🗞 Daily Crypto News, February, 28th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Institutions and miners accumulating through Bitcoin chop; whales uncertain

After a violent price reversal last week that saw Bitcoin retreat from all-time highs, traders and analysts are now eyeing major players and investors to gauge BTC’s next move — and so far the reaction is decidedly mixed.

Data from on-chain analytics firm Glassnode indicates that the number of Bitcoin whales — a term for wallets that hold between 1,000 and 10,000 BTC — has at least temporarily reversed what was previously a strong uptrend starting in April 2020, a phenomena Glassnode labeled as a potential “end of whale spawning season.”

The Glassnode blog did make note that a "sizeable portion" of the decline may be attributable to custodial wallets restructuring, however. In fact, if some of the decline is related to custodians moving coins into deep storage, there’s an outside chance it could be a sign of more BTC moving into whale ownership, even the actual number of coins in whale addresses indicates otherwise. As a result, it may be difficult to label the decline in whale wallets to panic selling during crypto and macro market chop.

Likewise, there appears to be good news in regards to institutional accumulation. Ki Young Ju, the CEO of CryptoQuant, noted that the quantity of BTC in exchange wallets continues to drop — a sign he believes points to continued institutional demand:

🗞 Coinbase Is Going Public: Everything You Need To Know

Coinbase, the largest crypto exchange in the United States, has filed with the Securities and Exchange Commission (SEC) to become a publicly traded company through a direct listing (and not an initial public offering). Here’s what you need to know.

Coinbase is a San Francisco-based crypto exchange that first opened its doors in 2012. Founded by Brian Armstrong and Fred Ersham, the platform now has over 43 million users worldwide and has transacted more than $456 billion to date – per the latest filing with the SEC.

The story so far

On Jan. 28, the exchange formally announced its plans to go public via a direct listing on Nasdaq, “pursuant to a proposed direct listing of its Class A common stock.” This confirmed rumors from a Reuters report that emerged in July last year that stated the company was interested in listing on the stock market.

🗞 Etsy CEO: Bitcoin 'Not Ready' To Become Means of Payment

Etsy won’t accept Bitcoin any time soon.

Etsy CEO Josh Silverman thinks the currency is too volatile for now.

It also won’t be buying any Bitcoin as an asset to hold.

The CEO of Etsy does not expect to welcome Bitcoin as payment on the online vintage goods and crafts marketplace, and the company won't be buying crypto for its balance sheet—at least not this year.

“I don’t think it’s quite ready yet to be tender,” Etsy CEO Josh Silverman said in a conversation with Yahoo Finance Live. He added: “You need a lot of people holding it before it is actually useful as a form of tender. Never say never, but I don’t think 2021 is the year when we would prioritize that.”

🗞 Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Not everyone is excited about hyperbitcoinization.

According to a popular copy/paste meme, Bitcoin hodlers are set to become a neo-aristocracy as Bitcoin becomes the dominant world currency:

The meme is part of a larger vision for Bitcoin’s future, a semi-serious but mostly tongue-in-cheek narrative that can be lumped under the “Bitcoin Citadels” umbrella: a vision of the future in which Bitcoin becomes so valuable that hodlers become lords quite literally defending their coins in castles.

Originating from a Reddit post written by someone claiming to be a time traveler (they called for a $1 million price target in 2021, if you’re curious), the Citadel meme has taken on a life of its own, even inspiring a short film.

🗞 Daily Crypto Calendar, February, 28th💰

Swipe (SXP)

"The next #Swipe Ignition Sale, which will be in February, will be a mix of: Airdrop to $SXP holders | Lottery style with $SXP..."

Akropolis (AKRO)

"Cover and Nexus Mutual embedded insurance: governance vote and potential integration"

Chainlink (LINK), Cosmos (ATOM), Kava.io (KAVA)

"The @Cosmos Hub launch of #IBC on Feb 28th allows Kava to deliver @Chainlink price reference data to the #Cosmos."

Stellar (XLM), USD Coin (USDC)

"USDC is expected to go live on #Stellar by February 2021."

Stacks (STX)

"We plan to airdrop to all eligible users at the same time and expect Stacks to land in your Blockchain.com Wallet in January/February..."

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