Weekly Market Update (Week 5, 31/01/2022 – 06/02/2022)

BTC finally tops USD 40K after a multi-week slump. Price index recovers +11%. Olympic Committee launches NFT-based game for Beijing 2022 Winter Olympics.

Key Takeaways

• Bitcoin (BTC) topped USD 40,000 for the first time in two weeks on Friday. The world’s biggest cryptocurrency jumped to a two-week high of $40,219 as traders grew more confident in the market following a recent slump.
• The International Olympic Committee is collaborating with game developer nWay to launch Olympic Games Jam: Beijing 2022, a play-to-earn multiplayer game, allowing the players to compete in winter sports to earn Olympic NFT digital pins.
• Crypto.com launched Polkadot deposits and withdrawals on its exchange and application, after announcing a multi-year partnership with the LeBron James Foundation to offer crypto and blockchain education to underserved communities.
• The general price index was positive at +10.77%, while the volume and volatility indices were negative at -21.15% and -1.84%, respectively.

Highlights

• Bitcoin returns to $40K, liquidating over $50M of shorts in hours
• Global blockchain funding grows by 700% YoY surpassing $25 billion
• Bitcoin transfer volumes see a massive uptrend in institutional dominance
• Crypto advertisements set to invade Super Bowl 56
• Japan’s leading general trading company to issue country’s first gold-linked crypto
• Russians hold over $200B in crypto assets, local government estimates
• Canadian Bitcoin ETF sees its third-biggest daily inflow ever
• Bitcoin network transaction volume surpasses American Express: Research
• Financial disclosures show Ted Cruz made a January 25 Bitcoin purchase
• Youtuber and alleged thief publicly refuses to return investors’ funds after $750K rug pull
• Google is looking to help build web3, blockchain products: Alphabet CEO
• China sets certain conditions for blockchain use within the country

Check the latest prices on Crypto.com/Price.

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Notable Events

• Tezos (XTZ), one of the leading proof-of-stake blockchain platforms, has scored a training kit deal with professional English soccer club Manchester United, The Athletic reports. (ref)
• Ethereum’s native token Ether (ETH) looks poised to hit $3,500 in the coming sessions as it reclaimed a historically strong support level on Saturday. (ref)

DeFi Tokens

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