Bitcoin has been making waves in the financial world this week, with several major developments taking place. The introduction of U.S. spot ETFs has caused Bitcoin’s price to plummet by more than 15%, with investors pulling out of the market and putting pressure on the cryptocurrency’s value. Despite this, Bitcoin has managed to surpass silver in terms of assets held by ETFs, with nearly $30 billion now invested in Bitcoin compared to $11 billion in silver.
In other news, investment giant BlackRock has acquired the most Bitcoins among ETFs, with over 28,000 BTC purchased for its iShares fund. Solana is also set to launch its second crypto smartphone, following the success of its first phone, Saga. The new phone will feature updated hardware and a lower price point, aiming to meet the demand for Saga phones in the secondary market.
At the World Economic Forum in Davos, artificial intelligence has taken center stage, overshadowing discussions about cryptocurrencies. JPMorgan Chase CEO Jamie Dimon used the opportunity to once again dismiss Bitcoin, emphasizing the potential of blockchain technology instead. Meanwhile, Coinbase’s court battle with the SEC continues, with a Manhattan judge questioning both parties about their conflicting definitions of securities.
On a positive note, new research has shown a decline in illicit cryptocurrency activity overall, despite an increase in ransomware incidents and cybercriminals receiving crypto payments. Additionally, Elon Musk has revealed his personal crypto holdings, confirming his ownership of Dogecoin and SpaceX’s holdings of Bitcoin. With Tesla also holding over 10,000 bitcoins worth nearly $500 million, Musk’s involvement in the crypto space continues to make headlines.
Overall, it has been an eventful week in the world of cryptocurrency, with significant developments and newsworthy events shaping the industry. Stay tuned for more updates in the coming weeks.
