Crypto SWOT: bitcoin is having a tough start to 2022
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- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Shiba Hunter, rising 3,044.14%.
- The most U.S. inflation in four decades is reviving talk of Bitcoin being a hedge against rising prices, reports Bloomberg, and is lifting the popular digital currency to its highest price.
- Rio de Janeiro wants to become the nation's cryptocurrency capital, writes Bloomberg, and plans to dedicate part of its reserves to digital money. Mayor Eduardo Paes announced the creation of a working group to study ways to incentivize the use of crypto and boost the city's economy.
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Degenerator, down 100%.
- As seen in the chart below, Bitcoin dipped below $40,000 for the first time since September of 2021 this week.
- Bitcoin is off to its worst annual start since the dawn of crypto, writes Bloomberg. The coin fell for the fifth time in six days, putting it on pace for its worst start to a year since the earliest days of the digital alternative to money.
- Man Group Plc, the world's largest publicly traded hedge fund firm, is exploring offering cryptocurrencies to its clients' portfolios. According to Bloomberg, if Man Group were to go through with this option of service, it would not be the first, joining peers such as Brevan Howard Asset Management.
- Strategists at Bank of America say Solana could become the “Visa of crypto,” according to Bloomberg. Solana's low transaction fees, ease of use and scalability could help it take market share away from Ethereum.
- Cryptocurrency exchange Gemini has acquired digital asset management start-up Bitria to expand its offering for financial advisers after raising $400 million in a funding round. The integration will give asset managers access to the broader crypto ecosystem and the ability to manage their clients' portfolios, writes Bloomberg.
- Virtu Financial issued a warning this week regarding fraudulent cryptocurrency scams. The company announced to the public to be alert for cryptocurrency scams, fraudulent offers, and fraudulent communications by individuals purporting to be affiliated with Virtu, reports Bloomberg.
- Investments tied to cryptocurrencies and digital assets are by far the biggest threats facing individual investors in 2022, according to an annual survey of securities regulators by the North American Securities Administrators Association.
- El Salvador's Bitcoin-trading President Nayib Bukele could possibly be the only head of state in the world who uses public funds to trade Bitcoin with his phone, writes Bloomberg. So far, it appears he has lost money. The purchase Bukele says he's made would have cost the Central American country around $71 million based on an average acquisition price of $51,056 per token, the article continues.
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