Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the
week was Manta, rising 36.50%.
BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin fund are
leading the field with about $1.9 billion and $1.6 billion of inflows. That’s roughly a combined 70% of spot Bitcoin ETF inflows so far, writes Bloomberg. Bitcoin rose past $41,000 this week amid a slowdown in outflows from the $20
billion Grayscale Bitcoin Trust that strategists said may help to stanch a twoweek slump in the token, writes Bloomberg.Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the
week was Ordi, down 16.40%.
Crypto lender Nexo AG said it had filed an arbitration claim worth more than $3 billion against Bulgaria, following the end of an investigation into its activities that saw its office there raided and four people charged. The claim was submitted tothe Secretariat of the World Bank’s International Centre for Settlement of Investment disputes in Washington, according to Bloomberg. Coinbase Global fell 4.4% premarket on Tuesday after JPMorgan cut the
recommendation on the cryptocurrency platform operator’s stock to underweight from neutral. The broker says the enthusiasm surrounding cryptocurrency ETFs has the potential to deflate further, writes Bloomberg.Opportunities
- The UK will step up work on designing a digital version of the pound as officials sought to quell privacy concerns among the public and address criticism from banks. The Treasury and Bank of England said further study of a so-called Central Bank Digital Currency is needed before a final decision can be made,writes Bloomberg.
- Crypto bank Sygnum AG raised 35 million Swiss francs to fund expansion and acquisition plans as the group looks at stepping up its presence in new geographies. The investment was led by asset manager Azimut Holding and comes at a valuation of about 725 million Swiss francs, writes Bloomberg.
Coinbase Global rose 4.7% in the pre-market on Friday with crypto stocks
broadly rising amid a gain in Bitcoin, after Oppenheimer raised the
recommendation to outperform from market perform, writes Bloomberg.Threats
Bitcoin has fallen over 20% since the January 11 launch of the first exchangetraded fund investing directly in the token as speculators become more cautious about the potential impact of the products, writes Bloomberg.
- The lawyer convicted of laundering $400 million from the OneCoin
cryptocurrency fraud was sentenced to 10 years in prison. March Scott was
found guilty in November 2019 of laundering money from a massive $44 billion
international fraud. Prosecutors claimed Scott made $50 million for setting up a
phony investment fund that he used to process money, writes Bloomberg. - Hardware wallet provider Trezor has reported an unauthorized phishing attempt aimed at its users. The attack involved malicious email impersonating Trezor and urging users to upgrade their “network” or risk losing their funds. The company has deactivated the malicious link and advised affected users to transfer their funds to new wallets, writes Bloomberg.