Bitcoin saw a surge in value over the Chinese New Year holiday, following a historical trend that has seen the cryptocurrency’s price increase by an average of 11% during this time period over the past 9 years. This boost helped Bitcoin break through resistance levels and reach new highs, fueled by the momentum of the holiday season.
In other news, Solana experienced a severe network outage that lasted for 5 hours, causing a 4% dip in its price. The blockchain had been running smoothly for nearly a year before this incident, and the Solana Foundation has yet to release a formal statement on the cause of the outage.
Meanwhile, Monero has hit multi-month lows after being delisted from Binance, along with other tokens like Aragon, Multichain, and Vai. This move by Binance has had a significant impact on the price of Monero and other affected tokens.
On the investment front, US spot bitcoin ETFs have surpassed MicroStrategy in terms of total holdings, adding 5,000 BTC worth $1 billion in less than a month since their launch. This rapid growth in investments highlights the increasing interest in cryptocurrency ETFs.
In a surprising development, Chinese Bitcoin miners have found a new hub in Ethiopia, attracted by the country’s affordable electricity and friendly relations with China. Despite Ethiopia’s ban on crypto trading, the government has allowed crypto mining operations, leading to the emergence of Bitcoin mining farms near key electricity substations.
These are just a few of the major developments in the world of cryptocurrency this week. Stay tuned for more updates in the coming weeks.
