For the past 7 days, Bitcoin continued to struggle to position itself above $ 50,000, but as it did so, a correction was generated. We tell you everything that happened!
TOP Crypto News of the week
At CryptoTrend we know how difficult it can be to keep up with so much information flowing through the crypto market; especially when Bitcoin recovers its volatility.
That is why today we bring you once again the TOP of news that was generated in the last 7 days with the aim that you start a new week with all the necessary information.
What happens to the price of Bitcoin?
That is probably one of the most heard questions in the crypto market in the last week and that is that, the inability of Bitcoin to win the battle to position itself above USD 50,000, has put many in the crypto market to doubt.
Perhaps Bitcoin is not as close to its all-time high as we would like; but during the last 7 days it has achieved a 12.43% rally according to CoinMarketCap.
In fact, at the moment the price of Bitcoin is positioned slightly above $ 50,000 after a growth of 6.13% during the last 24 hours.
Even so, during the last week the movements of the crypto leader were not always positive, even on some occasions it dragged the entire crypto market with it.
The crypto market does not lose its enthusiasm
Bitcoin’s latest battle to regain its uptrend has led many crypto market skeptics to believe that they were always right and to brag about it.
However, for the last 7 days it seems that the crypto market decided to stick to its ideals and trust the process.
In fact, as we reported in CryptoTrend, the CEO of CryptoQuant reported that there were strong outflows of Bitcoin from Coinbase, meaning that institutional investors continue to hoard the crypto.
But, in addition, several analysts communicated their optimistic perspectives regarding the leading crypto.
On Friday Mike McGlobe, an analyst at Bloomberg, said that the fact that the Grayscale Bitcoin Trust is trading at a discount indicates that the leading crypto is preparing for $ 100,000 in March.
In addition, the well-known crypto analyst, PlanB, spread hope by ensuring that the S2F model; According to which Bitcoin could hit $ 288,000 by the end of 2021, it has so far modeled the behavior of the crypto very well.
Also, this week Jesse Powell, CEO of Kraken, assured that it is entirely possible for Bitcoin to reach one million dollars.
Binance Smart Chain, a successful week?
In accordance with DappRadar, Binance Smart Chain has managed to outperform Ethereum in terms of the number of active unique crypto wallets and even transaction volume over the past month.
It is worth mentioning that although we still cannot say that Binance Smart Chain has completely surpassed Ethereum; undoubtedly the figures during February represent a severe blow to the ETH crypto ecosystem.
However, not all perfect. During this week what was considered by Wu Blockchain, a prominent crypto blogger, as the largest fraud project on Binance Smart Chain occurred.
It was about the DeFi Meerkat Finance project; which reported that hackers stole $ 31 million from the wallets, according to a report by The Block.
Gary Gensler, next SEC chairman, offered his crypto take
During this week Gary Gensler, nominated by the President of the United States to be the President of the SEC, assured during his Senate hearing that crypto has accelerated change.
Therefore, Gensler explained that «Bitcoin and other cryptos have brought a new way of thinking about payments and financial inclusion… but they have also raised new investor protection issues that we still need to address».
Dogecoin wins the title of the most popular in crypto networks
Data from ICO Analytics revealed that during the month of February, Dogecoin (DOGE) was the most popular crypto on Twitter, surpassing even Bitcoin.
In fact, as we reported in CryptoTendency, in recent months crypto has achieved greater adoption. In connection with that, this week we reported that the Dallas Mavericks will now accept DOGE as payment.