It was a crazy week in the crypto space, mainly due to the current state of Bitcoin, which once again reached the previous mark of $69,000 and set a new record price at $70,000 per unit.
The surge of the largest and most popular asset in the crypto ecosystem was discussed in various online forums, making headlines and continuing to do so due to widespread hype surrounding Bitcoin.
Beyond Bitcoin, the space had other interesting topics to discuss, such as the reappearance of Changpeng Zhao, AKA CZ, using an emoji seemingly questioning Bloomberg's stance on Bitcoin heading towards doom. CZ reposts a 2022 article where Bloomberg belittles Bitcoin at $19,000, considering it highly volatile during a period of market loss against the dollar.
CZ resurfaces after wishing a happy Chinese New Year and Valentine's Day in February but then going offline. Changpeng Zhao is currently in the United States, awaiting the verdict after pleading guilty to several crimes committed by Binance; severe penalties may follow if convicted.
This week also saw the BRICS nations (Brazil, Russia, India, China, and South Africa) announce the creation of an independent cryptocurrency and blockchain-based system for trade among member nations. Rumors suggest the trading currency may be backed by gold, potentially challenging the dominance of the US Dollar in international trade.
Binance has ceased all support for the Naira in Nigeria, urging Nigerians with accounts to withdraw or convert to USDT. This decision follows a legal dispute between the exchange and the government, accusing Binance of allowing people to trade USDT against the Naira, causing widespread inflation. Two Binance employees were arrested, and a $10 billion fine was demanded for alleged illegal activities and unauthorized money flows.
A notable event was the first-time outage of media giants Facebook, Instagram, and YouTube, who had to use the X platform to announce the issue. Interestingly, the X platform remained unaffected, while the giants had to use it to communicate the incident.
In this service competition, it's evident that this outage positively impacted the X platform, as even a minute offline causes significant financial losses for these giants due to competition in ads. Quite intriguing!
To conclude, just as we opened, the crypto ecosystem experienced significant movement, and it promises to continue, largely influenced by Bitcoin, attracting interest from both regular users and Wall Street professionals. Blackrock remains a major player, surpassing $1 billion in daily trading volume, witnessing a remarkable influx of capital and even seeing a shift from gold to Bitcoin.
The world's largest asset management company, with trillions under management, has also ventured into the Brazilian market, filing with the SEC to increase its spot Bitcoin ETF for international fund allocation.
The market promises further activity in the upcoming week, and I'll be here to provide the summary.
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