Results of the week: Bitcoin tested $64,000, and the Blast team launched the mainnet
Bitcoin tested the level of $64,000, Ethereum soared above $3,500, MicroStrategy acquired 3,000 BTC for $155 million, Blast developers launched the main network and other events of the past week.
The total market capitalization of all cryptocurrencies is $2.4 trillion, with Bitcoin dominance at 53.8%
Bitcoin and Ethereum Performance
Bitcoin tested the $64,000 level and Ethereum surpassed $3,500 in the past week.?
Bitcoin quotes surpassed $53,000 on February 26, climbing to $57,000 the next day and testing the $64,000 level on February 28 before dropping to $60,000.?
Currently, Bitcoin is trading at $62,500. All of the top 10 digital assets by market capitalization ended the week in the "green zone."
MicroStrategy acquired 3,000 BTC for $155 million
MicroStrategy option purchased 3000 BTC. This was announced by the company's founder, Michael Saylor.
According to a filing with the U.S. Securities and Exchange Commission, the firm bought approximately $155.4 million of Bitcoin between Feb. 15 and Feb. 25, at an average price of $51,813
MicroStrategy owns 193,000 BTC, worth approximately $6.09 billion (average price $31,544)
TON grew by 25% after the announcement of payments for advertising on Telegram
Pavel Durov announced a financial reward for owners of Telegram channels for displaying advertisements.
Starting in March, the Telegram Ads platform will open to all advertisers in almost a hundred new countries. Local users will receive 50% of the income that the messenger earns from displaying advertising in their channels.
Payments will be made in TON cryptocurrency.
The monetization program will not work in Russia and other CIS countries, The Bell reported, citing sources. According to them, the company is targeting markets where Telegram’s advertising model, launched in 2021, has not yet worked.
Against the backdrop of the news, the price of TON approached the $3 mark, but did not overcome the psychological threshold. At the time of writing, the asset is trading at $2.6. Over the week, TON rose in price by 24.7%
After the announcement, users were concerned that the messenger would begin to control most of the coin’s emission. Pavel Durovproposed a solution to the problem.?
According to him, the Telegram team will be limited to owning TON at about 10% of the total supply of tokens. Any excess is planned to be sold to long-term investors - "in accordance with the lock-in and transition plan for one to four years, but at a discount to the market price."
“Thus, free-floating TON will be blocked, which will stabilize the ecosystem and reduce volatility,” wrote the founder of the messenger.
He also announced that he is ready to consider applications from large investors (more than $1 million) interested in buying back the coin.
Blast developers have launched the main network
On February 29, Ethereum developers second level solutions Blast launched the main network.
The team immediately announced that the possibility of withdrawing assets will appear only after the start of the mainnet. Within a few months, the volume of funds locked on the platform (TVL) exceeded $2.3 billion with 180,000 users.
According to Blast representatives, at the moment, users may encounter various types of errors, such as incorrect balances or bonus points that have not been loaded.
For those who are experiencing problems connecting to the network, the developers recommended changing the RPC settings.
El Salvador's unrealized profits from Bitcoin investments reach $41 million
El Salvador's "paper" profits from investments in the first cryptocurrency amounted to 40% or about $41.6 million. This was announced by the country's President Nayib Bukele.
“When the market price of Bitcoin was low, they wrote thousands of articles about our supposed losses. […] But it is very significant that the authors of these materials, “analysts”, “experts”, “journalists” are now completely silent,” the head of El Salvador recalled.
At the time of writing, the state owns 2,381 BTC worth $149.1 million, according to Buy Bitcoin Worldwide.
Bukele also clarified that the country’s profit from investing in an asset is calculated only on the basis of “market purchases.” The president added that the authorities do not yet intend to sell the coins.
“In the end, 1 BTC is equal to 1 BTC. This was true when the market price was low, and it is true now,” he concluded.
Currently, the main source of digital gold in El Salvador iscitizenship program, Bukele said.
The analyst announced the beginning of a bull market
Popular blogger and analyst PlanB stated about the beginning of the FOMO period - a bull market, according to his modelStock-to-Flow.
“The accumulation phase is over: there are no more easy buying opportunities in orderly and slow-growing markets. The bull market has begun,” he wrote.
According to the expert, the digital asset market is expecting approximately 10 months of FOMO: “extreme price surges combined with multiple drops of 30%.”
Tether CEO predicted growth in Wall Street investments in Bitcoin ETFs
Bitcoin will continue to integrate into TradFi thanks to growing interest in ETF on its basis by institutions and corporations. The CEO stated thisTether Paolo Ardoino writes The Block.
According to the top manager’s estimates, the number of managers who are ready to allocate up to 5% of their assets to invest in digital gold is growing.
The expert predicted that after gaining "legitimacy" the first cryptocurrency will also interest other corporations, in addition to Tesla and MicroStrategy, as a reserve asset. The driver could be political uncertainty, he added.
Tether CEO admitted that supervisors will have to rush to adopt regulation of digital assets and analyze El Salvador experience, legalized bitcoin.
“This is exactly like the story of the ETF based on the first cryptocurrency. At first they ridiculed anyone who even talked about the possibility of the instrument. “As a result, when this became a reality, suddenly everyone wanted to join the Bitcoin movement and launch a product,” Ardoino said.
Circle and Coincheck will expand the use of USDC in Japan
Circle announced a partnership with the Japanese crypto exchange Coincheck, which integrates the company's products for its users, including USDC.
The initiative is subject to Coincheck's receipt of Electronic Payment Instrument Provider registration in accordance with local Law on Payment Services.
In July, Circle co-founder and CEO Jeremy Allaire announced launchthe stablecoin in Japan.
Key indicators of the DeFi segment
The volume of blocked funds (TVL) in DeFi protocols jumped to $91.3 billion. The leader was Lido with $33.9 billion. Aave ($10 billion) moved to second from third place. In third place was the EigenLayer project ($9.77 billion), which displaced Maker ($9.2 billion) to fourth position
TVL in Ethereum applications increased up to $53.1 billion Trading volume on decentralized exchanges (DEX) over the last 30 days made up $89.7 billion.
Uniswap continues to dominate, accounting for 57.1% of total turnover. The second DEX by trading volume is PancakeSwap (17.5)
to be continued ...