The reduced selling pressure earlier witnessed, brought a measure of relief, as Bitcoin surged by 4.8% on the day to about $55,000, allowing the world’s most popular crypto to reclaim its losses from the past few days.
At the time of writing this report, the crypto market was valued at $1.74 trillion posting a gain of 4.94% for the day.
The total crypto market volume over the last 24 hours is $120.53 billion which makes an 8.04% decrease.
- The total volume in DeFi is currently $8.75 billion, 7.26% of the total crypto market daily volume.
- The volume of all stable coins is now $89.37 billion, which is 74.15% of the total crypto market daily volume
- Bitcoin’s price is currently $55,224.50.
- Bitcoin’s dominance is currently 59.40%, a decrease of 0.08% over the day.
In addition, buying pressure in Ethereum helped the crypto market upside momentarily as it traded around $1,665.8, posting a gain of about 4% for the day.
In a tweet recently posted by Mike McGlone, senior commodity strategist at Bloomberg Intelligence, he revealed the year 2021 could be the turning point for the world’s most popular crypto asset in gaining higher momentum thus possibly hit the $400,000 mark in about three years time.
That being said, Peter Schiff, a strong critic of Bitcoin and highly respected gold hedge fund manager, warned investors of the risk associated with the fast-rising crypto despite news revealing top investment bank, Morgan Stanley allowed some of its wealthy customers access to Bitcoin funds exposure.
“Morgan Stanley limiting crypto access to 2.5% of high net worth individual accounts, that has over $2 million in assets and have been active for over six months, shows that the bank realizes Bitcoin is very risky and wants to limit legal liability from investors who lose money,” Schiff recently claimed.
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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.
CRYPTOCURRENCY
Social media influencer allegedly defrauds his followers of Bitcoins worth millions of dollars
Instagram influencer Jay Mazini, has been accused by the FBI of defrauding a significant number of his followers.
Instagram influencer Jegara Igbara, with an alias known as Jay Mazini, has been accused by the Federal Bureau of Investigation of defrauding a significant number of his Instagram followers of Cryptos worth millions of dollars.
According to the FBI Assistant Director-in-Charge, William F. Sweeney, Jr., Jegara used his Instagram profile to lure his followers into selling him their flagship crypto assets at inflated and attractive terms.
As we allege, Igbara’s social media persona served as a backdrop for enticing victims to sell him their Bitcoin at attractive, but inflated, values. A behind-the-scenes look, however, revealed things aren’t always as they seem. There was nothing philanthropic about the Bitcoin transactions Igbara engaged in with his victims.
The suspect had acquired about a million followers on Instagram by posting videos in which he handed out huge amounts of funds to random individuals. Somewhere around January 2021, the suspect offered to buy the popular crypto from his followers “at prices 3.5% to 5% over market value.”
Jegara Igbara claimed that he was willing to pay his followers a premium of what crypto exchanges have on the amount of Bitcoin their customers can purchase and further deceived his victims by providing photoshopped screenshots of Bitcoin transfers done in the past.
Victims according to the FBI sent him the agreed amounts of Crypto but, the promised funds never arrived—leading the law enforcement agency to conclude that those screenshots were a sham.
Igbara, if proven guilty by an American court of these charges, faces up to 20 years behind bars. The regulator body had also warned buyers of the dangers of making crypto purchases via social media.
“Buyer beware when making purchases of Bitcoin or any other cryptocurrency over social media,” stated IRS-CI Special Agent-in-Charge Larsen. “This defendant allegedly used his online popularity to defraud those seeking to exchange Bitcoin for cash above the market value. Always be on your guard and don’t fall prey to these cryptocurrency schemes.”
CRYPTOCURRENCY
Skrill partners with Coinbase in offering new Crypto solutions
Skrill digital wallet will help facilitate such services at the world’s biggest cryptocurrency market.
Paysafe’s Skrill partners up with Coinbase to launch a new white-label solution, enabling customers across certain areas in the world’s largest economy to efficiently trade multiple cryptocurrencies.
Such collaboration bolsters Skrill British based payment platform presence as customers benefit from faster transactions And Lower Fees
Skrill digital wallet will help facilitate such services at the world’s biggest cryptocurrency market.
The company’s Skrill digital wallet solution will be teaming up with Coinbase, a popular exchange platform provider.
This first phase of Skrill’s expansion into the US cryptocurrency market strengthens American access to digital wallet availability, with support for other states expected soon.
The fast-growing rate of crypto adoption in the United States provides a new avenue for Paysafe to add to its global consumer base. Residents of Alaska, Colorado, Kansas, Kentucky, Maryland, New Hampshire, South Dakota, Tennessee, Virginia, Vermont, and Wyoming will now be able to take advantage of the Skrill crypto wallet, which commenced in 2018 and already serves users in over 30 countries
In his announcement, Lorenzo Pellegrino, CEO of Skrill, mentioned: “We’re delighted to better serve our customers’ needs by launching our Skrill crypto offering in the country in partnership with Coinbase. Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest US move to provide consumers with a best-in-class digital wallet.”
With this new white-label solution, Skrill’s US customers can use the digital wallet to instantly buy and sell cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Head of Institutional Trading at Coinbase, Brett Tejpaul, commented: “As we focus on building the .crypto-economy, we look to partner with leaders like Skrill who can white-label our turnkey solution to provide and support digital assets to their clients.”
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