Bitcoin records first red week in a month as Ether shines, Reddit reveals cryptocurrency holdings, and Satoshi’s newly released emails show his incredible foresight. This week we bring you these stories and more in cryptocurrency.
A troubling week for Bitcoin
After surging past $52,000, Bitcoin’s momentum was only around 2%, but it appears to be losing steam as it recorded its first weekly decline in over a month. Excitement over the new US spot Bitcoin ETF and the upcoming halving event has led investors who benefited from the recent 25% price increase to sell off some of their stacks to take profits.
Ether gains momentum
With a 30% gain so far this year and trading at a two-year high of nearly $3000, Ether is currently outperforming Bitcoin as speculation grows over whether the second-largest digital asset will be the focus of the next wave of U.S. spot ETFs. Meanwhile, Worldcoin, co-founded by OpenAI CEO Sam Altman, hit an all-time high on the back of hype around AI and a positive report from Nvidia, highlighting the impact of AI on the cryptocurrency industry.
JPMorgan: Retail traders return to cryptocurrencies
JP Morgan said retail investors surged in cryptocurrency investment in February, hitting multi-year highs. On-chain data shows that small wallet flows outpace institutional flows when new ETF inflows are taken into account. The resurgence in retail interest reflects expectations of major cryptocurrency events, including the Bitcoin halving, Ethereum network upgrades, and potential SEC approval of a spot Ethereum ETF.
Reddit IPO reveals cryptocurrency investment
Social media platform Reddit has filed for a public stock offering, disclosing its cryptocurrency holdings in SEC filings. The platform acknowledges holding cryptocurrencies and experimenting with blockchain technology, exposing it to exchange risks and regulatory considerations. Reddit invested its excess cash in Bitcoin and Ethereum, and acquired Matic as a means of payment for the sale of certain virtual goods.
USDC has been removed from Tron.
Leading stablecoin issuer Circle is terminating support for USDC tokens on the Tron blockchain network, effective immediately. The US-based company said the decision is consistent with its efforts to ensure USDC remains trustworthy, transparent and secure. Tron is a widely used blockchain for stablecoin transfers, but its founder Justin Sun is facing regulatory issues in the United States.
Trump acknowledges Bitcoin
Former US President Donald Trump, who once called Bitcoin a “scam for the dollar,” now acknowledges its growing influence. Trump said on Fox News that Bitcoin has taken on a life of its own as he observed growing interest in it and its use as a means of payment.
UK: Cryptocurrency is property
Proposed legislation in the UK aims to officially designate cryptocurrencies as a unique form of property. The Law Commission of England notes that this classification is consistent with the evolving views of the courts and highlights the flexibility of common law. This proposal seeks to address legal uncertainty and increase awareness and protection of the unique features of certain digital assets.
Satoshi anticipated the Bitcoin energy debate.
Satoshi Nakamoto, the mysterious creator of Bitcoin, warned in newly released emails from 2009 that Bitcoin could become a significant energy consumer. Satoshi foresaw scrutiny of the energy used in Bitcoin’s proof-of-work consensus mechanism and predicted some non-financial uses for Bitcoin. Blockchain. The emails were released in connection with Craig Wright’s trial for his alleged identity as Satoshi Nakamoto.
This is what happened in the cryptocurrency market this week. I will see you next week.