Bitcoin Reaches $48,000: Solana’s Trouble and MicroStrategy’s Bitcoin Purchase | weekly review
Bitcoin (BTC) made significant progress this week, surpassing $48,000 in a continued upward trend. As of Sunday, February 11, the leading cryptocurrency continues its strong performance, trading at $48,067.30.
Solana network was down for 5 hours
Solana (SOL) faced a network outage on February 6, marking its first outage in a year. The chaos lasted for about five hours and affected investor sentiment. Despite these setbacks, Solana has shown resilience, bouncing back after technical issues were resolved.
MicroStrategy Strengthens BTC Holdings
MicroStrategyLed by Michael Saylor, it expanded its Bitcoin holdings by acquiring an additional 850 BTC in February. With this purchase, the company now holds a total of 190,000 BTC (worth $9.18 billion). Saylor’s strategic moves in the cryptocurrency market continue to attract attention.
Bitcoin’s Resurgence Boosts Market Momentum
Bitcoin’s resurgence has been pivotal in driving market momentum throughout the week. Bitcoin’s strength despite the Solana outage has fueled optimism and triggered a series of price surges across the cryptocurrency landscape. The token’s resilience and continued upward trend demonstrated its dominance in the digital asset space.
Regulatory Struggles and Global Issues
In the US, regulatory concerns continued with the SEC adopting new rules for liquidity providers in defi protocols. Lawmakers have struggled to find clarity in cryptocurrency regulation, and global enforcement actions have also stepped up. Uzbekistan fined Binance for operating without a license, highlighting ongoing regulatory scrutiny around the world.
Genesis settles with New York Attorney General
Bankrupt cryptocurrency lending company Genesis has reached a settlement with the New York Attorney General over customer losses resulting from Gemini’s Earn program. As part of the agreement, customers affected by the program’s termination will receive a settlement, pending approval by a bankruptcy judge. But the lawsuit against Genesis and its parent company, Digital Current Group, expanded to $3 billion after the attorney general filed fraud charges.
Legal Battle: Craig Wright vs. COPA
The legal battle between Craig Wright, the alleged creator of Bitcoin, and the Cryptocurrency Public Patent Alliance (COPA) began this week. COPA accused Wright of falsifying documents related to the origins of Bitcoin, and Wright provided additional evidence to support his claims. The courtroom drama continues as both sides present their cases.
Insights into Spot Bitcoin ETFs and the U.S. Regulatory Environment
The US Spot Bitcoin ETF hit a significant milestone, with BlackRock’s iShares Bitcoin Trust becoming the top performer. Despite initial success, concerns persist about the longevity of these investment products. Meanwhile, U.S. lawmakers are exploring regulatory issues, seeking consensus on stablecoin regulation and addressing limitations of existing frameworks.