Bitcoin fell towards $30,000 on Jan. 26 after higher levels evaporated and fresh miner outflows appeared to suppress price action. Data from Cointelegraph Markets and Tradingview showed the largest cryptocurrency abruptly U-turn as it neared $35,000 in early week trading.
At the time of writing, BTC/USD was lingering closer to $31,000, marking 24-hour losses in excess of 5%. A combination of factors, all of which suggest a short-term profit-taking mission among market participants, entered the scene on Monday to keep bulls from taking prices higher.
In keeping with the emergence of clear-cut crypto regulations across Southeast Asia, Philippines’ central bank, BSP, has enacted a broader licensing regime for digital asset firms in the country. According to the Philippine Daily Inquirer, all crypto financial service firms in the country must now be licensed by the BSP.
Thus, exchanges dealing in crypto-to-crypto trading pairs and custody platforms must now obtain approval from the central bank. The expanded regulatory regime also covers cryptocurrency derivatives platforms.
All crypto firms in the country will also have to comply with global financial best practices including Anti-Money Laundering and Countering the Financing of Terrorism. As a result, cryptocurrency transfers above a certain threshold will require identifying information for both the originator and beneficiary parties.
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, remains the most preferred digital currency for investors, according to a new report. Bitcoin inflows accounted for 97% of total crypto inflows so far in 2021, according to a Jan. 25 report by digital asset investing company CoinShares.
Bitcoin comprises 83% of digital asset investment products under management, while BTC investment products represent just 6.5% of total Bitcoin trading turnover. Amid a major cryptocurrency bull run in January, daily BTC trading volumes have massively surged so far this year, increasing from an average of $2.2 billion in 2020 to $12.3 billion this year.
Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25. On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection.
While solid fundamentals often lead to price breakouts in both stocks and cryptocurrencies, the recent interest in GameStop appears to have more to do with the ‘Reddit army’ phenomenon which has seen internet groups go head to head with some of the largest firms on Wall Street.
This Daily Dose was brought to you by Decentralize.Today