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 19th to February 23rd
📈 Weekly BTC and ETH Overview
Bitcoin has been experiencing a continuous upward momentum in its price over the past few weeks, surpassing multiple resistance levels. The price has surged towards the $52K resistance level following a rebound from $40K in early January. As the market tests the $52K level, analysts say the Relative Strength Index indicates an overbought signal.
Similarly, the Ethereum price has been rallying after breaking the $2K resistance level. Nevertheless, analysts also state that the price has reached a critical level, which might decline to $2.7K before going up again. At the time of writing, BTC is trading at 51.1K, up 0.1% in the last 24 hours. Similarly, ETH is trading at 2.9K, down 0.1% in the previous 24 hours.
🗞️ Top Market News
- Michael Saylor has no intentions of selling any of MicroStrategy's (MSTR) Bitcoin (BTC) in the foreseeable future, and there's a possibility he may never do so, as revealed in a Bloomberg TV interview. Under Michael Saylor's leadership in January, MicroStrategy possessed 190,000 bitcoins, acquired at an average cost of $31,224 per coin. With the current bitcoin market value at approximately $52,000, the company's holdings now amount to around $10 billion, yielding a $4 billion profit. Read more here.
- Circle is gradually transitioning to discontinue its support for USDC on the TRON blockchain. The company advised retail users and non-Circle customers to transfer their Tron-based USDC to an exchange to move it to a blockchain network where USDC is still supported. Read more here.
🚀 New Project Developments
- bitsCrunch (BCUT) has successfully secured listings on KuCoin, ByBit, Gate, CoinList, Crypto.cоm, and Uniswap. This marks a notable achievement, underscoring the growing importance of the bitsCrunch network—a blockchain analytics platform driven by AI. Read more here.
- Zap, a launchpad on Blast L2, has partnered with Particle, a project backed by Polychain. Zap is launching a community-focused platform on Blast, an Ethereum L2 with native yield by Blur's co-founders. Users can invest flexibly, defer payments with Blast's yield, stake tokens for extra rewards, and automatically join token launches with future vested rewards. Read more here.
- EigenLayer has successfully raised $100 million in funding from Andreessen Horowitz (a16z). Despite cryptocurrency market fluctuations, new ventures secure substantial investments, with one recently receiving a significant funding round. Some quickly issue tokens, while others, like a startup in today's news, opt for airdrops upon reaching specific user activity levels. Read more here.
🔍 More Featured Stories…
Japan's Ministry of Economy is exploring allowing certain venture capitalists to invest in cryptocurrencies directly. Japan, a global leader in stablecoin regulations, plans to support Web3 while prioritizing user protection. Nikkei reported in September 2023 that the country aims to relax rules for venture capital firms investing in crypto startups. 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.