Bitcoin’s 1 week range: $39,425-$45,858
The Bitcoin ($BTC) Takeaway: The world’s oldest cryptocurrency was able to close in on $49,000 – the first time since early January. After hanging around the $42K level, for the past few days bitcoin has been changing hands at $44K until dropping just below $40K. BTC is down 9% in 2022 so far.
Ether’s 1 week range: $2,753-$3,282
The Ether ($ETH) Takeaway: Ether markets have been working in tandem with BTC as of late. The world’s second largest crypto by market capitalization mostly hung around $2,900 before popping to the $3,100 level, then dropping to as low as $2,753. ETH is in the red 24% this year
What’s Hot This Past Week – the Best Performing Cryptos on Passfolio:
What’s Not This Past Week – the Worst Performing Cryptos on Passfolio:
What to Watch For:
- New and smartly branded “Bonanza” mining chips from bellwether firm Intel (INTC) mining chips enter into the crypto miner race. The new chips are designed to be more energy efficient than existing hardware on the market. Customers already signed up include Block (SQ), the payments company formerly known as Square.
- Bitcoin was created as a reaction to banks and the greater financial system post-2008. However, banks now want in on the action. At least 300 banks have “fear of missing out” or FOMO about crypto, and want to offer services. Some are way ahead of the game: Signature Bank (SBNY), has long offered crypto services and has a payments platform.
- Some analysts say ether’s return to the $3,100 signals a reversal in the market, meaning that the idea of $4,000 ETH is not out of the question in the near-term. However, these same analysts note that ether is trading in tandem with bitcoin as of late, which means both of the assets are likely to both be affected by the same market dynamics for now.
- The Coinbase (COIN) Super Bowl Ad was rated as one of the worst spots during the popular sporting event. But the ad worked: Coinbase’s site experienced traffic problems from the QR code display that led to a giveaway offer. And crypto was in the green on Monday, the days after the game, signifying the ads had an impact.