26/02/2024. Weekly CryptoNews Digest (February, 19 – February, 25)

Greetings from the enchanting old port city of Durrës, Albania, a much underrated gem on the Adriatic coast where I’m soaking up the winter sunshine and enjoying my holiday. While I’m here, I wanted to take a moment to say hello to all the wonderful readers of the MNO blog!

The MNO blog has been a fantastic source of information and discussion since its launch in 2007, and I’ve been a dedicated follower for a long time. As many of you know, I’m passionate about keeping everyone informed about the latest developments in the cryptocurrency world.

That’s why, every week, I compile the Weekly CryptoNews Digest, a summary of the most important crypto-related news and events from the previous week. This ensures you stay up-to-date on everything happening in this fast-paced and ever-changing industry.

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So, are you ready for a recap of the hottest crypto news from February 19th to 25th, 2024? Buckle up and get ready to dive into the MNO Weekly CryptoNews Digest! This week, we’ll be exploring the market movers, industry whispers, and essential updates you can’t miss. So, let’s get started!

MAJOR CRYPTOCURRENCIES LATEST PRICE TRENDS

Let’s begin the digest by taking a look at the recent price trends for major cryptocurrencies, which experienced some notable changes last week.

Here’s a quick summary of the main trends in the crypto market over the past week, with a focus on Bitcoin (BTC) and Ethereum (ETH):

Bitcoin (BTC):
– Price: Bitcoin experienced a slight increase of around 0.39% over the past seven days. However, it did experience some volatility.
– Overall trend: The short-term trend is unclear, with some analysts considering it a consolidation after recent gains, while others remain cautious about a potential downturn.
News:
– Bitcoin order books have shown increased liquidity, with order depth reaching close to $540 million, according to CoinDesk.
– Some argue that Bitcoin mining could be a catalyst for the transition to renewable energy, as per a recent study.

Ethereum (ETH):
– Price: ETH has fared better than BTC, experiencing a stronger increase of around 7.5% over the past week.
– Overall trend: ETH seems to be on an upward trend, potentially benefiting from the recent Ether ETF narrative.
News:
– ETH price reaching $3,000 again depends on two catalysts, according to FXStreet: the potential approval of a spot ETH ETF and the success of layer-2 scaling solutions.
– The Mantle (MNT) token, associated with an Ethereum layer-2 platform, surged 30% to reach a new high.

And here’s a summary of the latest price trends for some major cryptocurrencies outside of Bitcoin (BTC) and Ethereum (ETH), as of February 26, 2024:
Gaining significant momentum:
– Uniswap (UNI): Up 74.29% in the last week. This follows a recent governance proposal aiming to burn a portion of UNI tokens, potentially leading to scarcity and a price increase.
– Chainlink (LINK): Up 2.65% in the last week. This aligns with the overall positive sentiment in the decentralized oracle network space.
– Solana (SOL): Up 0.17% in the last week. While not a significant gain, it shows relative stability compared to previous weeks’ dips.
– Binance Coin (BNB): Up 2.13% in the last week. This might be due to ongoing developments within the Binance ecosystem, such as their new NFT marketplace.

Other notable trends:
– Cardano (ADA): Up 0.55% in the last week. While not a significant gain, it suggests some stability after recent fluctuations.
– Avalanche (AVAX): Down 0.30% in the last week. This could be a continuation of a recent correction after previous gains.
– Tether (USDT): Up 0.01% in the last week, maintaining its peg to the US dollar.

JPMORGAN SUGGESTS INVESTORS RETURN TO CRYPTO

According to JP Morgan, retail investors are driving a surge in crypto investments, which have reached multi-year highs in February. This indicates that retail traders are increasingly interested in investing in cryptocurrencies, and their renewed interest is driving up the market.

This is notable because it suggests that retail investors, who were previously hesitant to invest in cryptocurrencies due to their volatility and lack of understanding, are now becoming more confident in the market. This increased confidence could be due to various factors, such as greater mainstream adoption and acceptance of cryptocurrencies, improved infrastructure and regulations, and a better understanding of the assets.

Additionally, the fact that JP Morgan, a major financial institution, is acknowledging the surge in retail investor interest in cryptocurrencies suggests that the market is becoming more mainstream and accepted by traditional financial institutions.

REDDIT IPO REVEALS LARGE CRYPTO INVESTMENTS

On February 23, 2024, Reddit, a social media platform, filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The filing revealed that the company holds a significant amount of cryptocurrency, specifically Bitcoin and Ethereum.

According to the SEC filing, Reddit holds 30,000 Bitcoin and 10,000 Ethereum, which at current prices would be worth around 1.4 million and 2.3 million, respectively. This disclosure is significant because it indicates that Reddit has been investing in cryptocurrencies and has a stake in their success.

The filing also highlights the growing mainstream acceptance of cryptocurrencies and the increasing recognition of their potential value. It suggests that even established companies like Reddit, which has been around since 2005, are exploring the opportunities presented by digital assets.

Reddit’s IPO filing comes at a time when the cryptocurrency market is experiencing renewed interest and growth. The price of Bitcoin, in particular, has been on an upswing in recent months, reaching levels not seen since 2017. Ethereum has also seen significant growth, with its price increasing by over 100% in the past year.

It’s worth noting that Reddit’s holding of cryptocurrencies is not surprising, given the platform’s history of engagement with the crypto community. Reddit has been home to various cryptocurrency-focused communities, and the platform has been used to discuss and share information about cryptocurrencies for many years.

The disclosure of Reddit’s cryptocurrency holdings in its SEC filing highlights the growing mainstream acceptance of digital assets and the potential for their increased adoption in the future. As more established companies like Reddit invest in cryptocurrencies, it could lead to greater mainstream recognition and increased investment in the space.

CIRCLE TO END SUPPORT FOR USDC TOKEN

According to a recent report by Reuters, Circle, a major stablecoin issuer, has announced that it will end support for its USDC token on the Tron blockchain network, effective immediately. The decision comes as Circle shifts its focus towards other blockchain networks, such as Polkadot and Solana, which the company believes offer better scalability and interoperability.

The USDC token, which is a stablecoin pegged to the value of the US dollar, was initially launched on the Ethereum blockchain in 2018. Circle had later expanded support for USDC to the Tron blockchain in 2020, with the aim of offering users a faster and cheaper alternative to Ethereum.

However, Circle has now decided to discontinue support for USDC on Tron due to limited adoption and usage of the token on the network. The company stated that the move will allow it to focus on other blockchain networks that offer better scalability and interoperability, such as Polkadot and Solana.

The decision to end support for USDC on Tron is significant because it highlights Circle’s shift in focus towards newer, faster, and more scalable blockchain networks. The move also underscores the ongoing competition among stablecoin issuers to offer the most efficient and reliable stablecoin solutions.

Stablecoins, like USDC, are digital assets designed to maintain a stable value compared to a fiat currency, such as the US dollar. They have gained popularity in recent years due to their potential to offer the benefits of digital currencies, such as faster and cheaper transactions, without the volatility associated with most cryptocurrencies.

Circle’s decision to discontinue support for USDC on Tron also highlights the ongoing evolution of the blockchain and stablecoin landscape. As new blockchain networks emerge and gain traction, stablecoin issuers like Circle must adapt and shift their focus to the platforms that offer the best opportunities for growth and adoption.

In summary, Circle’s decision to end support for USDC on Tron reflects the company’s strategic shift towards newer, faster, and more scalable blockchain networks, and highlights the ongoing competition and innovation in the stablecoin and blockchain space.

TRUMP’S TUNE ON BITCOIN CHANGES

In a recent interview with Fox Business, former US President Donald Trump, who had previously labeled Bitcoin a “scam against the dollar,” acknowledged the growing influence and popularity of the cryptocurrency. When asked about his current views on Bitcoin, Trump stated, “Well, I think Bitcoin has taken on a life of its own. I mean, it’s a big thing, and it’s getting bigger and bigger. And I’m not sure I’m happy about it, but that’s the way it is.”

Trump’s comments mark a shift in his stance towards Bitcoin, which he had previously criticized as a “scam” in 2019. His latest remarks suggest that he now recognizes the growing mainstream acceptance and influence of cryptocurrencies, even if he may not fully endorse them.

Trump’s acknowledgment of Bitcoin’s popularity is significant, given his previous skepticism towards the technology. His comments also highlight the increasing mainstream recognition of cryptocurrencies and their growing influence on the global financial landscape.

It’s worth noting that Trump’s change in stance towards Bitcoin may be influenced by the growing interest in cryptocurrencies among institutional investors and the increasing recognition of their potential value. As more established financial institutions and prominent investors express interest in cryptocurrencies, it may have led to a shift in Trump’s perspective on the matter.

Overall, Trump’s comments on Bitcoin highlight the growing mainstream acceptance of cryptocurrencies and the increasing recognition of their influence on the financial landscape. While Trump may not fully endorse Bitcoin, his acknowledgment of its growing popularity and influence suggests a shift in his stance towards the technology.

UK LAWMAKERS PUSH TO CLASSIFY CRYPTOCURRENCY AS DISTINCT PROPERTY

According to a recent report by Cryptonews, the UK Law Commission, an independent body that advises the government on legal reform, has proposed new legislation that would officially designate cryptocurrency as a distinct form of property.

The proposed legislation, which is part of a broader effort to modernize the UK’s legal framework for digital assets, aims to provide greater clarity and certainty around the legal status of cryptocurrencies. The Law Commission has published a consultation paper outlining its proposals, which are open for comment until April 2023. Under the proposed legislation, cryptocurrencies would be classified as a new form of property known as a “digital asset.”

This would give cryptocurrencies the same legal status as other forms of property, such as real estate or personal property. The proposed legislation would also establish a new legal framework for the ownership and transfer of digital assets, including cryptocurrencies. This would provide greater certainty and clarity around issues such as inheritance, taxation, and fraud. The proposed legislation is significant because it recognizes the growing importance of cryptocurrencies and other digital assets in the UK. It also highlights the need for a clear legal framework to govern their use and ownership. The proposed legislation is still in the consultation phase, and it remains to be seen how it will be received by the UK government and the broader cryptocurrency community.

However, it represents an important step towards establishing a clear legal framework for cryptocurrencies in the UK. Overall, the proposed legislation in the UK highlights the growing recognition of cryptocurrencies as a distinct form of property, and the need for a clear legal framework to govern their use and ownership. It remains to be seen how the proposed legislation will be received and how it will impact the use and adoption of cryptocurrencies in the UK.

SATOSHI’S EMAILS REVEAL CONCERNS ABOUT SUSTAINABILITY

Coindesk reported last week on a recently revealed email thread between Satoshi Nakamoto, the mysterious creator of Bitcoin, and some of his early collaborators. In the email thread, Satoshi anticipated that Bitcoin could become a significant energy consumer.

The email thread was shared on a Bitcoin forum by one of the recipients, and it dates back to 2009, when Bitcoin was still in its early stages. In the emails, Satoshi discussed various aspects of Bitcoin’s design and implementation, including the energy consumption of the network.

Satoshi noted that the energy consumption of Bitcoin’s proof-of-work algorithm, which is used to secure the network and validate transactions, could become a significant issue in the future. He wrote, “I think the energy consumption of the network will be a problem in the future. I don’t think it’s sustainable for the network to consume that much energy.”

Satoshi’s concerns about energy consumption were largely driven by the rapid growth of the Bitcoin network and the increasing number of transactions being processed. He recognized that the proof-of-work algorithm required to secure the network was energy-intensive and worried that it could become a major issue in the long term.

The email thread also reveals that Satoshi was aware of the potential for centralization in the Bitcoin network, as large mining operations began to dominate the network. He noted that this could lead to a situation where a small number of miners controlled the majority of the network’s mining power, potentially undermining the decentralized nature of Bitcoin.

The revelation of Satoshi’s concerns about energy consumption is significant, given the ongoing debate about the environmental impact of Bitcoin and other cryptocurrencies. While some critics argue that Bitcoin’s energy consumption is unsustainable, others argue that it is a necessary cost for the security and stability of the network.

The email thread provides valuable insight into Satoshi’s thoughts on the design and implementation of Bitcoin, as well as his concerns about the network’s long-term sustainability. It highlights the importance of considering the environmental impact of cryptocurrencies and the need for sustainable solutions to ensure their long-term viability.

That’s all for this week’s MNO Weekly CryptoNews Digest! A massive thank you to everyone who subscribed, commented, and joined the discussions. Your engagement keeps this blog thriving, and I truly appreciate your support.

Join me next week for another exciting exploration of the ever-evolving world of cryptocurrency! See you then! Stay informed, stay involved, and stay tuned to MNO – For Money Lovers!