Good morning. Welcome to Monday Markets Wrap-up, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest.
Market Price as of March 29, 2021:
Bitcoin closed March 28, 2021, at $55,728 per BTC. We’re down 3.7% in the last 7 days and up 90% since the year began. This is also 9.7% below the all-time high of $61,711, which was hit on March 13, 2021.
Bitcoin’s market capitalization stands today at $1,034,503,712,606 which is 58% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,785,942,812,849 (-0.6%).
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Twitter CEO Jack Dorsey Sells NFT of First-Ever Tweet
Jack Dorsey minted the first ever tweet on Twitter as an NFT on Cent, an Ethereum-run service. Bid has skyrocketed, and today, we learned Jack accepted a bid of $2.9 million from an investor who goes by the name of @sinaEstavi.
#CryptoPH: [Last Day] How to Join PINASining | VoxEdit Contest
Philippine VoxEdit Contest
- THEME : Philippines
- CONTEST : March 8 – April 5
- SUBMISSION : March 8 – 29
- VOTING : March 30 – April 4
- PRIZE POOL : $1000 in SAND
- #1 – $500 in SAND
- #2 – $300 in SAND
- #3 – $100 in SAND
- #4 – $50 in SAND
- #5 – $50 in SAND
Visit this Discord Link to find out more information about the contest: https://discord.gg/bWS9NPx2S9
Upcoming NFT 101 Livestream for Filipino Artists
How Do I Start Selling My Art as NFTs? (An NFT 101 livestream presented by Cryptopop, Narra Gallery, and BloomX!)
From the Google Form: If you’re an artist or art enthusiast, you’ve probably heard about how NFTs are changing the way people buy, sell, and appreciate artwork. You’ve probably also wondered how the average Pinoy artist could get involved in this burgeoning space. Well, this is the live Q&A session for you.
Hosted by one of the world’s first NFT artists, Luis Buenaventura (Cryptopop!), and co-presented by Narra Gallery and First Mint Fund, we’ll be answering all your questions (especially the technical and practical ones!) as well as providing an overview of the #NFTart scene.
If that sounds like a fun evening, please indicate your interest by filling out the form below. THIS IS A FREE SESSION. Once we’ve had a chance to collate all the responses, we’ll announce the date and time of the first session, via email and FB. (It will probably be in early April!)
SIgn Up for the Webinar Here: https://bit.ly/nftartphsurvey
Follow us on Twitter or FB for announcements and updates!
Sign Up for the Webinar Here: https://bit.ly/nftartphsurvey
The Southeast Asia-focused NFT Article You’ve Been Waiting For
The most incredible article about NFT within the context of Southeast Asia society is finally here, thanks to The Ken Web.
The article deep dived into the Southeast Asia NFT community, how the region being a pool of digital artists made it a hotbed for NFTs to become popular. I recommend everyone to read the article here: A leap for art, a lifeline for artists: SE Asia’s burgeoning cryptoart movement.
Buy Tesla With Bitcoin
Elon Musk said via Twitter that Tesla had begun letting those interested to buy Tesla with Bitcoin to do so. He also said the company will not swap the Bitcoin for $ at the point of sale. If you pay Tesla in Bitcoin, that Bitcoin will stay as Bitcoin.
A couple of notes, of course, us here locally, it might be impossible to purchase Tesla, but it’s just interesting to highlight the process that the company laid out to Bitcoiners.
- There’s a 30-minute time window to complete the purchase
- No early-adopter discount
- “IF YOU INPUT THE BITCOIN ADDRESS INCORRECTLY, YOUR BITCOIN MAY BE IRRETRIEVABLY LOST OR DESTROYED.”
- “BITCOIN TRANSACTIONS CANNOT BE REVERSED. WE ARE NOT RESPONSIBLE FOR ANY FAILURE TO ACCURATELY INPUT THE ALPHANUMERIC CODE INTO THE RECIPIENT FIELD.”
People’s Bank of China: Completely Anonymous CBDC is Not an Option
“Mu Changchun, the head of the Chinese central bank’s Digital Currency Research Institute, said in a forum on Saturday that the so-called “controllable anonymity” is at the core of China’s digital yuan design.”
“The precondition of CBDC’s anonymity is it being risk-controllable and limited. A fully anonymous CBDC is not practical,” Mu said. He added that the controllable anonymity is also based on international consensus. Any design that doesn’t satisfy anti-money laundering, anti-terrorism financing and anti-tax evasion purposes will be simply vetoed, he said.
Read more from The Block.
Hut 8 Buys $30M Worth of Nvidia’s New Crypto Mining GPUs
Hut 8 buys, specifically, the CMP – Cryptocurrency Mining Processor – from Nvidia, so gamers can relax.
The CMPs were made so that miners won’t buy the GPUs that are supposed to be for gamers, Nvidia’s bread and butter.
Coindesk noted that Nvidia said before that it expects $50 million in total CMP sales. Hut 8 buys $30 million worth already, so that’s a 60% target reached.
“The machines “open up new opportunities” for Hut 8’s plans for diversified revenue streams, said CEO Jamie Leverton in a statement. The new CMPs will add roughly 1,600 GH of power to the firm’s mining capacity, which it will use to mine alternate blockchains. Hut 8 expects full delivery and deployment of the CMPs this summer.”
Read more on Coindesk
Uniswap To Launch V3
“‘In this paper, we present Uniswap v3, a novel AMM that gives liquidity providers more control over the price ranges in which their capital is used, with limited effect on liquidity fragmentation and gas inefficiency,’ it states.”
The new version further allows different pools to be created with different fees. Up to now, all trades in all Uniswap pools have had a 0.03% fee for trading.
“Over time we expect increasingly sophisticated strategies to be tokenized, making it possible for LPs to participate while maintaining a passive user experience. This could include multi-positions, auto-rebalancing to concentrate around the market price, fee reinvestment, lending, and more.”
Finally, Uniswap v3 Core will launch under the Business Source License 1.1
Read more here.
BitPinas Feature: Women In Tech
When women innovate, create and lead, things get done and everyone benefits. The statement rings true more so today than ever before. Women are making a significant impact in the tech scene and forging paths for others to participate and get involved in the industry.
In celebration of Women’s Month, here are four inspiring women driving this change in the Philippines and using their skills and platforms to build a more inclusive future for young women and starting entrepreneurs. In this time of notable change and looming uncertainty, they, as well as all the women leaders in the country, have stepped up into the challenge to innovate and reshape the society that is still coping with the new normal.
What else is happening
- New York Times Sells NFT Column in an Auction for $560,000
- New crypto regulations could initially prove ‘brutal‘ for bitcoin’s price, warns Amundi
- NFT craze and institutional money to bring next 100 million crypto users, says Crypto.com CEO
- California Seeks to Make Blockchain Corporate Records Bill Permanent
- Mining firm aims to go public through merger with Nasdaq-listed company
- Google searches for ‘Uniswap’ are booming
This article is published on BitPinas: Weekly Wrap-Up: Nvidia Reaches 60% of Target Sales for New Crypto Mining Processors (March 29, 2021)