We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.
Here is everything you need to know for the week of February 5th to 9th
📈 Weekly BTC and ETH Overview
Bitcoin surpassed $46K this Thursday, recovering from the $42K it has been hovering around in the past weeks. However, BTC still resists from reaching the $48K level, which analysts say is crucial for it to break through. Ethereum has found support at the key 100-day moving average, signaling a shift from bearish to bullish sentiment. The bullish retracement has brought ETH to a pivotal resistance, setting the stage for its next move.At the time of writing, BTC is trading at $46.6K, up 4.06% in the last 24 hours. Similarly, ETH is trading at $2.46K, up 1.72% in the previous 24 hours.
🗞️ Top Market News
- Billions are set to exit Grayscale's Bitcoin ETF as BlackRock and Fidelity gain an advantage. JPMorgan reports that BlackRock and Fidelity's Bitcoin ETFs have a liquidity advantage over Grayscale. Despite slowing outflows from Grayscale's GBTC post-SEC approval, the report suggests the fund may lose ground to the new ETFs, particularly BlackRock and Fidelity unless it reduces fees significantly. Read more here.
- The Ethereum Dencun upgrade is scheduled for March 13th. After the successful deployment of the final testnet, this update aims to boost the scalability and efficiency of the Ethereum network, lowering costs for layer-2 transactions. Read more here.
🚀 New Project Developments
- Ta-da [TADA] gets a strategic investment from KuCoin Ventures [KCS]. This investment signifies a notable milestone in the partnership between two trailblazers in the digital realm, aligning their visions for the future of artificial intelligence (AI) and blockchain technology. Read more here.
- Biconomy [BICO] integrates AA support into AltLayer [ALT] Rollup SDK. This will allow developers to create a new rollup on Alt Later within minutes and act as a plug-in for Biconomy’s smart accounts. Read more here.
- EigenLayer surpasses $5.6B in TVL for restaked LSTs. The restaking protocol has doubled to $4 billion in deposits since its latest resumption, with EigenLayer gradually raising limits as part of its staggered launch since June. Read more here.
🔍 More Featured Stories
Kraken secures a service license in the Netherlands, Spain, Italy, and Ireland. The license is part of Kraken’s European expansion strategy and a way to strengthen its presence. Read more here.
Related Market Updates
Market Updates: May 13 - May 17
The market is slowly gaining momentum again after the downward trends shortly following the halving. Given the positive spot Bitcoin ETF results of the last week, and movement across multiple projects within the space, Bitcoin broke through the $60K support level, reaching $66K at the end of this week. On the other hand, Ethereum is trading around the $3K level, which is located near the $2.8K support zone.