Bitcoin gains traction during Chinese New Year, Solana's network was down for hours, and crypto miners found a new hub in an unexpected place. These stories and more, this week in crypto.
Chinese New Year propels Bitcoin
Fueled by the momentum of the Chinese New Year, Bitcoin gained 10% over the week confirming a historical trend. Over the past 9 years, the price of Bitcoin has increased by an average of 11%, from 3 days before to 10 days after the start of the Chinese New Year. The price rally helped BTC break through resistance levels that had been holding since the introduction of spot Bitcoin ETFs in the United States a month ago.
Solana suffers a serious outage
Solana Price Rebounded From 4% Drop Once Network Restored after a 5-hour outage Tuesday. Similar issues hit the network in early 2023, but before Tuesday's outage, the blockchain had been running continuously for almost a year. The Solana Foundation has not yet released an official statement on the cause of the outage.
Monero delisted from Binance
Monero hit multi-month low after Binance announced that it would delist the privacy-focused altcoin effective February 20. Monero is not the only digital asset that Binance has chosen to delist, as other delisted tokens will include Aragon, Multichain, and Vai. All of their trading pairs will be eliminated, trading orders will be automatically deleted, and withdrawals for these tokens will no longer be supported after May 20.
Bitcoin ETF funds have overtaken MicroStrategy
The recently launched American spot bitcoin ETFs added another 5,000 BTC worth a billion dollars to their holdings, making their total stack now exceed MicroStrategy's 190,000 Bitcoins. The new funds have been on the market for less than a month, during which time they have quickly attracted billions in investments.
Robinhood connects to MetaMask
Digital wallet creator, ConsenSys integrated Robinhood Connect with MetaMask, thereby improving access to cryptocurrencies for users of the popular trading platform. The integration allows MetaMask users to load their wallets directly with cryptocurrencies using the Robinhood platform and seamlessly make in-app purchases using the Robinhood ordering engine, automatically linking transactions to their digital wallets.
Alleged Bitcoin inventor denies allegations
In a London court, Australian computer scientist Craig Wright denied falsifying documents in order to support his request. Wright claims he authored the 2008 Bitcoin white paper under the name Satoshi Nakamoto and faces legal opposition from the Crypto Open Patent Alliance, which hopes to prevent Wright from suing Bitcoin developers and safeguard the open source nature of the protocol.
Canadian court confirms ban on cryptocurrency mining
The Supreme Court of British Columbia maintained the provincial government's moratorium on new crypto-mining operations accessing the power grid. Implemented in December 2022, the pause aims to assess the industry's impact on the province's economic and environmental objectives. Conifex Timber, a logging company expanding into cryptocurrency mining, filed a lawsuit challenging the moratorium in hopes of building a new mining facility in the province, which the court ultimately ruled rejected.
The new Bitcoin hub for Chinese miners
Chinese Bitcoin miners have found a new crypto hub in Ethiopia thanks to affordable electricity and friendly relations with China. Despite the country's ban on crypto trading, Ethiopia allowed crypto mining in 2022. Recently, Bitcoin mining farms have emerged near power substations linked to the Grand Ethiopian Renaissance Dam which was built with the participation of Chinese companies.
This is what happened this week in crypto, see you next week.