Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
The bulls are dominating the crypto market this week — just look at these rates! Bitcoin (BTC) and Ethereum (ETH) saw increases of +22.07% and +17.80%, respectively, over the past seven days.
All of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.
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Top Crypto Market News
MicroStrategy Acquired Another 3000 BTC for $155 Million
In an aggressive expansion of its cryptocurrency portfolio, MicroStrategy has made headlines once again by purchasing an additional 3,000 BTC. The company’s founder, Michael Saylor, announced this substantial acquisition, signaling a strong belief in the long-term value of Bitcoin. According to a recent filing with the U.S. Securities and Exchange Commission, MicroStrategy invested around $155.4 million in Bitcoin from February 15 to February 25, securing the digital asset at an average price of $51,813 per BTC.
This latest purchase brings MicroStrategy’s total Bitcoin holdings to a staggering 193,000 BTC, valued at approximately $6.09 billion, with an average acquisition cost of $31,544 per Bitcoin. This move further cements MicroStrategy’s position as one of the largest institutional holders of Bitcoin, demonstrating the growing confidence of traditional corporations in the potential of cryptocurrencies.
Bitcoin and Ethereum: Soaring to New Heights
The crypto market witnessed a significant rally as Bitcoin briefly touched the $64,000 mark on the evening of February 28, though it couldn’t maintain its position above this threshold and subsequently corrected to around $60,000. Ryan Lee, chief analyst at Bitget Research, told CoinDesk in a message that he expects Bitcoin price to experience further volatility, potentially reaching new highs in March.
With 54 days left before the Bitcoin Halving and the expectation of the Fed’s interest rate cut in the middle of the year, bitcoin prices have a support level at $50,000 and may fluctuate to hit historical highs in March.
Not to be outdone, Ethereum has also seen remarkable growth, breaking past the $3,500 barrier. Market experts state that this surge is largely driven by positive market sentiment and the buzz around the anticipated Dencun network upgrade.
Bitcoin’s and Ethereum’s performance has had a domino effect, with other top 10 digital assets by market capitalization also entering the ‘green zone,’ indicating widespread rate gains across the cryptocurrency market.
Ripple’s Legal Woes: A New Class Action Emerges
Ripple Labs, the company behind the XRP cryptocurrency, finds itself in the midst of legal troubles once again. A new class action lawsuit has been filed against Ripple and its CEO, Brad Garlinghouse, alleging violations of securities laws. This legal challenge is a continuation of the saga that began in January 2020, spearheaded by investors who feel aggrieved by the company’s practices.
The lawsuit represents individuals and legal entities that purchased XRP between July 2017 and June 30, 2023, demanding the return of their investments with interest. Additionally, those who sold XRP at a loss are seeking compensation for their financial setbacks. The complainants have been given until April 5, 2024, to opt out of the class action, leaving the door open for potential individual claims against Ripple.
Stay tuned for more updates and insights into the world of cryptocurrency!