Weekly Market Wrap: Bitcoin resilient at $24K level despite Wall Street’s worst performance day
The world’s biggest crypto by market cap, Bitcoin (BTC), lost 2.88% from February 20 to February 27. The coin traded at $23,560 on Monday, while Ether (ETH) dipped by 2.26% in the same period to trade at $1,641.
Wall Street posted its worst performance in 2023 this Tuesday, prompting BTC to drop below the $24K mark again and recover soon after.
Jonas Betz, a Germany-based crypto analyst, took to LinkedIn to say that Bitcoin’s correlation to the U.S. equity market “is not very strong,” given that the coin lingered close to its $24K mark despite the biggest loss of the year on Wall Street.
According to senior analyst at digital asset fund UTXO Management, Dylan LeClair Twitter, the correlation between S&P 500 index and BTC is lowest since 2021.
Can emojis count as financial advice? The U.S. judge rules in favor
A United States District Court judge for the Southern District of New York ruled that certain emojis like money bags, stock charts, and rocket ships mean “a financial return on investment” and lead to legal consequences.
Lisa Braganca, former United States Securities and Exchange Commission (SEC) branch chief, took to Twitter to share the link to a recent court filing where Dapper Labs’ motion to dismiss the amended complaint alleging that its NBA Top Shot Moments violated security laws was denied. The federal court judge Victor Marrero pointed out that some tweets on the Twitter account contain emojis that may be seen as a promise of potential returns. Braganca warned her followers against using emojis that can mean a financial return on investment in light of the ruling.
According to the U.S. attorney Jake Chervinsky for a U.S. court to consider assets on private blockchain as securities is absurd, as this could mean that SEC will have to regulate every major travel rewards program, major video game developer, or ticketing platform.
Solana block production halts lead to network restart
Solana block production slowed down on February 25 after an upgrade in the validator software. The following disruptions to transactions prompted validators to try and restore the networks performance by downgrading first to the 1.13 version and, when that wasn’t enough, to v1.13.6.
In the following hours, Solana’s validators were in discussion to find a solution to the incident. Chorus One, the infrastructure provider, said that the situation “demonstrated how genuinely decentralized the network is“ on Twitter.
XBO featured Coin of the Week – Uniswap (UNI)
UNI is Uniswap decentralized exchange protocol’s governance token with a total supply of 1B units. The token's price dynamics have been heavily impacted by the crypto winter slump. However, according to the recent data from the on-chain analytics platform IntoTheBlock, the coin has a lot of loyal HODLers.
Around 72% of current UNI holders have held onto their tokens for more than a year. That’s about 255,000 addresses that fall into the category of long-term holders. Around 90,190 addresses are classified as cruisers because they’ve held onto their bags for 1 to 12 months. And the remaining 7,160 of the total UNI holder addresses have been keeping their UNI tokens for less than a month.
Amidst the crypto winter, UNI price slipped from a high of $12.43 to a low of $3.37. The drastic drop might be the main cause of a high number of HODLers, as investors that obtained the coin at its highest are looking for a major price increase before selling off.
Uniswap lost 8.30% last week (20-27 February), falling to $6.5, so it’s possible the HODLers are waiting for a reversal.
Buy, sell, and swap UNI securely on XBO.com!