: TradingView

The weekly chart shows an apparent bullish cycle and a big gap between the 21-Week MA and the current price. These two often come back to each other to get the markets back to the “mean” of the price movement.

Thus, such a correction would bring the price of Bitcoin to the $25,000 region in the coming weeks. In the end, as long as Bitcoin remains above the 21-Week MA, the continuation of this bull market is very likely.

Critical levels to watch for Bitcoin

XBT/USD 3-hour chart. Source: TradingView

Currently, the price of Bitcoin is trying to break through the resistance at $38,000. If that breaks, a continuation toward a new all-time highs seems inevitable, as $40,500 is the only level to watch after $38,000.

In that perspective, even price targets of $45,000 and $50,000 are on the table. However, if Bitcoin’s price can’t break through the $38,000 area, a renewed retest of the $34,000 zone should be expected.

If that doesn’t hold for support, a sharp fall toward the lows may occur along with more range-bound price action. Nevertheless, this would not be unhealthy for the market from a wider perspective.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?
Sourced From: cointelegraph.com/news/world-s-richest-man-elon-musk-boosts-bitcoin-price-by-20-is-40k-back-in-play
Published Date: Fri, 29 Jan 2021 14:43:51 +0000

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World’s richest man Elon Musk boosts Bitcoin price by 20% — Is $40K back in play?

Dogecoin trading volume hits $5B surpassing Bitcoin’s for the first time ever

Dogecoin trading volume hits $5B surpassing Bitcoin’s for the first time ever

Dogecoin (DOGE) briefly surpassed Bitcoin (BTC) in daily volume on Binance at over $5 billion on Jan. 29. 

This is a first for Dogecoin, and it happened as the price of DOGE surged around eight-fold overnight from $0.012 to over $0.08.

DOGE/USDT 15-minute price chart (Binance). Source: TradingView.com

What was behind the craze around DOGE?

The meteoric rally of DOGE was fueled by posts and tweets from WallStreetBets traders on Twitter and Reddit. In fact, the tweet volume also soared to new record highs surpassing BTC for the first time ever. 

The craze around Gamestop (GME) moved over to Silver and DOGE as a result, causing massive rallies in a short period.

The suspension of trading GME on Robinhood also catalyzed the DOGE rally, industry executives say.

On Jan. 29, Robinhood abruptly halted the trading of GME, causing outrage among its users and several lawmakers.

Some theorize that the trading halt enraged many users and led them to turn their eyes to other assets. Among other assets, many traders in the WallStreetBets (WSB) community were attracted by DOGE and Silver.

Mike Abundo, the committee chairman at Fintech Philippines, said:

“If you had just remembered that $DOGE was always the most popular memecoin on Robinhood, and figured out that Robinhooders blocked from memestocks would go for a memecoin instead, you might be fantastically wealthy by now.”

Almost immediately after DOGE saw its rally, Bitcoin saw a sudden surge as Elon Musk, the world’s richest man, added “Bitcoin” to his Twitter bio.

While Bitcoin most likely rallied due to Musk’s unexpected addition of the word “Bitcoin” to his bio, some of the profits from DOGE could have also flown back into BTC to propel its price.

While some may think that DOGE is too small to affect the price of a major cryptocurrency like Bitcoin, it briefly became the eighth-largest cryptocurrency in the world.

Dogecoin price and Sentiment. Source: TheTie

With over $5 billion in daily volume, there is sufficient capital in DOGE trading that it could have a significant impact on the short-term price trend of Bitcoin.

What happens to DOGE next?

Some pseudonymous traders and analysts believe DOGE could have one more run up towards $0.01.

There is also an ongoing meme about pushing DOGE to $1 on WallStreetBets and other related forums. A trader known as “0x_Infinitum” said:

“IMO $Doge still has one more push. A big one. Just big enough for people to actually start believing the $1 meme. That’s when lifelong community members will be made.”

Although DOGE is considered a “memecoin,” its recent rally pushed its valuation to over $7 billion. If DOGE rallies towards $1, it would make it the second-biggest cryptocurrency behind Bitcoin.

It already briefly overtook Litecoin earlier today on Jan. 29 as its parabolic trend continued. At the time of writing, DOGE price is up roughly 340% in the past 24 hours 

Title: Dogecoin trading volume hits $5B surpassing Bitcoin’s for the first time ever
Sourced From: cointelegraph.com/news/dogecoin-trading-volume-hits-5b-surpassing-bitcoin-s-for-the-first-time-ever
Published Date: Fri, 29 Jan 2021 13:36:30 +0000

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Dogecoin trading volume hits $5B surpassing Bitcoin’s for the first time ever

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Bitcoin (BTC) surged by over $5,000 in minutes on Jan. 29 after the world’s richest man added its symbol to his Twitter page.

BTC/USD 1-hour candle chart. Source: Tradingview

BTC price hits $38K highs

Data from Cointelegraph Markets and Tradingview showed BTC/USD spiking to $38,000 as users began to notice that Elon Musk was now publicly advertising Bitcoin.

The move comes amid major anticipation from investors that BTC will be the next asset to receive a boost, either from a figure like Musk or from lay consumers affiliated with the now notorious Reddit group r/Wallstreetbets.

As Cointelegraph reported, Musk had previously singlehandedly pumped the price of several cryptoassets notably meme-based Dogecoin (DOGE), with just one or a handful of tweets.

DOGE, along with stocks GameSpot and AMC, meanwhile all surged thanks to Reddit this month, with the ensuing regulatory retaliation causing uproar and increasing cryptocurrency’s reputation as an independent investment.

“This should be your wake up call to get your #Bitcoin off exchanges,” popular Twitter account Documenting Bitcoin summarized as $GME trading was shut down.

Musk leaves Twitter still speculating

For Musk, who at one time had “former Dogecoin CEO” in his bio, no explanation of the move towards Bitcoin had been made public at the time of writing, with only a characteristically cryptic tweet coming afterward.

“In retrospect, it was inevitable,” he wrote.

Musk has a chequered history when it comes to Bitcoin, with previous tweets making it impossible to tell if he owned or even liked the largest cryptocurrency.

Tweet volume for “BTC” and “DOGE.” Source: TheTIE

On Friday, however, BTC/USD had yet to match $GME or others, reversing at $37,000 to trade slightly lower and still within an established corridor. As proponents noticed his update, messages of support came rolling in fast.

“Got em,” Robert Breedlove, author of “Thank God for Bitcoin,” responded.

Abra CEO Bill Barhydt added:

“Elon has discovered interplanetary money. Buckle up.”Title: Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’
Sourced From: cointelegraph.com/news/bitcoin-price-soars-5k-in-minutes-after-elon-musk-gives-btc-the-dogecoin-treatment
Published Date: Fri, 29 Jan 2021 09:30:07 +0000

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Bitcoin soars by $5K in minutes — BTC hits $38K after Elon Musk’s ‘Dogecoin treatment’

Crypto in the Philippines: Necessity is the mother of adoption

Crypto in the Philippines: Necessity is the mother of adoption

Title: Crypto in the Philippines: Necessity is the mother of adoption
Sourced From: cointelegraph.com/magazine/2021/01/29/crypto-in-the-philippines-necessity-is-the-mother-of-adoption
Published Date: Fri, 29 Jan 2021 06:26:22 +0000

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Crypto in the Philippines: Necessity is the mother of adoption

Altcoins soar after 10% Bitcoin price breakout flips $33K back to support

Altcoins soar after 10% Bitcoin price breakout flips $33K back to support

Bitcoin (BTC) price appears to have flipped the $32,000 level back to support as the wider cryptocurrency market saw renewed optimism on Jan. 28. 

Data from Cointelegraph Markets and TradingView shows that BTC has steadily climbed higher in price from $31,000 to its current value of $33,400, an increase of 9.5%.

Daily cryptocurrency market performance. Source: Coin360

The most notable gainer of the day was Dogecoin (DOGE) which surged more than 200%.

The popular meme coin became the latest beneficiary of the 3 million member Reddit community behind the incredible GameStop (GME), BlackBerry (BBY) and AMC Theatres (AMC) pump that happened over the last few days. In the early morning hours of Jan. 28, a Twitter account named WSB Chairman tweeted:

A lot of you are talking about Dogecoin. What’s that? A meme crypto?

— WSB Chairman (@WSBChairman) January 28, 2021

Shortly afterwards, members in the Wall Street Bets telegram began discussing the possibility of pushing DOGE to $1.

According to data from TheTIE, the tweet volume for Dogecoin “surpassed Bitcoin over the last 24 hours,” making this the first time on record that “an altcoin has been tweeted about more than Bitcoin over a 24 hour period.”

Dogecoin price vs. tweet volume. Source: TheTIE

In a private conversation with Cointelegraph, Joshua Frank, founder of TheTIE, commented on just how “wild” the activity related to Dogecoin has been over the past 24-hours.

Frank said:

“Dogecoin tweet volume is up 1,665% today, its trading volume is up 1,546%, and its price is up 209%”

Wall Street continues to embrace cryptocurrencies

Coinbase officially unveiled its plan to go public later this year. According to Coinbase Blog, the company will do a direct listing of its Class A common stock, making existing shares available to the public.

North Carolina wealth manager Kingfisher Capital also made headlines after filing documents revealed that the firm had purchased 10,667 shares of the Grayscale Bitcoin Trust over the past few months.

Several brokerage firms in the United States, including the popular mobile-based Robinhood, are receiving blowback for halting trading on stocks like GameStop (GME) and AMC Holdings Inc. (AMC), which has been the primary story of the week after a retail investor-inspired short squeeze by members of the Reddit group r/wallstretbets pushed the prices of each stock up by hundreds of percent.

The traditional markets also saw a bounce following a minor sell-off yesterday. The S&P 500, NASDAQ and Dow all saw positive inflows and finished the day up 0.98%, 0.68% and 0.99% respectively.

BTC/USD daily chart. Source: Coin360

Bitcoins show of strength at the $32,000 coincided with a strong rally from many altcoins and currently the majority of the top 100 coins are reflecting 3% to 15% gains.

Cosmos (ATOM) rallied by 15.41%, Stellar (XLM) gained 13.91% and Compound (COMP) added 14.21%. Ether (ETH) price also increased by 5.96% and currently trades at $1,355.

The overall cryptocurrency market cap now stands at $984.6 billion and Bitcoin’s dominance rate is 63.2%.

Title: Altcoins soar after 10% Bitcoin price breakout flips $33K back to support
Sourced From: cointelegraph.com/news/altcoins-soar-after-10-bitcoin-price-breakout-flips-33k-back-to-support
Published Date: Thu, 28 Jan 2021 23:03:46 +0000

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Altcoins soar after 10% Bitcoin price breakout flips $33K back to support