BITCOIN is one of just few cryptocurrencies in the green since last Sunday, up 2 per cent.
XRP and Shiba Inu also faired well, up 24 and 29 per cent with SHIB starting its bull run on Monday, adding 20 per cent overnight.
The week’s biggest losers among the top 20 cryptocurrencies by market cap were Solana, down 16 per cent and Polkadot, which fell by 12 per cent.
Here’s what happened.
KPMG invests in Bitcoin and Ethereum
The Canadian arm of global accounting firm KPMG announced they’ve invested in Bitcoin and Ethereum.
KMPG Canada tweeted: “We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens.”
Europe will introduce a digital Euro bill
EU finance chief Mairead McGuinness said the European Union will introduce a digital Euro bill in 2023.
This comes just six months after the European Central Bank warned governments they risk losing the independence of their country’s central bank to the tech sector if they fail to produce Central Bank Digital Currencies.
Russia to regulate cryptocurrency like foreign currency
Russia have reached an agreement on how to regulate cryptocurrencies as they plan to recognise digital assets as a form of currency.
A draft law is expected to be introduced by February 18 according to a document published on the official Russian government website.
The document says: “The circulation of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.”
Bitcoin dominance rises
Bitcoin’s market capitalisation relative to the overall cryptocurrency market cap rose above 40 per cent this week.
Investors usually purchase more Bitcoin during market downturns as its lower risk than altcoins.
During the 2018 crypto bear market, Bitcoin’s dominance ratio rose from a low of 35 per cent to a high of 72 per cent.
Hungary’s Central Bank calls for European Union to ban Crypto mining and trading
The head of Hungary’s national bank said he supports banning crypto trading and mining in the European Union (EU) as it could “service illegal activities and tend to build up financial pyramids.”
Binance bought a $200 million stake in Forbes
Binance, one of the world’s biggest cryptocurrency exchanges, bought a $200m (£147.6m) stake in Forbes.
Forbes said tapping into “the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators” would help the brand become a leader in the digital assets field.
Cryptocurrency exchange FTX is giving away Bitcoin during the Super Bowl
The amount of Bitcoin FTX gives away will be dependent on what time the ad airs at.
For example, if the ad runs at 9:02pm EST, FTX will give away 9.02BTC.
Follow 24/7 Crypto on Twitter for the latest news and developments as they happen
What happened this week in the metaverse? Find out HERE.
