In this week’s news, bitcoin returns to $40K, liquidating over $50M in short positions in hours, and Vitalik Buterin exceeds act of nobility by donating to the Covid relief fund. These stories and more are included in this week’s newsletter.
Beginning with — After a two-week absence of major upside levels, it seemed sudden death for those who were shorting Bitcoin or altcoins last week. Bitcoin reached $40,000 for the first time in two weeks last week as Wall Street volatility proved beneficial to BTC bulls. For the first time in two weeks, Bitcoin (BTC) closed above USD 40,000 on Friday, while Ethereum came within a few cents of USD 3,000. Many analysts have expressed concern regarding this premature bullishness.
There is no doubt that NFTs are becoming mainstream. In preparation for the upcoming Super Bowl LVI in Los Angeles, the National Football League (NFL) will give fans virtual commemorative tickets in the form of non-fungible tokens (NFTs). To commemorate Super Bowl LVI in Los Angeles, the NFL has partnered with Ticketmaster to issue commemorative NFT tickets to fans so that they can have a “digital keepsake” of the game. Their goal is to utilize blockchain technology so fans can have a permanent memento of the game.
Ethereum co-founder exceeded act of nobility to support charity. Vital Buterin will use $100 million from Crypto Relief’s SHIB funds for Covid Relief. Ethereum co-founder Vitalik Buterin announced plans to use $100 million in cryptocurrency from the Covid Crypto Relief Fund (Cryptorelief) to accelerate relief efforts and “bring great benefits to Indians and non-Indians.” The crypto is a gift Buterin made to Cryptorelief last year as part of the Shiba Inu fund.
Last but not least, crypto exchange FTX is buying its Japanese rival Liquid to expand into Asia. On Wednesday, FTX announced that it will acquire Liquid, a Japanese crypto exchange, for an undisclosed amount. In the deal, Quoine Corporation is included, one of the first crypto exchanges to be registered with Japan’s financial services agency. The Asian crypto market is seeing FTX expand aggressively with $400 million it raised earlier this week at a valuation of $32 billion.
Every day, ALPEX Global provides market wrap — following analyses are based on keeping an eye on the markets and what we anticipate.
The cryptocurrency market was trading in the green on Saturday. Bitcoin trading above the $41,000 mark. The world’s largest and most popular digital token was up over 10.80 per cent at $41,411.23. Bitcoin’s market dominance rose marginally to 41.65 per cent and the virtual token was trading at $41,388.68 on February 5. The world’s biggest and best-known cryptocurrency, is up 23.2% from the year’s low of $32,950.72.
According to coinmarketcap.com, Ether, the second largest cryptocurrency and linked to the Ethereum blockchain, rose marginally to $2,990.09. Binance Coin’s price climbed to $399.89, Doge’s price added $0.13, while Shiba Inu’s price rose to $0.000021. In addition to XRP, Stellar, Avalanche, Cardano, Solana, Polygon, and Terra, other cryptos also saw gains over the last few days.
- Disclaimer* Investment in cryptos carries various risks and is not suitable for all investors. Be sure to do your research thoroughly before making any decisions to invest.
In market news this week -Grayscale has launched its first stock exchange-traded fund (ETF) on the New York Stock Exchange, a crypto-related ETF that includes publicly traded stocks (e.g. Coinbase, Robinhood, PayPal, etc.). Note, however, that this is not the much-anticipated bitcoin ETF but is a big step in the direction of crypto ETFs facilitating capital investments in the crypto sector. As crypto exchanges explore trading funds, we believe it’s only a matter of time before the SEC approves a bitcoin spot ETF.
In other news, MyCrypto, an open-source crypto wallet acquired by ConsenSys, will merge with MetaMask. MyCrypto’s strengths lie in its web browser and desktop application, while MetaMask’s are mobile applications and browser extensions. MetaMask also integrates with decentralized applications on Ether. Due to MyCrypto’s reputation as one of the most reliable and compatible Ether wallets, the acquisition will help users make the best decisions in the rapidly evolving Web3 wallet environment.
That concludes our weekly newsletter. Thank you for reading. We hope it was insightful and helpful. Stay tuned for more exciting news about crypto and blockchain next week.
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