Crypto This Week: Bitcoin Hits $30,000 Mark, Highest Level Since June 2022
What Happened in the Crypto Industry & NOBI During the Past Week?
Hello, NOBI’s! Bitcoin hits $30K for the first time since June 2022. Crypto assets are gaining popularity and becoming competitors of stocks and mutual funds. Polygon overtakes Hive to become the second-largest blockchain game. Big brands are adopting Web3 technologies as seen in their domain names. Microstrategy buys 1,045 Bitcoin worth $30M! What’s next? We recap what’s been happening in the crypto industry during the past week!
1. Bitcoin Hits $30,000 Mark, Highest Level Since June 2022
Bitcoin (BTC) rose above $30,000 for the first time since June 2022, as investors grew more optimistic about US central bank monetary policy. The largest cryptocurrency by market capitalization was recently trading at $30,237, up 6.75% over the last 24 hours. This surge in BTC is due to a narrative shift happening because of the banking crisis feeding into bitcoin’s momentum. Increasingly, BTC is also being seen as a reliable store of value that lacks the issues that come with storing your money through a third-party intermediary or a bank.
Bitcoin’s recent surge marks its ascendance onto the global stage as a formidable asset, as it has decoupled from stocks and shown its increasing appeal as a safe haven for investors. This rise signifies a pivotal advancement for the digital asset sector. Bitcoin has been the best-performing asset of 2023, and it usually responds most quickly and violently to monetary shifts. With BTC, you are your own bank, and the de-dollarization narrative is further accelerating BTC adoption.
2. Crypto Assets Ready to Compete with Stocks and Mutual Funds as Popularity Grows in Indonesia
More Indonesians are turning to cryptocurrency as an investment instrument, and it is becoming a competitor to traditional options like stocks and mutual funds. Cryptocurrency provides unique advantages such as high liquidity, low transaction fees, and 24/7 availability. Additionally, cryptocurrency trading platforms are becoming more user-friendly, making it easier for people to invest.
The growing popularity of cryptocurrency in Indonesia is partly due to the high level of financial inclusion in the country. Many people have access to the internet and mobile phones, which makes it easy to invest in cryptocurrency. Additionally, the potential for high returns is attractive to investors. However, cryptocurrency is still a relatively new and volatile asset class, and investors should be aware of the risks involved.
3. Overtakes Hive, Polygon Becomes Second Largest Blockchain Game Thanks to This
Polygon has emerged as the second-largest blockchain gaming network in terms of unique active wallets (UAWs), surpassing Hive, according to a report by DappRadar. The report found that Polygon’s UAWs involved in gaming reached 138,081 in March 2023, a 53% increase from February 2023. This figure put Polygon ahead of Hive and BNB Chain in third and fourth place with 84,000 and 80,000 UAWs, respectively. Wax was ranked first with 314,000 UAWs.
The surge in Polygon’s UAWs was mainly driven by BoomLand’s Hunters On-Chain game, which recorded a more than 17,000% increase in UAWs over the last 30 days. The free-to-play role-playing game features NFT integration and had 55,300 UAWs at the beginning of March, with the anticipation of NFT sales in-game on March 31 possibly contributing to its popularity.
4. Large Brands Adopting Web3 Technologies? Find Out by Looking at Their Domain Names
As more and more big brands enter the world of Web3, a new trend has emerged: the use of specific domain names that reflect their commitment to this technology. For example, companies like Visa, Mastercard, and Adidas have all acquired domain names related to Web3, signaling their intention to be part of this emerging industry.
This trend is not limited to traditional companies; even Web3 native companies are getting in on the action. For example, decentralized finance platform Aave has acquired the domain name “aave.eth”, while gaming platform Decentraland has secured “decentraland.eth”. As the Web3 industry continues to grow, the use of specific domain names may become more common among both traditional and native companies, serving as a sign of their commitment to this technology.
Overall, this trend reflects the increasing interest and adoption of Web3 by big brands and companies, as they seek to tap into the potential of this emerging industry. With more and more companies acquiring Web3-related domain names, it’s clear that this technology is becoming a key focus area for businesses looking to stay ahead of the curve and adapt to changing consumer preferences.
5. MicroStrategy Increases Bitcoin Holdings with Purchase of 1,045 BTC Worth $30M
MicroStrategy, the business intelligence firm, has purchased an additional 1,045 Bitcoin (BTC) for $29.3 million between March 24 and April 4 at an average price of $28,016. This acquisition brings MicroStrategy’s total Bitcoin holdings to 140,000 BTC. The firm has invested in Bitcoin at an aggregate purchase price of approximately $4.17 billion, leading to an approximate unrealized loss of $172.6 million based on the current market price of $28,568.
Despite the recent dip in Bitcoin’s value, MicroStrategy’s co-founder Michael Saylor has continued to acquire more Bitcoin. In contrast, the US government plans to sell 41,500 BTC from the Ross Ulbricht Silk Road case, having already sold 9,800 BTC last month. This indicates a difference in strategy between MicroStrategy and the government regarding the outlook for Bitcoin’s future.
That wraps up for Crypto This Week. We’ll see you at the next one!