Issue 126: More HODLing This Time Around
Thursday January 14th, 2021
HOLDing on The Rise and Weekly Market Update
Analysis: Crypto bounced back after a decisive pull back earlier in the week. ETH was up 18% on the 7-day period, generating the biggest increase over the week. Bitcoin briefly reached above 50K CAD for the 2nd time in as many weeks. We’re seeing more HODLing this time around and less crypto on exchanges these days.
More Weekly Headlines
Among a series of tweets explaining his decision to remove President Trump from Twitter, CEO Jack Dorsey cited BTC as ‘what the internet wants to be, and over time, more of it will be.’ Dorsey wrote he is passionate about BTC because of the ‘model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity’ – link – @TheVerge
In an interview with CNBC, investor Bill Miller said BTC is poised for ‘considerably higher’ appreciation. Miller explained that firms such as PayPal and Square will continue to buy newly mined BTC as retail interest grows. In a January 5 market update, Miller described BTC as ‘still very early in its adoption cycle.’ – VIDEO – @CNBC
BTC mining difficulty saw a 10% increase on Sunday. The adjustment, the first of 2021, puts the metric at an all-time high. – link – @CoinDesk
According to an analysis by JP Morgan, the approval of a BTC ETF could hurt the asset’s price in the short term. While in the long-term the analysis states that a potential ETF is beneficial to BTC, in the short term it could adversely affect price by drawing institutional capital away from Grayscale Bitcoin Trust which trades with a premium, unlike an ETF. link – @CoinDesk
Japan’s Financial Services Agency (FSA), which oversees securities regulation, said it views XRP as ‘cryptocurrency’. In an email to crypto news outlet The Block, the regulator wrote the ‘FSA regards XRP as a cryptocurrency based on definitions of the Payment Services Ac’ and added that it ‘refrains from making comments about other authorities’ response.’ – link – @TheBlock
DISCLAIMER: Nothing in this newsletter should be considered investment advice. The opinions and analysis in this are those of the writer and not of Bitbuy. Buying and selling cryptocurrencies is not without risk. Cryptocurrencies can change a large amount of value in a short time.