The Week in Crypto
Your weekly crypto market insights and overview with top news, major trends, notable price actions, and spotlighted coins.
A big reversal for Bitcoin and cryptocurrencies this week lifted the market out of a 3-month slump amid continued mainstream attention and regulatory posturing.
- Canadian Truckers demonstrating en masse sparked Covid-19 mandate changes across the globe and got help from Bitcoin Whales when GoFundMe froze their donations.
- Russia's Central Bank approved Atomyze digital commodities company as the first digital assets operator and also hinted at treating Bitcoin as a foreign currency.
- US Senate Agriculture Committee heard testimony from FTX CEO Sam Bankman-Fried and other crypto experts who all stressed US regulatory certainty to stem the flow of US innovators out of the country.
Movers and Shakers
A wave of green hit crypto markets this week in a major reversal that established significant new support lines.
Top 5 Gainers
- Mobile Coin (MOD) +78.11%
- Gala (GALA) +76.86%
- Kadena (KDA) +59.39%
- Gene (GENE) +50.14%
- Shiba Inu (SHIB) +48.22%
Top 5 Losers
- Content Value Network (CVNT) -28.69%
- Bloktopia (BLOK) -10.89%
- Lido DAO Token (LDO) -8.50%
- BitTorrent (BTT) -7.99%
- Maker (MKR) -6.82%
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Bitcoin - Despite months of bearish behavior, BTC busted out on the 4th and leveled off mid-week with new support at around $43k.
- Bullish momentum is leading technical analysts to believe February may be the first month since Oct 2021 to post a gain.
- Divergence indicators signaled that Bitcoin's Dominance Rate was closing in on a major resistance level, which could mean an end to the downward trend.
Altcoins - Hard to believe that just 2 weeks ago altcoins were bleeding so bad that the top performing alts were mostly stablecoins. This week the top ten altcoins by market cap averaged gains of 18.69% (excluding stablecoins).
- All of the top 10 privacy coins by market cap posted double digit gains for the week.
- ETH was up 12.90% and achieving higher highs until Thursday, when cryptos experienced high volatility in reaction to US inflation data coming in at 7.5% (a 40-year high). Now ETH is back in the neutral zone after briefly breaching $32k.
- Metaverse tokens outperformed crypto majors and DeFi coins this week, including GALA +77.98%, THETA +50.12%, and AXS +32.53%.
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- KPMG, one of North America’s Big 4 Accounting firms, announced it was adding Bitcoin and Ethereum to its corporate treasury. Read more.
- Video game giant Gamestop is partnering with Immutable X layer-2 blockchain to launch an NFT marketplace with zero gas fees and spearhead a $100 million fund for Web3 game development. Read more.
- The US Justice Department said it seized $3.6 billion in Bitcoin stolen during the 2016 BitFinex hack. A couple accused of laundering the crypto funds included a Forbes writer/TikTok influencer who was instantly memed by crypto Twitter. Read more.
After seizing the Bitfinex hacked funds, the US government is now one of the largest hodlers of Bitcoin.— Dan Held (@danheld) February 9, 2022
Spotlight on: Shiba Inu (SHIB)
The SHIB meme coin has an interesting history, with its founder programming its supply at 1 quadrillion: 50% locked in Uniswap and 50% burned. Shiba Inu was also used in the largest crypto donation in the world to date, helping to stop the spread of Covid in India. So far this February, SHIB is up 25% on DOGE and this week, it officially entered the Metaverse with a digital real estate project.
- +48.22% for the week
- 14th top coin by market cap at over $19 billion
- Posted close to $2 billion in 24/hr volume mid week
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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.