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🔴 Momentum Building for Ether | Weekly Crypto Update – Feb 26, 2024

Bitcoin experienced its first week of decline in a month, while Ether continued to shine, Reddit disclosed its crypto holdings, and newly uncovered emails from Satoshi demonstrated his remarkable foresight. This week in the world of crypto has been eventful.

Bitcoin Faces Challenges

After reaching over $52,000, Bitcoin’s upward momentum seems to be slowing down, leading to its first weekly dip in over a month, albeit a modest 2%. Investors who profited from the recent 25% surge fueled by excitement over new US spot Bitcoin ETFs and the upcoming halving event chose to sell some of their holdings to capitalize on their gains.

Ether Continues to Rise

With a 30% increase in value this year and reaching a two-year high of nearly $3000, Ether is currently outperforming Bitcoin. Speculation is growing about whether the second largest digital asset will become the focus of the next wave of US spot ETFs. Additionally, Worldcoin, co-founded by OpenAI CEO Sam Altman, reached an all-time high, driven by AI enthusiasm and positive reports from Nvidia, highlighting AI’s impact on the crypto sector.

JPMorgan Reports Retail Investors’ Return to Crypto

JP Morgan observed a surge in crypto investments by retail traders in February, reaching multi-year highs. On-chain data indicates that small wallet transactions are surpassing institutional ones, fueled by new ETF inflows. The renewed interest from retail investors reflects anticipation of key crypto events such as the Bitcoin halving, Ethereum network upgrade, and potential SEC approval of spot Ethereum ETFs.

Reddit’s Crypto Investments Revealed

In its SEC filing for a public stock offering, social media platform Reddit disclosed its crypto holdings. The platform acknowledged its investments in cryptocurrencies and experimentation with blockchain technology, exposing itself to exchange risk and regulatory considerations. Reddit allocated its excess cash to Bitcoin and Ether, and acquired Matic for certain virtual goods transactions.

USDC Withdrawn from Tron

Circle, a major stablecoin issuer, announced the immediate end of USDC token support on the Tron blockchain network. The decision aims to ensure USDC remains trustworthy, transparent, and secure. While Tron is widely used for stablecoin transfers, its founder Justin Sun is facing regulatory challenges in the US.

Trump Recognizes Bitcoin

Former US President Donald Trump, who previously criticized Bitcoin as a “scam against the dollar,” now acknowledges its growing influence. Trump mentioned on Fox News that Bitcoin has taken on a life of its own and noted the rising interest in Bitcoin as a payment method.

UK Proposes Crypto as Property

A proposed legislation in the UK seeks to officially classify cryptocurrency as a distinct form of property. The Law Commission of England believes this classification aligns with evolving court views and underscores the flexibility of common law. The proposal aims to address legal uncertainties and enhance recognition and protection for the unique aspects of certain digital assets.

Satoshi’s Energy Concerns Anticipated

In newly revealed emails from 2009, Bitcoin’s mysterious creator, Satoshi Nakamoto, foresaw the potential for Bitcoin to become a significant energy consumer. Satoshi also predicted scrutiny over the energy usage in Bitcoin’s Proof of Work consensus mechanism and some non-financial applications of blockchain. These emails were released in relation to the trial questioning Craig Wright’s claim to be Satoshi Nakamoto.

That’s a wrap on this week’s crypto news. Stay tuned for more next week.

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