Crypto Week-in-Review

Bitcoin Market Update:

  • Bitcoin (BTC) faced a weekly decline, settling at $43,270 amid market fluctuations.
  • Solana showcased a noteworthy performance, surging by 6%, while Chainlink demonstrated robust growth with a 20% increase.

BlackRock’s Bitcoin Holdings Update:

  • BlackRock publicly disclosed possession of 70,000 Bitcoins as of February 1, 2024, indicating an impressive addition of 18,000 BTC within a week.
  • The substantial growth in BlackRock’s Bitcoin holdings has sparked discussions within the community regarding the accuracy of real-time data and potential implications on market dynamics.

News You May Have Missed This Week:

Bad News:

  • The Federal Reserve’s decision against rate cuts contributed to a sense of unease in the markets.
  • Disappointingly, over 50% of wallets missed the opportunity to claim Jupiter, signaling a lack of proactive engagement.
  • Polygon’s decision to cut 19% of its staff added to the negative sentiment, accompanied by concerns over Tether’s dominance in the stablecoin market.

Good News:

  • The positive trajectory of ETF growth and reduced crypto volatility brought optimistic trends to the market.
  • Old coins experienced a bullish market sentiment, while AI-related coins gained significant momentum.
  • Solana’s active addresses surpassed those of Ethereum, and Chainlink reached a 2-year high, signifying positive developments.
  • Argentina’s decision to remove crypto taxes and the upward trajectory of NASDAQ and S&P indices contributed to a favorable market outlook.

Bitcoin Metrics and Signals:

  • Long-term holders are observed shifting towards ETFs as a safety measure, substantiated by increased ETF holdings.
  • Bitcoin achieved a new hash rate record at 450 EXA hash, highlighting heightened network security.
  • The MVRV ratio displayed a buy signal, reflecting positive sentiment and potential bullish momentum in the market.

Ethereum and ETF Speculation:

  • Speculation surrounds Ethereum’s potential surge to $4,000 following a speculated spot ETF approval in May.
  • Standard Chartered anticipates a substantial 70% surge in Ethereum’s value post-ETF approval.

Crypto Market Dynamics and Trends:

  • Solana emerged as a significant player in decentralized exchange volume, surpassing the traditionally dominant Binance.
  • Growing concerns were voiced over Tether’s dominant position in the stablecoin market, prompting unease at JP Morgan.
  • Tether’s reported profit being allocated to the purchase of Bitcoin intensified the competition dynamics within the crypto space.
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