Cryptocurrency Market News: Reddit's Crypto Stash, Bitcoin Tops $53,000
A recap of last week's cryptocurrency news and what to expect this week.
What Happened in Crypto Markets Last Week?
Bitcoin started the week strong, reaching a high of $53,000, its highest level since December 2021. The disclosure of Reddit's cryptocurrency holdings and Donald Trump's softer stance on bitcoin may have contributed to the price momentum.
Reddit revealed its ownership of bitcoin and ether in a filing with the U.S. Securities and Exchange Commission. This adds to the list of mainstream companies that own bitcoin, such as MicroStrategy and Tesla. Reddit also holds some Polygon's Matic for specific virtual goods transactions.
Former President Donald Trump admitted that bitcoin has gained popularity in a recent interview, although he still prefers the U.S. dollar. This represents a change in his previous anti-crypto stance.
Stablecoin issuer Circle announced that it will no longer support its USD Coin on the Tron blockchain network. Circle cited the need to maintain trustworthiness, transparency, and security as the reason for this decision.
The Federal Reserve released a report on stablecoins, focusing on how they operate during times of stress. The report found that USDC and Tether operate as their own distinctive markets, despite their similarities. Further study of the stablecoin market is deemed necessary.
Bitcoin Miners Get Energy Department To Pause Survey
The U.S. Department of Energy has temporarily suspended its emergency survey on energy consumption by cryptocurrency miners. This decision comes after a lawsuit by bitcoin miner Riot Platforms and the Texas Blockchain Council, citing potential harm to businesses from disclosing sensitive information.
The survey, conducted by the U.S. Energy Information Administration, has been paused for a month. Data collected since February 5 will be safeguarded.
BitForex, a cryptocurrency exchange, experienced a $57 million outflow and has faced difficulties. Customers are currently unable to access the exchange, and withdrawals have ceased processing. The exchange's online presence disappeared abruptly following the departure of its former CEO. Previous allegations of faking trading volume and operating without a license in Japan have also affected the exchange's reputation.
What To Expect From Crypto Markets This Week
Analysts will be keeping an eye on spot bitcoin exchange-traded fund (ETF) inflows this week. Last week saw a decrease in activity coinciding with a halt in the cryptocurrency's price rise. However, positive net inflows for digital asset investment products have been observed for the fourth consecutive week.
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