We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.Here is everything you need to know for the week of February 12th to 16th.
📈 Weekly BTC and ETH Overview
Following increased buying pressure and a strong surge, Bitcoin has surpassed a key resistance area, including the $50K threshold. This signals a noteworthy bull market, prompting investors to anticipate the potential for Bitcoin to achieve new all-time highs in 2024. Similarly, ETH is soaring and is looking at a potential 3K breakthrough. At the time of writing, BTC is trading at $52.2K, down 0.28% in the last 24 hours. ETH is trading at $2.86K, up 0.96% in the previous 24 hours.
🗞️ Top Market News
- MicroStrategy's Bitcoin holdings have surpassed $10 billion. MicroStrategy has consistently expanded its holdings over the years, even during the challenging bear market of early 2022. Despite declining Q4 revenue and gross profit, the company's BTC holdings have significantly increased. Read more here.
- The court has granted Genesis permission to sell shares of GBTC totaling $1.3 billion. This move occurs amid increased scrutiny of Grayscale products such as GBTC, which hold crypto assets but lack direct redemption options. In January, the SEC granted approval for GBTC's conversion to a spot Bitcoin ETF, opening the possibility of cash redemptions in the future, contingent on regulatory approvals. Read more here.
- Coinbase experienced a 41% quarter-over-quarter revenue increase to $954 million in the fourth quarter, benefiting from a market rebound. Coinbase's revenues improved with a remarkable 83% surge in transaction revenues to $529 million. The company reported a net income of $273 million, marking its first positive quarter in 2023, while the adjusted EBITDA increased by 69% to $305 million. Read more here.
🚀 New Project Developments
- Binance Labs has invested in Ethena Labs, NFPrompt, and Shogun. Binance Labs, the investment division of the Binance exchange, has unveiled three projects under its incubation program, covering investments spanning infrastructure, decentralized finance, gaming, and other aspects of Web3. Read more here.
- Ultiverse [ULTC] successfully raised $4 million in a strategic funding round, with IDG Capital leading the investment. Investors of the project include IDG Capital, Sequoia, Binance Labs, DeFiance Capital, Animoca Brands, GSR, Morningstar Ventures, and others. The project will use the funding further to build out its AI-powered platform for Web3 games. Read more here.
- Biconomy [BICO] has initiated the Blast Inscription Campaign. Now, users have the ability to mint 1000 $POINTS inscriptions without incurring gas fees. Each wallet is eligible for up to 3 minutes. Additionally, Biconomy has initiated the MEGA quest with its partners using the Blast technology. Read more here.
🔍 More Featured Stories…
- A Spanish telecom giant has partnered with Chainlink to enhance SIM security. The alliance, revealed on February 15, seeks to facilitate the secure integration of smart contracts with GSMA Open Gateway APIs. Read more here.
