Last week witnessed significant developments in the cryptocurrency space, with Bitcoin reclaiming the $64,000 mark, spot BTC ETFs seeing unprecedented trading volumes, Nigeria imposing a hefty fine on Binance, and Elon Musk filing a lawsuit against OpenAI’s Sam Altman.
Spot BTC ETFs Reach Record Volumes Amid $64k Retest Bitcoin kicked off the week with a bullish trajectory, surging past the $56,000 mark on Feb. 27 and continuing its upward momentum throughout the week. The cryptocurrency reclaimed key resistance levels, including $61,000 and $63,000, before retesting the crucial $64,000 zone on Feb. 28. The rally was fueled by a combination of reduced supply and increased demand, with spot BTC ETFs witnessing record-breaking trading volumes. Institutional interest in Bitcoin surged, with Bank of America and Wells Fargo announcing plans to support spot Bitcoin ETFs for their clients.
Coinbase Experiences Temporary Crash; MicroStrategy Boosts BTC Holdings The price uptrend led to a surge in social interest, causing temporary disruptions on platforms like Coinbase. Meanwhile, MicroStrategy continued to bolster its BTC holdings, purchasing an additional 3,000 BTC for $155 million between Feb. 5 and 25. This brought the company’s total Bitcoin holdings to 193,000 BTC, acquired at an average price of $31,808 per BTC.
Meme Coins Rally as SHIB, PEPE, WIF, DOGE, and FLOKI Record Gains Meme coins experienced a resurgence, with SHIB, PEPE, WIF, DOGE, and FLOKI emerging as the top weekly gainers. Notably, newcomer Dogwifhat (WIF) saw a staggering 439% surge, followed by PEPE with a 314% rally. FLOKI also surged by 310% following its decision to burn 2% of its circulating supply.
Nigeria Imposes $10 Billion Fine on Binance In Nigeria, the naira continued to depreciate against the dollar, prompting the Central Bank of Nigeria (CBN) to implement emergency measures. As part of these measures, the CBN targeted crypto P2P traders, focusing on Binance, which facilitates significant P2P volume in the country. The NSA office arrested two Binance executives, alleging their involvement in the naira’s devaluation. Subsequently, Nigeria imposed a hefty $10 billion fine on Binance, accusing the exchange of exacerbating the currency’s collapse.
Elon Musk Files Lawsuit Against OpenAI’s Sam Altman Amidst the unfolding events, Elon Musk filed a lawsuit against Sam Altman, the CEO of OpenAI, alleging the organization’s shift from a non-profit to a for-profit entity. Musk and Altman were initial board members of OpenAI, which was founded in 2015. The lawsuit caused OpenAI’s Worldcoin token to plummet by 5%.
Overall, last week’s developments underscored the dynamic nature of the cryptocurrency market, with Bitcoin’s price surge, regulatory actions in Nigeria, and legal disputes capturing significant attention within the crypto community.
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