Bitcoin mimics stock market rally, Morgan Stanley says bitcoin correction is nothing new and does crypto make you more attractive? These stories and more this week in crypto.
Bitcoin fell back to $40,000 for the first time in weeks as Wall Street also saw a major rally. Over the past month, the crypto market has been closely correlated with global equities. Bitcoin’s sharp and sudden rally took its toll on short sellers, with more than $50 million in short positions liquidated in four hours.
Investment bank Morgan Stanley reported that Bitcoin’s 50% decline from November’s high is nothing new and the correction is within historical norms. The research paper, titled “State of the Bear Market,” noted that Bitcoin has seen 15 bear markets since 2009, and the correction seen in recent months is within the range of what has happened before.
According to MicroStrategy CEO Michael Saylor, tighter government crypto regulations would be positive for the price of Bitcoin by accelerating institutional adoption. Above all, Saylor is looking for clear definitions and operating rules. Saylor added that the widespread adoption of bitcoin will help stabilize the market and reduce price volatility. Meanwhile, Microstrategy announced the purchase of another 660 Bitcoins this week.
FTX, the cryptocurrency exchange owned by billionaire Sam Bankman-Fried, is buying Japanese rival Liquid along with all of its operating subsidiaries for an undisclosed amount. FTX announced earlier this week that it had raised $400 million in a funding round that propelled FTX to a valuation of $32 billion. FTX is aggressively expanding into the Asian crypto market at a time of heightened competition in the space.
Philadelphia is preparing to follow Miami, Austin and New York in partnering with CityCoins to develop a cryptocurrency for its citizens. Philadelphia Mayor Jim Kenney endorsed the concept and said he was excited about the potential of the CityCoins program which allows users to contribute crypto funds to their home city in exchange for crypto rewards.
Ethereum founder Vitalik Buterin recovers $100 million worth of Shiba Inu coins he donated to India’s CryptoRelief COVID-19 relief fund in 2021. Buterin said he plans to personally deploy these funds in a science Higher risk and more rewarding COVID. and relief projects around the world.
The NFL and Ticketmaster have teamed up to give attendees of this year’s Super Bowl commemorative NFTs of their tickets. The NFL described the NFT ticket as a digital memento of its Super Bowl experience and said it would allow the organization to further assess the NFT space for future ticketing and event engagement opportunities.
A study found that 33% of Americans would be more likely to go on a date with someone who mentions cryptocurrency in their online dating profile. Additionally, nearly three out of four singles would be more interested in a second date with someone who paid the restaurant bill with Bitcoin according to the eToro survey.
Be one of 10 winners to receive $100 from Unstoppable Domains by posting your verified NFT avatar on Twitter. Share your Unstoppable Domains Verified photo for proof on Twitter and tag @opensea and @unstoppableweb in the post by February 8 at 1pm PST for a chance to win. Click the link below to get your Unstoppable domain name today!
That’s what happened this week in crypto, see you next week.