Crypto Market Week in Review: February 16, 2023 | stealthx

Although the past week was quiet in the cryptocurrency market, this one was looking different. The prices of Bitcoin, Ethereum, and most altcoins skyrocketed on February 15. So, what happened to crypto this week? Let’s take a look at the charts and top news stories of the week!

Crypto Market Week in Review: February 16, 2023

What happened to crypto this week?

Let’s start today’s recap by analyzing the prices of major cryptocurrencies such as Bitcoin and Ethereum. Eventually, they registered a fairly large increase, both in terms of value and network activity.

bitcoin price in usd this week

The bitcoin price against the USD started the week relatively calm. However, the trend reversed on February 15 following the announcement of inflation data by the US government. Due to these figures, many indices of the stock market fell. On the other hand, the DXY, which is an index that compares the value of the US dollar with other national currencies, climbed.

Normally, the price of bitcoin moves in the opposite direction. Thus, if the dollar rises, bitcoin falls. Nonetheless, BTC has shown time and time again that it would like to break out of this inverse correlation over the past year.

So, what is the price of bitcoin today? The current price of bitcoin is $24,633, and the market cap is $475 billion. The 7th High for BTC was $24,737.24, while the 7th Low was $22,088.41. The primary crypto dominance increased to 40.8%.

Crypto Market Week in Review: BTC Price

The rally in bitcoin price has once again created a positive sentiment among investors. The Fear and Greed index points to a level of 62 – last week it was only 48.

ethereum price usd this week

The price of ethereum has also increased – although slightly less than that of bitcoin. The price of ETH is currently at $1678, and the market cap has risen above $200 trillion. The 7th high for ETH was reached at $1,700.57, while the 7th low was $1,546.16. The dominance of the second largest cryptocurrency remains the same as last week – 17.5%.

Crypto Market Week in Review: ETH Price

This Week’s Biggest Crypto Gainers

While Bitcoin and Ethereum are doing quite well, some altcoins are showing even bigger gains from a 7-day perspective. Among the top 100 largest crypto assets, the biggest crypto gainers were:

Hadera (HBAR) and ImmutableX (IMX) also gained more than 20%. The biggest gainers this week were from a variety of categories – from Metaverse, through exchange tokens, to meme coins. In last week’s ChatGPT wave, huge gains were made mainly by AI cryptos.

cryptocurrency news of the week

We have already analyzed the prices of the biggest cryptocurrencies and gainers. So let’s take a look at what events happened in the cryptocurrency market last week.

Inflation continues to decline in the US; However, experts are far from enthusiastic

We know new data on inflation in the US, according to the latest information from the Bureau of Labor Statistics, it fell again in January. The problem is that the decline was less than what experts had expected.

CPI inflation in the US fell to 6.4 per cent in January, from 6.5 per cent in December and 7.1 per cent in November and 7.7 per cent in October. If we go back further, the decline is clear. The inflation rate in September was 8.2 per cent; It was 8.3 per cent in August; And in July it was 8.5 per cent.

The above figures show that prices are no longer rising at the rate at which they were just six months ago. The problem is that the market consensus was 6.2 percent, so experts were waiting for a bigger decline.

However, in order not to be pessimistic, it is worth noting that this is the seventh consecutive decline in annual CPI growth in the United States. So far, many indications suggest that the highest reading was recorded in June 2022 – 9.1 per cent. Incidentally, this was the biggest jump in prices in 41 years.

However, it’s too early to crack open the champagne and declare it an economic success. Food prices were 11.3 percent higher in January than a year earlier, while gasoline — the life-blood of the entire economy — became 1.5 percent more expensive over the 12 months. Whereas, diesel rose by 27.7 per cent.

This is all very important data for the cryptocurrency market. Inflation is falling, but not as fast as economists had expected. This may have an impact on the Fed’s decisions. The US central bank will likely continue to raise interest rates. The good news is that we needn’t fear the high rise – at least for now. These will probably be kept at 25 bps. What investors may be worried about, however, is that we are unlikely to end up with the kind of surge that was expected a few weeks ago.

Bitcoin network activity is on the rise. Because of all the controversial ordinances

Ordinals — a project to implement NFTs directly on bitcoin’s blockchain — is growing rapidly, despite opposition from proponents of classic applications of the bitcoin network. Actually made available in January 2023, Ordinals is the latest initiative aimed at increasing NFT adoption in the bitcoin ecosystem.

Yes, this has happened in the past as well, but this time the case is different. Ordinals differs from previous projects in that NFTs are minted directly on Satoshi without the need for sidechains or external tokens. To date, over 100,000 NFTs have already been created, and as you can see, the bitcoin cryptocurrency is not at all doomed to be a ‘boomer’.

El Salvador Builds Bitcoin Embassy in Texas

It would only be an exaggeration if we argued that bitcoin brings countries closer together. After the Salvadoran government last year partnered with the authorities of the Swiss city of Lugano to set up a bitcoin embassy, ​​a similar collaboration has been established with the Texas government.

Information about the new initiative was shared via Twitter by Milena Mayorga, Ambassador of El Salvador to the United States.

The establishment of more institutions, which are the first crypto ambassadors, aims to mark the governments genuine commitment towards promoting education and research on bitcoin.

Paxos and BUSD are in trouble with regulators

The New York Department of Financial Services has approved Paxos Trust Co. The company behind one of the most well-known stablecoins – Binance USD (BUSD) – to stop issuing the cryptocurrency. On top of that, the US Securities and Exchange Commission (SEC) is planning to sue the company. Stablecoin issuers will be accused of violating investor protection laws.

BUSD is a stablecoin whose value is backed by the US dollar. Binance and Paxos made it in 2019. He claimed that the financial regulator of New York had approved the project.

The problem is that regulators have been scrutinizing blockchain companies in recent months. As a result, the Securities and Exchange Commission notified Paxos that it plans to sue the company for violating investor protection laws.

Kraken problems. Company fined and staking services stopped

Cryptocurrency exchange Kraken will no longer offer crypto staking services to US customers. In addition, he will also have to pay a fine of $30 million. This follows a ruling by the Securities and Exchange Commission (SEC), which found that the company provided the service without required notification to the authority.

The SEC said Kraken failed to register its “staking-as-a-service” offering. This is what caused the exchange problems.

The situation gives rise to anxiety. In fact, Kraken’s problems could be the beginning of an attack on other such companies. Many centralized exchanges – such as Gemini – offer their customers the possibility to stake cryptocurrencies. This is an interesting alternative to bank deposits.

And it may be important here. According to the SEC, Kraken’s US customers deposited more than $2.7 billion in digital assets through the service alone. A large number of investors were also involved – over 135,000 chose to use the exchange’s staking service.

In return, Kraken advertised the service as something that could deliver 20% passive returns per year to the crypto investor. Such an offer a bank customer can only dream of!

News and updates from Stealthex Partners

In addition to news from the global world of cryptocurrencies, take a look at news from our partners.

Akita DAO project issues Hachi token

The Akita DAO has issued its own governance token, HACHI. It is built on top of Ethereum, the ERC-20 standard, and the organization’s other utility token, Akita Inu (AKITA).

As HACHI is a governance token, it allows holders to vote on decisions in the ecosystem. However, in the future, it is also expected to become a utility token that allows AKITA purchases.

If you want to buy HACHI, you already have that option on Uniswap. You can find the contract at this link.

Solar Network launches crypto card

The Solar Network Project, in collaboration with Choice, has launched its cryptocurrency card. It has also introduced an “Early Bird” program to encourage users to use it. The first 5,000 users can avail the favorable pricing, which is as follows:

€79 per year for a Virtual Solar Card €99 per year for a Standard Solar Card €149 per year for a Metal Solar Card

When you own a crypto card from Solar Network, you can expect the following benefits:

IBAN accountsLow feesUSD, EUR, GBP, KRW accounts24-hour support 7 days a weekBuy and sell crypto easily from ChoisePay for goods and services around the worldWithdraw money from ATMsDiscounts on a range of concierge services and goodsFees in SXP Byrne (featured by doc) Summary

This week turned out to be a positive one for crypto investors. The rising prices have influenced the market sentiment in a better way than last week. However, will this trend continue? It remains to be seen. After all, regulators are increasingly cracking down on the industry, and so far, there’s no sign they’ll stop. As always, we remind you to invest only as much money as you can afford to lose. The cryptocurrency market is extremely volatile, and while we have seen an uptick this week, the next could be a 180-degree turn.

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Don’t forget to do your research before buying any crypto. The views and opinions expressed in this article are those of the author only.

Tags: bitcoin crypto news crypto world ethereum news


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