Bitcoin’s 1 week range: $37,019-$45,305
The Bitcoin (BTC) Takeaway: The price of bitcoin surged this week as many saw cryptocurrency as a possible way for Ukrainians to raise money to fund their efforts, and also as a global hedge in the face of uncertainty. That being said, a 22% pop in price from a $37,019 low this was then met with a drop to the $39,558 price level Friday, a 12% drop.
Ether’s 1 week range: $2,560-$3,044
The Ether (ETH) Takeaway: The second largest cryptocurrency by market capitalization is still following bitcoin’s lead. After going as low as $2,560, ether rose 18% to over $3,000, marking the first time it hit that territory since February 18. Leaders of the Ethereum community, including co-founder Vitalik Buterin, have been supporting the Ukrainians with crypto to the tune of over $50 million according to blockchain analytics firm Elliptic.
What’s Hot This Past Week – the Best Performing Cryptos on Passfolio:
What’s Not This Past Week – the Worst Performing Cryptos on Passfolio:
- Cryptex (CTX) -13%
- Alchemix (ALCX) -10%
- Mirror Protocol (MIR) -9%
- Uniswap (UNI) -9%
- Smooth Love Potion (SLP) -8%
What to Watch For:
- Shake Shack, a popular U.S. burgers-and-fries restaurant chain in what’s known as the “fast casual” category, is getting into the crypto world. The company is working with payments firm Block to offer bitcoin as a rewards program. Customers who purchase Shake Shack food with Block’s Square Card recieve a 15% bonus in bitcoin. The chain is hoping that this rewards program will be popular with younger customers who see cryptocurrency as an investment opportunity.
- Over $54 million in cryptocurrency donations have been sent to Ukraine to help the country fight the conflict against Russia. Over 102,000 individual donations have come in various forms, including stablecoins and non-fungible tokens since Russian President Vladimir Putin invaded Ukraine on February 24. Crypto’s unique permissionless ability for users to send money without third-party payment processors shows the power to help in trying times.
- Ken Griffin, the billionaire hedge fund founder of trading firm Citadel Securities, has long been a cryptocurrency critic. However, Griffin seems to be changing his tune as of late, and has recently suggested that his firm will be trading crypto. “Crypto has been one of the great stories in finance over the course of the last 15 years,” Griffin told Bloomberg. “The crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.“
- Despite a volatile crypto market, including a downtrend from November 2021 until recently, Bank of America has come out and said that the financial firm doesn’t expect there to be a “crypto winter” anytime soon. Crypto winter refers to a prolonged down period in the blockchain markets, but the bank sees promising growth in user adoption that may keep many convinced to continue to hit the buy button.
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