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Bitcoin’s 1 week range: $36,272-$45,534

The Bitcoin ($BTC) Takeaway: Bitcoin was able to make some gains this week, getting back to the $45,000 level for the first time since January 6. So for this year bitcoin has been down -5%. 

A New York couple has been taken into custody for attempting to launder billions of dollars in crypto. Federal officials have also seized over 90,000 BTC as a result. The bitcoin was stolen in a 2016 hack of the exchange Bitfinex. The two accused, Ilya Lichtenstein and Heather Morgan, are being charged with money laundering, and not for the hack itself.

Ether in 2022 so far. Source: TradingView

Ether’s 1 week range: $2,576-$3,233

The Ether ($ETH) Takeaway: Ether is also bouncing back, hitting as high as $3,233 for the first time since January 21. So for this year ether is down at -12%. 

KPMG, one of the biggest accounting firms in the world, announced this week that it has invested in both bitcoin and ether. And although ether recently experienced the seventh 50% during the asset’s lifetime, some analysts say the the second largest cryptocurrency by market capitalization could get back to $4,000 sooner rather than later. 
What’s Hot This Past Week – the Best Performing Cryptos on Passfolio:

  • Smooth Love Potion ($SLP)
  • Fetch.ai ($FET)
  • Shiba Inu ($SHIB)
  • Polygon ($MATIC)
  • Dogelon Mars ($ELON)

What’s Not This Past Week – the Worst Performing Cryptos on Passfolio:

  • Kyber Network ($KNC)
  • Basic Attention Token ($BAT)
  • Moss Carbon Credit ($MCO2)
  • Wrapped Centrifuge ($WCFG)
  • Tokemak ($TOKE)

What to Watch For:

  • With the United States government seizing a record billions of dollars in crypto, it bears paying attention to what happens in the Bitfinex money laundering case over the next few weeks. Revelations of the news February 9 led to a small dip in the markets, and as more information about the government’s case could affect BTC.
  • A deep-dive by CNET looked into the chances that quantum computing could be used to hack into bitcoin. While BTC is secured by cryptography, quantum computers could in theory break the network with enough power, which could be a problem. However, quantum computing is still in its infancy, and it’s not powerful enough – yet.
  • Google parent Alphabet ($GOOG) CEO Sundar Pichai commented this week that the company is looking into cryptocurrency technology. Pichai pointed out blockchain specifically, providing cloud computing services to businesses using it. He also talked about adding NFTs and crypto payments into Google’s core platforms.
  • The memecoin project Shiba Inu ($SHIB) is jumping into the metaverse. The project’s developers have announced “Shiba Lands” and that there will be tokens and NFTs part of this virtual world. Shiba Inu, which is an Ethereum-based token, is capitalizing on the metaverse hype surrounding crypto.