This week marked a year since the well-known ‘Black Thursday’, when the crypto market collapsed along with the rest of the traditional markets. In hindsight we can see everything that Bitcoin and the crypto market has accomplished in one year.
TOP news of the Crypto Week
Once again today we bring you the most important news that took place during the last week in the crypto market. Will you start the week knowing all the information available? Of course!
Bitcoin like the Phoenix
A year ago the crypto leader basically saw the world as and, with it, its price plummeted as COVID-19 was classified as a pandemic.
Since then the world and Bitcoin have gone through multiple ups and downs, however, if we look back we can observe the fascinating upward journey that the crypto leader has experienced.
A year ago, Bitcoin was trading at approximately USD 4,000, while this week it managed to position a new all-time high above USD 60,000. An annual return of this type? Only possible with Bitcoin!
From CryptoTrend we reported earlier this week that Bitcoin was once again showing an uptrend. And, as we reported at the time, one of the key catalysts this week was, once again, fiscal stimulus from the United States.
Consequently, the entire crypto market should be proud to have passed the well-known Black Thursday. Let’s go for more!
US stimulus overtakes Bitcoin market
This week the news of the new stimulus package proposed by the United States government was known, which will inject a total of 1.9 trillion dollars into the US economy.
Yes, the figure is absurdly high. Immediately the stimulus became the topic of global conversation and, of course, the crypto market.
As we reported in CryptoTrend, Anthony Pompliano noted on Twitter that the new US stimulus is even higher than the total market valuation of Bitcoin.
«Stimulus bill: $ 1.9 trillion. Bitcoin market: $ 1 trillion. They created more dollars out of thin air than the total market value of Bitcoins. It is still early», He pointed out.
It is worth remembering that, since Black Thursday, one of the key catalysts for the crypto market has been the multiple stimuli from the United States since they have encouraged the use of crypto as a refuge from inflation.
Bill Gates thinks the crypto leader is not positive for the environment
During this week the debate on the environmental impact of Bitcoin was resumed once again. Specifically, Bill Gates raised the alarms regarding the electricity consumption of the crypto leader.
And, although in truth the electricity consumption of Bitcoin is even lower than the data centers worldwide, those that run Big Tech, the cloud, the Internet and the current financial system, its main source of energy is fossil fuels and that represents a trouble.
Therefore, Bill Gates assured that if you use green electricity and do not replace other uses, it could eventually decrease your impact on the environment.
Crypto NFT continues to gain followers
Let us remember that a non-fungible Token, or NFT, is a very special kind of crypto asset since they are unique digital assets. So this week Twitter CEO Jack Dorsey put his first Tweet up for sale by creating a non-fungible token (NFT).
Also, according to a Tweet from its official account, Taco Bell has decided to join the NFT crypto fever. Yes, they will sell collectible tacos.
Ethereum developers offer date for ‘Berlin’ crypto update
During this week it was announced that the Berlin update is scheduled to go live on the main network at block 12,244,000, which is expected to happen around April 14, Tim Beik wrote.
The goal of the hard fork is to help Ethereum optimize the use of gas rates and mitigate potential denial of service (DoS) attacks.
It is worth clarifying that Berlin is an update to the current Ethereum 1.0 Blockchain. It was long postponed due to multiple concerns that have been dispelled by various changes to the proposals.
Gary Gensler as SEC chair could be crypto positive
During this week Hester Peirce and Anthony Scaramucci, co-founder of Skybridge Capital, pointed out why Gary Gensler in the presidency of the SEC could be key to the development of the crypto market.
For her part, Hester Peircer pointed out that «Am I optimistic that we will finally get to the point where we will provide more clarity? I think we have a good chance. We are probably about to get a new president, Gary Gensler… if confirmed and made to the SEC, it will bring with it a very deep understanding of this asset class».
Whereas Scaramucci hopes that «with Gary Gensler’s introduction now into the regulatory rubric, and my understanding of where he’s coming from, though I don’t know personally, is that we can possibly get an ETF by the end of the year».
However, Gary Gensler has not yet secured the SEC presidency.