BTSE Weekly Digital Asset Report – February 7th

 

Token Prices
TOKEN	Price	24H	7D	30D
BTC	$42,920	0.53%	0.09%	2.63%
ETH	$2,362	2.34%	1.04%	4.95%
SOL	$95.73	0.6%	5.13%	7.38%
MATIC	$0.7931	0.85%	2.33%	1.82%
DOGE	$0.07837	0.3%	2.71%	3.57%

 

As of 2:00PM. February 7, 2024, (SGT)

 

This Week’s Big Movements

 

This week in the crypto market, stability prevailed amidst bearish sentiments echoed by US Treasury Secretary Janet Yellen, with Ethereum showing resilience by climbing 2% towards the $2,400 mark. Bitcoin held steady at $43,000, embodying the week’s cautious optimism. Chainlink (LINK) grabbed headlines by touching an almost 2-year high of $19, before slightly retracting, highlighting the market’s volatile yet promising nature. Adding to the excitement, BlackRock’s iShares Bitcoin Trust (IBIT) quickly became a focal point, securing $3.2 billion in inflows in just 17 days of 2024, indicating a strong investor interest in diversifying through crypto ETFs.

 

This Week in the Business

 

BlackRock’s ETF Makes a Splash: In just 17 days, BlackRock’s iShares Bitcoin Trust (IBIT) became one of the top ETFs by inflow in 2024. With $3.2 billion in inflows, it stands among giants, signaling strong investor interest in Bitcoin. 

 

MicroStrategy’s Bitcoin Investment Grows: MicroStrategy acquires an additional 850 Bitcoins, reaching 190,000 BTC in holdings. With a net income boost in Q4 2023, the firm points to a digital asset transformation and a bullish future for Bitcoin, especially with ETFs on the horizon. 

 

Treasury Secretary Janet Yellen Warns of Crypto Risks: As the head of the Financial Stability Oversight Council (FSOC), U.S. Treasury Secretary Janet Yellen is sounding the alarm on the crypto industry, pointing out several potential threats the digital asset industry poses to the U.S. financial system in her upcoming testimony to Congress. 

 

Multicoin Capital Negotiates Sale of $100M FTX Bankruptcy Claim: Cryptocurrency investment firm Multicoin Capital is reportedly negotiating the sale of its FTX bankruptcy claim, estimated to be worth around $100 million. This move comes as a beacon of optimism in the gloomy aftermath of the FTX collapse, with bankruptcy claims fetching around 70 cents on the dollar and trends indicating a rise towards the 80-cent mark. 

 

Nayib Bukele Secures Another Term: El Salvador’s President Nayib Bukele clinches re-election, signaling the continuation of his Bitcoin-friendly policies. Why does this matter? Under Bukele’s leadership, El Salvador became the first country to adopt Bitcoin as legal tender, positioning itself as a crypto innovation hub. 

 

U.S. SEC Approves Expansion of ‘Dealer’ Rule: The US Securities and Exchange Commission (SEC) expanded its definition of what a ‘Dealer’ is this week, now potentially encompassing DeFi projects, as was noted in a footnote in the proposal. This expansion poses a challenge to US token projects – as all Dealers are required to complete registration with the SEC.