Weekly Crypto Digest for February 5-11, 2024
Sunday, February 11, 2024
In the latest issue of Weekly Crypto Digest read more about how Bitcoin breaks over $48K, SEC has approved rules for DeFi, Duncan planned for March, and more news.
The price of Bitcoin breaks over $48,000
Bitcoin started the week below $43,000. On Thursday, February 8, bitcoin quotes exceeded $45,000, and they crossed the $47,000 mark the next day.
When writing, the first cryptocurrency is trading at $48,000.
All digital assets from the top 10 by capitalization ended the week with growth. Bitcoin (+12%), Solana (+12%), and Avalanche (+11.5%) added the most.
The total capitalization of the cryptocurrency market is $1.9 trillion, and the Bitcoin dominance index is 53.75%.
The average profit of crypto investors in 2023 reached $888
The average realized profit of holders of digital assets in 2023 was $887.6 against a loss of $7,102 in the previous 12 months. Such estimates were presented in CoinLedger, writes Cointelegraph.
A platform for calculating taxation in cryptocurrencies analyzed the data of 500,000 clients. 80% of them are residents of the USA, and the rest are of Australia, Canada, and other countries.
MicroStrategy has increased its Bitcoin reserves to 190,000 BTC
In January, MicroStrategy purchased an additional 850 BTC worth $37.2 million, bringing the number of reserves in the first cryptocurrency to 190,000 BTC (~$9.1 billion).
According to the report, during the fourth quarter of 2023, MicroStrategy bought 31,755 BTC at an average price of $39,411.
As of February 5, the cost of purchasing 190,000 BTC by the company was $5.93 billion. The average purchase price was $31,224.
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The SEC has approved rules to oversee dealers in the DeFi sector
The US Securities and Exchange Commission (SEC) expanded the definition of "dealer," including a more significant number of financial transactions, including cryptocurrencies, under its jurisdiction.
Three out of five commissioners of the department voted to accept the proposal. Supporters of digital assets Hester Peirce and her colleague Mark Uyeda spoke against it.
According to the new provisions, market participants managing and owning assets worth more than $50 million must register with the SEC as a dealer.
Ethereum developers announced the date of Dencun deployment in the mainnet
The Dencun update will be rolled out to the Ethereum mainnet around March 13, 2024. Developer Tim Beko confirmed this.
According to Beiko, the update will take place in slot 8626176. It will be created approximately on March 13, 2024, at 08:55 EST.
Blockchain technology could save US citizens $74 billion
The company Coinbase presented a new report on the state of the crypto market. Experts claim that US residents could save at least $74 billion in 2022 on credit card transaction fees thanks to blockchain technology.
Americans could save $74 billion in fees, roughly $600 per family.
Coinbase used publicly available data from the US Securities and Exchange Commission (SEC), the US Census Bureau, the Statista analytics company, and the Block Research platform to conduct the research.
Coinbase believes that blockchain technology could benefit not only consumers but also businesses. According to the company, entrepreneurs spent over $126 billion on commissions in 2022. Experts say that if they refuse to use credit cards, they could reduce their expenses a hundredfold.
According to the report, more than 70% of the residents of the United States would like to use an "updated financial system" that involves low fees and fast transactions.
Also read our latest article The Role of Market Makers in Crypto: Defining Their Functions.
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