Hunting for lost Bitcoin, PayPal Breaks $240 Million in Crypto Trading As Markets Recover

Hello everyone, this is our weekly crypto digest. Here you’ll find everything from a weekly market summary and top news to the hottest new listings on exchanges, and even memes to cheer you up. To get these updates as soon as we post them, follow us on Twitter.

Weekly Market Summary

James Howells, a 35-year-old IT engineer from Newport, Wales, has appealed to the local council to search a landfill for a hard drive that is said to contain 7,500 Bitcoin. 

Howells has asked the council for permission to search the landfill before, only to have his request denied. But 7,500 Bitcoin is a lot of money—about £209 million ($286 million) in today’s prices. In a renewed effort to convince the council, Howells has now offered £52.5 million ($71.6 million) in support of the city’s COVID-19 relief fund to finally get his wish.

Who would have thought that a centralized Web 2.0 payments company would be mentioned in the same sentence as ‘Bitcoin recovery’? That’s exactly what happened yesterday as PayPal revealed it had broken its previous trading volume record.

Some $242 million worth of digital assets appear to have moved through the platform, beating its previous high of $129 million set a week ago, according to data provider Nomics. The data is derived from the exchange numbers produced by itBit, the exchange PayPal has chosen to buy its crypto through. While we can’t know for sure if this surge in volume was linked to PayPal, itBit’s volume performance never climbed above $5 million in the year leading up to the PayPal announcement. Since then, its numbers have grown exponentially. 

Quick weekly news:

• Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes:Read more here.
• Institutions Use This Strategy to Hide Their Bitcoin Orders:Read more here.
• Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020: Read more here.
• Gemini exchange to launch a credit card with a 3% cash-back rewards paid in Bitcoin:Read more here.

Other notable events include:

– Gloomy analysts forecast Bitcoin prices

– Some altcoins have spiked during the recent market run-up

Gloomy projections

Analysts are gloomy about bitcoin’s short-term price outlook, with several pointing to increased flows onto exchanges and cooling institutional demand. Some 57,000 BTC moved onto exchanges Tuesday, the biggest-single day change since the markets crash on March 12, 2020. A Goldman Sachs exec said institutional investors are ‘key’ to curbing bitcoin’s volatility. Neither bitcoin’s 20% drop on Monday, nor its volatility, have stopped ‘whales’ from buying the dip.

Alt season

Bitcoin and Ether prices are about 87% and 78% off their all-time highs, respectively, though the majority of altcoins (smaller market-cap cryptocurrencies) are languishing. While some altcoins have spiked during the recent market run-up, retail investors have largely ignored these cheaper and riskier cryptos. That said, Messari analysts think that the decentralized finance (DeFi) tokens – such as Maker (MKR), Compound (COMP), Aave (AAVE) and Uniswap (UNI) – are seeing robust growth.

Here are the hottest exchange listings of the last week: 

New Listing on Binance:

– RSK Infrastructure Framework (RIF/USDT RIF/BTC)

– Bitcoin Standard Hashrate Token (BTCST/USDT BTCST/BUSD BTCST/BTC)

New Pairs on Binance:

– GRT/EUR LINK/GBP CHZ/TRY XLM/TRY

New Listing on Huobi:

– BoringDAO (BOR/BTC BOR/ETH BOR/USDT)

New Pairs on Huobi:

– BAGS/USDT

New Listing on FTX:

– Basic Attention Token (BAT-PERP BAT/USD)

– Dogecoin (DOGE/USD DOGE/USDT)

New Pairs on FTX:

– ETH-0625

– EGLD-PERP

– SOL-OVER-TWO

– YFII-PERP YFII/USD ALPHA/USD CRV/USD BAND/USD ALPHA-PERP CRV-PERP BAND-PERP

By the way, our PRO plan includes new Exchange Listing alerts for all 27 exchanges in the app. Become a PRO and receive an instant notification when a new coin is listed on Coinbase Pro, Binance or your exchange of choice!

 

Filecoin (FIL) is a decentralized file storage and sharing network that leverages the power of the blockchain technology to provide users with a plethora of new opportunities in the market.

Filecoin (FIL) users enjoy a variety of benefits that make the platform a serious contender in the market. The protocol incentivizes a global network of computer operators to provide file sharing and storage services to the masses. This strategy encourages further cooperation between users. The Filecoin community is one of the fastest-growing in the market.

FIL tokens act as the native utility token for the Filecoin network. Users make payments and receive rewards in FIL. FIL tokens are versatile digital assets that can be traded on exchanges globally.

Filecoin users pay miners for storage, retrieval and distribution of data. For their efforts, miners receive rewards in the form of FIL tokens. How much a user pays for storage services is determined by an open market.

😋Recent announcements:

What is Filecoin? — A Descriptive Guide

Wrapped Filecoin Comes to DeFi on Ethereum

🔥DYOR:
– Website

– Twitter

 

We have prepared for you top-performing coins of Jan 14. 

HedgeTrade has managed to become the best performing asset from TOP-100, gaining 152.33% within the last 24 hours.

Ripple was the worst-performing asset from TOP-100 (again), losing 1.39% within the last 24 hours.

To get up-to-date reports on gainers and losers during the week, follow us on Twitter. 

 

Top cryptomeme of the week

Sometimes it’s not easy😅🤷‍♂️

 

We hope you found this digest useful and informative! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter. Happy trading with the Good Crypto app!