Bitcoin, the leading cryptocurrency, faced a troubling week as it posted its first red week in over a month. Despite reaching a high of $52,000, Bitcoin’s momentum seemed to be losing steam as investors took profits from the recent price surge. On the other hand, Ether, the second largest digital asset, continued to shine with gains of 30% so far this year and trading at a two-year high of nearly $3000.
In other news, JP Morgan reported that retail traders are driving a surge in crypto investments, reaching multi-year highs. Reddit’s IPO filing revealed its crypto holdings, including investments in Bitcoin and Ether. Meanwhile, Circle announced the removal of its USDC token from the Tron blockchain network, citing the need to ensure transparency and safety.
Former US President Donald Trump acknowledged the growing influence of Bitcoin, a stark contrast to his previous labeling of it as a “scam against the dollar.” In the UK, proposed legislation aims to officially designate cryptocurrency as a distinct form of property, aligning with evolving court perspectives.
In a surprising revelation, newly disclosed emails from Satoshi Nakamoto, the mysterious creator of Bitcoin, showed his foresight regarding the energy consumption of the cryptocurrency. Satoshi anticipated the debate around Bitcoin’s energy usage and predicted non-financial uses of blockchain technology.
Overall, it was an eventful week in the world of crypto, with developments ranging from price fluctuations to regulatory changes and insights into the visionary mind of Bitcoin’s creator. Stay tuned for more updates in the coming week.
