🔴 Unusual Bitcoin Rally | Cryptocurrency news of the week – February 19, 2024
MicroStrategy is flashing its diamond hand, the two largest NFT creators are merging together, and this Bitcoin rally could be different. This week we bring you these stories and more in cryptocurrency.
Bitcoin hits 2-year high
Bitcoin’s market value surpassed $1 trillion last week, reaching its highest level since late 2021. To date, Bitcoin is already up 20%. But this rally has unique characteristics. Historically, Bitcoin has had a negative correlation with the dollar, but the resurgence of the US dollar index and the US 10-year Treasury yield have driven Bitcoin prices higher.
MicroStrategy doubles its profits.
MicroStrategy, Bitcoin’s largest corporate owner, saw its holdings surge to $10 billion as Bitcoin reached its peak this week. Acquiring 190,000 bitcoins at an average cost of about $31,000 per coin, MicroStrategy is generating more than $4 billion in revenue, quickly doubling from nearly $2 billion in revenue as recently as December.
Ledger partners with Coinbase
Hardware wallet maker Ledger has integrated Coinbase Pay as a seamless on-ramp for digital asset purchases. The Ledger Live in-app integration aims to simplify the process, allowing users to receive cryptocurrencies purchased on Coinbase directly into their Ledger hardware wallets at no additional cost. Ledger has previously integrated with other crypto platforms including Moonpay, Ramp, and Transak.
Coinbase stock surges
Coinbase shares surged 14% after the largest U.S. cryptocurrency exchange reported quarterly results that beat Wall Street expectations. The company attributed its success to increased volatility in cryptocurrency assets, driven by spot Bitcoin ETFs and a positive macroeconomic outlook. Coinbase said it was financially stronger and in a better position compared to a year ago.
A cryptocurrency billionaire has done it again
Founders Fund, led by billionaire Peter Thiel, is re-entering the cryptocurrency market. One of the first institutional cryptocurrency investors, the fund aggressively acquired Bitcoin in 2014 but liquidated before the market crash in 2022, earning $1.8 billion in profits. The fund recently allocated $200 million evenly between Bitcoin and Ethereum last year, just before the bull market began.
Cryptocurrency trading banned in Honduras
The Honduran National Banking and Securities Commission has announced an immediate ban on cryptocurrency trading in the country’s financial institutions. The resolution prohibits supervised entities from handling unauthorized virtual assets, including cryptocurrencies and tokens. The watchdog acknowledged it had limited control over platforms operating in multiple jurisdictions and expressed concerns that they could potentially be involved in fraud, money laundering and terrorist financing.
Spain’s first cryptocurrency-friendly city
Torrevieja, a Spanish city of nearly 90,000 residents, is aspiring to become the first cryptocurrency-friendly location in Spain. The city unveiled plans to build a cryptocurrency hub and attract investment in cooperation with Apymeco, a local merchant association. Initiatives include providing incentives for cryptocurrency payments, providing training for merchants to use the exchange, and prioritizing sustainability to have a positive impact on the environment in Torrevieja.
Largest NFT studio merger
Yuga Labs, the largest NFT studio, has acquired ‘Proof’, a rival NFT maker known for its Moonbirds collection. Yuga Labs plans to integrate Moonbirds into its metaverse play Otherside, a gaming universe featuring avatars from various NFT projects, including avatars from Yuga’s own stable such as Bored Apes, CryptoPunks, and Meebits.
This is what happened in the cryptocurrency market this week. I will see you next week.
