Gm,
BTC is holding about the $41,500 resistance level after we saw a sharp drop from $46,000 last week due to the news breaking that the hash rates for the Bitcoin network hit all-time highs.
There has been some good momentum the last couple of weeks after a slide to yearly lows of $33,000 back in January. Bitcoin was making moves breaking past $38,000 and $41,500 resistance levels during the first week of February to a new monthly high for $46,000 as mentioned above.
The RSI or Relevant Strength Index, which measures the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period, showed readings of 39 this morning, which would suggest an end to the weekend decline and a continuation of the uptrend up to $48,000 and beyond.
Hashrates hit 248.11 million terahashes per second on Saturday increasing from 180 million level seen last week. Hashrates are essentially the metric to measure the computing power needed to mine blocks on the Bitcoin network. There has been a 50% increase over the past year with US miners accounting for 35.4% of the hash rate on the network.
A firm sense of conviction still remains amongst Bitcoin hodlers it appears.
Let’s get started.
Markets
As of 14th Feb 2022
(source: coinmarketcap)
Headline roundup
State Street Survey: DeFi seen as biggest digital asset disruptor (LI)
Coinbase forced into outage following Super Bowl ad after more traffic ‘than ever encountered’ (CD)
OpenSea expands into the venture capital business (CD)
Digital Asset, SETL partner for regulated liability network blockchain protocol (LI)
DBS plans to launch retail digital assets trading desk by year end (CD)
Tezos blockchain to sponsor Manchester United training gear (LI)
FTX US to offer stock trading soon (CD)
BlackRock planning to offer crypto trading (CD)
Salesforce planning an NFT cloud (LI)
Crypto M&A surged nearly 5,000% in 2021, PWC report says (CD)
MUFG to issue stablecoins for security token (LI)
CBDC
Kenya keen on CBDC for interoperable payments (LI)
Fnality tests synthetic CBDC with Natwest, Santander ahead of October launch (LI)
VC
Forbes confirms crypto exchange Binance invested $200m (LI)
NFT linked house sells for $650k in Propys first US sale (CD)
Polkadot Parachain Astar launches $100m boost incentive program (CD)
Compliance platform Sardine closes $19.5m funding round to eliminate fishy crypto transactions (CD)
Infinity Ventures crypto closes $70m fund (CD)
Crypto mining data center provider Compute North raises $385m (CD)
Canadian crypto platform Netwon raises $20m round at $200m valuation (CD)
Twitter joins $20m funding round for bitcoin payments provider OpenNode (CD)
Apple alum-led Kyro Digital raises $10m in Series A funding (CD)
Philippines crypto exchange get PDAX raises $50m Series B led by Tiger Global (CD)
Meme of the week
About Me
My name is Michael Burke, and I started working in the blockchain space for 5 years ago, firstly with Deloitte, now with R3, where I help our customers build enterprise solutions utilising the Corda platform. My interest in blockchain and cryptocurrency stems from the sheer potential of the technology to completely transform industries and value chains for the better.