🔴Old Momentum Fuels Bitcoin | Cryptocurrency News of the Week – February 12, 2024
Bitcoin rose on Chinese New Year, Solana’s network went down for hours, and cryptocurrency miners found new hubs in unexpected locations. This week we bring you these stories and more in cryptocurrency.
Chinese New Year, Bitcoin Boost
Buoyed by momentum from the Chinese New Year, Bitcoin maintained its historical trend and rose 10% for the week. Over the past 9 years, the price of Bitcoin has surged by an average of 11% from 3 days before the Lunar New Year holiday to 10 days after. The price rally helped BTC break through resistance levels it had maintained since the spot Bitcoin ETF was introduced in the US a month ago.
Solana suffers severe power outage
Solana’s price rebounded from a 4% drop Tuesday as the network came back online after a five-hour outage. Similar issues plagued the network in early 2023, but before Tuesday’s outage, the blockchain had been running without interruption for nearly a year. The Solana Foundation has not yet released an official statement on the cause of the outage.
Monero Delisted from Binance
Monero hit multi-month lows after Binance announced it would delist the privacy-focused altcoin from February 20. Monero is not the only digital asset that Binance has chosen to delist. Because other tokens to be delisted will include Aragon, Multichain, and Vai. All trading pairs will be removed, trading orders will be automatically removed, and withdrawals for these tokens will not be supported after May 20th.
Bitcoin ETF Funds Outperform MicroStrategy
The recently launched U.S. Spot Bitcoin ​ETF added 5,000 BTC worth $1 billion to its holdings, bringing its total stack now past MicroStrategy’s 190,000 Bitcoin. The new fund has been on the market for less than a month and has quickly raised billions of dollars in that time. In investment.
Robinhood connects with MetaMask
Digital wallet creator ConsenSys has integrated Robinhood Connect with MetaMask, improving access to cryptocurrencies for users of the popular trading platform. The integration allows MetaMask users to load their wallets directly with cryptocurrency using the Robinhood platform, seamlessly make in-app purchases using Robinhood’s ordering engine, and automatically link transactions to their digital wallets.
Bitcoin inventor denies allegations
In a London court, Australian computer scientist Craig Wright denied forging documents to support his claims. Wright claims he is the author of the 2008 Bitcoin white paper as Satoshi Nakamoto, and faces legal opposition from the Crypto Open Patent Alliance, which hopes to prevent Wright from suing Bitcoin developers and protect the open-source nature of the protocol. .
Canadian court upholds cryptocurrency mining ban
British Columbia’s Supreme Court has upheld the province’s moratorium on new cryptocurrency mining operations accessing the power grid. The moratorium, which took effect in December 2022, aims to assess the industry’s impact on the state’s economic and environmental goals. Conifex Timber, a forestry company expanding into cryptocurrency mining, challenged the stay order to build a new mining facility in the area, but the court ultimately rejected it.
New Bitcoin hub for Chinese miners
Chinese Bitcoin miners have found a new cryptocurrency hub in Ethiopia thanks to cheap electricity prices and friendly relations with China. Despite the country’s ban on cryptocurrency trading, Ethiopia will allow cryptocurrency mining in 2022. Recently, a Bitcoin mining farm appeared near a substation connected to the Grand Ethiopian Renaissance Dam, built with the participation of Chinese companies.
This is what happened in the cryptocurrency market this week. I will see you next week.
