Bitcoin hits $50K for the first time since December 2021
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Bitcoin made a comeback above $48K last week, boosted by a culmination of easing selling pressure from ETFs and miners, a rising stock market, and optimistic sentiment in Asia welcoming the new year of the Dragon.
Weekly Insights Report: ?
Most of the major stock indexes moved higher last week, with the S&P 500 Index reaching new highs and breaching the 5,000 threshold for the first time. NVIDIA's market cap has reached $1.7 trillion thanks to the AI boom, equivalent to the combined market cap of all Chinese firms listed on the Hong Kong Stock Exchange! Bitcoin quickly bounced amid this rising market sentiment and the slowing down of selling pressure from ETFs and miners; the latter were liquidating to raise capital for capex needs ahead of the upcoming halving event. It ended the week above $48K, up ~14%. ?
New York Attorney General Letitia James expanded her lawsuit against Digital Currency Group, increasing the size of the claims by an additional $2 billion. This increase comes from additional investors coming forth claiming they had been defrauded. The complaint accuses Gemini of falsely promoting Earn as a highly liquid investment and misleading investors about Genesis Capital's creditworthiness. ?
In other legal news, Genesis Global won a court ruling confirming its ownership of 31.2 million shares of Grayscale Bitcoin Trust, a windfall for the bankrupt cryptocurrency lender’s creditors. Crypto exchange Gemini in October sued Genesis, its former business partner, over the shares, saying they were pledged as collateral on loans to Genesis from customers in Gemini’s Earn investment program. The shares are now worth more than $1.2 bn as the price of BTC has more than doubled since Genesis filed for bankruptcy. ?
Ethereum developers set a target date of March 13 for its long-awaited Dencun upgrade, officially triggering the countdown to the blockchain's biggest changes since April 2023. The Dencun upgrade is primarily known for its "proto-danksharding" feature, which is supposed to reduce costs for transactions on auxiliary "layer-2" networks built atop Ethereum, by providing a dedicated space for data storage. ?
Wormhole, a multi-chain bridge solution supporting 30+ blockchains, announced the upcoming launch of its native token, W. With an initial supply of 1.8 bn, the token allocation will include strategic stakeholders, community and launch, core contributors, ecosystem and incubation, strategic network participants, and the WormHole Foundation Treasury. This will be one of the most anticipated airdrops of the year. ?
Solana experienced a five-hour outage early last week, the fifth longest in the network's history and its eleventh in two years. Solana's engineering team released new validator software with a patch to resolve the issue. The problem was quickly fixed, and Solana’s price held up surprisingly well despite the disruption, and is even up 10% weekly. ?
In other news, crypto venture firm Multicoin Capital is reportedly considering selling its FTX bankruptcy claim valued at approximately $100M. This comes as the price of FTX bankruptcy claims has risen, with sales reaching up to 70 to 80 cents on the dollar. Deus X Capital has collaborated with Bridgetower Capital to launch a new self-funded $250M digital asset platform based in Abu Dhabi. The venture aims to support the growth of the digital and blockchain assets sector across the UAE and the Middle East more widely. ?
On a weekly basis, BTC is up by 13.4% and ETH is up by 9.5%.
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