Two bitcoin ETFs are fighting for investors’ interest in the Toronto Stock Exchange in Canada.
Grayscale plans to make new investments in 20 cryptocurrencies and DeFi projects.
The information on the cryptocurrency market continues to be the most outstanding this week, after the price of bitcoin registered a fall of more than 17% on Monday, February 22. The downward movements have continued the following days, but the pace of institutional investments in the first cryptocurrency continues to boom.
This week Bitcoin traded again in price ranges below $ 50,000. The average drop in the week is estimated at 18%. At the time of writing, BTC is trading at USD 45,241, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.
With CriptoNoticias, those interested can keep up to date on the changes in the market prices of bitcoin and ether in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to their national currency.
These are the most outstanding news:
With a further drop, the price of bitcoin returned to $ 45,000 this week. The correction occurred after setting a new all-time high above $ 58,000 in previous days. Economic analyst Willy Woo stated that the decline may be related to with misinformation released by blockchain analytics firm Glassnode. A transfer of funds accounted for as an increase in bitcoin deposits in exchange houses, led to an imminent pressure to sell bitcoins. On this subject, the Messari researcher, Mira Christanto, raised on Twitter that if the bitcoin rally of this 2021 were similar to that of 2017, we would be at a point in time equivalent to July 2017, that is, six months before a new all-time high. He predicts that the likely price next December will be $ 292,000. The Ethereum cryptocurrency also fell in price and caused a million-dollar liquidation in DeFi (decentralized finance) loans. According to data from DeBank, in 24 hours about 25 million dollars were settled. Meanwhile, the Ethereum Enhancement Proposal (EIP) 1559 has been attracting the attention of the community since ETH 2.0 was launched in December 2020. Its activation could be launched next July with the London hard fork. The expectation around this initiative is that it will help solve the problems caused by high transaction fees on the network. US business intelligence services company MicroStrategy revealed on February 24 that made a new multi-million dollar investment in bitcoin. He had $ 1,026 million in cash to acquire 19,452 BTC. A similar action was carried out by Square Crypto, which announced a purchase of 3,318 bitcoins for 170 million dollars during the last quarter of 2020. In total, there would be 8,024 BTC that the company owns, an amount that is in addition to the 4,709 BTC it bought in October of last year. This week Catherine Wood of ARK Investment and Michael Sonnenshein, CEO of Grayscale, discussed the subject of institutional investments during the Bloomberg Crypto Summit. They noted that while they expected a boom in institutional investments in bitcoin, it exceeded their expectations. Meanwhile, the firm for the management of institutional investments with cryptocurrencies, Grayscale, assured that it is considering opening new funds related to digital assets. The company would diversify its proposals in the face of growing demand from corporate investors. The first bitcoin (BTC) exchange-traded investment fund (ETF), announced on February 11 by Purpose Investment, began trading on the Toronto Stock Exchange (TSX) on February 18, raising USD 421 million in two days. . Then the firm Evolve Fund Group (EBI) launched the second Bitcoin ETF, also on the Toronto Stock Exchange. EBI had to lower the amount of its commissions a week later to arouse greater interest among investors for its product, thus starting a price war with its main competitor. The English payment platform Skrill, and the Canadian Neteller, notified their users residing in Venezuela on February 19 of the decision to stop providing services in the country. The announcement of both platforms was made individually and separately to each user, via email. They just said it was a business decision, but some people speculate that This is due to the sanctions applied by the Donald Trump government against Nicolás Maduro. Also in Venezuela there is news about Bitcoin mining, which would cease to be one of the most profitable in the world if new regulations are approved. In a meeting with the authorities, it was learned that there are plans to demand a license to use the national electricity system, special rates for the service, and taxes on miners. For its part, the Caracas Metro, the Venezuelan capital’s underground transportation system, will accept bitcoin and other cryptocurrencies as a payment method, as part of a new plan called the “automated ticket collection system.” The Bitfinex exchange and its subsidiary Tether, responsible for the USDT stablecoin, reached an agreement with the New York Attorney General’s Office to pay a fine of $ 18.5 million. Tether reported that neither they nor Bitfinex admitted to any infringement and that the penalty payment shows their “desire to put this matter behind us.” Meanwhile, Federal Reserve (FED) Chairman Jerome Powell called the digital dollar a “high priority project” during a hearing before the Senate Banking Committee. In the session, he confirmed that the possibility of the United States issuing its central bank digital currency (CBDC) is being studied.
If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.
Bear Trap: refers to a situation in which the price of a crypto asset is falling, but suddenly has a sharp rise that “catches” the “bear investors” who panic sold their positions.
Cryptotutorial of the week:
Muun is a Bitcoin (BTC) wallet with interesting features. In it you can manage BTC both on-chain and through the Lightning network as a single amount. In addition, it is a self-custody wallet in which you are the owner of the private keys of the BTC that you store there. In this tutorial we will take you step by step on how to use the Muun wallet. If you want to know more about its characteristics and how this wallet works, we invite you to read this review.
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