CoinDesk Crypto

Nigel Green, CEO of U.K.-based financial advisory firm deVere Group, has said he sold 50% of his bitcoin holdings over Christmas as the cryptocurrency’s price surged to new highs.

• In a blog post late last week, Green said that as bitcoin neared $25,000 per coin, he made the decision to sell half his holdings, explaining, “It’s better to sell high and re-buy in the dips.”
• “The steady gains in the price of bitcoin has made the digital currency the top-performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking,” he said.
• The CEO stressed that his decision to sell was “not due to a lack of belief in bitcoin, or the concept of digital currencies.”
• “I believe that the future of money is cryptocurrencies,” he wrote, adding that the longer-term price trajectory for bitcoin is “undoubtedly upwards.”
• DeVere Group estimates that nearly three-quarters of high-net-worth individuals will be invested in cryptocurrencies before the end of 2022, according to the post.

UPDATE (Jan. 4, 12:10 UTC): Corrected article to reflect that Green sold the bitcoin at around $25,000 at Christmas, not at the more recent all-time high above $34,000.

Read more: DeVere Group Targets Arbitrage With New Crypto Fund

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Bitcoin has shed much of the weekend’s stellar gains, as relatively cheap alternative cryptocurrencies play catchup with the crypto market leader.

At the press-time price of around $29,000, bitcoin is down over 13% on a 24-hour basis, according to CoinDesk 20 data. Prices have declined by well over $4,000 in the last two hours, having reached a record high of $34,347 on Sunday.

“Bitcoin is having a much-needed reset. After a period of increased leverage and high [perpetual] funding rates across derivatives platforms, a brief consolidation around these levels is required,” Matthew Dibb, co-founder, and COO of Stack Funds, told CoinDesk.

Related: SkyBridge’s Bitcoin Cache Rises to $310M as New Fund Launches

Bitcoin’s perpetual funding rate (the cost of holding long positions) jumped to an 11-month high of 0.137% early today, signaling excess bullish leverage and scope for a price drop similar to the one seen in late November. With the pullback, the funding rate has declined only slightly to 0.122%.

Trader and analyst Michaël van de Poppe said a correction was overdue after the overextended vertical move.

The cryptocurrency surged by $5,000 to above $34,000 in the first three days of 2021, having rallied by over 165% in the final quarter of 2020. The breakout above $30,000 happened alongside large outflows from the Coinbase Pro exchange, a sign of institutions buying the cryptocurrency, according to some analysts.

“Most likely money is shifting from bitcoin towards altcoins or just temporary profit-taking is causing a price drop,” Poppe told CoinDesk. Investors may have rotated some money out of bitcoin and into relatively cheap prominent alternative cryptocurrencies such as ether, stellar, chainlink and litecoin. These coins have outperformed bitcoin in the past 24 hours.

Related: Market Wrap: Bitcoin Briefly Drops Close to $28K as Ether Futures Heat Up

Ether, the second-largest cryptocurrency by market value, rose to 35-month highs above $1,150 early Monday and is currently trading near $920, representing an 11% gain on a 24-hour basis. At press time, litecoin is changing hands at its highest since April 2018, and bitcoin cash is trading at 11-month highs.

Ether was was up 30% during the early European trading hours before it was dragged lower by bitcoin. Other coins have also trimmed gains, but are still outperforming bitcoin.

See also: DOGE’s Gone Wild! Meme Coin Soars After Adult Star Says She’s a HODLer

Dibb predicted a continued rotation of capital into ether and other altcoins as bitcoin slows down. However, options market data shows investors expect bitcoin to remain highly volatile in the short-run.

Bitcoin’s one-month implied volatility, which gauges investors’ expectation of how volatile an asset would be over the next four weeks, has risen to near 100%, the highest level since March 2020, according to data source Skew.

“Bitcoin’s implied volatility has hit a ten-month high because options traders assume that the major moves in the price action over the past ten days – which has seen BTC increase to well over $34,000 – will continue,” Sui Chung, CEO of CF Benchmarks said.

Analysts, however, expect bitcoin dips to be short-lived. “Our thesis remains extremely bullish, with a target of $40,000 BTC by February,” Dibb said.

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Shenzhen, a major Chinese city, is giving residents the chance to win 20 million digital yuan (worth over $3 million) in its latest “red envelope” giveaway.

• On Jan. 1, 2021 the lottery officially opened, allowing the city’s residents to register through the “i Shenzhen” platform to be included in the draw.
• The lottery is aimed to test China’s in-development central bank digital currency in the hands of the public.
• A total of 100,000 red envelopes will be distributed, with winners to be awarded 200 digital yuan each to spend from Jan. 7 until Jan. 17 at around 10,000 physical merchants.
• Red envelopes are a common way of gifting cash in China on special holidays or occasions such as weddings.
• The nation is accelerating its push toward the adoption of a digital currency. The People’s Bank of China has been working with banks and commercial entities on public pilots to gauge user experience.
• Shenzhen held a similar lottery in October 2020, handing out a total of 10 million digital yuan (worth around $1.5 million) to winners.
• In the city of Suzhou in December, residents also participated in another lottery-based trial, giving them the opportunity to spend their digital yuan online and testing the offline payments feature of the digital currency.

Read more: China’s Central Bank, Major City to Hand Out $1.5M in Digital Yuan

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Ether, the native cryptocurrency of the Ethereum network, chalked up fresh multi-year highs early on Monday after a double-digit rally last week.

At around 06:35 UTC, ether, the second-largest cryptocurrency by market value, reached $1,151 – a level last seen in January 2018, according to CoinDesk 20 data.

Prices rose over 40% last week to register the biggest weekly gain since December 2018.

Related: Bitcoin Suddenly Drops 13% as Altcoins Continue to Rise

“The ether slingshot has arrived and is playing catchup to big brother bitcoin,” Jehan Chu, CEO at Hong Kong-based trading firm Kenetic Capital, told CoinDesk. “While ether hasn’t established a store of value narrative, its relatively low price is becoming irresistible to Wall Street investors drunk on bitcoin gains.”

At the press-time price of $1,020, ether is still down around 43% from the record price of $1,433 observed in January 2017. Bitcoin surpassed its December 2017 peak of $19,783 last month and soared as high as $34,545. MicroStrategy and several other publicly listed companies diversified their cash holdings into bitcoin in the second half of 2020, likely boosting the crypto market leader’s price.

According to Chu, MicroStrategy’s CEO Michael Saylor and SkyBridge Capital’s Scaramucci are now playing chicken over who will first make an ether investment. “Once they make a move, we can expect a mad rush to $2,000,” he said.

John Ng Pangilinan, managing partner at Singapore-based Signum Capital, also said ether could challenge all-time highs. “Ether trading volumes are closing on bitcoin trading volumes. That shows an aggressive move by bulls into ether,” he said.

Related: Ether Hits $1,000 for First Time Since 2018, Hours After Crossing $800

“Top-tier” exchanges have registered ether trading volume of over $19 billion in the past 24 hours, versus $16 billion in bitcoin, according to data source CryptoCompare. So, ether is now the biggest cryptocurrency by trading volume. However, its $120 billion market capitalization is still far below bitcoin’s $600 billion.

Aside from increased demand, ether seems to be benefitting from a drying up of sell-side liquidity, according to Ki Young Ju, CEO of Korea-based blockchain analytics firm CryptoQuant.

Exchange reserves of ether are down 20% compared to May 2020. The slide is likely the result of investors taking direct custody of ether or moving their coins to decentralized finance or staking on Ethereum 2.0, creating a shortage of ether supply in the market.

Also read: Ether Hits $1,000 for First Time Since 2018, Hours After Crossing $800

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The price of dogecoin (DOGE) has more than doubled since the start of the new year after an adult star tweeted she’s been a HODler, a price move that could stoke concerns the recent surge in crypto prices is fueling irrational speculation.

• “Been HODLing my $Doge since 2014. MUCH PATIENCE. TO THE MOON,” tweeted Angela White on Friday night.
• That apparently was enough to get some of White’s 1.3 million followers to go out and get DOGE of their own. The price of the Shiba Inu meme-based cryptocurrency rose as much as 203% in three days to year to reach a peak at $0.014 Sunday, before settling down to $0.011.
• At that level, it is up 11.81% in the last 24 hours, and 134% thus far in 2021.
• DOGE was literally created as a joke in 2013 and one of its own founders has become a frequent critic of the crypto community. To bears, a price surge in a cryptocurrency that was never intended to serve a financial function could be a sign a top is near in the broader crypto rally. In recent days, various “altcoins” have posted sharp gains on the heels of a spectacular two-week performance for bitcoin.
• This spike is reminiscent of DOGE’s rise last summer as videos on TikTok encouraged users to invest in the cryptocurrency, with one possible difference:
• The chart below shows DOGE’s performance over the last week with the red circle indicating the time White’s tweet was sent. Given the coin started gaining ground shortly before the tweet really got things going, it’s possible that White’s decision to declare herself a DOGE lover simply added fuel to a fire that had already been struck by the broader crypto market’s state of exuberance.

Read more: Dogecoin Volumes Spike 1,900% in 2 Days Amid Viral TikTok Videos Related Stories

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Today is Bitcoin Day, the anniversary of the Genesis Block that marked the beginning of the Bitcoin blockchain in 2009. This year, with the price of bitcoin shooting for the moon, Bitcoiners have more reason to celebrate – and more reason to assert their sovereignty over their private keys.

Read more: Bitcoin Blasts Past $34K for First Time, Less Than 24 Hours After Blowing Through $30K

An annual event first initiated by Trace Mayer, Proof of Keys is an informal celebration that aims to remind bitcoiners that monetary sovereignty is a fundamental part of Bitcoin’s ethos. It lies at the very heart of the familiar Bitcoiner mantra, “not your keys, not your coin.” In other words, if you don’t control the private keys to your bitcoin, you don’t really own the coin.

The saying is a reminder that Bitcoin was built to give users complete control over their finances. It’s also a reminder of the potential consequences of trusting your bitcoin keys to a third party (like losing your funds in an exchange hack). 

Read more: How to Store Your Bitcoin Establishing monetary sovereignty

Related: Bitcoin Blasts Past $34K for First Time, Less Than 24 Hours After Blowing Through $30K

“Anyone who doesn’t want you to hold your own private keys – they’re your monetary enemy. They don’t want you to be free and independent with your money,” Mayer said in the lead-up to 2019’s inaugural event. “That’s just the way it is.”

The implications of being reliant on others to process, exchange and hold your cryptocurrencies aren’t immaterial. They hold acute consequences and compromises of your privacy, and will limit how you interact with your own money. 

The Financial Crimes Enforcement Network (FinCEN) gathers extensive personal information on millions of people’s financial transactions, all provided to them by financial institutions, even when those people have not committed any crime. 

This year, taking custody of your keys by moving them to a personal wallet takes on an added level of significance. FinCEN has proposed a plan that will force exchanges to comply with new know-your-customer (KYC) requirements when users try to transfer their funds to a personal wallet. Such a requirement, applicable to any transfered amount over $3,000 in value, threatens to undermine cryptocurrencies’ early promise of privacy and self-sovereignty. (Note: FinCEN is accepting comments from the public on this issue only until Jan. 4, 2021).

Read more: US Floats Long-Dreaded Plan to Make Crypto Exchanges Identify Personal Wallets

Related: Bitcoin Options on Deribit Now Go to $200K After Recent Surge

Add to this the recent delisting of privacy coins by many exchanges, aforementioned exchange hacks showing no signs of stopping, and other snafus like absent exchange keyholders inadvertently freezing transactions: Assuming control of your own private keys and becoming the first and last line of control when it comes to your crypto is even more imperative.

The most basic way to exercise your monetary sovereignty is to hold your private keys in your own, non-custodial bitcoin wallet. This means taking any bitcoin you own out of exchanges and custodial wallets and transferring the keys to a wallet that you control.

Proof of Keys

Proof of Keys takes the notion of self-sovereignty even further by adding the adage, “Not your node; not your rules.” The point here is that it is equally important to withdraw your keys to a bitcoin node that you are running. This way, you can perform your own validation yourself, without having to trust other people’s nodes to prove that your keys are your own.

Read more: Becoming Self-Sovereign: How to Set Up a Bitcoin Node, With Lightning

Participants in Proof of Keys usually pledge to take possession of any private keys on or before Jan. 3. On Twitter, this pledge is denoted publicly by the addition of series of symbols to their user name or profile:  [Jan/3➞₿∎] The date, arrow, Bitcoin unicode and key represent their intent to hold their keys. The block signals that they have completed the verification process.

Casa’s KeyFest

Self-custodying your keys can be a tricky proposition for the uninitiated – and even for some who have been holding bitcoin for a long time. To help people safely take control of their private keys, Casa is hosting its first KeyFest, a three-day virtual conference from Jan. 5 through 7.

Each day will feature a new webinar, followed by a workshop to instruct users on different ways they can custody their bitcoin. Speakers include Blockstream CEO Adam Back, Balaji Srinivasan and Avanti co-founder Caitlin Long, among others.

Read more: New to Bitcoin? Stay Safe and Avoid These Common Scams Related Stories

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Taking a page out of larger sibling bitcoin’s book, the price of ether (ETH) on Sunday traded above $1,000 for the first time since January 2018, hours after breaking through $800 for the first time since March that same year..

• The native currency of the Ethereum network hit a nearly three-year high of $1,002.81 before falling back a bit to $995.57, up 29.4% over the last 24 hours..
• The second-highest cryptocurrency by market cap, the total value of ether is currently $114.2 billion.
• Ether’s move coincides with growing institutional interest in the cryptocurrency and the upcoming launch of ETH futures on the CME on Feb. 8.
• Also, ether is almost certainly getting a lift from the eye-popping price run of bitcoin over the last 24 hours.
• Though not as dramatic as bitcoin’s surge, the rise in the price of ether is accelerating. After breaking $600 for the first time since May 2018 in November 2020, it broke $700 for the first time since that same month in 2018 on Dec. 27, 2020, and has now notched $800 and $900 in the same morning.
• While bitcoin’s surge to start the new year was one for the books, its rise has stalled in recent hours and ether has risen dramatically against the leading cryptocurrency during that time. The price of one ether in bitcoin terms is now close to 0.03, the highest it has been in nearly a month. Earlier on Sunday, it was just 0.02309 on Coinbase. That’s a rally of about 30% in just 15 hours.

• Ether volumes on the eight exchanges tracked by the CoinDesk 20 have been substantially higher over the past month. As of Saturday, the seven-day average of total volume for ether trades on those exchanges was $3.3 billion, according to data from CryptoCompare. One month prior, it was $1.5 billion.

See also: More Than $1B Ether Staked on Ethereum 2.0

UPDATE (Jan. 3, 14:30 UTC): Updates that the price ether had topped $900.
UPDATE (Jan. 3, 16:30 UTC): Updates with coin activity, new all-time high.
UPDATE (Jan. 3, 23:44 UTC): Updates with new all-time high, information on volume, performance vs. bitcoin.

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Taking a page out of larger sibling bitcoin’s book, the price of ether (ETH) on Sunday traded above $900 for the first time since February 2018, hours after breaking through $800 for the first time since March the same year.

• The native currency of the Ethereum network hit a nearly three-year high of $964.66, before giving back a little to $960.79, up 25.4% over the last 24 hours..
• The second-highest cryptocurrency by market cap, the total value of ether is currently $110.1 billion.
• Ether’s move coincides with growing institutional interest in the cryptocurrency and the upcoming launch of ETH futures on the CME on Feb. 8.
• Also, ether is almost certainly getting a lift from the eye-popping price run of bitcoin over the last 24 hours.
• Though not as dramatic as bitcoin’s surge, the rise in the price of ether is accelerating. After breaking $600 for the first time since May 2018 in November 2020, it broke $700 for the first time since that same month in 2018 on Dec. 27, 2020, and has now notched $800 and $900 in the same morning.

See also: More Than $1B Ether Staked on Ethereum 2.0

UPDATE (Jan. 3, 14:30 UTC): Updates that the price ether had topped $900.
UPDATE (Jan. 3, 16:30 UTC): Updates with coin activity, new all-time high.

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Ether (ETH) prices soared on Sunday, trading above $800 for the first time since March 2018.

• The native currency of the Ethereum network hit a nearly three-year high of $819.65 before settling back to $810.67 at press time, a 10.6% gain in the last 24 hours.
• The second-highest cryptocurrency by market cap, the total value of ether is currently $92.5 billion.
• Ether’s move coincides with growing institutional interest in the cryptocurrency and the upcoming launch of ETH futures on the CME on Feb. 8.
• Ether is likely also getting a lift from the eye-popping price run of bitcoin over the last 24 hours.

See also: More Than $1B Ether Staked on Ethereum 2.0 Related Stories

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Another day, another $1,000-plus increase in bitcoin’s price, bringing the leading cryptocurrency’s combined gains this new year to about $5,000.

• The price of the leading cryptocurrency surged past $34,000 for the first time ever early Sunday morning Eastern time, extending a record-setting holiday rally and adding an immediate exclamation point to the Bitcoin Network’s 12-year anniversary.
• Once the price of the leading cryptocurrency crossed the $30,000 mark for the first time Saturday – something it had struggled to do for the previous couple of days – it seemed all resistance vanished, rising more than $3,000 in about seven hours and reaching a new all-time high of $33,136.92, before settling down to fluctuate between $30,000 to $33,000.
• “Bitcoin makes TSLA [Tesla] look like it is standing still,” tweeted Jim Bianco, well-known macro strategist, when the cryptocurrency broke $30,000.
• Then Saturday evening bitcoin resumed its climb, setting a new all-time high of $34,544.94 shortly into Day 3 of the new year, before giving back some gains, recently trading at $34,295.11, up 15.09% in the last 24 hours.
• It’s a wild start to 2021, and follows a landmark year in which the cryptocurrency rose more than 300%, with an almost 50% gain in December alone. On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000.
• Into the third day of 2021, the price of bitcoin has risen about $5,000, bringing its year-to-date return to about 12%.
• Propelling the record-setting run is a growing narrative that bitcoin represents a form of “digital gold,” and bringing with it a flood of institutional investors into the cryptocurrency. Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); insurance giant MassMutual ($100 million in December); and Guggenheim Investments (up to 10% of its $5 billion macro fund).
• “Bitcoin’s price is being driven by institutional money and there is not enough supply,” Laurent Kssis, managing director at 21Shares, told CoinDesk. “The number of family offices asking to invest in our ETP is just staggering. I’ve never seen this before. In 2017 it was just retail knocking at the door now it’s only institutional.”
• Kssis’ statements are buttressed by the fact that the number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 BTC – rose to a new record high of 1,994 this past Wednesday.
• The metric increased by over 16% in 2020 and 7.3% in Q4 alone.
• “The final land grab has started, and by this time next year, accumulating >1,000 Bitcoin will be nearly impossible for most people,” Jehan Chu, CEO at Hong Kong-based trading firm Kenetic Capital, told CoinDesk.
• HODLers also have the U.S. Federal Reserve to thank for the cryptocurrency’s rise, as it, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic. This is viewed by many as a potential catalyst for inflation and bad for the U.S. dollar, both of which could be positive for bitcoin.
• “Many corporations are parking USD in BTC because they are losing money in conventional banking so it makes total sense,” 21Shares’ Kssis said. 
• Growing global macro uncertainty may also be playing a factor in the recent surge. A peaceful transition of power in the U.S. is no longer the ironclad guarantee it used to be as 11 GOP Senators say they’ll vote to reject the electors from certain states. While it’s still almost certain President-elect Joe Biden will assume office later this month, the need for a qualifier is a new event.
• That, plus a mutated strain of COVID-19, a lagging world economy and concerns over the effects of the now-completed Brexit, may not be helping the zeitgeist, but could be aiding bitcoin, which some see as insurance against global chaos.
• With a market value now of over $638.00 billion, bitcoin is more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
• Bitcoin enthusiasts will likely find some joy in that last bit, an event that occurred last week, as Berkshire’s CEO, legendary investor Warren Buffett, once famously derided bitcoin as “probably rat poison squared.”
• With today’s surge, the cryptocurrency again has resumed its march up the ranks of the world’s most valuable currencies, again overtaking the Mexican peso, which it had briefly surpassed Saturday, to move into 16th place, behind the Russian ruble.

See also: Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst Related Stories

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The folks over at Deribit apparently think the recent explosion in the price of bitcoin (BTC) from $20,000 to around $32,000 in just over a month, including a 10% rise in the last 24 hours, merits offering traders the ability to bet on a rally to $200,000 by late December.

• That supersedes the $160,000 option as the most traders can bet the leading cryptocurrency will rise to.
• Even with today’s wild ride, there’s been no takers at any strike north of $80,000.

Read also: Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst

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On-chain data shows big money continues to chase bitcoin amid the frantic bull run. That’s a sign of institutions catching the “FOMO” bug, according to one analyst.

• Institution-focused Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday, according to data source CryptoQuant.
• The large outflow comes a day after 12,063 coins left the exchange and represents institutional FOMO (Fear Of Missing Out) buying, according to Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant. 

• Massive outflows from Coinbase Pro usually end in Coinbase’s cold wallets for custody, which is directly integrated with the exchange’s over-the-counter (OTC) desk. Institutions typically transact over-the-counter in a bid to avoid influencing the spot market price, as discussed in December. 
• Bitcoin’s rally from October lows near $10,000 has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19,000 to over $30,000. 
• While Ju’s claim that institutions are now buying on fear of missing out can be challenged, there is evidence that persistent demand from big players is creating a supply squeeze, allowing for a continued price rally.
• For instance, at least 47,000 bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1,700 bitcoin. Bitcoin rose from $29,800 to new record highs over $33,000 early today and was last seen changing hands near $31,600.
• The cryptocurrency is already up 10% this year, having scored a 300% gain last year, according to CoinDesk 20 data.

Also read: On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter

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The price of bitcoin (BTC) surged past $34,000 for the first time ever early Sunday morning, extending a record-setting holiday rally and adding an immediate exclamation point to the Bitcoin Network’s 12 year anniversary.

• Bitcoin was trading hands around $34,400 at 02:30 EST Sunday. Hours earlier, the leading cryptocurrency had sliced through $30,000 like a light saber through gossamer, a torrid start to the year.
• Once the price of the leading cryptocurrency crossed the $30,000 mark for the first time — something it had struggled to do for the last couple of days — it exploded upwards like a ball released under water, reaching a new all-time high of $33,136.92 and then continuing the push, breaching $34,000 hours later.
• “Bitcoin makes TSLA (Tesla) look like it is standing still,” tweeted Jim Bianco, well-known macro strategist, shortly after the cryptocurrency broke $30,000.
• The latest gains come two days after bitcoin closed out a year in which the cryptocurrency rose more than 300%, with an almost 50% gain in December alone, sort of like a boulder gaining speed downhill, only in the opposite direction. On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000.
• Propelling the record-setting run is a growing narrative that bitcoin represents a form of “digital gold,” along with a flood of institutional investors into the cryptocurrency: Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
• “Bitcoin price is being driven by institutional money and there is not enough supply,” Laurent Kssis, managing director at 21Shares, told CoinDesk. “The number of family offices asking to invest in our ETP is just staggering. I’ve never seen this before. In 2017 it was just retail knocking at the door now it’s only institutional.” 
• Kssis’ statements are borne out by the fact that the number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin – rose to a new record high of 1,994 this past Wednesday.
• The metric increased by over 16% in 2020 and 7.3% in Q4 alone.
• “The final land grab has started, and by this time next year, accumulating >1,000 Bitcoin will be nearly impossible for most people,” Jehan Chu, CEO at Hong Kong-based trading firm Keneti Capital, told CoinDesk.
• HODLers also have the U.S. Federal Reserve to thank for the cryptocurrency’s rise, as it, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic. This is viewed by many as a potential catalyst for inflation and bad for the U.S. dollar, both of which could be positive for bitcoin.
• “Many corporations are parking USD in BTC because they are losing money in conventional banking so it makes total sense,” 21Shares’ Kssis said. 
• Growing global macro uncertainty may also be playing a factor in the recent surge. A peaceful transition of power in the U.S. is no longer the iron clad guarantee it used to be as 11 GOP Senators say they’ll vote to reject the electors from certain states. While it’s still almost certain President-elect Joe Biden will assume office later this month, the need for a qualifier is a new event.
• That plus a mutated strain of COVID 19, a lagging world economy, and concerns over the effects of the now-completed Brexit, may not be helping the zeitgeist, but could be aiding bitcoin which some see as insurance against global chaos.
• Bitcoin may also be benefiting from money being moved out of the XRP token and so-called privacy coins which are facing legal and regulatory challenges.
• With a market value now of over $595 billion, bitcoin is more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
• Bitcoin enthusiasts will likely find some joy in that last bit, an event that occurred last week, as the Berkshire’s CEO, legendary investor Warren Buffett, once famously derided bitcoin as “probably rat poison squared.”
• The cryptocurrency has also rose up the ranks of the world’s most valuable currencies, overtaking the Saudi Riyal into 17th place, just behind the Mexican Peso.

UPDATE (Jan. 2, 14:26 UTC): Updates coin activity.
UPDATE (Jan. 2, 16:50 UTC): Updates to reflect new record.
UPDATE (Jan. 2, 19:14 UTC): Updates to reflect new record, adds analyst quotes.
UPDATE (Jan. 2, 21:01 UTC): Updates coin activity.
UPDATE (Jan. 3, 00:18 UTC): Updates coin activity.

Related: Bitcoin Options on Deribit Now Go to $200K After Recent Surge

UPDATE (Jan. 3, 2:41 EST): Updates coin activity.

Read also: Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst

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The price of bitcoin (BTC) surged past $33,000 for the first time ever Saturday afternoon, hours after slicing through $30,000 like a light saber through gossamer, a torrid start to the year following a record-setting 2020.

• Once the price of the leading cryptocurrency crossed the $30,000 mark for the first time — something it had struggled to do for the last couple of days — it exploded upwards like a ball released under water, reaching a new all-time high of $33,136.92, before retreating to $31,402.46, still up 7.53% over the last 24 hours.
• “Bitcoin makes TSLA (Tesla) look like it is standing still,” tweeted Jim Bianco, well-known macro strategist, shortly after the cryptocurrency broke $30,000.
• The latest gains come two days after bitcoin closed out a year in which the cryptocurrency rose more than 300%, with an almost 50% gain in December alone, sort of like a boulder gaining speed downhill, only in the opposite direction. On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000.
• Propelling the record-setting run is a growing narrative that bitcoin represents a form of “digital gold,” along with a flood of institutional investors into the cryptocurrency: Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
• “Bitcoin price is being driven by institutional money and there is not enough supply,” Laurent Kssis, managing director at 21Shares, told CoinDesk. “The number of family offices asking to invest in our ETP is just staggering. I’ve never seen this before. In 2017 it was just retail knocking at the door now it’s only institutional.” 
• Kssis’ statements are borne out by the fact that the number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin – rose to a new record high of 1,994 this past Wednesday.
• The metric increased by over 16% in 2020 and 7.3% in Q4 alone.
• “The final land grab has started, and by this time next year, accumulating >1,000 Bitcoin will be nearly impossible for most people,” Jehan Chu, CEO at Hong Kong-based trading firm Keneti Capital, told CoinDesk.
• HODLers also have the U.S. Federal Reserve to thank for the cryptocurrency’s rise, as it, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic. This is viewed by many as a potential catalyst for inflation and bad for the U.S. dollar, both of which could be positive for bitcoin.
• “Many corporations are parking USD in BTC because they are losing money in conventional banking so it makes total sense,” 21Shares’ Kssis said. 
• Growing global macro uncertainty may also be playing a factor in the recent surge. A peaceful transition of power in the U.S. is no longer the iron clad guarantee it used to be as 11 GOP Senators say they’ll vote to reject the electors from certain states. While it’s still almost certain President-elect Joe Biden will assume office later this month, the need for a qualifier is a new event.
• That plus a mutated strain of COVID 19, a lagging world economy, and concerns over the effects of the now-completed Brexit, may not be helping the zeitgeist, but could be aiding bitcoin which some see as insurance against global chaos.
• Bitcoin may also be benefiting from money being moved out of the XRP token and so-called privacy coins which are facing legal and regulatory challenges.
• With a market value now of over $580 billion, bitcoin is more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
• Bitcoin enthusiasts will likely find some joy in that last bit, an event that occurred last week, as the Berkshire’s CEO, legendary investor Warren Buffett, once famously derided bitcoin as “probably rat poison squared.”
• The cryptocurrency has also rose up the ranks of the world’s most valuable currencies, overtaking the Saudi Riyal into 17th place, just behind the Mexican Peso.

UPDATE (Jan. 2, 14:26 UTC): Updates coin activity.
UPDATE (Jan. 2, 16:50 UTC): Updates to reflect new record.
UPDATE (Jan. 2, 19:14 UTC): Updates to reflect new record, adds analyst quotes.
UPDATE (Jan. 2, 21:01 UTC): Updates coin activity.

Related: Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst

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The price of bitcoin (BTC) surpassed $32,000 for the first time ever Saturday morning, just several hours after blowing past $30,000 like it was a non-event, all in all starting 2021 in notable fashion following a remarkable year by the leading cryptocurrency.

• Once the price of bitcoin crossed the $30,000.00 mark, something it had struggled to do for the last couple of days, it took off as if all resistance had been removed, hitting a new all-time high of $32,179.62, before falling back to $32,133.89, up 10.5% in the last 24 hours.
• The performance comes after a year in which the cryptocurrency rose more than 300% in 2020, with an almost 50% gain just in December, sort of like a boulder gaining speed downhill, only in the opposite direction.
• For those who prefer dollar figures to percentages: On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000. For the visually inclined, see the chart below.
• And of course the market value of bitcoin jumped as well, rocketing past many of the most well-known companies in the world. With a market value of $597.3 billion, BTC is now more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
• Bitcoin enthusiasts will likely find some joy in having passed Berkshire, an event that occurred last week, as the company’s CEO, legendary investor Warren Buffett, once famously derided bitcoin as “probably rat poison squared.”

• Propelling the record-setting run is a growing narrative that bitcoin represents a form of “digital gold,” along with a flood of institutional investors (probably not Buffett) into the cryptocurrency: Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
• This is borne out by that the number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin – rose to a new record high of 1,994 this past Wednesday.
• The metric increased by over 16% in 2020 and 7.3% in Q4 alone.
• “The final land grab has started, and by this time next year, accumulating >1,000 Bitcoin will be nearly impossible for most people,” Jehan Chu, CEO at Hong Kong-based trading firm Keneti Capital, told CoinDesk. 
• HODLers also have the U.S. Federal Reserve to thank for bitcoin’s rise, as it, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic. Meanwhile, U.S. President Donald Trump has been pushing Congress to issue larger stimulus checks. These actions are viewed by many as potential catalysts for inflation and bad for the U.S. dollar, both of which could be positive for BTC.
• To be sure, not all the late gains in 2020 may have been due to a fear of missing out or to hedge against a deteriorating dollar. With the end of the year looming, some fund managers may also have bought BTC so they can brag in this year’s fund literature about having been smart enough to get in in 2020 while neglecting to say at which price they had done so.

UPDATE (Jan. 2, 14:26 UTC): Updates coin activity.

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The total trading volume of non-fungible token (NFT) artwork hit an all-time high of $8.2 million in December 2020, according to cryptocurrency art analytics platform CryptoArt.io.

• With the lights turned off in museums and galleries due to the coronavirus pandemic, sales of physical art plunged in 2020, but sales of NFT-based art have taken off, reaching an all-time high in December, according to CryptoArt.io data.
• Token-based art sales hit $8.2 million in December compared to $2.6 million in November 2020.
• Richard Chen, the creator of CryptoArt.io, told CoinDesk, “Crypto natives are starting to understand the value NFTs bring to verifying authenticity of the original artwork. Furthermore, big-name digital artists like Beeple are discovering what NFTs are and how they open up a new business model for artists other than commissions.”
• CryptoArt.io tracks numerous digital art market places such as Async Art, KnownOrigin, MakersPlace, SuperRare and Nifty Gateway, which was acquired by Tyler and Cameron Winklevoss in 2019.
• Most NFT purchases are made using ether or Ethereum-based stablecoins but some platforms such as Nifty Gateway and MakersPlace accept credit card payments as well, said Chen.
• More and more artists are now presenting their work in online showrooms and the NFT-based art scene is seeing increased interest.

Read more: NFT Painting of Buterin in Harlequin Garb Sets Record in Weekend Crypto Art Sale

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Bittrex announced Friday it will be delisting monero (XMR), zcash (ZEC) and dash (DASH), continuing a trend of so-called privacy coins being delisted by cryptocurrency exchanges.

• In a release, the exchange said the coins’ markets will be removed on Friday, Jan. 15, at 23:00 UTC.
• While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to preserve the privacy of their users as a way to be compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations that are spreading around the world.
• For instance, the U.S. Secret Service has urged Congress to create ways to limit the use of privacy-focused cryptocurrencies.
• Dash responded via Tweet, calling the label “privacy coin” a misnomer in its case, saying “From a technical standpoint, Dash’s privacy functionality is no greater than Bitoin’s.” Dash said it’s requesting a meeting with Bittrex’s compliance team in an effort to be reinstated.
• Shares of all three coins fell on the news: XMR is down 14.44% to $133.75, ZEC fell 12.28% to $55.76.

UPDATE (Jan. 1, 20:16 UTC): Adds coin price reactions, Dash’s response.

See also: ShapeShift Delists Privacy Coin Zcash Over Regulatory Concerns

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Bittrex announced Friday it will be delisting monero (XMR), zcash (ZEC) and dash (DASH), continuing a trend of privacy coins being delisted by cryptocurrency exchanges.

• In a release, the exchange said the coins’ markets will be removed on Friday, Jan. 15, at 23:00 UTC.
• While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to preserve the privacy of their users as a way to be compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations that are spreading around the world.
• For instance, the U.S. Secret Service has urged Congress to create ways to limit the use of privacy-focused cryptocurrencies.

See also: ShapeShift Delists Privacy Coin Zcash Over Regulatory Concerns Related Stories

• Crypto.com to Delist, Suspend XRP in the US After SEC’s Ripple Suit
• Monero Breaks 2-Year High Amid Rising Concerns Over Online Ransom
• Privacy Coin Advocates Persevere Amid Multiple Crypto Exchange Delistings
• Ukrainian Politician Discloses Owning $24M in Privacy Coin Monero

The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers.

FinCEN announced its intention to amend the Bank Secrecy Act’s Foreign Bank and Financial Accounts (FBAR) regulations in a rulemaking notice published on New Year’s Eve, just three weeks before the Treasury Department’s leadership is expected to change.

According to a brief notice published Thursday, “FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account.” 

Related: Proposed FinCEN Rule on Crypto Wallets Would Likely Be Ineffective, Elliptic Says

It did not provide a timeline for when this new proposal might be published or implemented.

The rule change would appear to bring FBAR rules around crypto holdings in line with cash held outside the U.S. by citizens or other U.S. persons. It could have the most visible impact on users of crypto exchanges like Bitstamp and Bitfinex.

At present, FBARs must be filed by individuals who have an aggregate of over $10,000 in foreign financial accounts, including currencies. Current regulations do not designate virtual currencies as an FBAR-reportable account, however. This amendment would end that exemption. 

According to the Internal Revenue Service (IRS) website, FBARs must include the name on the account, account number, name and address of the foreign bank, type of account and the maximum value held during the year. 

Related: Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins

Individuals who fail to file face various penalties, including fines, according to the website. 

Read more: Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins

What’s unclear is what additional information crypto holders might have to file, such as blockchain addresses. 

Thursday’s notice comes just days before the public comment period for another FinCEN initiative – one that would require exchanges to store customer information when transferring more than $3,000 in cryptocurrencies to unhosted wallets and file Currency Transaction Reports for transactions aggregating more than $10,000 in crypto per day – comes to a close. 

The public notice, published just a week before Christmas, has drawn the ire of the crypto community both for its potential impact on various crypto projects and having a shorter-than-usual comment period over U.S. federal holidays. 

If both these proposed rules are implemented, U.S. persons might have to report crypto holdings and transactions in excess of $10,000 regardless of where they’re held.

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The Takeaway:

Bitcoin nearly triples its price in 2020 and ends the year close to $29,000 but ether gained 450%.

• Bitcoin (BTC) trading around $28,963 as of 21:00 UTC (4 p.m. ET), gaining 1.5% over the previous 24 hours.
• Bitcoin’s 24-hour range: $27,916.63 – $29,280.05 (CoinDesk 20)

Bitcoin printed a new record high above $29,000 early Thursday before charting a quick pullback to $27,900 during U.S. trading hours, according to data compiled by the CoinDesk 20.

Despite the minor drop, the number one cryptocurrency by market value is eyeing its third consecutive monthly gain, a feat last achieved in the second quarter of 2019. The cryptocurrency has rallied by over 45% this month alone and is on track to end 2020 with at least a 290% gain.

Related: The Most Important Bitcoin Infrastructure Developments of 2020, feat. Alyse Killeen

The price rally puts bitcoin far ahead of traditional assets such as gold and stocks. The yellow metal has gained 25% this year, and the S&P 500, Wall Street’s benchmark index, has added 15%.

The year 2020 will go down in history as the period of bitcoin maturing as a macro asset, with prominent publicly-listed companies such as MicroStrategy diversifying their cash reserves into the cryptocurrency.  

Most observers expect a continued rally in 2021. “The longer-term economic impacts of COVID are unknown. However, as we’re still in the midst of major economic disruptions and historical volatility, I believe bitcoin/crypto will continue to rise and be at the pinnacle of positive change,” Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, said in a New Year’s message. 

Analysts at the investment banking giant JPMorgan foresee bitcoin’s increasing mainstream adoption hurting gold’s price. 

Related: EToro USA Becomes Latest Exchange to Suspend XRP Trading

However, a correction could be seen in the short run if the spot inflow from institutional investors slows down, according to Ki Young Ju, CEO of cryptocurrency data provider CryptoQuant. 

“We haven’t had significant Coinbase outflows since $23,000,” Ju told CoinDesk. “Tokens transferred are decreasing and the fund flow ratio for all exchanges is increasing. Grayscale BTC holdings are 607,000 since Dec. 25,” 

From a technical analysis standpoint, $27,300 is key support which, if breached, would open the doors to $25,300, according to crypto exchange EQUOS’ daily bitcoin analysis email.

Ether outperforms bitcoin

• Ether (ETH) trading around $742.19 as of 21:00 UTC (4 p.m. ET), down 0.8% over the previous 24 hours.
• Ether’s 24-hour range: $723.18 – $755.56 (CoinDesk 20)

Ether, the second-largest cryptocurrency by market value, has gained over 450% this year versus bitcoin’s 300% rally. The cryptocurrency rose to a 31-month high of $757 on Wednesday and was last seen trading at $730. 

Ether received a boost from the decentralized finance’s explosive growth in 2020, and stronger gains could be in the offing next year. 

According to Ryan Watkins, an analyst at crypto data provider Messari, the CME’s recent announcement to launch ether futures in February is a sign of growing institutional interest in the cryptocurrency.

Bitcoin charted a strong rally in the run up to futures listing on CME three years ago. The exchange announced bitcoin futures on Oct. 31, 2017, when the cryptocurrency was trading near $6,300, and traded the first contract on Dec. 27. By then, prices had neared $20,000. 

Other markets

Digital assets on the CoinDesk 20 are mostly down Monday.

Notable winners on the day as of 19:00 UTC (2:00 p.m. ET): 

• cosmos (ATOM): +11.5%
• chainlink (LINK): +1.7%
• OMG network (OMG): +1.6%

Notable losers:

• orchid (OXT): -5.0%
• stellar (XLM): -4.5%
• bitcoin cash (BCH): -4.0%

Global equity indexes

• Japan: Nikkei 225: 27,444.17 (-123.98 or -0.45%)
• UK: FTSE 100: 6,460.52 (-95.30 or -1.45%)
• U.S.: S&P 500: 3,756.07 (+24.03 or +0.64%)

Commodities

• Oil was down 0.22%. Price per barrel of West Texas Intermediate crude: $48.18.
• Gold was in the green 0.3% and at $1,900 as of press time.

Treasurys

• The 10-year U.S. Treasury bond yield fell Thursday to 0.917%.

Related Stories

• Number of People Holding Lots of Bitcoin Surges in Rare ‘Whale-Spawning Season’
• Bitcoin Hits $29K for First Time Ever, Raising HODLer Hopes for $30K by New Year’s