Weekly Roundup in Crypto: Bitcoin’s Chinese New Year Boost, Solana’s Network Outage, and More!
This week in the world of cryptocurrency has been eventful, with various news stories making headlines. From Bitcoin’s surge during Chinese New Year to Solana’s network outage, there have been plenty of developments to keep an eye on.
Chinese New Year has historically been a positive time for Bitcoin, with the cryptocurrency seeing a 10% gain over the week. This surge helped BTC break through resistance levels and continue its upward momentum. The boost in price was no surprise, as Bitcoin has historically seen an average gain of 11% during the Chinese New Year period over the past 9 years.
On the other hand, Solana experienced a severe outage this week, with the network being down for 5 hours. This is not the first time Solana has faced technical difficulties, but it was a stark reminder of the challenges that can come with operating a blockchain network.
In other news, Binance announced the delisting of Monero, along with several other altcoins. This news caused Monero’s price to hit multi-month lows, as traders reacted to the removal from the exchange. This move by Binance is part of a broader trend of exchanges cracking down on privacy-focused cryptocurrencies.
Meanwhile, the recently launched US spot Bitcoin ETFs have added a significant amount of BTC to their holdings, surpassing MicroStrategy’s sizable Bitcoin stash. The popularity of these ETFs underscores the growing mainstream acceptance of Bitcoin as an investment asset.
In the world of crypto mining, Chinese miners have found a new hub in Ethiopia, attracted by affordable electricity and friendly relations with China. Despite Ethiopia’s ban on crypto trading, mining operations have been permitted, leading to the establishment of mining farms near key infrastructure projects.
Overall, it has been an eventful week in the world of cryptocurrency, with plenty of ups and downs. As the industry continues to evolve and adapt to changing regulations and market dynamics, it will be interesting to see what the future holds for digital assets. Stay tuned for more updates next week in the ever-changing world of crypto.
