Weekly Market Update (Week 3, 17/1/2022 – 23/1/2022 )

BTC tumbles below USD 35,000. Google forms new blockchain unit & preps for crypto payments push

Key Takeaways

• Bitcoin (BTC) continued to plunge overnight—briefly dropping below USD 35,000 to a low of $34,420—before beginning a slow rebound on Saturday morning. 
• Google is forming a new blockchain unit and has hired a PayPal veteran to head up crypto payments push, as part of a broader strategy to link up with a larger array of financial services including cryptocurrencies. Following the news, the price of Bitcoin (BTC) spiked to a high of $42,478 (from a 24-hour low of $41,254) on Thursday.
• Crypto.com released its ‘Crypto Market Sizing’ report finding that the global crypto population rose 178% in 2021, with crypto users totalling almost 300 million. The report expects the number of crypto users to exceed 1 billion by the end of 2022.  
• The general price and volume indices were negative at -22.16% and -4.83%, respectively, while the volatility index was positive at +212.92%.

Highlights

• Australian football league secures $25M deal with Crypto.com
• Crypto stock plunge could pump the brakes on IPO and deal market
• NYC mayor Eric Adams receives his first paycheck in BTC and ETH
• Crypto market reclaims $2 trillion capitalisation as $50B inflows the sector
• El Salvador purchases more BTC worth $15M on market dip
• U.S. SEC rejects MicroStrategy’s Bitcoin accounting practices
• Malaysia’s central bank actively assessing CBDC options
• Russia’s central bank calls for a blanket crypto ban
• Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report
• New Fed paper hints that a U.S. CBDC could compete with ‘private digital money’
• Twitter begins rolling out access to NFT profile pictures
• Philippines-based UnionBank will use crypto safekeeping technology from IBM
• Andreessen Horowitz aims to raise $4.5B to invest in crypto funds

Check the latest prices on Crypto.com/Price.

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