Bitcoin’s 1 week range: $37,576-$41,709
The Bitcoin (BTC) Takeaway: The price of BTC mostly hung around a $37,000-$38,000 range early in the week. However, a masssive amount of buying in a short period of time on March 16 saw bitcoin go past the $41,000 level before losing some steam but staying above the $40,000 price point. The price didn’t go as high as last week, where the world’s oldest cryptocurrency was over $42,000, but it hasn’t exactly lost momentum.
Ether’s 1 week range: $2,446-$2,855
The Ether (ETH) Takeaway: For the first time in months, ether has finally uncoupled from the bitcoin markets, on a bullish run that has the price at its highest in a week as of the time of publication, around $2,855. A lot of positive news is coming out about Ethereum, from a positive proof-of-stake testnet experiment to a number of scaling solutions recieving investment. And the cost of fees on the Ethereum network have gone down.
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:
- In order to raise the price of memecoin shiba inu (SHIB), its community has decided to “burn” hundreds of millions of tokens. By taking some shiba inu out of circulation, the thinking is that the supply-demand metrics of the coin will shift to higher demand, leading to a higher price. The community must feel some urgency to do this: During this week, in one day, over 742 million SHIB was burned in this effort.
- After raising approximately $100 million in cryptocurrency donations, it looks like Ukraine will become very friendly to crypto companies. This past week, Ukrainian president Volodymyr Zelenskyy signed into law a cryptocurrency bill, legalizing it. This means that banks can open up accounts for cryptocurrency companies, and legal framework around blockchain-based assets will be established, very positive for the industry.
- Some say that non-fungible tokens, or NFTs, don’t have a purpose. However, their use on social media sites like Twitter dispel that notion, using them as trinkets to show individualility. Well, the social media site that promotes this even more than Twitter, Instagram, is doing the same. Meta Platforms CEO Mark Zuckerberg announced this week NFTs will be coming to Instagram – “hopefully” within the coming months.
- Cryptocurrency and web3 studio Consensys, which was founded by Ethereum co-founder Joe Lubin, has raised a whopping $450 million in fresh venture capital. The firm, which offers tools such as the MetaMask wallet and developer service Infura, raised the money via big technology investors and firms like Microsoft, signaling that although web3 is early, there are some big believers.
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