Weekly Market Update (Week 7, 14/02/2022 – 20/02/2022)

Bitcoin falls to $38K on Sunday. Warren Buffett invests $1B in Bitcoin-friendly Nubank. Price, volume, and volatility indices all plummet.

Key Takeaways

• Bitcoin (BTC) recovered from its latest dump to USD 42,000 and jumped to nearly $45,000 on Tuesday and Wednesday. However, the cryptocurrency failed to continue upwards and plummeted to a two-week low at $38,000 on Sunday.
• Warren Buffett’s Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and invested $1 billion in the Bitcoin-friendly Nubank, the largest FinTech bank in Brazil that’s also popular among the country’s Bitcoin investors.
• The general price, volume, and volatility indices were negative at -8.70%, -16.68%, and -6.40%, respectively.

Highlights

• Bitcoin hits $44K after Canada emergency powers accompany 6% BTC price rise
• Crypto market flirts with $2 trillion capitalisation despite snoozing bulls
• Bitcoin briefly dips below $43K as Fed says rate hike ‘soon appropriate’
• OpenSea users had millions of dollars worth of NFTs stolen in phishing attack
• USDC issuer Circle is now valued at $9B under revamped SPAC deal terms
• Bitcoin outperforms major tech stocks by an average of 12% in the last 30 days
• Crypto app downloads spike 280% following Super Bowl ads
• Russian Ministry pushes to legalise Bitcoin mining In energy-rich areas
• Overwhelming support for Grayscale BTC Trust ETF conversion proposal
• Mastercard to offer crypto and NFT consulting services, may help develop CBDCs
• JPMorgan enters the metaverse with virtual Decentraland lounge
• Crypto lender Nexo to stop paying interest on new deposits from US customers
• With $100M settlement confirmed, BlockFi aims to register Yield with SEC
• DBS plans to launch retail digital assets trading desk by year-end
• Oil giant ConocoPhilips reduces gas flaring emissions via Bitcoin mining

Check the latest prices on Crypto.com/Price.

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Notable Events

• Bitcoin (BTC) has fallen below the crucial $40,000 psychological barrier (again). (ref) The world’s No. 1 cryptocurrency hit a new low of $38,000 on Sunday, struggling to find support while whales remain sidelined (ref). 
• Vitalik Buterin, co-founder of the Ethereum’s (ETH) blockchain said that crypto ‘welcomes’ another winter, and that the digital-asset universe may actually benefit from the current retreat in coin prices that’s cast a chill on investors. (ref)

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