Bitcoin tested the level of $64,000, Ethereum soared above $3,500, MicroStrategy acquired 3,000 BTC for $155 million, Blast developers launched the main network and other events of the past week.
Bitcoin tested the $64,000 level
On Monday, February 26, quotes of the first cryptocurrency exceeded $53,000. The next day, the asset continued to grow and reached $57,000.
On Wednesday, February 28, digital gold tested the $64,000 level, but failed to gain a foothold and corrected to $60,000.
At the time of writing, Bitcoin is trading at $62,500.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
All digital assets from the top 10 by capitalization ended the week in the “green zone”. The biggest gainers were Dogecoin (+64.8%), Solana (+25.7%) and Cardano (+24.5%).
Data: CoinGecko.
The total capitalization of the cryptocurrency market is $2.4 trillion. Bitcoin dominance index – 53.8%.
MicroStrategy acquired 3,000 BTC for $155 million
MicroStrategy purchased an additional 3,000 BTC. This was announced by the company’s founder, Michael Saylor.
According to a filing with the U.S. Securities and Exchange Commission, the firm bought approximately $155.4 million of Bitcoin between Feb. 15 and Feb. 25, at an average price of $51,813.
MicroStrategy owns 193,000 BTC, worth approximately $6.09 billion (average price $31,544).
TON grew by 25% after the announcement of payments for advertising on Telegram
Pavel Durov announced a financial reward for owners of Telegram channels for displaying advertisements.
Starting in March, the Telegram Ads platform will open to all advertisers in almost a hundred new countries. Local users will receive 50% of the income that the messenger earns from displaying advertising in their channels.
Payments will be made in TON cryptocurrency.
The monetization program will not work in Russia and other CIS countries, The Bell reported, citing sources. According to them, the company is targeting markets where Telegram’s advertising model, launched in 2021, has not yet worked.
Against the backdrop of the news, the price of TON approached the $3 mark, but did not overcome the psychological threshold. At the time of writing, the asset is trading at $2.6. Over the week, TON rose in price by 24.7%.
Hourly chart of TON/USDT exchange OKX. Data: TradingView.
After the announcement, users were concerned that the messenger would begin to control most of the coin’s emission. Pavel Durov proposed a solution to the problem.
According to him, the Telegram team will be limited to owning TON at about 10% of the total supply of tokens. Any excess is planned to be sold to long-term investors – “in accordance with the lock-in and transition plan for one to four years, but at a discount to the market price.”
“Thus, free-floating TON will be blocked, which will stabilize the ecosystem and reduce volatility,” wrote the founder of the messenger.
He also announced that he is ready to consider applications from large investors (more than $1 million) interested in buying back the coin.
What to discuss with friends?
Blast developers have launched the main network
On February 29, the developers of the second-layer Ethereum solution Blast launched the main network.
The team immediately announced that the possibility of withdrawing assets will appear only after the start of the mainnet. Within a few months, the volume of funds locked on the platform (TVL) exceeded $2.3 billion with 180,000 users.
According to Blast representatives, at the moment, users may encounter various types of errors, such as incorrect balances or bonus points that have not loaded.
For those who are experiencing problems connecting to the network, the developers recommended changing the RPC settings.
El Salvador’s unrealized profits from Bitcoin investments reach $41 million
El Salvador’s “paper” profit from investments in the first cryptocurrency amounted to 40% or about $41.6 million, the country’s President Nayib Bukele reported.
“When the market price of Bitcoin was low, they wrote literally thousands of articles about our supposed losses. […] But it is very significant that the authors of these materials, “analysts”, “experts”, “journalists” are now completely silent,” the head of El Salvador recalled.
At the time of writing, the state owns 2,381 BTC worth $149.1 million, according to Buy Bitcoin Worldwide.
Bukele also clarified that the country’s profit from investing in an asset is calculated only on the basis of “market purchases.” The president added that the authorities do not yet intend to sell the coins.
“In the end, 1 BTC is equal to 1 BTC. This was true when the market price was low, and it is true now,” he concluded.
Currently, the main source of digital gold in El Salvador is the citizenship program, Bukele said.
Also on ForkLog:
- OKX announced its withdrawal from Uzbekistan.
- Binance has denied the mass blocking of users from Ukraine.
- The Central Bank of the Russian Federation has issued additional recommendations on cryptocurrencies for banks.
- Elon Musk sued OpenAI.
The analyst announced the beginning of a bull market
Popular blogger and analyst PlanB announced the beginning of the FOMO period – a bull market, according to his Stock-to-Flow model.
“The accumulation phase is over: there are no more easy buying opportunities in orderly and slow-growing markets. The bull market has begun,” he wrote.
According to the expert, the digital asset market is expecting approximately 10 months of FOMO: “extreme price surges combined with multiple drops of 30%.”
What else to read?
The traditional digest collected the main events of the week in the field of cybersecurity.
The most important news from crypto industry participants was collected in a separate digest.
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2024-03-03 16:33:58
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