Every week, we’ll quickly cover the biggest stories in crypto so that you’ll always be up to speed on the latest headlines. Quickly skim the headlines and if you see something that interests you, read up on it in full detail by clicking the source link.
Story of the Week
Elon Musk helped propel Bitcoin back on track to $40k. Since the billionaire CEO first added the Bitcoin hashtag to his Twitter profile, Bitcoin has rebounded by 18.37% in the past seven days on Bitstamp.
The world’s biggest crypto by market cap is now less than 10% away from ATHs, at the time of writing, Bitcoin is trading at $37,867.52.
Read More: This Elon Musk Tweet Has Been Immortalized on Bitcoin Blockchain on uToday
Elon Musk says Bitcoin is ‘on the Verge of Getting Broad Acceptance’ – Sun, 1/31
The CEO of SpaceX and Tesla showed his support for Bitcoin on Sunday. He also shared his thoughts on $DOGE.
“They are really just meant to be jokes, but you know Dogecoin was made as a joke to make fun of cryptocurrencies obviously, but fate loves irony and often as a friend of mine says that the most ironic outcome or I’d say the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of earth in the future.”
Read More: Elon Musk says bitcoin is ‘on the verge of getting broad acceptance’ on TheBlock
Ethereum New All-Time High $1500 – Mon, 2/1
Ethereum hits a new ATH of $1500.65 on Binance on the Tether/USD pairing on Monday eclipsing the previous high of $1,473.82 on January 1st, 2018.
Elon Musk Uncovers Facts Behind Robinhood Restricting Trades on Hot Stocks Like Gamestop
“They gave us a file with a deposit and the request was around $3 billion dollars which is about an order of magnitude more than what it typically is.“
“I wouldn’t impugn shadiness to it or anything like that, and actually the NSCC was reasonable subsequent to this. They worked with us to actually lower it. It was unprecedented activity.“– Vlad Tenev, CEO of Robinhood
Robinhood raised another $2.4 billion from shareholders after it secured $1 billion last Thursday.
Read More: Elon Musk Uncovers Facts Behind Robinhood Restricting Trades on Hot Stocks Like Gamestop on Bitcoin.com
Binance Unveils PayPal Competitor Binance Pay – Tue, 2/2
Binance’s new app, Binance Pay offers six currencies that include $BNB, $BTC, $ETH, $BUSD, $EUR, and $SXP while being integrated with Binance Visa cards.
Ethereum Surpasses $1,600 for the First Time – Wed, 2/3
At 4:04 PM UTC, ETH made a new ATH of $1,616 on Kraken.
Read More: Ethereum Surpasses $1,600 for the First Time on uToday
PayPal is Investing in a New Business Unit Focused on Crypto – Thu, 2/4
PayPal will invest in a business unit dedicated to crypto services, among others, late this quarter and PayPal users will be able to shop at 29 million merchants.
“We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.”– CEO of PayPal, Daniel Schulman
Read More: PayPal is investing in a new business unit focused on crypto and digital currencies on TheBlock
$3,400,000,000 in Bitcoin Withdrawn From Coinbase in Just Six Weeks – Fri, 2/5
Since mid-December, $3.4b has been withdrawn from Coinbase. Coinbase is down from 865k in December to the current total of 770k.
“Big Coinbase outflow yesterday might be from Guggenheim. If that’s the case, their entry price would be 32,400k.”– CryptoQuant CEO, Ki Young Ju
Read More: $3,400,000,000 in Bitcoin Withdrawn From Coinbase in Just Six Weeks on DailyHodl
A special thanks go out to the cryptounfolded team for supplying Swapfolio and its community with all the latest data and news updates in the world of cryptocurrencies.
Ethereum’s $800m January Mining Revenue Surpasses ’18 Highs – 2/1
Darknet Markets Sets New Revenue Record in ’20, $1.7b – 2/2
40% of the Available Supply is Controlled By Small & Medium Holders – 2/3
Spike in Ethereum Funding in 2020, Indicating a Bullish Bias – 2/4
Grayscale’s Total AUM Hits $30b – 2/5
$USDC Supply Grew By Nearly 50% in January
Bitcoin Balances on Exchanges Continues to Decline
Global Crypto Indicators
Total crypto market capitalization is $1.19T, which is up 2.43% over the last day. This values all crypto-assets at 16.17% of Gold’s market cap. 24-hour global crypto volume is $178.58B, representing a 7.96% decrease (20% of this volume, or $36.54B is transparent volume).
Bitcoin dominance is 59%, which represents a 2.45% gain over the last 24 hours.