Bitcoin posts its first red week in a month as Ether shines, Reddit reveals its crypto holdings and newly disclosed emails from Satoshi show his amazing foresight. These stories and more, this week in crypto.
Troubling Week for Bitcoin
After surging past $52,000, Bitcoinβs momentum seems to be losing steam, as it posted its first weekly decline in over a month, although the dip only amounted to around 2%. Investors who saw gains from the recent 25% price increase resulting from the excitement over the new US spot Bitcoin ETFs and the upcoming halving event, sold some of their stacks to realize their profits.
Ether Gains Momentum
With gains of 30% so far this year and trading at a two year high of nearly $3000, Ether is currently outshining Bitcoin as speculation grows as to whether the second largest digital asset becomes the focus of the next wave of US spot ETFs. Meanwhile, Worldcoin, co-founded by OpenAI CEO Sam Altman, reached an all-time high, boosted by AI hype and positive reports from Nvidia, underscoring AIβs impact on the crypto industry.
JPMorgan: Retail Traders Return to Crypto
JP Morgan noted that in February, retail investors are driving a surge in crypto investments reaching multi-year highs. On-chain data shows small wallet flows surpass institutional ones, factoring in new ETF inflows. The revival of retail interest reflects the anticipation of key crypto events: the Bitcoin halving, Ethereum network upgrade, and potential SEC approval of spot Ethereum ETFs.
Reddit IPO Reveals Crypto Investments
Social media platform Reddit filed for a public stock offering, revealing its crypto holdings in its SEC filing. The platform acknowledges holding cryptocurrencies and experimenting with blockchain technology, exposing them to exchange risk and regulatory considerations. Reddit invested its excess cash in Bitcoin and Ether, and acquired Matic as a form of payment for sales of certain virtual goods.
USDC Removed from Tron
Major stablecoin issuer, Circle will end support for its USDC token on the Tron blockchain network, effective immediately. The US-based company said that the decision is aligned with its efforts to ensure that USDC remained trusted, transparent and safe. Tron is a blockchain widely used for transferring stablecoins, but its founder Justin Sun is facing regulatory problems in the US.
Trump Acknowledges Bitcoin
Former US President Donald Trump, who once labeled Bitcoin a βscam against the dollar,β now acknowledges its growing influence. Trump stated on Fox News that Bitcoin has taken on a life of its own, as he observes an increasing interest in Bitcoin and its use as a payment method.
UK: Crypto is Property
Proposed legislation in the UK aims to officially designate cryptocurrency as a distinct form of property. The Law Commission of England notes this classification aligns with evolving court perspectives, and emphasizes the flexibility of common law. The proposal seeks to address legal uncertainties and enhance the recognition and protection for unique features of certain digital assets.
Satoshi Anticipated Bitcoin Energy Debate
The mysterious creator of Bitcoin, Satoshi Nakamoto, warned that Bitcoin could become a significant energy consumer in newly revealed emails from 2009. Satoshi foresaw scrutiny around the energy used in Bitcoinβs Proof of Work consensus mechanism, as well as predicting some non-financial uses of blockchain. The emails were released related to the trial questioning Craig Wrightβs claim to be Satoshi Nakamoto.
Thatβs whatβs happened this week in crypto, see you next week.
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- Source: https://99bitcoins.com/bitcoin-news-summary-feb-26-2024/
