Bitcoin records first red week of month as Ether shines, Reddit reveals crypto holdings, newly released emails from Satoshi show his surprising foresight . This week we bring you these stories and more in cryptocurrencies.
A troubled week for Bitcoin
After soaring above $52,000, Bitcoin appears to be losing momentum, posting its first weekly decline in a month, although the decline was only about 2%. Investors who saw themselves profiting from the recent 25% price increase stemming from excitement over the new US Spot Bitcoin ETF and the upcoming halving event sold part of their stack for a profit.
Aether's strength increases
Ether, up 30% so far this year and trading near a two-year high of $3,000, has now surpassed Bitcoin and is the second-largest digital asset in the next wave of US spot ETFs. Speculation is mounting as to whether it will be the focus of Meanwhile, WorldCoin, co-founded by OpenAI CEO Sam Altman, has hit an all-time high, boosted by AI hype and NVIDIA's positive press, leading to an increase in AI's impact on the cryptocurrency industry. highlighted the impact.
JP Morgan: Retail traders return to crypto
In February, JPMorgan noted that a surge in crypto investments by retail investors has reached multi-year highs. On-chain data shows that small wallet flows are outpacing institutional flows, factoring in new ETF inflows. The resurgence in retail interest reflects expectations for significant crypto events, including the Bitcoin halving, Ethereum network upgrades, and possible SEC approval of a Spot Ethereum ETF.
Reddit IPO reveals investment in cryptocurrencies
Social media platform Reddit has filed to go public, disclosing its crypto holdings in an SEC filing. The platform allows holding of cryptocurrencies and experimentation with blockchain technology, exposing them to currency risks and regulatory considerations. Reddit invested its surplus funds in Bitcoin and Ether and acquired Matic as a means of payment for the sale of certain virtual goods.
USDC removed from Tron
Circle, a leading stablecoin issuer, will immediately end support for USDC tokens on the Tron blockchain network. The US-based company said the decision is consistent with its efforts to ensure USDC's credibility, transparency, and security. Tron is a widely used blockchain for stablecoin transfers, but its founder Justin Sun is facing regulatory issues in the United States.
President Trump approves Bitcoin
Former US President Donald Trump, who once called Bitcoin a “fraud on the dollar,” now acknowledges its growing influence. President Trump said on Fox News that Bitcoin is taking on a life of its own, observing the growing interest in Bitcoin and its use as a payment method.
UK: Crypto is an asset
Proposed legislation in the UK aims to formally designate virtual currencies as a separate form of property. The English Law Commission notes that this classification is consistent with the evolving views of the courts and emphasizes the flexibility of the common law. The proposal aims to address legal uncertainties and strengthen the recognition and protection of the unique features of certain digital assets.
Satoshi anticipates debate on Bitcoin energy
Bitcoin's mysterious founder, Satoshi Nakamoto, warned in newly revealed emails in 2009 that Bitcoin could become a serious energy consumer. Satoshi foresaw scrutiny over the energy used in Bitcoin's proof-of-work consensus mechanism and also predicted some of Bitcoin's non-financial uses. blockchain. These emails were released in connection with a court case questioning Craig Wright's claims to be Satoshi Nakamoto.
That's what happened with cryptocurrencies this week. See you next week.
