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
On Monday, Tesla announced that it bought $1.5 billion in Bitcoin. It was, reportedly, done to start accepting the cryptocurrency as payment. The price of Bitcoin soared 15.4% to around $44,500 Monday in reaction to Tesla’s announcement, according to Coinbase.
The company said it purchased Bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla is the first automaker, who plans to accept the cryptocurrency as payment.
MasterCard has announced plans to support cryptocurrencies in 2021, paving the way for its nearly one billion users to spend digital assets at more than 30 million merchants. Although it hasn’t specified which coins will be supported.
The firm believes this may open merchants up to new customers and build loyalty with existing customers who are already migrating to digital assets over traditional fiat options.
Quick weekly news:
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Chainlink hits new highs, but is LINK about to pull another 150% parabolic move? Read more here.
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Cryptocurrency market cap hits $1.4T and surpasses Google stock: Read more here.
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Bitcoin, Ethereum Fees Are Through the Roof Again. Here’s Why: Read more here.
- Amazon Is Hiring Developers for a Digital Currency Project: Read more here.
Other notable events include:
– Tether’s market capitalization has risen
– Central banks won’t support cryptocurrency anytime soon
Trust in the USDT coin is increasing
As of January 1, 2021, the stablecoin’s market cap stood at just over $20 billion, soaring to $26.6 billion by February 1. But during the last few weeks, as Bitcoin’s price spiked over $40,000, it has continued to surge. The company is currently holding $30.5 billion in total assets.
The demand for USDT is mainly driven by large investors who prefer to execute their trades via over-the-counter (OTC) desks. Exchanges working with those OTC desks need more liquidity on their platforms, hence the growing demand for the asset.
ECB’s Lagarde on crypto
European Central Bank president Christine Lagarde doesn’t think central banks will hold Bitcoin anytime soon.
This isn’t the first negative comment Lagarde has made about Bitcoin. She previously argued that this coin is highly speculative and used for “funny business” and, as a result, must be regulated.
But despite the skepticism over Bitcoin, Lagarde conceded that the pandemic has boosted demand for digital currencies.
New Listings on Binance:
– Litentry (LIT/BTC LIT/BUSD LIT/USDT)
– SafePal (SFP/BUSD SFP/USDT SFP/BTC)
New Pairs on Binance:
– BTC/VAI BUSD/VAI
– DOGE/GBP DOT/TRY
New Listings on Huobi:
– AUCTION (AUCTION/USDT AUCTION/ETH AUCTION/BTC)
– YAM (YAM/USDT YAM/ETH YAM/BTC)
– Mandala Exchange Token (MDX/HT MDX/ETH MDX/BTC)
New Pairs on Huobi:
– PAX/USDT USDC/USDT
New Pairs on FTX:
– DOGE/BTC
– TRUMP2024
– SRM-PERP
– TSLA/BTC TSLA/DOGE
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!
UMA (universal market access) is based on the concepts of traditional (fiat) financial derivatives and, as an open source protocol, enables the creation and verification of trustworthy financial contracts with which anyone, anywhere, can design and build their own generally accessible financial products.
UMA creates a general framework for creating synthetic assets on Ethereum.
Ethereum’s smart contracts and the UMA framework create a trustworthy, permissionless mechanism that secures a contract through economic incentives alone. This is important because it significantly lowers the barriers to market entry, because the time-consuming and expensive legal process as a necessary measure in traditional markets is eliminated and the implementation of the contracts can only be based on incentive margins.
😋Recent announcements:
Universal Market Access (UMA) Review: Limitless DeFi
UMA Price Prediction: Will the UMA Token Outperform?
🔥DYOR:
– Website
We have prepared for you top-performing coins of Feb 4.
The Graph has managed to become the best performing asset from TOP-100, gaining 53.79% within the last 24 hours.
Binance Coin was the worst-performing asset from TOP-100, losing 13.17% within the last 24 hours (however, it had more than doubled over the previous couple of days).
To get up-to-date reports on gainers and losers during the week, follow us on Twitter.
Good Crypto Feature of the week
Trailing Stop is an extremely useful order type that allows you to easily sell at a higher price and buy at a lower price, increasing your profits substantially.
⚙️How it works
Trailing Stop automatically follows market price when it moves in the right direction.
Once it moves in the wrong direction by the amount you set, Trailing Stop will sell or buy with a market or limit order.
📱How to trade with Trailing Stop
GoodCrypto allows you to trade with Trailing Stop on any of the 28 exchanges in the app. Connect your exchange account to Good Crypto with an API key – and you are good to go!
👍Pros
Great way to lock in more profits when exiting a position or enter at a better price when establishing a position
👎Cons
Almost too good to be true
🚀 Become a better trader with the GoodCrypto app!
Top crypto meme of the week
Traders have only two emotions during the day 😃😫
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!