Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Bitcoin Is 3rd Largest World Currency by Market Cap
- After more than a decade of growth, Bitcoin has entered the top three world currencies by market cap.
- Bitcoin ranks after USD and EUR, and ahead of JPY and INR.
Since its creation just over a decade ago, Bitcoin (BTC) has seen its price climb from practically nothing up to its current value of over $59,000.
In that time, Bitcoin's market capitalization—its circulation supply multiplied by the value of each unit—has skyrocketed to top $1 trillion, making Bitcoin not only the largest cryptocurrency, but also larger than most government fiat currencies.
As Deutsche Bank writes, "In terms of total currency in circulation, Bitcoin is the third-largest in the world, after the US dollar and the euro. This is mainly due to the vast increase in Bitcoin’s value recently. In early 2019, Bitcoin represented 'only' 3% of the US dollars in circulation, but in February 2021 it surged beyond 40% of the US dollars in circulation."
(There's another caveat: DB notes that these conclusions "would change dramatically if we looked at monetary base, or M1 or M2, to define the universe of USD in existence. Just the amount of cash/coins printed appears small, as it does not include all the assets held in USD in deposits at banks.")
Where Bitcoin fits into the world currency rankings
According to the US Federal Reserve, there is $1.8 trillion worth of Federal Reserve notes and coins in circulation—more than three-quarters of which is made up of $100 and $20 bills.
🗞 Morgan Stanley and Other Suitors Readying Bithumb Deal
Shares in Vidente, the video equipment maker that owns a 10.3% stake in the South Korean market-leading crypto exchange Bithumb, have rocketed up to a 52-week high on the KOSPI index after reports linked the US-based investment banking giant Morgan Stanley to a deal that could see it invest in or buy a controlling stake in the trading platform. (Updated at 8:29 UTC; updates throughout the entire text.)
Per a report from Asia Kyungjae, which cited undisclosed investment banking sources familiar with the deal and an unnamed “high-status” official at Bithumb, Morgan Stanley is in advanced talks over a potential deal – although other media outlets suggest other players may also be in the mix.
Asia Kyungjae reported that Morgan Stanley was prepared to “invest USD 266-443 million” in Bithumb.
The sources claimed that Morgan Stanley appears to be in negotiations with Vidente, and could seek to buy out its stake – or possibly seek to increase the size of the video equipment maker’s stake, which some believe may actually be higher than officially declared.
🗞 This Ether Options Play by Institutions Has Lottery Ticket Potential
Is it a lottery ticket on ether’s (ETH) mooning? Or just a small part of a super-sophisticated trade?
A pair of wildly speculative options trades this week on the over-the-counter institutional cryptocurrency trading network Paradigm has analysts’ tongues wagging. If the option “bet” is correct, the profit can be huge if ether’s price rises.
According to the tape, on March 14 two block trades crossed for a total of 1,644 call options contracts on ether, with a strike price of $25,000 and an expiration date of Dec. 31. In plain English, that means the buyer of the options stands to reap a massive profit if ether’s price jumps by a four-digit percentage by the end of this year. The Paradigm trades were booked on Deribit, the world’s biggest crypto-options exchange.
Who sold the $25,000 call?
Then there’s the question of the options contract seller’s motive. The risk calculus is very different: While an options buyer gets massive potential upside with very small odds at the cost of the premium paid, the seller gets a guaranteed payout – that premium – but with a massive potential loss on the overall trade.
🗞 Robinhood Growing Its Crypto Team ‘Hugely’ This Year Says CEO
Vlad Tenev, CEO of brokerage platform Robinhood, said the company is planning to grow its crypto team “hugely” this year.
- Speaking in a video Q&A with customers, Tenev said Robinhood wants to "make a huge investment and hire a ton of people" for its crypto business.
*He referred to the recent spike in demand the platform has witnessed with 6 million new customers trading crypto for the first time this year just by the middle of February.
*The Robinhood CEO had been answering a question from a customer who wished to see the platform "take a bite out of Coinbase."
🗞 Daily Crypto Calendar, March, 19th💰
- SmartKey (SKEY)
"@SmartKeyDeFi SKEY Gets Listed on KuCoin!"
- Phala Network (PHA)
"Holders of both Phala PolkaPets & PrivacyPill can get a free "Pill For Your Pet" airdrop, snapshot between 18:00–22:00 +8 GMT"
- DigiByte (DGB), REN (REN)
Liquidity mining for $renDGB starts on Friday, March 19th.
- Ambrosus (AMB)
"More information regarding this development will be provided in the roadmap which will be released on 19 March 2021."
- 1inch (1INCH), SOLVE (SOLVE)
"New Crypto Assets To Be Added To The Indodax Marketplace Are 1INCH (1INCH) & Solve (SOLVE)."
- 🗞 Daily Crypto News, March, 18th💰
- 🗞 Daily Crypto News, March, 17th💰
- 🗞 Daily Crypto News, March, 16th💰
- 🗞 Daily Crypto News, March, 15th💰
- 🗞 Daily Crypto News & Video, March, 14th💰
- 🗞 Daily Crypto News & Video, March, 13th💰
- 🗞 Daily Crypto News & Video, March, 12th💰
- 🗞 Daily Crypto News & Video, March, 11th💰
- 🗞 Daily Crypto News & Video, March, 10th💰
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