Mon. Feb 8, 2021

“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.” 👋

 

– Satoshi Nakamoto

Market Activity

Total Market Cap $1.3T (+12.07%)
24 Hour Volume $195.49B (+20.51%)
Notable Movers Terra (LUNA) (+73.98%)
Bitcoin Dominance 62.26% (+0.56%)
Bitcoin Price $43,436.49 (+14.15%)
Notable Movers Dogecoin (DOGE) (+28.24%)
Bitcoinist declares that the bull market is back following on from Tesla’s headline-grabbing announcement. Cointelegraph says Bitcoin Cash is no longer a No. 10 cryptocurrency after being hounded out by Dogecoin. U.Today reports that one analyst believes Bitcoin could still crash to $6,400 despite the recent dramatic surges.

The Weekend News 🚨

Tesla Buys $1.5B of Bitcoin 💰

Breaking news:Tesla has bought $1.5 billion worth of Bitcoin — and the electric vehicle maker is planning to accept crypto as a payment method. The news, revealed in a SEC filing, helped BTC hit new record highs of $43,978.25. It follows a slew of pro-crypto tweets from Elon Musk in recent weeks. So why is Tesla snapping up BTC now? Find out here.

ETH Futures Finally Launch 🤩

The Tesla drama has overshadowed the launch of Ethereum futures. ETH’s price remained largely flat on the first day of trading. The long-awaited debut could make it easier for institutions to gain exposure to the world’s No. 2 cryptocurrency. It might take a while for ETH futures to gain momentum, with just 77 contracts traded on Monday morning. Read more here.

ANOTHER Record for Dogecoin 🐶

DOGE has hit new record highs after another flurry of celebrity endorsements over the weekend. The joke coin is now No. 9 in the crypto rankings, with a market cap of $10.5 billion. Snoop Dogg was the latest celebrity to jump on the bandwagon over the weekend, tweeting an album cover featuring his alter ego “Snoop Doge.” You can see it here.

Fears of Crypto Ban in India 🇮🇳

The Indian government is reportedly planning to fast-track a proposed bill that calls for private cryptocurrencies to be banned. This could pose a major threat to the nation’s crypto industry — outlawing Bitcoin and Ethereum in one fell swoop. It’s believed the bill would also kickstart the development of a digital rupee. Read more here.

Poll of the Day 📣

Following on from Tesla’s sensational announcement that it was buying $1.5 billion in Bitcoin, our question is this…

On a scale of 1-5 (5 being definitely,) will Bitcoin hit $50,000 in February?

What You Said 🔊

Back on Friday, we asked you this: On a scale of 1-5 (5 being definitely,) are you worried that Elon Musk could end up crashing the crypto markets with one of his tweets?

Thanks for all your responses — 51.6% of you said that the current turmoil will be good news for BTC, while 7.5% of you think the opposite. Here’s what you had to say…

One cynic tweets: “His tweets are probably for his own profit making.” 😤

 

But not everyone agrees, writing: “His tweets are harmless. He wouldn’t say anything negative that would jeopardize anyone’s livelihood. Janet Yellen is the one we need to worry about!” 😬

 

Another reader adds: “He’s a smart man and wouldn’t do or say anything to jeopardize other people’s livelihoods, that would be cruel and selfish. I don’t think he has a mean bone in his body. He’s not your typical multibillionaire.” 🧐

 

Some of you are a little nervous: “I think sometimes he forgets how much impact he can have on the markets.” 😕

 

There are also fears about what could happen if his tone changes: “If Elon puts out a negative tweet, that specific crypto could crash.” 😭

And the last word goes to this reader, who says we shouldn’t underestimate how influential the Tesla CEO is: “He is a huge inspiration to others, a man many from the mainstream and more look up too, and many will believe and react to whatever he might say.” 😍

Crypto Deep Dive 🏊

It’s showtime for one of the projects that’s in CoinMarketCap’s top 200.

Today, our attention turns to Nervos Network. Its ticker is CKB and it has a market capitalization of $177,799,582 at the time of writing — meaning it’s 123rd in our rankings.

The gist of it 📖

  • Nervos claims to solve the biggest challenges facing Bitcoin and Ethereum
  • It allows any crypto asset to be stored in a secure, immutable and permissionless way, while also enabling smart contracts
  • The network claims to offer unlimited scalability, as well as free and fast transactions

Why people love it 😍

  • It managed to raise $72 million during a public token sale in October 2019
  • China Merchants Bank was among the institutions who participated in the fundraising
  • Nervos recently set up a $30 million public grant fund to encourage developers to build projects on its blockchain

Why people doubt it 🤔

  • Ethereum has substantially more developers
  • Nervos may face an uphill struggle as it tries to build its ecosystem
  • The platform’s CKB tokens have lost 56.9% since launching last November

Thanks for reading! Have a great day — more news tomorrow! 👋