Exciting Updates in the Crypto World: Bitcoin Rally, NFT Mergers, and More
This week in the world of cryptocurrency has been full of exciting news and developments. From Bitcoin hitting a two-year high to MicroStrategy’s impressive profits, there’s a lot to unpack. Let’s dive into some of the top stories that have been making waves in the crypto community.
Bitcoin’s market value surpassed $1 trillion this last week, reaching its highest level since late 2021. Year to date, bitcoin is already up 20%. This rally has had a unique feature though, as Bitcoin’s price rose alongside the resurgent U.S. dollar index and 10-year U.S. Treasury yields, when historically, Bitcoin has had a negative correlation with the dollar. This shift in correlation is something to keep an eye on as Bitcoin continues to rise in value.
MicroStrategy, the largest corporate owner of Bitcoin, has seen a surge in its holdings’ value to $10 billion as Bitcoin hit its peak this week. With 190,000 Bitcoins acquired at an average cost of around $31,000 per coin, MicroStrategy is sitting on over $4 billion in profit, quickly doubling that number from nearly $2 billion in profit from as recently as December. This is a testament to the power of holding onto your assets and having strong hands in the volatile world of cryptocurrency.
In other news, Ledger has teamed up with Coinbase to create a seamless on-ramp for purchasing digital assets. This integration aims to simplify the process, allowing users to receive their Coinbase-bought cryptocurrencies directly on their Ledger hardware wallet without additional fees. This partnership is a great example of how companies in the crypto space are working together to make it easier for users to access and store their digital assets.
Coinbase shares surged 14% after the largest US crypto exchange reported quarterly earnings surpassing Wall Street expectations. The company attributed its success to increased crypto asset volatility, fueled by the spot Bitcoin ETFs and positive macroeconomic outlook. Coinbase stated it is financially robust and better positioned compared to a year ago, showing the resilience and growth potential of the crypto market.
And let’s not forget about Yuga Labs, the largest NFT studio, acquiring ‘Proof’, a rival NFT creator known for the Moonbirds collection. This merger will bring together two powerhouse NFT creators and will likely lead to exciting developments in the NFT space. With Yuga Labs planning to integrate Moonbirds into its metaverse play Otherside, we can expect to see some innovative and creative projects coming out of this collaboration.
Overall, this week in crypto has been full of exciting news and developments. From Bitcoin’s rally to MicroStrategy’s impressive profits and the merger of two leading NFT creators, the crypto space continues to evolve and expand. Stay tuned for more updates and news in the world of cryptocurrency.
