Bitcoin (BTC) dropped 6% final week because the standoff between Russia and Ukraine continues to spook traders globally. BTC briefly traded above $44,500 mid-week earlier than escalating geo-political tensions affected monetary markets. BTC is now buying and selling slightly below the psychological degree of $40,000 with the general crypto market cap at $1.81 trillion.
Ethereum (ETH) continues to be affected by BTC’s worth actions and has shed practically 7% this week to commerce round $2,700 degree. All the highest 20 cryptocurrencies are within the crimson on a weekly timeframe besides Avalanche (AVAX) with a 3% improve.
Whereas this uncertainty performs out over the subsequent few weeks, the information from around the globe continued to be optimistic for the trade. We observe key themes that performed out final week:
Crypto bowl hits US, installs develop 300%
This yr’s Tremendous Bowl, the extremely watched annual playoff match of NFL within the US, was all about crypto. Evoking recollections of the dotcom bowl of 2000 submit which tech shares crashed, many crypto platforms together with Coinbase, Crypto.com, eToro and FTX spent hundreds of thousands promoting on this occasion. Coinbase’s notable advert with a QR code $15 giveaway crashed its web site although led to a 309% improve in installs within the week based on Sensor Tower.
Extra motion within the US
The New York Inventory Trade (NYSE) has indicated plans to launch a market for NFTs and cryptocurrencies identical to shares. NYSE has filed an utility with the US Patent and Trademark Workplace final week representing a serious signal of acceptance by Wall Road.
US state Georgia’s lawmakers have launched a invoice that will exempt native crypto miners from paying gross sales and use tax within the state. This invoice, when handed, will encourage crypto miners to arrange store within the state. Different US states Illinois and Kentucky have additionally proposed tax incentives for crypto mining.
Ukraine approves Bitcoin
Amidst its standoff with Russia, Ukraine has legalized Bitcoin and different cryptocurrencies paving the way in which for the enterprise to run underneath a regulatory ambit. Bitcoin is just not, nonetheless, being acknowledged as authorized tender. Ukraine is already one among Europe’s main hubs for crypto buying and selling.
Bitcoin’s issue, representing the complexity of computation required to mine it, has reached an all-time excessive of 27.97 this week. Increased issue means there may be extra competitors amongst miners to substantiate a block and extract a block reward. Its hash price has seen a rise of 45% within the final 6 months.
JPMorgan and Sequoia spend money on blockchain’s future
Sequoia Capital, having introduced an funding spherical in Ethereum layer 2 Polygon final week, has put aside $600 million for a crypto fund as a part of its ongoing efforts to bootstrap the subsequent technology of blockchain startups.
JPMorgan has change into the primary of the most important banks to open a lounge within the metaverse which it sees as a $1 trillion alternative sooner or later. The lounge is located within the Decentraland blockchain based mostly world. JPMorgan has additionally initiated analysis on Quantum Key Distribution (QKD) blockchain community that’s proof against quantum computing assaults.
A 100-year enjoyable experiment
A Reddit person has hidden $100 value Bitcoin in a public library in Europe for 100 years as a time capsule experiment. The person has locked up 0.003 BTC together with its private and non-private key. In 100 years, Bitcoin block reward from mining shall be at 0.00000019 BTC which means 0.003 BTC shall be about 15,000 block rewards.
High 5 gainers for the week
⦁ Neo (NEO) : 18% up
⦁ Rally (RLY): 15% up
⦁ Klaytn (KLAY): 8% up
⦁ Avalanche (AVAX): 3% up
⦁ Waves (WAVES): 3% up
High losers this week
⦁ Elrond (EGLD): 21% down
⦁ The Sandbox (SAND): 19% down
⦁ Theta Community (THETA): 19% down
⦁ Move (FLOW): 18% down
⦁ Quant (QNT): 17% down
(Word: Information as of 8.15 am IST, February 20, 2021; Supply: Coinmarketcap.com)