Crypto Corner Podcast Episode 486: Bitcoin Steady at $19K, Boerse Stuttgart’s Bison Crypto App Sees €1 Billion of Trading Volume in 2020, German Bank Hauck & Aufhauser to Launch Crypto Fund in 2021, BIGG’s (CSE: BIGG) Netcoins Registers Record Trading Volume for November
Point Roberts, WA and Delta, BC – December 7, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Bitcoin (BTC) made it through the first weekend of December with its trading price of around $19,000 mostly intact, according to data from CoinMarketCap. Though briefly and slightly dipping below that support level here and there, Bitcoin held fairly firm and is trading for about $19,215 at press time.
“The increase in user numbers and the trading volume on Bison in the current year have far exceeded our expectations.”
FundView reports that German private bank Hauck & Aufhauser has announced the HAIC Digital Asset Fund I, a crypto fund set to launch in January 2021 in collaboration with fintech firm Kapilendo. Holger Sepp, a board member of Hauck & Aufhauser, said:
“We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors. With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class while meeting the established quality standards and high demands of Hauck & Aufhauser.”
Netcoins, the online cryptocurrency brokerage arm of BIGG Digital Assets Inc. (CSE:BIGG), has announced that it has set a new monthly record for trading volumes in November 2020 with more than $23 million CAD of cryptocurrencies bought and sold on the platform. The President of Netcoins, Mitchell Demeter, said:
“The global and Canadian cryptocurrency markets have continued to mature and accelerate in 2020. Netcoins’s mission is to make it easy for everyone, new and experienced traders alike, to participate in the financial revolution of crypto. And it is working. Canadian customers are trusting us with their investing dollars, as evidenced by 112% Assets Under Custody growth in a single month. They are also trading a lot more, with 40% more active users in a month performing 63% more transactions (MoM). We look forward to providing further updates to our shareholders in the near future.”
Sam Mowers, Investorideas
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G7 Finance Ministers Endorse Crypto Regulation
The United States Department of the Treasury (USDT) in its December 7 press release mentioned that finance ministers of G7 countries voiced major support for regulating cryptos in a recent video conference:
“There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.”
That meeting included outgoing US Treasury Secretary Steven Mnuchin. In the meeting, they discussed the fending off of the illegal use cases of digital assets.
In late November, bitcoin dropped after Coinbase CEO Brian Armstrong highlighted something about a crackdown on self-custodied crypto wallets mulled by Mnuchin. The US Treasury Secretary has been the source of anger and anguish within the crypto community due to his anti-crypto statements. Back in July 2019, Mnuchin was quoted saying that the nascent asset class would get tamed with “very, very strong” regulations.
Based on a book penned by John Bolton, ex-National Security Adviser, he was personally told by President Donald Trump to clamp down on Bitcoin. That hostility runs far beyond the partisan lines. His successor who is former Federal Reserve chair Janet Yellen is not a bitcoin fan either.
In the meantime, the STABLE act was introduced by the far-left Democratic lawmaker Rashida Tlaib. This act aims to make it illegal to issue stablecoins that are not authorized by federal agencies.
As reported previously, billionaire Ray Dalio forecasted that it could become quite dangerous to use bitcoin in the future due to draconian government regulations.
2020’s Crypto Performances: The Biggest Token Losers and This Year’s Top-Performing Cryptocurrencies
Digital currency markets have climbed significantly in value all year long, despite the gloomy global economy and the aftermath of Covid-19 responses. Bitcoin prices have been hovering at values not seen since 2017, and the top crypto asset in terms of market cap has gained a whopping 159% since January 5, 2020. In fact, many crypto assets have seen spectacular 12-month returns, and the following editorial is a look at the top crypto gainers and the biggest losers in 2020.
This year has been a crazy one, to say the least, and while many global economies worldwide shudder, the crypto economy is thriving. Covid-19 and the nation-states’ responses to the virus, which entailed shutting down large sections of the global economy and locking down healthy citizens, wreaked financial havoc on the masses.
Moreover, stocks, bonds, equities, and a myriad of traditional commodities lost considerable value and on March 12, 2020, the bottom dropped out on everything including digital asset markets.
However, cryptocurrency markets have persevered, and numerous digital assets have outperformed nearly every traditional investment under the sun. According to data from coinmarketcap.com’s historical snapshots, bitcoin (BTC) was trading for $7,411 per coin on January 5 and it has since gained 159% to-date.
In fact, if one was to measure the crypto asset’s 2020 bottom on March 12, otherwise known as ‘Black Thursday’ at $3,600 per unit, bitcoin (BTC) at $19,200 per BTC has gained a colossal 433% since that date.
Even though BTC is the top blockchain in terms of market valuation, it was not the top-performing crypto-asset during the last 12 months. Many other top ten assets performed a whole lot better than BTC, even though these specific digital currencies have not yet surpassed all-time price highs.
For instance, historical snapshots from January 5, indicate that ethereum (ETH) was swapping for $136 per coin. Today with ETH prices hovering around $595 per unit, the coin has gained 337% in value since then.
XRP did better than BTC too, with a 12-month jump from $0.19 per coin to $0.61 a token giving XRP a 221% gain. On January 5, Chainlink (LINK) was holding down the 20th largest market cap position and was swapping for $1.81 per token. Today, LINK is up 629% at a $13.20 price per unit, and chainlink has captured the seventh largest position.
Cardano (ADA) holds the eighth position this week, when back then it held the 13th position during the first week of the year. On January 5, ADA was trading for $0.03 per coin and it has since jumped 400% to $0.15 per coin. Out of the top ten coin market caps, BTC, ETH, LINK, XRP, and ADA performed the best in 2020.
Of course, a number of lesser known tokens saw some super large gains in 2020, and a few dozen outpaced some of the top ten performers by a long shot. For instance, data shows that during the last 12 months against the USD, gamestars (GST) jumped over 68,999%. Following gamestars includes tokens like zap (ZAP 6,374%), auctus (AUC 5,489%), aave (AAVE 5,121%), and starchain (STC 3,674%).
There were also a number of coins that lost over 90% of their value in 2020, and some coins over 99%. This includes coins like aleph.im (ALEPH 99.96%), kimchi.finance (KIMCHI 99.51%), orion protocol (ORN 98.98%), and covesting (COV 97.96%).
Moreover, because of the last 12 months of issuance, top coins like BTC have seen market caps swell since the first week of January 2020. On January 5, bitcoin’s (BTC) overall market valuation was $134 billion and there were only 18.1 million BTC in circulation.
Today, BTC’s market cap has increased by 164% and circulating coins have increased by 18,564,743 BTC since then. Ethereum’s (ETH) market valuation on January 5, was $14 billion and there was 109,157,039 ETH in circulation at that time. ETH’s market valuation increased 378% during that time frame, and coins in circulation have increased by 4.19% to 113,735,027 ETH.
What do you think about this year’s crypto market performances? Let us know what you think about this subject in the comments section below.
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