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 January 29th to February 2nd.
📈 Weekly BTC and ETH Overview
In the last week of the month, Bitcoin faced resistance at $48K but found support near the 100-day moving average, causing a small retreat. Analysts say it might go down to a significant support level at $38K if it pulls back further. Similarly, Ethereum's price has declined in the past few weeks after facing a clear rejection at a major resistance level.
However, nearing the weekend, we see more bullish behavior as Bitcoin and Ethereum are in the green. At the time of writing, BTC is trading at $43.05K, up 2.11% in the last 24 hours. Similarly, ETH is trading at $2.3K, up 1.85% in the previous 24 hours.
- Over $5 billion worth of Bitcoin has been drawn into BlackRock and Fidelity's ETFs within three weeks. Since January 11, the asset managers' spot Bitcoin ETFs have attracted $2.7 billion and $2.3 billion, holding over 100K Bitcoin combined, around 0.5% of the total supply of 21 million. Read more here.
- Following a 'rapid growth' phase during the cryptocurrency bull run, Polygon Labs is reducing its team size by 19%. This follows a similar move about a year ago when the company cut 20% of its staff. During last year's downturn, Polygon Labs cut 60 team members in line with a broader crypto industry trend. In 2023, major players like Coinbase, Binance, and OpenSea also downsized, and Polygon Labs had a 20% staff reduction about a year ago. Read more here.
🚀 New Project Developments
- On February 2nd, Binance will include Pyth Network [PYTH] in its listings. The cryptocurrency exchange intends to launch additional spot trading pairs, including PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY. It also announced that platform users can now deposit PYTH and prepare for trading. Read more here.
- Apeiron (APRS) has forged a partnership with Talon Esports, as announced by the company. In this collaboration, Talon Esports will offer gaming and esports guidance to Apeiron. Additionally, Apeiron and Talon will jointly organize tournaments, expanding Apeiron's presence within global esports communities. Read more here.
- Forward Protocol (FORWARD) is scheduled to launch its Initial DEX Offering (IDO) on Poolz Finance on February 1st. This initiative is a key step before the $FORWARD token's exchange listing. As the utility token for the Forward community, $FORWARD facilitates secure transactions and serves as a reward in the Forward Marketplace. Read more here.
🔍 More Featured Stories…
- Google plans to update its advertising policies on January 29th, enabling the promotion of specific cryptocurrency products. US-targeted advertisers can promote certified products, meeting specific requirements under a global policy. Violators receive a 7-day warning before potential account suspension, allowing time for compliance. Read more here.
