“In any investment, you expect to have fun and make money.” 📈

 

– Michael Jordan

Market Activity

Total Market Cap $1.5T (+1.35%)
24 Hour Volume $209.35B (+7.20%)
Notable Movers Kusama (KSM) (+33.97%)
Bitcoin Dominance 60.48% (-0.55%)
Bitcoin Price $48,478.44 (-0.71%)
Notable Movers Dogecoin (DOGE) (-3.75%)
CoinDesk says options data shows institutions aren’t worried about Bitcoin falling below $40,000. U.Today notes that Bitcoin’s correlation with XRP has now reached a three-year low. Cointelegraph says crypto futures positions worth more than $1.89 billion were liquidated over 24 hours. The Block says BTC is pairing its losses after its tumble early on Monday.

The Weekend News 🚨

Learn all about crypto at Alexandria, your new online crypto source!

Bitcoin Suffers Correction Near $50,000 😱

BTC was having a Valentine’s Day to remember, with prices hitting $49,487.64. But the love-in wasn’t to last, with prices later tumbling to lows of $46,347.48. The sell-offs were even more pronounced in the altcoin markets. Analysts believe the fall may have been triggered by one or two big funds taking profit. Here’s your recap of the weekend’s drama.

DOGE Falls 23% After Elon Musk Tweet 🐶

Dogecoin suffered a dramatic decline after Elon Musk encouraged major DOGE holders to sell most of their coins. Tesla’s CEO disapproves of the fact that just a dozen people own close to 50% of the coin’s total supply. One person owns 28.7% of all DOGE in existence. Now more than ever, the altcoin’s value is tied closely to the billionaire’s musings. Read more here.

NFT Prices ‘Will Eventually Crash’ 💔

Litecoin founder Charlie Lee has warned that the supply of NFTs will eventually overwhelm demand, causing prices to enter freefall. On Twitter, he wrote: “The problem with NFTs is that they are non-finite tokens.” Although creating art takes time, Lee claimed that these tokens can be replicated cheaply and suffer from “artificial scarcity.” Read more here.

Big Payday for Bitcoin Miners 💰

Bitcoin miners now earn 0.97 BTC in transaction fees per block, figures from Clark Moody Bitcoin suggest. This average has been taken over the past 2,000 blocks. Transaction fees have been rising recently and are making up a greater percentage of the overall reward, helping to compensate for the BTC halving. Read more here.

Poll of the Day 📣

DOGE may have taken a tumble recently, but it’s still comfortably above the price of $0.005 where it started the year — that’s just half a cent. So, our question is this….

Will Dogecoin ever fall below $0.01 again?

What You Said 🔊

Back on Friday, we asked you this: On a scale of 1-5 (5 being definitely,) do you think that more major companies will end up buying Bitcoin as a reserve asset?

Thanks for all your responses — 67.6% of you said this will definitely happen, while just 2.4% of you believe that other corporations won’t copy Tesla. Here’s what you had to say, including some predictions of which companies might be next…

One of you writes: “I think crypto is the future and companies will have no choice but to follow the trend.” 🤑

 

This reader adds: “Because of the good performance and decentralization of Bitcoin, new companies will definitely be attracted. Apple, Microsoft and Uber are probably next.” 🤩

 

Another confidently predicts: “Large caps will follow Tesla — it’s better to be in Bitcoin than have cash sitting in the bank.” 🚀

 

Continuing the theme, this contributor says: “It seems inevitable. Apple and Google. Both will offer their own coins in the near future.” 👀

 

Some of you are looking beyond tech giants: “Multinational companies such as The Coca-Cola Company and Barclays will follow Tesla.” 🌍

And the final word goes to this reader: “No one wants to be first, but also no one wants to be last! Apple is rumored to be next. Oil companies possibly, to offset loss in revenue from new U.S. admin policies.” 😎

Crypto Deep Dive 🏊

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

Today, our attention turns to KeeperDAO. Its ticker is ROOK and it has a market capitalization of $25,939,842 at the time of writing — meaning it’s 540th in our rankings.

The gist of it 📖

  • KeeperDAO provides an on-chain liquidity mechanism using derivatives
  • It allows users to capture arbitrage opportunities during times of market volatility

Why people love it 😍

  • ROOK’s price has more than trebled in the space of a month
  • The team behind KeeperDAO have experience running hedge funds and working at publicly traded companies

Why people doubt it 🤔

  • There are risks surrounding using KeeperDAO, and the team cannot guarantee that smart contract audits will eliminate security risks
  • High ETH gas fees are affecting the decentralized finance sector right now

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