For a bear market, we sure are seeing a lot of price action and jaw-dropping news! This week in crypto proved to be an interesting mix of price reversals with dozens of major announcements hitting the crypto markets.
The Week in Crypto
- The week’s start saw meme coins like BABYDOGE on fire, with crypto majors finally seeing some upward price action.
- Bitcoin analysts say BTC movements may be signaling either a bottom, or a long accumulation phase that ends in 6 figures.
- While NFTs were bleeding to start the week, news of mainstream companies pouring into NFTs, China's interest in NFTs, and a new OpenSea competitor helped trigger a reversal.
- Bitcoin’s mining difficulty reached an ATH in January and surged on a Jack Dorsey mining announcement, signaling compounding network strength.
- In the midst of major crypto market moves and news, the Fed doubled down on its vision to create a CBDC, which could also be a stablecoin.
Movers of the week
Layer-2 projects, privacy coins, and exchange tokens had a strong week, with meme coin DOGE in the top five as well. The top 5 gainers were:
A few blockchain and trading protocol tokens along with a mix of altcoins rounded out the week’s worst performers:
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Recent volatility is churning up Ethereum's daily burn rate, which reached an ATH during a price jump this week. A surge in Ethereum-based DeFi activity and rising NFT volumes contributed to the upward trend.
The news of an official date for the Polygon London hardfork prompted a healthy surge in MATIC price on Wednesday. The EIP-1559 is set to have a positive effect on fees while bringing deflationary aspects to MATIC.
MATIC 5-day Price Action
While many analysts are discussing Bitcoin bottoming out and Fidelity claiming that BTC is in an oversold position, a 10-year measurement of BTC HODL waves via onchain data suggests we are in a long accumulation phase and could remain there for a while before breaking into six figures.
Source: Into the Cryptoverse
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- Opensea competitor LooksRare amassed $100 million in trading volume 24 hours into its launch. Read more.
- CashApp announced its integration of the Bitcoin Lightning Network, bringing faster, cheaper, off-chain Bitcoin payments to its 36 million users. Read more.
- Billionaire Bill Miller revealed this week that half of his net worth is in Bitcoin. Read more.
- The Associated Press announced it is launching a journalistic NFT marketplace for photojournalism. Read more.
- Crypto funds performed better than hedge funds in 2021, according to The Block. Read more.
- Traders in China are warming up to NFT markets as Chinese regulators consider separating NFTs from crypto regulations. Learn more.
- Fed Chairman Jerome Powell promised Congress a report on crypto would be out in a matter or weeks with a focus on a CBCD, but also suggested that a CBDC and a stablecoin may not be “mutually exclusive”. Learn more.
- Jack Dorsey, Founder and CEO of Block, Inc. and former Twitter Founder is building a legal fund to support BTC developers and an “open Bitcoin mining system” that will decentralize mining. Read more on legal funds and mining.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.