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 cryptocurrency market didn’t experience any notable changes. Bitcoin (BTC) saw a decrease of -1.61%, and Ethereum (ETH) saw an increase of +4.56% over the past seven days.
Most of the top 10 altcoins by market cap have shown a downtrend in their value over the last week.
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Top Crypto Market News
Ethereum Whale Awakens: A $5.15M Transfer After Years of Silence
A dormant Ethereum address sprung to life after 8.5 years of inactivity, making headlines across the crypto space. Researchers at Lookonchain spotted an astonishing transaction where an unknown user moved 1,732 ETH, approximately valued at $5.15 million, to the Kraken crypto exchange.
This address, a participant in the Ethereum Genesis ICO, initially received 3,465 ETH, worth around $10.3 million at the time, with each ETH priced at a mere $0.31. Despite this significant movement, the wallet in question intriguingly retains an almost equal amount of ETH, holding onto 1,733 ETH valued just above $5 million.
Matic Completes Last Token Unlock
The Matic Foundation has marked a significant milestone in its journey with the completion of the last token unlock event on February 21. The foundation received a whopping 273 million MATIC tokens, roughly equivalent to $253 million, from the vesting contract address.
This final distribution has brought the circulating supply of MATIC to its maximum cap of 10 billion tokens. This event not only signifies the completion of a crucial phase in Matic’s roadmap but also sets the stage for the next chapter of its development, with all tokens now in circulation.
Circle to End USDC Stablecoin Support on TRON
Circle, the issuer behind the popular dollar-pegged stablecoin USDC, has declared its decision to phase out support for USDC on the TRON blockchain. The announcement detailed that Circle would cease minting USDC on TRON, focusing instead on facilitating the transfer of its Circle Mint business clients’ stablecoins to alternative blockchains until February 2025.
While Circle refrained from disclosing specific reasons behind this decision, the statement suggested a comprehensive review process involving business organization, compliance, and other critical functions led to this strategic pivot.
Stay tuned for more updates and insights into the world of cryptocurrency!