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The crypto market has re-emerged with total capital of over $ 2 trillion as the newsletter has returned from a week-long suspension. The fund benefited from this rise and, thanks to its high exposure to ether, actually outperformed the Bitcoin index for that period. There was a lot of news of interest during these same weeks. Let’s take a look at what caught our attention.
A surprise in the market this week is that Elon Musk has announced that it has gained a 9.2% share of Twitter, thereby winning a board seat. Musk has always spoken out about hot web topics, including both censorship and cryptocurrencies. What are the potential consequences of such an acquisition? In addition to the short-term bounce at Dogecoin, Mask’s pet token, the influence of the world’s wealthiest men could accelerate the adoption of crypto on social platforms. Ken Li, Chief Investment Officer of Binance Labs, said:
Last week, the European Parliament voted in favor of a new regulatory measure that essentially bans anonymous cryptocurrency transactions. The plan aims not only to impose the KYC on all private cryptocurrency wallets, but also to illegalize anonymous transactions in excess of € 1,000 from “unhosted” wallets. These wallets refer to their personal possession rather than using the involvement of a third party in exchange. Talking about or versions of wallets such as MetaMask hardware, Ledger or Tresor. If you want to send such an amount from one wallet to another, the project must report this transaction to the authorities.
Needless to say, this measure goes against the spirit of cryptocurrencies and has been criticized by the majority of players in the industry. One of the loudest about this effect was Coinbase CEO Brian Armstrong. He calls this proposal “anti-innovation, anti-privacy, anti-law enforcement.” It is true that crypto transactions are scrutinized more suddenly than traditional monetary transactions in this project. “Imagine if the EU requires your bank to report you to the authorities every time you pay your rent just because the transaction is over € 1,000,” he claims. did. He added that this puts a company like him in an impossible position. “This means that before sending and receiving cryptocurrencies from our self-hosted wallet, Coinbase must collect, store, and validate information about non-customers before transfer is allowed. Whenever you receive more than 1,000 cryptocurrencies from your self-hosted wallet, Coinbase must report it to the authorities, even if there are no signs of suspicious activity. “
In order for the bill to be formally adopted, it must first pass a tripartite meeting between the European Parliament, the European Commission and the European Council. But the project isn’t expected to die there, and the opposite is true.
At the same time, the UK continues to establish itself as a fertile land for the development of digital currencies.This week, UK Treasury Minister Rishi Sunak Royal mint Create a non-fungible token that will be issued by the summer, adding that this is part of a positive approach to crypto assets.
This letter is deliberately kept away from any political opinion and only mentions it if it affects the cryptocurrency industry itself. On our part of the Atlantic, it should be noted that in this regard, Canadian Conservative Party leader candidate Pierre Poirievre insisted on supporting domestic digital currencies. He made an official statement over the weekend after paying for lunch in Bitcoin last week as part of a grassroots campaign. “Let people regain control of their money. Keep cryptocurrencies legal and make them prosper,” Poirievre said on Twitter, with Canadians “managing your money from politicians and bankers.” I also promised to help “get back”. He wants Canada to be the capital of the world’s blockchain.
It must be said that Canadians’ confidence in digital currencies is constantly increasing. Cryptocurrency outflows from exchanges are record high, as are the inflows of funds into Canada’s Bitcoin ETFs. These funds have increased by 6,594 BTC since January and hold a record high of 69,052 BTC. Analytical firm Glassnode said: Headwinds in recent months. ” In short, the accumulation process is clearly continuing, contrary to all possibilities.
Speaking of hoarding, Michael Saylor and MicroStrategy add to the growing pie slices. The company yesterday announced that it had acquired an additional 4,197 BTC between February 15th and press time. Purchases were made at an average price of $ 45,714 each. As a result, MicroStrategy and its subsidiaries currently hold a total of 129,218 BTC, with a total purchase price of $ 3.97 billion and an average purchase price of $ 30,700 per BTC.
Won’t only fools change their minds? Jamie Dimon, CEO of investment banking giant JP Morgan, praised blockchain technology and decentralized finance (DeFi) in a letter to shareholders released Monday. “Decentralized finance and blockchain are truly new technologies that can be deployed publicly and privately, with or without permission,” Dimon said, and JP Morgan is at the “front line” of these innovations. I added. Surprising words from a man who once completely called cryptocurrencies fraud went a step further in October last year, stating that Bitcoin is worthless.
On the news side, let’s point out that Intel officially launched the chip on Monday. Intel Blockscale ASIC, Specially built for cryptocurrency mining. The latter provides a higher hash rate for lower energy consumption and is therefore more environmentally responsible. The SEC, of course, has rejected ArkInvest and the 21-share ETF project. CME Group, which already offers Bitcoin and ether futures, says it is currently exploring the possibility of doing the same with Solana (SOL) and Cardano (ADA) tokens.
On the more technical side, the difficulty of mining the BTC network has regained its favor by hitting its own record high, as Bitcoin miners helped distribute the 19 millionth BTC on Friday. The difficulty of the Bitcoin network correlates with the computational power required to mine BTC blocks and currently requires an estimated hash rate of 201.84 Exa Hash (EH / s) per second.
Simply put, Bitcoin mining has never been more difficult, but networks have never been more secure.
At the same time, it is even more interesting to note that network transaction charges have reached low average costs over a decade or more. As shown in the graph below, the average Bitcoin transaction fee dropped to 0.00004541 Bitcoin ($ 2.06) in 2022, but the median was 0.00001292 Bitcoin ($ 0.59) for all years except 2011. It is the worst among them.
According to Alex Thorn, Head of Research at Galaxy Digital, the combination of increased Segwit adoption, transaction bundles, Lightning Network growth, and miner sales decline is all a dynamic factor in this. More interestingly, analysts said that Bitcoin’s price rose for the first time in history without a parallel increase in transaction fees in the fall, and that the technical solutions introduced are working. It points out that it is proving.
If there is no doubt about the health of the industry as a whole, impacting the market in the short term is arguably the same theme. Particularly harsh comments pointing out the urgency of the US Federal Reserve’s fight against inflation over the past few days have put downward pressure on the stock market and dragged cryptocurrencies. Bitcoin appears in a well-defined integrated channel between $ 43,000 and $ 48,000, but by the way the 200-day moving average is. The fact remains that Bitcoin has been painting a bullish buildup since it touched $ 34,000 at a series of higher lows after the decline of the first week of January.
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