Increasing stock market volatility drags Bitcoin and altcoin prices lower
One week in review:
Feb. 21–27 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Increasing stock market volatility drags Bitcoin and altcoin prices lower | | | After hitting record highs of $58,300 last Sunday, Bitcoin suffered a dramatic reversal of fortunes — crashing to $46,000 on Tuesday. | | | Analysts and investors alike breathed a sigh of relief on Wednesday when Bitcoin managed to retake $50,000 — with some proclaiming that the asset had undergone a "healthy correction." But this narrative proved shaky when BTC plunged yet again on Friday to lows of $44,454.84. | | | All of this comes amid a backdrop of unease in the traditional markets, and this week's price activity suggests BTC faces an uphill struggle if it's going to appreciate further. | | #2. Cardano is now a top-three cryptocurrency as ADA price soars 27% in 24 hours | | | Last week, Binance Coin had stolen the show with a stunning triple-digit surge that helped it become the world's No. 3 cryptocurrency. Fast forward to this week, and it's now been overtaken by Cardano's ADA. | | | A fresh wave of optimism and buying volume on Friday pushed its price to a new all-time high, and momentum for the project has been building throughout February. Open interest for ADA futures also rose to $580 million, surpassing Litecoin to become the third-largest derivatives market. | | #3. MicroStrategy purchases another $1 billion worth of Bitcoin, now owns 90,000 BTC | | | MicroStrategy purchased an additional 19,452 coins, with CEO Michael Saylor declaring that his company has no intention of slowing down. It came after Square announced it had purchased 3,318 BTC for $170 million — following on from a $50-million spending spree in October 2020. | | | On Friday, JPMorgan helped to cheer up the markets by telling clients that allocating 1% of a portfolio to Bitcoin would serve as a hedge against fluctuations in stocks, bonds and commodities. | | #4. Prediction of the week: 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO | | | We love an outlandish prediction here at Hodler's Digest… and Michael Saylor certainly delivered the goods this week. | | | The MicroStrategy CEO declared that Bitcoin will be the savings method of choice for a staggering 1 billion people in just five years' time. That's despite the fact that just 21 million BTC exist… and his company already owns 90,000 of it. | | #5. FUD of the week: Crypto influencer warns Ethereum fees will drive users away | | | A prominent crypto influencer has warned that Ethereum's competitors will continue to siphon away users should Eth2 fail to launch soon amid ever-increasing gas fees. | | | Lark Davis said Ethereum's skyrocketing fees has meant that only "rich investors" can afford to use the network, prompting smaller users to switch to competitors like Binance Smart Chain. | | | He added: "We're now to the point where ETH 1.0 — oh, we need ETH 2.0 so soon, come on, Vitalik, get it going, man — ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum. […] A transaction on Uniswap costs $50 on average these days, and that is just crazy." | | #6. FUD of the week: Bill Gates warns Bitcoin buyers: If you have less money than Elon Musk, watch out | | | Microsoft founder Bill Gates had a big warning for Bitcoin buyers this week. | | | Speaking to Bloomberg, he warned: "Elon has tons of money, and he's very sophisticated so, you know, I don't worry that his Bitcoin would randomly go up or down." | | | Gates said it would be a mistake for the average investor to blindly follow the mania of optimism surrounding Musk's market moves, telling those who aren't billionaires to "watch out." | | | Criticizing Bitcoin's energy consumption, he added: "I do think people get drawn into these manias who may not have as much money to spare. So, I'm not bullish on Bitcoin, and my general thought would be: If you have less money than Elon, you should probably watch out." | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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