19/02/2024. Weekly CryptoNews Digest (February, 12 – February, 18)

Calling all MNO readers! I’m excited to announce that the Weekly CryptoNews Digest is back this Monday after a short break. I’ve just returned from a refreshing vacation in Thailand, and I’m eager to share the latest crypto news and updates with you all. So whether you’re a seasoned crypto investor or just starting out in the market, the Weekly CryptoNews Digest is your one-stop shop for all things crypto. Stay tuned for the latest edition that will cover the last week’s news and events.

Before getting into the specifics of what the crypto industry brought us to talk about last week I should remind you that I’m still available to answer all your questions. The best way of contacting me is live chat via Telegram @mnoblog. You may also submit your query using this contact form or just email me directly at abramsonp@gmail.com I always look forward to hearing from you and still encourage you to share your vote on the MNO TalkBack page in the last poll, so we could draw the final results in a few weeks time.

Remember that later this year I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income from with no risk whatsoever. So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or X/Twitter.

By doing so you will be updated when anything worthwhile happens in the industry that will help you earn a discretionary income. And if you wish to receive the blog articles directly to your email address you can submit and confirm it on this page and join the thousands of subscribers I have already.

And now it’s time to rewind and recap the crypto headlines that grabbed us from February 12th to 18th, 2024! Dive into this week’s MNO Weekly CryptoNews Digest and get the lowdown on all the market movers, industry rumblings, and must-know updates. Let’s get started!

BITCOIN REACHES TWO YEAR HIGH LAST WEEK

I would like to start the digest with some exciting news for all the crypto HODLers as Bitcoin reached a two-year high last week, and there’s quite a bit to unpack about it. Here are some key points:

The Peak: On February 15th, Bitcoin’s price hit $52,563, its highest point since February 2022. This marked a significant milestone, particularly as it came after a sustained upward trend throughout the month.

Possible Reasons for the Rise: Experts point to several factors that might have contributed to this rally:
– Institutional investment: There’s growing interest from institutional investors like hedge funds and asset managers, suggesting wider adoption and legitimization.
– Macroeconomic factors: Some see Bitcoin as a hedge against inflation, especially with rising interest rates and geopolitical tensions.
– Technical analysis: Certain indicators suggested bullish momentum, encouraging some traders to buy in anticipation of further gains.

Uniqueness of this Rally: Notably, this price increase coincided with a rising US dollar index and 10-year Treasury yields, which historically have had an inverse relationship with Bitcoin. This suggests a decoupling from traditional markets, potentially indicating new dynamics at play.

Looking Forward: While the future remains uncertain, some analysts predict a further rise towards the all-time high of $69,000, while others anticipate a correction or consolidation after the recent surge.

Remember: It’s crucial to remember that the cryptocurrency market is highly volatile and unpredictable. Investing in Bitcoin or any other crypto asset carries significant risks, and you should always do your own research before making any financial decisions.

WORLDCOIN SURGED 140% AS WALLET APP HITS A MILLION USERS

While Bitcoin enjoyed gains, Worldcoin stole the show, skyrocketing over 140% in just a week! Its user base exploded, reaching 1 million daily users, fueling the impressive price jump.

Context:
– Date: February 18, 2024
– Token: WLD, the native token of Worldcoin
– Increase: 140% over the previous week
– User milestone: World App, their crypto wallet application, reached 1 million daily active users (DAUs)

Reasons for the surge:
– User growth: The significant increase in daily users was seen as a positive sign for the project’s adoption and future potential.
– Privacy-preserving approach: Worldcoin claims to offer a privacy-preserving way to access cryptocurrency, differentiating itself from some competitors.
– OpenAI connection: Co-founded by Sam Altman, CEO of OpenAI, the project potentially benefits from his connections and reputation.
– Wider crypto market rally: The surge also coincided with a general upward trend in the crypto market, further boosting confidence.

Concerns and criticisms:
– Privacy concerns: Worldcoin’s iris scanning method for user verification raises privacy concerns for some individuals.
– Regulatory hurdles: The project has faced scrutiny and restrictions in some jurisdictions due to its data collection practices.
– Tokenomics: The long-term value proposition and sustainability of the WLD token are debated within the crypto community.

Overall:
Worldcoin’s recent surge highlights the potential of user-driven growth in the crypto space. However, it’s crucial to consider the project’s unique approach, potential drawbacks, and ongoing challenges before making any investment decisions.

MICROSTRATEGY PROFITS SKYROCKETED

Institutional Bitcoin holders, like MicroStrategy, got a major boost as the cryptocurrency hit a new high. Here’s a breakdown of the news:

Key Points:
– Date: Around February 15th, 2024, coinciding with Bitcoin’s two-year high.
– Trigger: Bitcoin price reaching $52,563, pushing the value of MicroStrategy’s holdings above $10 billion for the first time.
– Background: MicroStrategy has been a prominent Bitcoin advocate and major buyer since August 2020. They consistently acquire BTC, viewing it as a long-term store of value and inflation hedge.
– Holdings: As of December 27th, 2023, MicroStrategy held 190,000 Bitcoin at an average purchase price of $31,224, totaling $5.9 billion.
– Surge in Value: With Bitcoin hitting its peak, the unrealized gain on their investment climbed to over $4 billion, pushing the total value above the $10 billion mark.

Significance:
– This achievement solidifies MicroStrategy’s commitment to Bitcoin and validates their strategy for some.
– It highlights the potential for significant returns on Bitcoin investments, attracting wider institutional interest.
– However, it’s crucial to remember that the rise wasn’t solely due to Bitcoin’s price. MicroStrategy’s continuous buying also played a crucial role.

LEDGER INTEGRATION WITH COINBASE PAY

Ledger and Coinbase Pay join forces, letting you buy crypto directly within the Ledger app and safely storing it in your hardware wallet, potentially saving on fees and boosting security.

What it means:
– Seamless on-ramp: You can now buy crypto directly within the Ledger Live app using Coinbase Pay. This eliminates the need to transfer funds between platforms, potentially reducing fees and simplifying the process.
– Direct transfer to hardware wallet: Purchased crypto is automatically sent to your secure Ledger hardware wallet, enhancing security compared to storing it on an exchange.
– Supported assets: This integration initially supports buying Bitcoin, Ethereum, Bitcoin Cash, and Litecoin with more potentially added in the future.
– No additional fees: Ledger claims there are no additional fees for using Coinbase Pay within the app, although regular Coinbase fees still apply.

Benefits:
– Convenience: Eliminates the need to switch between platforms for buying and storing crypto.
– Security: Purchased crypto goes directly to your secure hardware wallet, reducing the risk of exchange hacks.
– Potentially lower fees: Avoids potential transfer fees between platforms.

Things to consider:
– Limited asset selection: Currently only supports a few major cryptocurrencies.
– Still relies on Coinbase: Requires a Coinbase account and KYC verification.
– Security responsibility: Remember, it’s your responsibility to secure your Ledger device and private keys.

Overall:
This integration offers a convenient and potentially more secure way to buy crypto for Ledger users who trust Coinbase. However, it’s important to weigh the benefits against the limitations and understand the inherent risks involved in any crypto investment.

HONDURAS CRYPTO TRADING BAN

On February 16th, 2024, Honduras’ National Banking and Securities Commission (CNBS) imposed a ban on its financial institutions from trading in cryptocurrencies and similar virtual assets. This decision came with immediate effect and applies to all institutions under their supervision.

Reasons for the Ban:
– Lack of regulation: The Honduran government cites the lack of regulations for crypto assets as a primary concern. This, they argue, exposes users to fraud, money laundering, and operational risks.
– Uncertainty and volatility: The inherent volatility and uncertainty surrounding cryptocurrencies are also major concerns for the CNBS, prompting them to take a cautious approach.

What the Ban Means:
– Financial institutions cannot: Hold, invest in, intermediate, or trade cryptocurrencies or similar virtual assets.
– Individuals are still free to: Buy, sell, or hold cryptocurrencies on their own behalf. However, they won’t be able to utilize banks or other financial institutions for these activities.

Possible Implications:
– Limited adoption: This ban could hinder the broader adoption of cryptocurrencies in Honduras, at least until regulations are put in place.
– Underground market: It might push some individuals towards unregulated peer-to-peer platforms or international exchanges, raising concerns about safety and transparency.
– Future regulations: This move could be a precursor to the development of comprehensive crypto regulations in Honduras.

TORREVIEJA TO BECOME SPAIN’S FIRST CRYPTO FRIENDLY CITY

Torrevieja, a coastal city in Alicante, Spain, has recently announced its intention to become the “first crypto-friendly city in Europe.” This initiative, still in its early stages, aims to promote the use of cryptocurrencies through various measures. Here’s a breakdown of the key points:

The Plan:
– Phase 1: Focuses on digitizing local commerce using blockchain technology and promoting cryptocurrency payments for goods and services. This involves collaborating with merchants and offering educational courses.
– Phase 2: Aims to recover natural spaces and support the creation of new jobs and financing for technology companies, potentially leveraging crypto-related opportunities.
– Phase 3: Details yet to be announced.

Key Players:
– Torrevieja City Council: Collaborating with the Association of Small and Medium Merchants of Torrevieja (APYMECO) to implement the initiative.
– University of Alicante: Offering digital payment courses for businesses.

Current Status:
– The initiative is still in its initial stages, and concrete details about implementation are limited.
– No specific date for phase one’s completion has been announced.
– While Spain isn’t hostile to crypto, it doesn’t have specific regulations, and crypto isn’t legal tender.

Potential Benefits:
– Increased tourism and investment from crypto enthusiasts.
– Modernization of local businesses and payment systems.
– Job creation and economic development opportunities.

Possible Challenges:
– Regulatory uncertainty and potential legal hurdles.
– Merchant and customer adoption within a traditional cash-based society.
– Ensuring security and preventing fraud in cryptocurrency transactions.

Overall:
Torrevieja’s plan is an ambitious undertaking with the potential to be a pioneering example for crypto adoption in Europe. However, it’s essential to keep in mind the challenges and uncertainties involved. Stay tuned for further developments as the initiative progresses.

With that, we wrap up another edition of the MNO Weekly CryptoNews Digest! A huge thank you to everyone who subscribed, commented, and participated in all the discussions. Your active involvement is as ever the lifeblood of this blog, and I deeply appreciate your support. See you next week for another dive into the exciting world of cryptocurrency!

I’ll be back next Monday with another insightful blog post on MNO, keeping you up-to-date on the ever-evolving world of cryptocurrency. Stay tuned! MNO – For Money Lovers!