Last Week in Crypto February 26-March 3 Top Stories You Might Have Missed
Another week has passed, and the crypto industry did not hesitate to surprise us with what is safe to call probably the most significant news weve seen during the past months. Ever since Bitcoin ETFs were approved, the market has progressed pretty quickly, and keeping up with the news in the field is more than essential.
Thus, here are some of the events that happened last week, and we simply have to consider them when going on with our trading strategies.
Table of contents
- 1. Bitcoin Hit $65,000
- 2. BitForex Stopped Withdrawals and Is Not Responding to Customers
- 3. OKX Launched a Turkish Platform
- 4. Uniswap Will Launch a Web Wallet Extension
- 5. The Palm Recognition Project Got Funding from Over 20 VCs
- 6. Crypto.com Partnered with BTG Pactual
- 7. SBF Asked for a 6.5-Year Sentence
- 8. OKX Launched Gas-Free Trading Through Uniswap API
- 9. The BlackRock Spot Bitcoin ETF Started Trading in Brazil
- 10. PEPE Became the Biggest Memecoin Gainer
1. Bitcoin Hit $65,000
Summary: Bitcoin reached a surprising price of $65,000, thus establishing a new 2-year-high and getting surprisingly closer to surpassing its all-time high.
Details: Of course, we are starting with the biggest event Bitcoin (BTC) hit its 2-year-high of $65,000. The largest cryptocurrency is close to surpassing its all-time high of almost $69,000, which it hit in November 2021.
Since the beginning of 2024, Bitcoin has gained 50%, with most of the rise coming in the last week due to the rise of US-listed Bitcoin funds. Spot Bitcoin ETFs were approved in January 2024, and their launch increased enthusiasm in crypto.
Source: Reuters
2. BitForex Stopped Withdrawals and Is Not Responding to Customers
Summary: Cryptocurrency exchange BitForex suddenly stopped supporting withdrawals and responding to users requests after withdrawing $57 million from its hot wallets.
Details: The BitForex crypto exchange went offline after withdrawing approximately $57 million from its hot wallets on February 23. According to some industry experts, the exchange stopped withdrawals and is unresponsive to user requests.
According to BitForex users, everyone trying to access the website was met with a page saying, Sorry, you have been blocked.
This major event comes shortly after the companys former CEO, Jason Luo, announced that he would be stepping down after 6 years as part of the BitForex team. Furthermore, the crypto exchange has not been active on its X (Twitter) account since 2021.
Source: CoinDesk
3. OKX Launched a Turkish Platform
Summary: OKX launched a new trading platform available to all Turkish users and a new office in Türkiye.
Details: OKX, one of the top crypto exchanges in the world, announced on February 27 the launch of OKX TR, a trading platform provided by the company and available to all users in Türkiye. OKX TR offers a Turkish lira fiat on-ramp and a deposit method developed in collaboration with various local banks, including Fibabanka, VakfBank, and Türkiye Finans.
The platform OKX developed for Turkish users will support almost all major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Along with the new trading platform, OKX also established a local office in Türkiye.
Source: Cointelegraph
4. Uniswap Will Launch a Web Wallet Extension
Summary: Uniswap decentralized exchange announced that it will launch a web wallet extension where users can complete numerous crypto-related actions.
Details: Uniswap, one of the most popular DEXs (Decentralized Exchanges) in the market, announced the launch of a web extension for its native wallet. The announcement was made on February 27, and the company stated that a waitlist is available for users who have claimed a uni.eth username.
The new web extension provided by Uniswap is based on the Ethereum Name Service and will allow investors to buy, sell, send, receive, and swap numerous tokens directly from their web browsers.
Source: Cointelegraph
5. The Palm Recognition Project Got Funding from Over 20 VCs
Summary: New project Humanity Protocol announced that it received funding from over 20 crypto-focused venture capital funds for its plan to build a palm recognition solution.
Details: Humanity Protocol, a concept developed by Animoca Brands and Polygon Labs, announced that it completed its first investment round, ending up with funding from over 20 VCs. The funding will be directed to a new project that aims to develop a palm recognition solution.
Some of the companies that trusted Humanity Protocol and became early investors include Hashed, Mechanism Capital, Cypher Capital, CMCC, and Foresight Ventures. According to the project, it received significant funding from more than 20 crypto-focused venture capital funds.
However, Humanity Protocol did not disclose information regarding the amount of funds it raised during the first round of funding.
Source: Cointelegraph
6. Crypto.com Partnered with BTG Pactual
Summary: Crypto exchange Crypto.com announced that it will partner with BTG Pactual to provide wider crypto services across South America.
Details: Singapore-based crypto trading platform Crypto.com announced a new strategic partnership with BTG Pactual, one of the biggest investment banks in South America. The main goal of the partnership will be to expand South American customers access to crypto services.
According to the official announcement made by Crypto.com, the trading platform will list BTG Dol, BTG Pactuals dollar-pegged stablecoin, on its exchange. Afterward, Crypto.com will focus on promoting it in multiple trading pairs with Bitcoin (BTC) and Ethereum (ETH), for instance.
Source: Bitcoin.com
7. SBF Asked for a 6.5-Year Sentence
Summary: Sam Bankman-Frieds lawyers requested that the sentence for the founder and former CEO of FTX does not exceed 78 months.
Details: Sam Bankman-Frieds team of attorneys requested a prison term of no more than 6.5 years for him, although he was accused and found guilty of 7 different fraud and conspiracy charges in November 2023. According to a court filing submitted last week, SBFs attorneys request a sentence of 63 to 78 months.
The sentence recommended by the Presentence Investigation Report is 100 years in prison. However, SBFs lawyers find it grotesque, and many of those close to the former FTX CEO state that he would lose those years in prison while he can do better outside of it.
Source: Yahoo Finance
8. OKX Launched Gas-Free Trading Through Uniswap API
Summary: OKX will fully integrate Uniswap Labs trading APIs to offer wider access to DeFi for worldwide users.
Details: OKX announced that it fully integrated Uniswap Labs trading APIs into its offerings, thus offering users even greater accessibility to DeFi. The full integration will also contribute to the launch of the Snap trading mode feature on OKXs DEX aggregator.
The Snap feature will operate directly on the DEX aggregator interface via UniswapX, which is one of Uniswap Labs protocols. UniswapX is a protocol designed for trading across public and private AMMs (Automated Market Makers) and other liquidity sources.
Source: OKX
9. The BlackRock Spot Bitcoin ETF Started Trading in Brazil
Summary: BlackRocks spot Bitcoin ETF started trading in Brazil under the management of Brazilian stock exchange B3.
Details: The spot Bitcoin ETF managed by BlackRock, iShares Bitcoin Trust ETF (IBIT), started trading on the Brazilian stock exchange B3. With over $7 billion in net investment, IBIT is probably the most popular and successful spot Bitcoin ETF out of the 10 such investment instruments approved by the US Securities and Exchange Commission (SEC) in January 2024.
The Brazilian version of BlackRocks iShares Bitcoin Trust ETF will be called iShares Bitcoin Trust BDR ETF and will have a 0.25% management fee. The management fee will be reduced to 0.12% for the first year or until the fund reaches $5 billion in AUM (Assets Under Management).
Source: CoinDesk
10. PEPE Became the Biggest Memecoin Gainer
Summary: PEPE (Pepecoin) was the most promising memecoin last week, gaining over 370% in just one week.
Details: Pepecoin (PEPE) had a surprising evolution last week, with its price gaining over 370% in one week. The trading volume of Pepecoin reached lifetime highs of $3.6 billion, which made it the biggest memecoin gainer over the past period.
The gains PEPE experienced recently are significantly bigger when compared to other popular meme-themed tokens, such as Dogecoin (DOGE) and Shiba Inu (SHIB). Last week, Dogecoin gained around 170%, while Shiba Inu reached 200% in gains.
Source: Yahoo Finance
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