MicroStrategy flashes diamond hands, the two biggest NFT creators merge, and this Bitcoin rally could be different. These stories and more, this week in crypto.
Bitcoin Hits Two-Year High
The market value of Bitcoin exceeded $1 trillion last week, reaching its highest level since the end of 2021. Since the start of the year, bitcoin is already up 20%. This rally had a unique feature However, as Bitcoin's price has risen alongside the resurgence of the US Dollar Index and 10-year US Treasury yields, Bitcoin has historically had a negative correlation with the Dollar.
MicroStrategy profits double
MicroStrategy, the largest company owning Bitcoin, saw an increase in the value of its assets to $10 billion as Bitcoin reached its peak this week. With 190,000 Bitcoins acquired at an average cost of around $31,000 per coin, MicroStrategy has over $4 billion in profits, quickly doubling that figure from the nearly $2 billion in profits recorded last December.
Ledger partners with Coinbase
Hardware wallet manufacturer Ledger has integrated Coinbase Pay as a seamless on-ramp for purchasing digital assets. The integration within the Ledger Live app aims to simplify the process, allowing users to receive their Coinbase-purchased cryptocurrencies directly to their Ledger hardware wallet at no additional cost. Ledger has already integrated with other crypto platforms including Moonpay, Ramp and Transak.
Coinbase shares soar
Coinbase shares jump 14% after largest US crypto exchange reported quarterly profits above Wall Street expectations. The company attributed its success to increased volatility in crypto assets, fueled by spot Bitcoin ETFs and a positive macroeconomic outlook. Coinbase said it was financially strong and better positioned than a year ago.
Crypto Billionaire does it again
Founders Fund, led by billionaire Peter Thiel, re-enters the crypto market. As one of the first institutional investors in crypto, the fund aggressively acquired Bitcoin in 2014, but liquidated it before the 2022 market crash, earning $1.8 billion. Recently, the fund split $200 million equally between Bitcoin and Ether last year, just before the bull run began.
Ban on crypto trading in Honduras
National Banking and Securities Commission of Honduras imposed an immediate ban on the country's financial institutions trading cryptocurrencies. The resolution prohibits supervised institutions from dealing in unauthorized virtual assets, including cryptocurrencies and tokens. The watchdog acknowledged its limited control over platforms operating in multiple jurisdictions, expressing concerns over potential involvement in fraud, money laundering and terrorist financing.
First crypto-friendly city in Spain
Torrevieja, a Spanish city of nearly 90,000 inhabitants, aspires to become the first crypto-friendly Spanish site. In partnership with local traders association Apymeco, the city unveiled a plan to establish a crypto hub and attract investment. Initiatives include incentivizing crypto payments, offering courses to merchants on transactional usage, and prioritizing sustainability to make a positive impact on the environment in Torrevieja.
Merger of the largest NFT studios
Yuga Labs, the largest NFT studio, acquired 'Proof', a rival NFT creator known for the Moonbirds collection. Yuga Labs plans to integrate Moonbirds into its metaverse game Otherside, a game world that will feature avatars from various NFT projects, including those from Yuga's own stable like Bored Apes, CryptoPunks, and Meebits.
This is what happened this week in crypto, see you next week.