GB Market Commentary 10/12/2021
by Marcus Sotiriou
After being rejected from $50,000, Bitcoin has dropped lower as it now sits around $48,000, whilst Microstrategy continue to buy. Yesterday CEO Michael Saylor announced another Bitcoin purchase of $82.4 million, adding to their Bitcoin stack now totalling to 122,478. Also, the balance on exchanges continues to fall as it has now hit a 3 year low. These on-chain metrics and Saylor’s persistent purchases suggest that Bitcoin is being transferred from weak hands to strong hands over time, as Bitcoin is being taken off the exchanges, leaving less and less available for the growing demand.
Reddit, one of the world’s biggest social media platforms, has revealed a new website featuring the Community Points beta programme. This will allow Reddit users to own a piece of their community with custom tokens for subreddits. Reddit said that user can “Earn something valuable for all the hours you put into your community, [and] unlock special features.” Furthermore, WhatsApp have just launched crypto payments pilot in the U.S through its Novi Wallet so users can send and receive money to friends and family through the app.Even though this is only available to a limited number of people in the U.S right now, WhatsApp have 2 billion active users worldwide, who could all potentially be able to send crypto to each other as simply as sending a message. Both Reddit and WhatsApp incorporating crypto into their product is an incredible step towards mainstream adoption.