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Bitcoin posts its first red week in a month as Ether shines, Reddit reveals its crypto holdings and Satoshi's recently leaked emails show his incredible foresight. These stories and more, this week in crypto.
Troubling week for Bitcoin
After surpassing $52,000, Bitcoin's momentum appears to be stalling. I'm out of breath, as it recorded its first weekly decline in over a month, although the drop was only around 2%. Investors who saw gains from the recent 25% price increase resulting from excitement over new US spot Bitcoin ETFs and the upcoming halving event, sold some of their stacks to realize their profits.
The ether is gaining momentum
With gains of 30% so far this year and a two-year high of nearly $3,000, Ether is currently eclipsing Bitcoin as speculation grows over whether the second-largest digital asset will become the focus of the next wave of US spot ETFs. In the meantime, Worldcoin, co-founded by OpenAI CEO Sam Altmanhas reached an all-time high, driven by AI hype and positive reports from Nvidia, highlighting the impact of AI on the crypto industry.
JPMorgan: Retail Traders Return to Crypto
JP Morgan noted that in February, retail investors drove a surge in crypto investments, reaching multi-year highs. On-chain data shows small wallet flows outpacing institutional flows, accounting for new ETF flows. The surge in retail interest reflects anticipation of key crypto events: the Bitcoin halving, the Ethereum network upgrade, and the potential SEC approval of Ethereum spot ETFs.
Reddit IPO Reveals Crypto Investments
Social media platform Reddit filed for a public stock offering, revealing its crypto holdings in its SEC filing. The platform acknowledges holding cryptocurrencies and experimenting with blockchain technology, exposing them to currency risk and regulatory considerations. Reddit invested its excess cash in Bitcoin and Ether and acquired Matic as a payment method for the sale of certain virtual goods.
USDC withdrawn from Tron
Major stablecoin issuer, Circle will end support for its USDC token on the Tron blockchain network, effective immediately. The US-based company said the decision was in line with its efforts to ensure USDC remains reliable, transparent and secure. Tron is a blockchain widely used to transfer stablecoins, but its founder Justin Sun faces regulatory issues in the United States.
Trump recognizes Bitcoin
Former US President Donald Trump, who once called Bitcoin a “dollar scam,” is now in attendance. recognizes its growing influence. Trump said on Fox News that Bitcoin had taken on a life of its own as he observed growing interest in Bitcoin and its use as a means of payment.
UK: crypto is property
Proposed UK legislation aims to officially designate cryptocurrency as a distinct form of ownership. The Law Commission of England notes that this classification aligns with evolving judicial perspectives and emphasizes the flexibility of the common law. The proposal aims to address legal uncertainties and improve the recognition and protection of the unique characteristics of certain digital assets.
Satoshi anticipated the Bitcoin energy debate
The mysterious creator of Bitcoin, Satoshi Nakamoto, warned that Bitcoin could become a significant energy consumer in newly revealed emails from 2009. Satoshi anticipated scrutiny of the energy used in Bitcoin's proof-of-work consensus mechanism, as well as forecasting some non-financial uses of the blockchain. The emails were released as part of the lawsuit challenging Craig Wright's claim to be Satoshi Nakamoto.
This is what happened this week in crypto, see you next week.
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