Bitcoin price today: Crypto week at a glance: Bitcoin drops below $40,000 as crypto dominates Super Bowl

By Analytics Team, Giottus Crypto Exchange


Bitcoin (BTC) dropped 6% final week as the standoff between Russia and Ukraine continues to spook buyers globally. BTC briefly traded above $44,500 mid-week earlier than escalating geo-political tensions affected monetary markets. BTC is now buying and selling simply below the psychological stage of $40,000 with the general crypto market cap at $1.81 trillion.

Ethereum (ETH) continues to be affected by BTC’s price actions and has shed practically 7% this week to commerce round $2,700 stage. All the highest 20 cryptocurrencies are within the pink on a weekly timeframe besides Avalanche (AVAX) with a 3% improve.

While this uncertainty performs out over the subsequent few weeks, the information from world wide continued to be optimistic for the business. We observe key themes that performed out final week:

Crypto bowl hits US, installs develop 300%
This yr’s Super Bowl, the extremely watched annual playoff match of NFL within the US, was all about crypto. Evoking reminiscences of the dotcom bowl of 2000 submit which tech shares crashed, many crypto platforms together with Coinbase, Crypto.com, eToro and FTX spent hundreds of thousands promoting on this occasion. Coinbase’s notable advert with a QR code $15 giveaway crashed its web site although led to a 309% improve in installs within the week in accordance with Sensor Tower.

More motion within the US
The New York Stock Exchange (NYSE) has indicated plans to launch a market for NFTs and cryptocurrencies similar to shares. NYSE has filed an software with the US Patent and Trademark Office final week representing a main signal of acceptance by Wall Street.

US state Georgia’s lawmakers have launched a invoice that may exempt native crypto miners from paying gross sales and use tax within the state. This invoice, when handed, will encourage crypto miners to arrange store within the state. Other US states Illinois and Kentucky have additionally proposed tax incentives for crypto mining.

Ukraine approves Bitcoin
Amidst its standoff with Russia, Ukraine has legalized Bitcoin and different cryptocurrencies paving the best way for the enterprise to run underneath a regulatory ambit. Bitcoin isn’t, nonetheless, being acknowledged as authorized tender. Ukraine is already considered one of Europe’s main hubs for crypto buying and selling.

Bitcoin’s issue, representing the complexity of computation required to mine it, has reached an all-time excessive of 27.97 this week. Higher issue means there’s extra competitors amongst miners to verify a block and extract a block reward. Its hash fee has seen a rise of 45% within the final 6 months.

JPMorgan and Sequoia put money into blockchain’s future
Sequoia Capital, having introduced an funding spherical in Ethereum layer 2 Polygon final week, has put aside $600 million for a crypto fund as a part of its ongoing efforts to bootstrap the subsequent era of blockchain startups.

JPMorgan has turn into the primary of the foremost banks to open a lounge within the metaverse which it sees as a $1 trillion alternative sooner or later. The lounge is located within the Decentraland blockchain based mostly world. JPMorgan has additionally initiated analysis on Quantum Key Distribution (QKD) blockchain community that’s immune to quantum computing assaults.

A 100-year enjoyable experiment
A Reddit person has hidden $100 value Bitcoin in a public library in Europe for 100 years as a time capsule experiment. The person has locked up 0.003 BTC together with its private and non-private key. In 100 years, Bitcoin block reward from mining will likely be at 0.00000019 BTC which means 0.003 BTC will likely be about 15,000 block rewards.

Top 5 gainers for the week
⦁ Neo (NEO) : 18% up

⦁ Rally (RLY): 15% up

⦁ Klaytn (KLAY): 8% up

⦁ Avalanche (AVAX): 3% up

⦁ Waves (WAVES): 3% up

Top losers this week
⦁ Elrond (EGLD): 21% down

⦁ The Sandbox (SAND): 19% down

⦁ Theta Network (THETA): 19% down

⦁ Flow (FLOW): 18% down

⦁ Quant (QNT): 17% down

(Note: Data as of 8.15 am IST, February 20, 2021; Source: Coinmarketcap.com)


https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-week-at-a-glance-bitcoin-drops-below-40000-as-crypto-dominates-super-bowl/articleshow/89698820.cms

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