The Chinese New Year has brought a surge in Bitcoin’s price, Solana’s network experienced a major outage, and crypto miners have found a new home in an unexpected location. These are just a few of the top stories in the world of cryptocurrency this week.
Bitcoin Rises During Chinese New Year
Thanks to the momentum of the Chinese New Year, Bitcoin saw a 10% increase in price this week, continuing a historical trend. Over the past 9 years, Bitcoin’s price has risen by an average of 11% from 3 days before to 10 days after the start of the Chinese New Year. This boost in price helped BTC break through resistance levels that had been holding since the introduction of spot Bitcoin ETFs in the US a month ago.
Solana Experiences Major Outage
Solana’s price took a hit when the network went down for 5 hours on Tuesday. This is not the first time the network has experienced issues, as similar problems occurred in early 2023. However, before this week’s outage, the blockchain had been running smoothly for almost a year. The Solana Foundation has yet to release an official statement on the cause of the outage.
Monero Gets Delisted from Binance
Monero’s price dropped to multi-month lows after Binance announced that it would be delisting the privacy-focused altcoin on February 20th. Monero is not the only digital asset being delisted by Binance, as other tokens such as Aragon, Multichain, and Vai will also be removed. All trading pairs for these tokens will be eliminated, trade orders will be automatically cancelled, and withdrawals will not be supported after May 20th.
Bitcoin ETF Funds Surpass MicroStrategy
The newly launched US spot Bitcoin ETFs have added 5,000 BTC worth $1 billion to their holdings, surpassing MicroStrategy’s 190,000 Bitcoins. These funds have only been on the market for less than a month, but have already attracted billions in investments.
Robinhood Teams Up with MetaMask
ConsenSys, the creator of digital wallets, has integrated Robinhood Connect with MetaMask, making it easier for users of the popular trading platform to access cryptocurrencies. This integration allows MetaMask users to load their wallets directly with crypto using the Robinhood platform and make in-app purchases using Robinhood’s order engine, which automatically links transactions to their digital wallets.
Alleged Bitcoin Creator Denies Accusations
In a London court, Australian computer scientist Craig Wright denied forging documents to support his claim that he is the author of the 2008 Bitcoin white paper under the pseudonym Satoshi Nakamoto. Wright is facing legal opposition from the Crypto Open Patent Alliance, which aims to prevent him from suing Bitcoin developers and protect the open-source nature of the protocol.
Canadian Court Upholds Crypto Mining Ban
The British Columbia Supreme Court has upheld the provincial government’s moratorium on new crypto mining operations accessing the power grid. This pause, implemented in December 2022, is meant to assess the industry’s impact on the province’s economic and environmental goals. Conifex Timber, a forestry company looking to expand into crypto mining, challenged the moratorium in hopes of building a new mining facility in the province, but the court ultimately denied their request.
Chinese Miners Find New Home for Bitcoin Mining
Chinese Bitcoin miners have discovered a new hub for their operations in Ethiopia, thanks to affordable electricity and friendly relations with China. Despite the country’s ban on crypto trading, Ethiopia has allowed crypto mining since 2022. Recently, Bitcoin mining farms have been popping up near electricity substations connected to the Grand Ethiopian Renaissance Dam, which was built with the involvement of Chinese companies.
That’s a wrap for this week in crypto. See you next week!
Unstoppable Rise: Bitcoin’s Momentum Continues to Soar | This Week in Crypto – Feb 12, 2024
Welcome to “This Week in Crypto”, your go-to source for the latest news and updates in the world of cryptocurrency. In this edition, we’ll be taking a closer look at the unstoppable rise of Bitcoin and how its momentum continues to soar. As of February 12, 2024, Bitcoin has reached yet another all-time high, solidifying its position as the leading virtual currency in the market.
But before we dive deeper into what’s been happening in the crypto space this week, let’s take a quick look at what Bitcoin actually is for those who may not be familiar with it.
Bitcoin is a decentralized digital currency, also known as a cryptocurrency, that operates independently of a central bank or government. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto, and has since gained widespread popularity and acceptance as a legitimate form of payment and investment.
Now, let’s get back to the main topic at hand – the unstoppable rise of Bitcoin. So, what exactly has been happening with Bitcoin this week and why has its momentum continued to soar? Let’s find out.
-Factors Driving Bitcoin’s Growth-
1. Increased Institutional Adoption
One of the major factors contributing to Bitcoin’s growth is the increased adoption by institutional investors. This year, we’ve seen some of the biggest names in finance entering the crypto market, including Tesla, BlackRock, and Goldman Sachs. These institutions have not only invested in Bitcoin, but have also expressed interest in integrating it into their operations. This has brought about a level of legitimacy and credibility to the virtual currency, attracting even more investors.
2. Rising Inflation Concerns
As traditional fiat currencies continue to lose value due to inflation and government interference, many people are turning to Bitcoin as a hedge against inflation. With its limited supply of 21 million, Bitcoin offers a more secure store of value compared to fiat currencies which can be inflated at any time. With the current economic climate, many are seeing Bitcoin as a safer investment option.
3. Mainstream Acceptance
In recent years, we’ve seen a rise in the mainstream acceptance of Bitcoin. Major companies such as Microsoft, PayPal, and Overstock now accept Bitcoin as a form of payment, making it more accessible to the general public. This has also increased confidence in the virtual currency, leading to more people investing in it.
4. Improved Infrastructure
The infrastructure surrounding Bitcoin has also greatly improved, making it easier and more convenient for people to buy, sell, and use the virtual currency. With the introduction of Bitcoin ATMs, online exchanges, and mobile apps, the process of transacting with Bitcoin has become much more streamlined and user-friendly.
-Current News in Bitcoin-
1. Record-Breaking Highs
As of February 12, 2024, Bitcoin has reached a new all-time high of $300,000. This is a significant milestone for the virtual currency, which has experienced steady growth over the past few years. Experts predict that this is just the beginning and believe that Bitcoin could reach even higher highs in the coming months.
2. Growing Interest from Governments
In the past, governments have been skeptical of Bitcoin and other cryptocurrencies, often placing restrictions and regulations on their use. However, we’ve seen a shift in attitude from some countries this week. El Salvador has become the first country to make Bitcoin a legal tender, and other countries, such as Brazil and Canada, have also expressed interest in following suit.
3. China’s Crackdown on Bitcoin Mining
In a surprising move, China announced a crackdown on Bitcoin mining in the country this week. Due to concerns about energy usage and financial risks, China plans to ban all mining operations by the end of the year. This news caused a temporary drop in Bitcoin’s price, but it has since recovered and continues to climb.
-Practical Tips for Investing in Bitcoin-
1. Do Your Research
Before investing in Bitcoin, it’s crucial to do your research and educate yourself about the virtual currency. While it has proven to be a lucrative investment for many, it’s important to understand the risks involved and have a clear strategy in place.
2. Diversify Your Investments
It’s always wise to not put all your eggs in one basket. While Bitcoin may be a top-performing cryptocurrency, it’s always a good idea to diversify your investments and not solely rely on one asset.
3. Keep an Eye on the Market
The crypto market is known for its volatility, which means the price of Bitcoin can fluctuate greatly within a short period. Keep an eye on market trends and news to make informed decisions about when to buy, hold, or sell your Bitcoin.
-Firsthand Experiences with Bitcoin-
Many people have seen success with Bitcoin as an investment, but it’s also been used for practical purposes. A recent survey by Finder found that 35% of Bitcoin holders had used it for purchases, with 23% using it to pay for online shopping and 12% for groceries.
One of the main reasons people choose to use Bitcoin for purchases is its speed and low transaction fees compared to traditional methods.
In Conclusion
The unstoppable rise of Bitcoin has been fueled by a combination of increased adoption, rising inflation concerns, growing mainstream acceptance, and improved infrastructure. This week, Bitcoin has hit another all-time high and continues to show its potential as a legitimate form of payment and investment.
As with any investment, it’s essential to do your own research and make informed decisions. With careful consideration and staying updated on market trends, Bitcoin can be a profitable addition to your investment portfolio. Stay tuned for more updates on “This Week in Crypto”.
